-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 O+JeD9GjBn96HsftM9pttCbrWDmc7ezekcR8fsgqsT3v5aD3E7MIGEyqlMxRSYFT
 D4PpVeVX4VVSj8K7XUJegg==

<SEC-DOCUMENT>0000928816-05-000895.txt : 20050728
<SEC-HEADER>0000928816-05-000895.hdr.sgml : 20050728
<ACCEPTANCE-DATETIME>20050728113630
ACCESSION NUMBER:		0000928816-05-000895
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050531
FILED AS OF DATE:		20050728
DATE AS OF CHANGE:		20050728
EFFECTIVENESS DATE:		20050728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH INCOME BOND FUND
		CENTRAL INDEX KEY:			0000810943
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		05979760

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND
		DATE OF NAME CHANGE:	20021107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>hib1.htm
<DESCRIPTION>PUTNAM HIGH INCOME BOND FUND
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>&lt;SUBMISSION&gt;</TITLE>
<META NAME="author" CONTENT="Larry McMunn">
<META NAME="date" CONTENT="07/12/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<A NAME="OLE_LINK4"></A><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 1. Schedule of Investments:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><A NAME="RANGE!E3"></A><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; line-height:20pt; font-family:Verdana; font-size:18pt">Putnam High Income Bond Fund </P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; line-height:16pt; font-family:Verdana; font-size:14pt">The fund's portfolio</P>
</TD><TD style="background-color:#FFFFFF" width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><A NAME="RANGE!E5"></A><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana">May 31, 2005 (Unaudited)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Corporate bonds and notes (42.7%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Principal amount</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Basic Materials (4.3%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$2,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Abitibi-Consolidated Finance LP company guaranty 7 7/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$1,980 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>160,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Acetex Corp. sr. notes 10 7/8s, 2009 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>168,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>20,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AK Steel Corp. company guaranty 7 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>18,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>220,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Almatis Investment Holdings S.a.r.l. sr. notes 11s, 2013 (Luxembourg) (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>220,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>160,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">ALROSA Finance SA 144A company guaranty 8 7/8s, 2014 (Luxembourg)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>173,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>170,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">BCP Crystal US Holdings Corp. sr. sub. notes 9 5/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>190,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Century Aluminum Co. company guaranty 7 1/2s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>78,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>275,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cognis Holding GmbH &amp; Co. 144A sr. notes 9 1/2s, 2014 (Germany)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>346,305 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$235,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Compass Minerals Group, Inc. company guaranty 10s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>256,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Compass Minerals International, Inc. sr. disc. notes stepped-coupon Ser. B, zero % (12s, 6/1/08), 2013 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>54,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Compass Minerals International, Inc. sr. notes stepped-coupon zero % (12 3/4s, 12/15/07), 2012 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>157,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crystal US Holdings, LLC 144A sr. disc. notes stepped-coupon zero % (10s, 10/1/09), 2014 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>68,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>148,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Equistar Chemicals LP notes 8 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>155,770 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>352,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Equistar Chemicals LP/Equistar Funding Corp. company guaranty 10 1/8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>382,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>95,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Georgia-Pacific Corp. bonds 7 3/4s, 2029</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,756 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>165,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Georgia-Pacific Corp. company guaranty 9 3/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>186,863 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>272,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Georgia-Pacific Corp. debs. 7.7s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>307,360 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>240,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Gerdau Ameristeel Corp. sr. notes 10 3/8s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>261,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>309,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hercules, Inc. company guaranty 11 1/8s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>349,170 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hercules, Inc. company guaranty 6 3/4s, 2029</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>175,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>50,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Huntsman Advanced Materials, LLC 144A sec. FRN 10.89s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>52,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Huntsman Advanced Materials, LLC 144A sec. notes 11s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>74,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>97,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Huntsman, LLC company guaranty 11 5/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>111,550 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>53,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Huntsman, LLC 144A company guaranty 12s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>60,950 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>425,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Innophos, Inc. 144A sr. sub. notes 8 7/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>414,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">ISP Holdings, Inc. sec. sr. notes Ser. B, 10 5/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>3,203 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>150,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Jefferson Smurfit Corp. company guaranty 7 1/2s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>140,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>152,922 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">JSG Holding PLC 144A sr. notes 11 1/2s, 2015 (Ireland) (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>148,206 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$20,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lyondell Chemical Co. bonds 11 1/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>22,675 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>270,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lyondell Chemical Co. company guaranty 10 1/2s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>308,138 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>108,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lyondell Chemical Co. notes Ser. A, 9 5/8s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>114,885 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>275,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MDP Acquisitions PLC sr. notes 9 5/8s, 2012 (Ireland)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>268,813 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>15,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nalco Co. sr. notes 7 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>19,565 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>190,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nalco Co. sr. sub. notes 9s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>252,167 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$285,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nalco Co. sr. sub. notes 8 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>297,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>265,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Norske Skog Canada, Ltd. sr. notes 7 3/8s, 2014 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>247,775 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>355,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Novelis, Inc. 144A sr. notes 7 1/4s, 2015 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>347,900 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>148,822 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">PCI Chemicals Canada sec. sr. notes 10s, 2008 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>155,519 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>6,502 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pioneer Companies, Inc. sec. sr. notes FRN 6.59s, 2006</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>6,502 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">PQ Corp. 144A company guaranty 7 1/2s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>72,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>310,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rockwood Specialties Group, Inc. company guaranty 7 5/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>380,238 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">SGL Carbon SA 144A sr. notes 8 1/2s, 2012 (Luxembourg)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>136,633 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Steel Dynamics, Inc. company guaranty 9 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>191,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>17,046 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sterling Chemicals, Inc. sec. notes 10s, 2007 (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>17,046 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>170,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Stone Container Corp. sr. notes 9 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>180,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>95,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Stone Container Corp. sr. notes 8 3/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>94,763 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>115,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Stone Container Finance company guaranty 7 3/8s, 2014 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,663 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tembec Industries, Inc. company guaranty 8 5/8s, 2009 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,430 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ucar Finance, Inc. company guaranty 10 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>124,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>279,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">United States Steel Corp. sr. notes 9 3/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>304,808 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>12,320 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Wheeling-Pittsburgh Steel Corp. sr. notes 6s, 2010 (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>9,856 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>23,889 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Wheeling-Pittsburgh Steel Corp. sr. notes 5s, 2011 (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>19,111 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">WHX Corp. sr. notes 10 1/2s, 2005 (In default) (DEF) (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>8,386,750 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Capital Goods (4.0%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AEP Industries, Inc. 144A sr. notes 7 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>79,898 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>350,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Aero Invest 1 SA 144A company guaranty FRN 10.677s, 2015 (Luxembourg) (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>414,826 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$310,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AGCO Corp. company guaranty 9 1/2s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>324,725 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>293,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Allied Waste North America, Inc. company guaranty Ser. B, 8 1/2s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>303,255 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Allied Waste North America, Inc. sec. notes Ser. B, 5 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>27,975 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Amsted Industries, Inc. 144A sr. notes 10 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>192,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>415,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Argo-Tech Corp. sr. notes 9 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>448,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>50,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">BE Aerospace, Inc. sr. notes 8 1/2s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>54,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>51,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">BE Aerospace, Inc. sr. sub. notes Ser. B, 8 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>52,020 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>410,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">BE Aerospace, Inc. sr. sub. notes Ser. B, 8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>410,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>160,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Blount, Inc. sr. sub. notes 8 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>167,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Browning-Ferris Industries, Inc. debs. 7.4s, 2035</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>54,925 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>140,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Browning-Ferris Industries, Inc. sr. notes 6 3/8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>138,950 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>15,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crown Euro Holdings SA sec. notes 10 1/4s, 2011 (France)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>20,547 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$115,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crown Euro Holdings SA sec. notes 9 1/2s, 2011 (France)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>125,925 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>340,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crown Euro Holdings SA sec. sr. notes 10 7/8s, 2013 (France)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>392,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>238,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Decrane Aircraft Holdings Co. company guaranty zero %, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>90,440 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>199,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Earle M. Jorgensen Co. sec. notes 9 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>208,950 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Flender Holdings 144A sr. notes 11s, 2010 (Germany)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>117,139 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Invensys, PLC notes 9 7/8s, 2011 (United Kingdom)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>98,963 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">L-3 Communications Corp. company guaranty 7 5/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">L-3 Communications Corp. company guaranty 6 1/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>79,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>405,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Legrand SA debs. 8 1/2s, 2025 (France)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>481,950 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>124,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Manitowoc Co., Inc. (The) company guaranty 10 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>137,640 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>45,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Manitowoc Co., Inc. (The) company guaranty 10 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>61,390 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$50,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Manitowoc Co., Inc. (The) sr. notes 7 1/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>51,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>315,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Milacron Escrow Corp. sec. notes 11 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>329,175 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>230,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Mueller Group, Inc. sr. sub. notes 10s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>241,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>135,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Mueller Holdings, Inc. disc. notes stepped-coupon zero % (14 3/4s, 4/15/09), 2014 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>97,538 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>5,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Owens-Brockway Glass company guaranty 8 7/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>5,313 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>240,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Owens-Brockway Glass company guaranty 8 1/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>259,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Owens-Brockway Glass company guaranty 7 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>217,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Owens-Brockway Glass sr. sec. notes 8 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>238,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>15,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Owens-Illinois, Inc. debs. 7.8s, 2018</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>15,675 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>205,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Polypore, Inc. sr. sub. notes 8 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>177,325 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>285,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sequa Corp. sr. notes Ser. B, 8 7/8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>302,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>260,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Siebe PLC 144A sr. unsub. 6 1/2s, 2010 (United Kingdom)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>221,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>315,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Solo Cup Co. sr. sub. notes 8 1/2s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>302,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Terex Corp. company guaranty 9 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>43,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>82,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Terex Corp. company guaranty Ser. B, 10 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>89,175 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>430,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Titan Corp. (The) company guaranty 8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>460,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>7,529,769 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Communication Services (3.5%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>54,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Alamosa Delaware, Inc. company guaranty 11s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>60,210 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>49,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Alamosa Delaware, Inc. company guaranty stepped-coupon zero % (12s, 7/31/05), 2009 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>53,533 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Alamosa Delaware, Inc. sr. notes 8 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>93,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>45,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">American Cellular Corp. company guaranty 9 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>43,875 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>71,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">American Tower Corp. sr. notes 9 3/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>74,461 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">American Tower Corp. sr. notes 7 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>94,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>165,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">American Towers, Inc. company guaranty 7 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>172,838 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>28,862 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Asia Global Crossing, Ltd. sr. notes 13 3/8s, 2010 (Bermuda) (In default) (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,443 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Centennial Cellular Operating Co. company guaranty 10 1/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>100,463 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cincinnati Bell Telephone Co. company guaranty 6.3s, 2028</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>30,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cincinnati Bell, Inc. sr. sub. notes 8 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>99,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cincinnati Bell, Inc. sr. sub. notes 7 1/4s, 2023</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>73,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cincinnati Bell, Inc. 144A sr. notes 7s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>76,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>240,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Citizens Communications Co. notes 9 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>265,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>205,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Citizens Communications Co. sr. notes 6 1/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>197,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>272,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crown Castle International Corp. sr. notes 9 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>300,220 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Eircom Funding company guaranty Ser. US$, 8 1/4s, 2013 (Ireland)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>63,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>22,872 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Globix Corp. company guaranty 11s, 2008 (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>21,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>230,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Inmarsat Finance PLC company guaranty 7 5/8s, 2012 (United Kingdom)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>239,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>230,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Inmarsat Finance PLC company guaranty stepped-coupon zero % (10 3/8s, 10/15/08), 2012 (United Kingdom) (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>170,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>210,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Intelsat Bermuda, Ltd. 144A sr. notes 8 5/8s, 2015 (Bermuda)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>215,513 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Intelsat Bermuda, Ltd. 144A sr. notes 8 1/4s, 2013 (Bermuda)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>101,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>70,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">iPCS, Inc. sr. notes 11 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>76,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">IWO Escrow Co. 144A sec. FRN 6.891s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>24,875 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">IWO Escrow Co. 144A sr. disc. notes stepped-coupon zero % (10 3/4s, 1/15/10), 2015 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>15,875 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Level 3 Financing, Inc. 144A sr. notes 10 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>150,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>160,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Madison River Capital Corp. sr. notes 13 1/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>169,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>270,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MCI, Inc. sr. notes 8.735s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>302,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>220,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MCI, Inc. sr. notes 7.688s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>230,450 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>22,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nextel Communications, Inc. sr. notes 6 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>23,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>625,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nextel Communications, Inc. sr. notes 5.95s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>639,063 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>68,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nextel Partners, Inc. sr. notes 12 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>74,460 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>290,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nextel Partners, Inc. sr. notes 8 1/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>315,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>540,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Qwest Communications International, Inc. 144A sr. notes 8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>521,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>615,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Qwest Corp. 144A notes 9 1/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>667,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>85,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Qwest Services Corp. 144A notes 14s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>100,513 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>150,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Qwest Services Corp. 144A notes 13 1/2s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>171,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rogers Cantel, Inc. debs. 9 3/4s, 2016 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>35,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rogers Wireless Communications, Inc. sec. notes 9 5/8s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>128,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>55,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rural Cellular Corp. sr. notes 9 7/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>54,313 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>235,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rural Cellular Corp. sr. sub. notes 9 3/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>207,975 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">SBA Communications Corp. 144A sr. notes 8 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>79,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">SBA Telecommunications, Inc./SBA Communications Corp. sr. disc. notes stepped-coupon zero % (9 3/4s, 12/15/07), 2011 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>65,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Valor Telecommunications Enterprises LLC/Finance Corp. 144A sr. notes 7 3/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>72,938 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>6,676,868 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Consumer Cyclicals (10.2%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>400,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Advertising Direct 144A sr. notes 9 1/4s, 2012 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>419,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ameristar Casinos, Inc. company guaranty 10 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>109,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">ArvinMeritor, Inc. notes 8 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Asbury Automotive Group, Inc. sr. sub. notes 8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>100,013 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>260,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Autonation, Inc. company guaranty 9s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>282,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Bear Creek Corp. 144A sr. notes 9s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>72,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>95,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Beazer Homes USA, Inc. company guaranty 8 5/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>100,938 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Beazer Homes USA, Inc. company guaranty 8 3/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>37,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Boyd Gaming Corp. sr. sub. notes 8 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>32,475 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Boyd Gaming Corp. sr. sub. notes 7 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>26,563 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>290,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Boyd Gaming Corp. sr. sub. notes 6 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>294,350 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>70,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Building Materials Corp. company guaranty 8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>69,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CanWest Media, Inc. sr. sub. notes 10 5/8s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>98,325 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>356,394 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CanWest Media, Inc. 144A sr. sub. notes 8s, 2012 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>367,977 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>415,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cenveo Corp, sr. sub. notes 7 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>393,213 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">D.R. Horton, Inc. company guaranty 8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>32,635 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>50,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">D.R. Horton, Inc. sr. notes 7 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>55,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">D.R. Horton, Inc. sr. notes 6 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>37,188 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>215,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">D.R. Horton, Inc. sr. notes 5 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>215,522 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dana Corp. notes 10 1/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>36,204 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>251,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dana Corp. notes 9s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>273,590 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dana Corp. notes 7s, 2029</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>20,915 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dayton Superior Corp. sec. notes 10 3/4s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>111,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>44,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Delco Remy International, Inc. company guaranty 11s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>39,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>210,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Delco Remy International, Inc. sr. sub. notes 9 3/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>159,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>245,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dex Media West, LLC/Dex Media Finance Co. sr. notes Ser. B, 8 1/2s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>267,663 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>115,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dex Media, Inc. disc. notes zero %, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>91,425 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>455,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dex Media, Inc. notes 8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>483,438 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dura Operating Corp. company guaranty Ser. B, 8 5/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">FelCor Lodging LP company guaranty 9s, 2008 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>160,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Gaylord Entertainment Co. sr. notes 8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>166,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Goodyear Tire &amp; Rubber Co. (The) notes 8 1/2s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>61,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>435,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Goodyear Tire &amp; Rubber Co. (The) notes 7.857s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>415,425 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>45,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Goodyear Tire &amp; Rubber Co. (The) notes 6 3/8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>43,763 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hasbro, Inc. notes 5.6s, 2005</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>181,022 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">HMH Properties, Inc. company guaranty Ser. B, 7 7/8s, 2008 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>35,613 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Host Marriott LP company guaranty Ser. G, 9 1/4s, 2007 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>64,725 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>215,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Host Marriott LP sr. notes Ser. M, 7s, 2012 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>220,913 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>405,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Houghton Mifflin Co. sr. sub. notes 9 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>423,225 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>155,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Icon Health &amp; Fitness company guaranty 11 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>113,925 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>150,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">JC Penney Co., Inc. debs. 7.95s, 2017</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>169,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>220,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">JC Penney Co., Inc. debs. 7 1/8s, 2023</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>227,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">JC Penney Co., Inc. notes 9s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>151,450 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>10,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">JC Penney Co., Inc. notes 8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>11,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>330,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">John Q. Hammons Hotels LP/John Q. Hammons Hotels Finance Corp. III 1st mtge. Ser. B, 8 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>360,525 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>325,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Jostens IH Corp. company guaranty 7 5/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>311,188 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">K. Hovnanian Enterprises, Inc. company guaranty 8 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>138,450 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">K. Hovnanian Enterprises, Inc. company guaranty 6 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>89,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">K. Hovnanian Enterprises, Inc. sr. notes 6 1/2s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>360,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">KB Home sr. notes 5 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>353,385 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">KB Home sr. sub. notes 9 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,140 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>320,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Laidlaw International, Inc. sr. notes 10 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>362,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lamar Media Corp. company guaranty 7 1/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>137,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>51,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lear Corp. company guaranty Ser. B, 8.11s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>52,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>281,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Levi Strauss &amp; Co. sr. notes 12 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>304,885 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>253,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Levi Strauss &amp; Co. 144A sr. notes 9 3/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>245,410 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>55,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Mandalay Resort Group sr. notes 6 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>55,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>225,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MediaNews Group, Inc. sr. sub. notes 6 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>218,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>170,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MeriStar Hospitality Corp. company guaranty 9 1/8s, 2011 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>173,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MeriStar Hospitality Corp. company guaranty 9s, 2008 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>76,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Meritage Homes Corp. 144A sr. notes 6 1/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>70,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>145,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Meritor Automotive, Inc. notes 6.8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>140,288 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Metaldyne Corp. 144A sr. notes 10s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>135,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MGM Mirage, Inc. company guaranty 8 1/2s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>148,838 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MGM Mirage, Inc. company guaranty 6s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>64,919 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MGM Mirage, Inc. sr. notes 6 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,045 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>55,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Mirage Resorts, Inc. debs. 7 1/4s, 2017</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>55,963 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>175,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Movie Gallery, Inc. 144A sr. unsecd. notes 11s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>180,688 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>395,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Muzak LLC/Muzak Finance Corp sr. notes 10s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>316,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Oxford Industries, Inc. sr. notes 8 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>103,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Park Place Entertainment Corp. sr. notes 7 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>32,775 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>165,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Park Place Entertainment Corp. sr. notes 7s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>180,263 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>278,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Park Place Entertainment Corp. sr. sub. notes 8 7/8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>307,190 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>200,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Penn National Gaming, Inc. sr. sub. notes 8 7/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>214,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Penn National Gaming, Inc. 144A sr. sub. notes 6 3/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>63,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pinnacle Entertainment, Inc. sr. sub. notes 8 3/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>93,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>200,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pinnacle Entertainment, Inc. sr. sub. notes 8 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>201,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>330,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">PRIMEDIA, Inc. sr. notes 8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>330,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">R.H. Donnelley Corp. 144A sr. notes 6 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>107,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>223,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">R.H. Donnelley Finance Corp. I 144A company guaranty 8 7/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>243,070 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>129,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">R.H. Donnelley Finance Corp. I 144A sr. sub. notes 10 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>149,318 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">R.H. Donnelley, Inc. company guaranty 8 7/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>27,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ray Acquisition sr. notes 9 3/8s, 2015 (France)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>127,386 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$440,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Reader's Digest Association, Inc. (The) sr. notes 6 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>435,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>158,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Resorts International Hotel and Casino, Inc. company guaranty 11 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>179,330 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>134,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Russell Corp. company guaranty 9 1/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>140,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>286,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Saks, Inc. company guaranty 7s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>259,545 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>335,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Samsonite Corp. sr. sub. notes 8 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>351,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>104,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Schuler Homes, Inc. company guaranty 10 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>116,334 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>175,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Scientific Games Corp. 144A sr. sub. notes 6 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>171,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>260,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sealy Mattress Co. sr. sub. notes 8 1/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>263,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Simmons Bedding Co. sr. sub. notes 7 7/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>158,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>15,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Standard Pacific Corp. sr. notes 6 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>15,263 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>285,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Standard Pacific Corp. sr. notes 6 1/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>273,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>95,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Starwood Hotels &amp; Resorts Worldwide, Inc. company guaranty 7 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,281 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>121,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Starwood Hotels &amp; Resorts Worldwide, Inc. company guaranty 7 3/8s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>126,143 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Starwood Hotels &amp; Resorts Worldwide, Inc. debs. 7 3/8s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>131,850 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>165,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Starwood Hotels &amp; Resorts Worldwide, Inc. notes 6 3/4s, 2005</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>166,444 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>193,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Station Casinos, Inc. sr. notes 6s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>193,483 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Station Casinos, Inc. sr. sub. notes 6 7/8s, 2016</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>123,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Technical Olympic USA, Inc. company guaranty 10 3/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>79,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Technical Olympic USA, Inc. company guaranty 9s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>108,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>425,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Technical Olympic USA, Inc. sr. sub. notes 7 1/2s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>388,875 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tenneco Automotive, Inc. company guaranty 8 5/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>125,450 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>390,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tenneco Automotive, Inc. sec. notes Ser. B, 10 1/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>434,850 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>460,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">THL Buildco, Inc. (Nortek Holdings, Inc.) sr. sub. notes 8 1/2s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>411,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tommy Hilfiger USA, Inc. company guaranty 6.85s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>100,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">United Auto Group, Inc. company guaranty 9 5/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>115,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>446,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Vertis, Inc. company guaranty Ser. B, 10 7/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>434,850 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>160,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Vertis, Inc. 144A sub. notes 13 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>121,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>37,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">WCI Communities, Inc. company guaranty 10 5/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>39,498 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>171,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">WCI Communities, Inc. company guaranty 9 1/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>177,413 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>99,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">William Carter Holdings Co. (The) company guaranty Ser. B, 10 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>109,643 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">WRC Media Corp. sr. sub. notes 12 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>124,475 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>365,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 144A 1st mtge. 6 5/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>350,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>19,316,523 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Consumer Staples (6.7%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>20,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Adelphia Communications Corp. sr. notes 10 7/8s, 2010 (In default) (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>17,550 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>235,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Adelphia Communications Corp. sr. notes Ser. B, 9 7/8s, 2007 (In default) (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>203,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>360,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Affinity Group, Inc. sr. sub. notes 9s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>361,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>175,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Affinity Group, Inc. 144A sr. notes 10 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>162,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AMC Entertainment, Inc. sr. sub. notes 9 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>34,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>394,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AMC Entertainment, Inc. sr. sub. notes 8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>356,570 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>285,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Atlantic Broadband Finance, LLC 144A sr. sub. notes 9 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>268,613 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>224,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Brand Services, Inc. company guaranty 12s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>246,960 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>250,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cablevision Systems Corp. 144A sr. notes 8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>262,813 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>94,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications Holdings, LLC/Capital Corp. sr. disc. notes stepped-coupon zero % (11 3/4s, 5/15/06), 2011 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>60,865 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>735,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications Holdings, LLC/Capital Corp. sr. notes 11 1/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>547,575 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications Holdings, LLC/Capital Corp. sr. notes 10 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>93,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications Holdings, LLC/Capital Corp. sr. notes 10 1/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>73,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>240,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications Holdings, LLC/Capital Corp. sr. notes 10s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>173,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>117,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications Holdings, LLC/Capital Corp. sr. notes 9 5/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>87,458 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>74,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications Holdings, LLC/Capital Corp. sr. notes 8 5/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>54,945 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Church &amp; Dwight Co., Inc. 144A sr. sub. notes 6s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>205,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cinemark USA, Inc. sr. sub. notes 9s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>217,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>235,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cinemark, Inc. sr. disc. notes stepped-coupon zero % (9 3/4s, 3/15/07), 2014 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>165,088 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>115,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Constellation Brands, Inc. company guaranty Ser. B, 8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>122,188 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>10,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Constellation Brands, Inc. sr. sub. notes Ser. B, 8 1/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>10,450 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CSC Holdings, Inc. debs. 7 5/8s, 2018</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>104,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CSC Holdings, Inc. debs. Ser. B, 8 1/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>3,188 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CSC Holdings, Inc. sr. notes Ser. B, 7 5/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>111,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CSC Holdings, Inc. sr. sub. debs. 10 1/2s, 2016</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>142,350 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>205,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CSC Holdings, Inc. 144A sr. notes 6 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>208,588 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>440,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dean Foods Co. sr. notes 6 5/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>453,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Del Monte Corp. sr. sub. notes 8 5/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>141,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Del Monte Corp. 144A sr. sub. notes 6 3/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>104,738 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>185,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">DirecTV Holdings, LLC sr. notes 8 3/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>204,888 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>271,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Diva Systems Corp. sr. disc. notes Ser. B, 12 5/8s, 2008 (In default) (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,355 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>265,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Doane Pet Care Co. sr. sub. debs. 9 3/4s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>258,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>106,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Domino's, Inc. sr. sub. notes 8 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>111,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>310,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Echostar DBS Corp. sr. notes 6 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>313,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>210,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Echostar DBS Corp. 144A company guaranty 6 5/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>210,525 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Elizabeth Arden, Inc. company guaranty 7 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>61,950 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>335,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Granite Broadcasting Corp. sec. notes 9 3/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>306,525 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>87,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Gray Television, Inc. company guaranty 9 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>94,613 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Jean Coutu Group, Inc. sr. notes 7 5/8s, 2012 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>102,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Jean Coutu Group, Inc. sr. sub. notes 8 1/2s, 2014 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>121,563 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>320,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Kabel Deutscheland GmbH 144A company guaranty 10 5/8s, 2014 (Germany)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>341,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,435 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Knology, Inc. 144A sr. notes 12s, 2009 (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,398 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>440,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">LCE Acquisition Corp. 144A company guaranty 9s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>426,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>175,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Paxson Communications Corp. company guaranty 10 3/4s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>170,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>375,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pinnacle Foods Holding Corp. sr. sub. notes 8 1/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>320,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>248,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Playtex Products, Inc. company guaranty 9 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>259,780 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Playtex Products, Inc. sec. notes 8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>192,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>207,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Prestige Brands, Inc. sr. sub. notes 9 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>212,693 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Quebecor Media, Inc. sr. disc. notes stepped-coupon zero % (13 3/4s, 7/15/06), 2011 (Canada) (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>59,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>317,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Quebecor Media, Inc. sr. notes 11 1/8s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>351,078 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>205,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rainbow National Services, LLC 144A sr. notes 8 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>225,244 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>200,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rainbow National Services, LLC 144A sr. sub. debs. 10 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>228,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>275,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Remington Arms Co., Inc. company guaranty 10 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>262,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>GBP</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>150,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">RHM Finance, Ltd. sinking fund Ser. A3, 8.8s, 2017 (Cayman Islands) </P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>320,962 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rite Aid Corp. company guaranty 9 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>133,900 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>215,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rite Aid Corp. debs. 6 7/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>182,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>105,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rite Aid Corp. 144A sec. notes 7 1/2s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>96,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>210,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sbarro, Inc. company guaranty 11s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>203,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>55,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Scotts Co. (The) sr. sub. notes 6 5/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>55,550 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sinclair Broadcast Group, Inc. company guaranty 8 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>132,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>353,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Six Flags, Inc. sr. notes 8 7/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>328,290 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>370,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Spectrum Brands, Inc. 144A sr. sub. notes 7 3/8s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>360,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>EUR</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>260,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">United Biscuits Finance company guaranty 10 5/8s, 2011 (United Kingdom)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>331,428 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>$80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">United Rentals (North America), Inc. company guaranty 6 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>78,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>70,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Universal City Florida Holding Co. sr. notes 8 3/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>72,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>107,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Universal City Florida Holding Co. sr. notes FRN 7.96s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>111,280 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Videotron Ltee company guaranty 6 7/8s, 2014 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>65,081 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Warner Music Group sr. sub. notes 7 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>124,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>189,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Young Broadcasting, Inc. company guaranty 10s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>186,638 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>85,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Young Broadcasting, Inc. sr. sub. notes 8 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>76,925 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>12,621,830 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>Energy (3.6%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>340,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Arch Western Finance, LLC sr. notes 6 3/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>339,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>92,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Bluewater Finance, Ltd. company guaranty 10 1/4s, 2012 (Cayman Islands)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>96,140 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CHC Helicopter Corp. sr. sub. notes 7 3/8s, 2014 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>125,450 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CHC Helicopter Corp. 144A sr. sub. notes 7 3/8s, 2014 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>91,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Chesapeake Energy Corp. company guaranty 9s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>100,555 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Chesapeake Energy Corp. company guaranty 7 3/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>64,950 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>190,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Chesapeake Energy Corp. sr. notes 7 1/2s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>205,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Chesapeake Energy Corp. sr. notes 7s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>84,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Comstock Resources, Inc. sr. notes 6 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>118,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dresser-Rand Group, Inc. 144A sr. sub. notes 7 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>29,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Encore Acquisition Co. company guaranty 8 3/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>140,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Encore Acquisition Co. sr. sub. notes 6 1/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>58,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>170,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Exco Resources, Inc. company guaranty 7 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>165,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>100,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Forest Oil Corp. company guaranty 7 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>135,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Forest Oil Corp. sr. notes 8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>147,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>94,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Forest Oil Corp. sr. notes 8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>99,640 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>150,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Gazprom OAO 144A notes 9 5/8s, 2013 (Germany)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hanover Compressor Co. sr. notes 9s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>93,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hanover Compressor Co. sr. notes 8 5/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>61,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hanover Compressor Co. sub. notes zero %, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>108,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hanover Equipment Trust sec. notes Ser. B, 8 3/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>41,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>365,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Harvest Operations Corp. sr. notes 7 7/8s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>351,313 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>365,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Inergy LP/Inergy Finance Corp. 144A sr. notes 6 7/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>341,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>85,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">KCS Energy, Inc. sr. notes 7 1/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>84,575 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>365,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Key Energy Services, Inc. sr. notes 6 3/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>357,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>335,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Massey Energy Co. sr. notes 6 5/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>340,025 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>150,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Newfield Exploration Co. sr. notes 7 5/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>162,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>210,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Newfield Exploration Co. sr. sub. notes 6 5/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>214,725 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>95,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pacific Energy Partners/Pacific Energy Finance Corp. sr. notes 7 1/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>98,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Peabody Energy Corp. sr. notes 5 7/8s, 2016</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>177,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pemex Project Funding Master Trust company guaranty 8 5/8s, 2022 </P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>95,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>115,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pemex Project Funding Master Trust company guaranty 7 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>127,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>179,543 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Petroleum Geo-Services notes 10s, 2010 (Norway)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>199,293 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Plains Exploration &amp; Production Co. sr. notes 7 1/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>138,775 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>190,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Plains Exploration &amp; Production Co. sr. sub. notes 8 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>207,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>195,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pogo Producing Co. sr. sub. notes Ser. B, 8 1/4s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>207,675 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>400,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pride International, Inc. sr. notes 7 3/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>439,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Seabulk International, Inc. company guaranty 9 1/2s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>147,225 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>170,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Star Gas Partners LP/Star Gas Finance Co. sr. notes 10 1/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>158,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>370,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Stone Energy Corp. sr. sub. notes 6 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>351,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>7,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Vintage Petroleum, Inc. sr. notes 8 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>7,578 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Vintage Petroleum, Inc. sr. sub. notes 7 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>42,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>6,721,744 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>Financial (0.4%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crescent Real Estate Equities LP notes 7 1/2s, 2007 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>230,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">E*Trade Finance Corp. sr. notes 8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>240,350 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>256,200 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Finova Group, Inc. notes 7 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>108,885 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>320,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Western Financial Bank sub. debs. 9 5/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>344,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>753,235 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Health Care (2.5%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>94,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AmerisourceBergen Corp. company guaranty 7 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>102,695 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>260,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AmerisourceBergen Corp. sr. notes 8 1/8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>281,450 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>225,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ardent Health Services, Inc. sr. sub. notes 10s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>273,465 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>408,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Community Health Systems, Inc. sr. sub. notes 6 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>405,960 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>55,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">DaVita, Inc. 144A sr. notes 6 5/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>55,550 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">DaVita, Inc. 144A sr. sub. notes 7 1/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>110,550 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>195,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Elan Finance PLC/Elan Finance Corp. 144A sr. notes 7 3/4s, 2011 (Ireland)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>168,675 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>67,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">HCA, Inc. debs. 7.19s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>69,660 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">HCA, Inc. notes 6 3/8s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>81,541 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">HCA, Inc. notes 5 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>73,446 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>70,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">HCA, Inc. sr. notes 6.95s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>73,688 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>289,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Healthsouth Corp. notes 7 5/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>277,440 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>63,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Healthsouth Corp. sr. notes 8 1/2s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>63,630 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>61,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Healthsouth Corp. sr. notes 8 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>60,543 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>31,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MedQuest, Inc. company guaranty Ser. B, 11 7/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>31,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>240,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MQ Associates, Inc. sr. disc. notes stepped-coupon zero % (12 1/4s, 8/15/08), 2012 (STP)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>136,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>155,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Omnicare, Inc. sr. sub. notes 6 1/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>151,513 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Owens &amp; Minor, Inc. company guaranty 8 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>117,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>15,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Service Corp. International notes 7.2s, 2006</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>15,413 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>5,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Service Corp. International notes 6 7/8s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>5,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Service Corp. International notes 6 1/2s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>35,788 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>41,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Service Corp. International notes Ser. *, 7.7s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>43,306 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Service Corp. International 144A sr. notes 6 3/4s, 2016</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>178,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Stewart Enterprises, Inc. 144A sr. notes 6 1/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>175,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tenet Healthcare Corp. notes 7 3/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>117,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>365,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tenet Healthcare Corp. sr. notes 9 7/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>392,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>145,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tenet Healthcare Corp. sr. notes 6 1/2s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>138,475 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>165,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Triad Hospitals, Inc. sr. notes 7s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>171,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>300,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Triad Hospitals, Inc. sr. sub. notes 7s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>303,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Universal Hospital Services, Inc. sr. notes 10 1/8s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>121,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>325,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Vanguard Health Holding Co. II, LLC sr. sub. notes 9s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>351,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ventas Realty LP/Capital Corp. company guaranty 9s, 2012 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>73,775 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>50,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ventas Realty LP/Capital Corp. sr. notes 6 5/8s, 2014 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>49,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ventas Realty LP/Capital Corp. 144A sr. notes 6 3/4s, 2010 (R )</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>76,313 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>4,784,151 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>Other (2.4%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>4,510,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dow Jones CDX HY 144A pass-through certificates 7 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>4,524,094 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Technology (1.4%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>260,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Advanced Micro Devices, Inc. sr. notes 7 3/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>256,100 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>320,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Celestica, Inc. sr. sub. notes 7 7/8s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>332,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>355,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Iron Mountain, Inc. company guaranty 8 5/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>362,988 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>225,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lucent Technologies, Inc. debs. 6.45s, 2029</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>194,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">New ASAT Finance, Ltd. company guaranty 9 1/4s, 2011 (Cayman Islands)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>71,550 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>75,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">SCG Holding Corp. 144A notes zero %, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>112,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>145,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Seagate Technology Hdd Holdings company guaranty 8s, 2009 (Cayman Islands)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>155,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>29,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">TSI Telecommunication Services, Inc. company guaranty Ser. B, 12 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>32,190 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>350,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">UGS Corp. company guaranty 10s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>385,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>175,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Xerox Capital Trust I company guaranty 8s, 2027</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>181,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Xerox Corp. company guaranty 9 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>3,428 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Xerox Corp. notes Ser. MTN, 7.2s, 2016</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>96,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>231,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Xerox Corp. sr. notes 7 5/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>251,790 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>185,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Xerox Corp. sr. notes 6 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>195,638 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>2,631,634 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Transportation (0.5%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">American Airlines, Inc. pass-through certificates Ser. 01-1, 6.817s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>111,900 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>230,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Calair, LLC/Calair Capital Corp. company guaranty 8 1/8s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>178,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>300,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Kansas City Southern Railway Co. company guaranty 9 1/2s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>327,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Kansas City Southern Railway Co. company guaranty 7 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>41,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>157,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Navistar International Corp. company guaranty Ser. B, 9 3/8s, 2006</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>163,280 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Navistar International Corp. 144A sr. notes 6 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>104,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Travelcenters of America, Inc. company guaranty 12 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>44,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>970,230 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Utilities &amp; Power (3.2%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>22,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AES Corp. (The) sr. notes 8 7/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>24,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>14,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AES Corp. (The) sr. notes 8 3/4s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>14,980 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>175,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AES Corp. (The) 144A sec. notes 9s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>195,563 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>240,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AES Corp. (The) 144A sec. notes 8 3/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>267,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Allegheny Energy Supply 144A bonds 8 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>130,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>70,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Allegheny Energy Supply 144A sec. notes 10 1/4s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>78,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">ANR Pipeline Co. debs. 9 5/8s, 2021</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>226,743 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CMS Energy Corp. sr. notes 8.9s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>64,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>70,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CMS Energy Corp. sr. notes 8 1/2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>76,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">CMS Energy Corp. sr. notes 7 3/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>42,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Colorado Interstate Gas Co. 144A sr. notes 5.95s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>122,666 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>445,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">DPL, Inc. bonds 8 1/8s, 2031</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>522,971 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>315,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dynegy Holdings, Inc. 144A sec. notes 10 1/8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>349,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dynegy-Roseton Danskamme company guaranty Ser. A, 7.27s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>88,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dynegy-Roseton Danskamme company guaranty Ser. B, 7.67s, 2016</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>117,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>115,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">El Paso Corp. sr. notes 8.05s, 2030</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>109,538 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">El Paso Corp. sr. notes 7 3/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>87,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>85,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">El Paso Corp. sr. notes Ser. MTN, 7.8s, 2031</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>79,581 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">El Paso Natural Gas Co. debs. 8 5/8s, 2022</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>46,333 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>215,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">El Paso Production Holding Co. company guaranty 7 3/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>223,063 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>155,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ferrellgas Partners LP/Ferrellgas Partners Finance sr. notes 6 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>144,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>280,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Midwest Generation, LLC sec. sr. notes 8 3/4s, 2034</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>312,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>155,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Mission Energy Holding Co. sec. notes 13 1/2s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>182,900 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>90,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Monongahela Power Co. 1st mtge. 6.7s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>99,113 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>95,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Nevada Power Co. 2nd mtge. 9s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>106,638 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>170,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Northwest Pipeline Corp. company guaranty 8 1/8s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>184,875 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>454,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">NRG Energy, Inc. 144A sr. sec. notes 8s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>478,970 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>125,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Orion Power Holdings, Inc. sr. notes 12s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>149,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>135,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">PSEG Energy Holdings, Inc. notes 7 3/4s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>139,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">SEMCO Energy, Inc. sr. notes 7 3/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>114,321 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>145,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">SEMCO Energy, Inc. 144A sr. notes 7 3/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>145,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sierra Pacific Power Co. general ref. mtge. 6 1/4s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>35,438 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>215,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sierra Pacific Resources sr. notes 8 5/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>232,738 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>65,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Teco Energy, Inc. notes 10 1/2s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>74,425 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Teco Energy, Inc. notes 7.2s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>36,969 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Teco Energy, Inc. notes 7s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>62,850 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>10,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Teco Energy, Inc. 144A sr. notes 6 3/4s, 2015</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>10,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>15,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tennessee Gas Pipeline Co. debs. 7s, 2028</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>15,176 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Tennessee Gas Pipeline Co. unsecd. notes 7 1/2s, 2017</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>43,934 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>185,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Texas Genco LLC/Texas Genco Financing Corp. 144A sr. notes 6 7/8s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>190,088 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Transcontinental Gas Pipeline Corp. debs. 7 1/4s, 2026</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>26,938 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>140,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Utilicorp Canada Finance Corp. company guaranty 7 3/4s, 2011 (Canada)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>140,700 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>95,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Utilicorp United, Inc. sr. notes 9.95s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>101,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Williams Cos., Inc. (The) notes 8 3/4s, 2032</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>35,175 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Williams Cos., Inc. (The) notes 8 1/8s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>39,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>50,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Williams Cos., Inc. (The) notes 7 5/8s, 2019</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>55,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>6,025,111 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Corporate bonds and notes &nbsp;(cost $80,485,846)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$80,941,939 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Convertible preferred stocks (36.6%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Number of shares</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Basic Materials (3.4%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,210 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Freeport-McMoRan Copper &amp; Gold, Inc. 144A 5.50% cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$1,973,806 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,020 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hercules Trust II Ser. UNIT, 6.50% cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,575,600 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>21,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Huntsman Corp. $2.50 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>926,625 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>85,120 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Smurfit-Stone Container Corp. Ser. A, $1.75 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,936,480 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>6,412,511 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Capital Goods (4.6%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,960 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Allied Waste Industries Ser. D, 6.25% cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>470,155 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>34,600 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Coltec Capital Trust $2.625 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,679,830 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>31,900 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Northrop Grumman Corp. Ser. B, $7.00 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>3,939,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>63,770 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Owens-Illinois, Inc. $2.375 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,654,426 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>8,744,061 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Communication Services (1.7%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,300 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cincinnati Bell, Inc. Ser. B, $3.378 cum. cv. pfd. (S)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,607,915 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>35,614 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crown Castle International Corp. $3.125 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,673,858 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>3,281,773 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Consumer Cyclicals (3.6%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>24,100 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Emmis Communications Corp. Ser. A, $3.125 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>964,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ford Motor Company Capital Trust II $3.25 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,605,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>87,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">General Motors Corp. Ser. A, $1.125 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,044,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>49,100 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">TXI Capital Trust I $2.75 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,234,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>6,847,550 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Consumer Staples (2.8%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,800 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Albertson's, Inc. $1.813 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>928,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>32,687 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Constellation Brands, Inc. Ser. A, $1.438 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,356,511 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>41,100 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sinclair Broadcast Group, Inc. Ser. D, $3.00 cv. pfd. </P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,700,513 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>63,200 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Six Flags, Inc. $1.813 cum. cv. pfd. (S)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,248,200 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>5,233,424 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>Energy (2.1%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>20,800 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Amerada Hess Corp. $3.50 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,664,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>8,865 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Chesapeake Energy Corp. 144A $5.00 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>904,230 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>32,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hanover Compressor Capital Trust $3.625 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,456,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>4,024,230 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>Financial (9.4%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>55,500 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Chubb Corp. (The) $1.75 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,720,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>20 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Fannie Mae Ser. 04-1, 5.375% cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,928,520 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>99,200 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">FelCor Lodging Trust, Inc. Ser. A, $1.95 cum. cv. pfd. (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,368,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,079 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Fortis Insurance NV 144A 7.75% cv. pfd. (Netherlands)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,215,175 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,024 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Hartford Financial Services Group, Inc. (The) $3.50 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,714,144 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>46,720 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Host Marriott Financial Trust $3.375 cv. pfd. (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,604,640 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>40,190 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lehman Brothers Holdings, Inc. $1.563 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,054,988 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,260 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Merrill Lynch &amp; Co., Inc. Ser. JNC, 6.75% cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,080,282 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>38,400 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Washington Mutual Capital Trust I $2.688 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,008,781 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>41,600 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">XL Capital, Ltd. $1.625 cv. pfd. (Cayman Islands)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,002,144 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>17,697,574 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Health Care (1.6%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>59,600 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Schering-Plough Corp. $3.00 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>3,054,500 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Technology (1.1%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>17,600 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Xerox Corp. 6.25% cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>2,094,400 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Utilities &amp; Power (6.3%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>34,200 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Aquila, Inc. $1.688 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,167,075 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">El Paso Corp. 144A 4.99% cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>975,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>38,950 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">El Paso Energy Capital Trust I $2.375 cv. pfd. (S)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,407,069 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Great Plains Energy, Inc. $2.00 cum. cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,180,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>34,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">ONEOK, Inc. $2.125 units cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,275,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,100 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">PNM Resources, Inc. $3.375 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>162,192 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>14,640 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Public Service Enterprise Group, Inc. $5.125 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,017,480 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>27,900 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sierra Pacific Resources Ser. Unit, $4.50 cum. cv. pfd. </P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,198,863 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>30,700 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Southern Union Co. $2.50 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,519,650 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>11,390 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Williams Cos., Inc. (The) 144A $2.75 cv. pfd.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,000,896 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>11,903,600 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Convertible preferred stocks &nbsp;(cost $62,744,576)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$69,293,623 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Convertible bonds and notes (15.1%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Principal amount</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Capital Goods (0.7%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$1,070,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Titan International, Inc. 144A cv. sr. notes 5 1/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$1,369,600 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Communication Services (0.7%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,075,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Charter Communications, Inc. 144A cv. sr. notes 5 7/8s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,276,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>780,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Cybernet Internet Services International, Inc. 144A cv. sr. disc. notes 13s, 2009 (Canada) (In default) (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>8 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>1,276,133 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Conglomerates (1.2%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,030,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">GenCorp, Inc. cv. sub. notes 5 3/4s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>2,227,925 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Consumer Cyclicals (2.3%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,050,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Mediacom Communications Corp. cv. sr. notes 5 1/4s, 2006</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,029,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,730,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MeriStar Hospitality Corp. cv. sr. sub. notes 9 1/2s, 2010 (R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>2,186,288 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>965,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">WCI Communities, Inc. cv. sr. sub. notes 4s, 2023</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,162,825 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>4,378,113 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Consumer Staples (1.0%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,660,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rite Aid Corp. cv. notes 4 3/4s, 2006</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,606,050 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>264,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rite Aid Corp. 144A cv. notes 4 3/4s, 2006</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>255,420 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>1,861,470 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Electronics (0.5%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,450,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Kulicke &amp; Soffa Industries, Inc. cv. sub. notes 0.50s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>980,563 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>Energy (0.3%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>400,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">McMoran Exploration Co. cv. sr. notes 6s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>585,500 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>Financial (1.1%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,050,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">American Equity Investment Life Holding Co. 144A cv. sr. notes 5 1/4s, 2024</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,084,125 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,300,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rewards Network, Inc. cv. sub. debs. 3 1/4s, 2023</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>975,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>2,059,125 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Technology (5.1%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>980,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Agere Systems, Inc. cv. sub. notes 6 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>971,425 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,400,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Amkor Technologies, Inc. cv. sub. notes 5 3/4s, 2006</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,204,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>980,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Fairchild Semiconductor International, Inc. cv. company guaranty 5s, 2008</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>954,275 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,950,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Lucent Technologies, Inc. cv. sub. debs. 8s, 2031</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,998,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,500,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Manugistics Group, Inc. cv. sub. notes 5s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,329,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,500,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">ON Semiconductor Corp. 144A cv. bonds zero %, 2024</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,074,375 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>2,800,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Safeguard Scientifics, Inc. 144A cv. sr. notes 2 5/8s, 2024</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,795,500 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>450,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Silicon Graphics, Inc. cv. sr. notes 6 1/2s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>342,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>9,669,700 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Transportation (0.8%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>570,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AMR Corp. cv. company guaranty 4 1/4s, 2023</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>517,988 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>1,200,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Continental Airlines, Inc. cv. sr. unsub. notes 4 1/2s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>975,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>1,492,988 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Utilities &amp; Power (1.4%)</B></P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>980,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AES Corp. (The) cv. sub. notes 4 1/2s, 2005</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>980,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>200,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sierra Pacific Resources 144A cv. notes 7 1/4s, 2010</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>552,750 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>720,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">XCEL Energy, Inc. 144A cv. notes 7 1/2s, 2007</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,098,000 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>2,630,750 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Convertible bonds and notes &nbsp;(cost $28,511,906)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$28,531,867 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Common stocks (1.0%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Number of shares</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>393 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AboveNet, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$11,594 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>17,713 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Alderwoods Group, Inc. (Canada) (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>245,325 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>140,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AMRESCO Creditor Trust (acquired various dates from 9/20/00 to 10/16/02, cost $56,998) (F)(RES)(NON)(R)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>140 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>293 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Birch Telecom, Inc. (F)(NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;1 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>5,780 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Celanese Corp. Ser. A (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>89,474 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>25,623 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Coinmach Service Corp. IDS (Income Deposit Securities)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>333,099 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>147 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Compass Minerals International, Inc.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>3,312 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>574,207 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Contifinancial Corp. Liquidating Trust Units</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>718 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,432 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Covad Communications Group, Inc. (NON) (S)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>4,324 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>309 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Crown Castle International Corp. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>5,494 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>6,393 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Globix Corp. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>18,220 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>145,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">iPCS Escrow, Inc. (F)(NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>145 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,374 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">iPCS, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>105,438 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>32 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Knology, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>60 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>34 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Magellan Health Services, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,104 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>555 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">PSF Group Holdings, Inc. 144A Class A (acquired various dates from 3/15/96 to 3/9/01, cost $1,811,489) (F)(RES)(NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>985,862 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>50 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sterling Chemicals, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>202 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Sun Healthcare Group, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,414 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>56 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">USA Mobility, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1,482 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>28,292 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">VS Holdings, Inc. (NON)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>28 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Common stocks &nbsp;(cost $4,141,219)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$1,808,534 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Foreign government bonds and notes (0.5%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Principal amount</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$220,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Brazil (Federal Republic of) bonds 10 1/2s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$257,400 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>110,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Colombia (Republic of) unsub. 9 3/4s, 2009</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>124,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>180,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Indonosia (Republic of) 144A sr. notes 6 3/4s, 2014</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>177,300 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>80,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Peru (Republic of) bonds 8 3/8s, 2016</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>88,800 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>195,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Philippines (Republic of) bonds 8 3/8s, 2011</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>201,338 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>60,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">United Mexican States bonds Ser. MTN, 8.3s, 2031</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>73,440 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>55,000 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Venezuela (Republic of) notes 10 3/4s, 2013</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>62,150 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Foreign government bonds and notes &nbsp;(cost $959,191)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$984,728 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Units (0.1%) (a) (cost $594,350)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Number of units</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>406 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">XCL Equity Units (F)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$276,826 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Brady bonds (0.1%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Principal amount</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$148,237 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Brazil (Federal Republic of) FRB Ser. 18 YR, 4.313s, 2012</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$142,308 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>131,750 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Peru (Republic of) FRB Ser. 20 YR, 5s, 2017</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>125,821 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Brady bonds &nbsp;(cost $263,259)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$268,129 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Preferred stocks (0.1%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Number of shares</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dobson Communications Corp. Class A, 13.00% pfd. </P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$2,046 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>15 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Paxson Communications Corp. 14.25% cum. pfd. (PIK)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>98,250 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>43 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Rural Cellular Corp. Ser. B, Class A, 11.375% cum. pfd. </P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>36,335 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Preferred stocks &nbsp;(cost $191,030)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$136,631 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Warrants (--%) (a) (NON)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana">Number of warrants</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>Expiration date</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>152 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AboveNet, Inc.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>9/8/10</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$304 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>130 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">AboveNet, Inc.</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>9/8/08</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;780 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>270 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Dayton Superior Corp. 144A</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>6/15/09</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;1 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>119 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">MDP Acquisitions PLC 144A</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>10/1/13</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>3,332 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>120 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Pliant Corp. 144A</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>6/1/10</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>1 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>420 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">TravelCenters of America, Inc. 144A</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>5/1/09</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>53 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>420 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Ubiquitel, Inc. 144A</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>4/15/10</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;1 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>312 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Washington Group International, Inc. Ser. C</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>1/25/06</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>4,246 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Warrants &nbsp;(cost $127,880)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$8,718 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=681.667 colspan=2><P style="margin:0pt; font-family:Verdana"><B>Short-term investments (4.7%) (a)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana">Principal amount</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>Value</P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$5,819,672 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Putnam Prime Money Market Fund (e)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;</B>$5,819,672 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>3,067,732 </P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">Short-term investments held as collateral for loaned securities with yields ranging from 3.01% to 3.21% and due dates ranging from June 1, 2005 to June 27, 2005 (d)</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana; font-size:12pt" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>3,064,541 </P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Short-term investments &nbsp;(cost $8,884,213)</B></P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$8,884,213 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=132.333><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=549.333><P style="margin:0pt; font-family:Verdana"><B>Total Investments (cost $186,903,470) (b)</B></P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF; border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><A NAME="RANGE!J677"></A><TD style="background-color:#FFFFFF; border-bottom:0.5pt solid #000000" valign=top width=126.6><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;$191,135,208 </B></P>
</TD></TR>
<TR><TD style="background-color:#FFFFFF" valign=bottom width=41.933><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=132.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=top width=549.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=37.133><P style="margin:0pt; font-family:Verdana" align=center>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=120.867><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="background-color:#FFFFFF" valign=bottom width=126.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=bottom width=472 colspan=2><P style="margin:0pt; line-height:20pt; font-family:Verdana; font-size:18pt">Putnam High Income Bond Fund </P>
</TD><TD valign=bottom width=113.333>&nbsp;</TD><TD valign=bottom width=86.667>&nbsp;</TD><TD valign=bottom width=117.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=472 colspan=2><P style="margin:0pt; font-family:Verdana">Forward currency contracts to sell at May 31, 2005 (Unaudited)</P>
</TD><TD valign=bottom width=113.333>&nbsp;</TD><TD valign=bottom width=86.667>&nbsp;</TD><TD valign=bottom width=117.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=362><P style="margin:0pt; font-family:Verdana">(aggregate face value $2,799,485)</P>
</TD><TD valign=bottom width=110>&nbsp;</TD><TD valign=bottom width=113.333>&nbsp;</TD><TD valign=bottom width=86.667>&nbsp;</TD><TD valign=bottom width=117.333>&nbsp;</TD></TR>
<TR><TD valign=bottom width=362>&nbsp;</TD><TD valign=bottom width=110>&nbsp;</TD><TD valign=bottom width=113.333>&nbsp;</TD><TD valign=bottom width=86.667>&nbsp;</TD><TD valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=362>&nbsp;</TD><TD valign=bottom width=110>&nbsp;</TD><TD valign=bottom width=113.333><P style="margin:0pt; font-family:Verdana" align=right><B>Aggregate</B></P>
</TD><TD valign=bottom width=86.667><P style="margin:0pt; font-family:Verdana" align=right><B>Delivery</B></P>
</TD><TD valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right><B>Unrealized</B></P>
</TD></TR>
<TR><TD valign=bottom width=362>&nbsp;</TD><TD valign=bottom width=110><P style="margin:0pt; font-family:Verdana" align=right><B>Value</B></P>
</TD><TD valign=bottom width=113.333><P style="margin:0pt; font-family:Verdana" align=right><B>face value</B></P>
</TD><TD valign=bottom width=86.667><P style="margin:0pt; font-family:Verdana" align=right><B>date</B></P>
</TD><TD valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right><B>appreciation</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=362><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=86.667><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=362><P style="margin:0pt; font-family:Verdana">British Pound</P>
</TD><TD valign=bottom width=110><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$321,243 </P>
</TD><TD valign=bottom width=113.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$335,160 </P>
</TD><TD valign=bottom width=86.667><P style="margin:0pt; font-family:Verdana" align=right>6/15/05</P>
</TD><TD valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$13,917 </P>
</TD></TR>
<TR><TD valign=bottom width=362><P style="margin:0pt; font-family:Verdana">Euro &nbsp;</P>
</TD><TD valign=bottom width=110><P style="margin:0pt; font-family:Verdana" align=right>2,314,682 </P>
</TD><TD valign=bottom width=113.333><P style="margin:0pt; font-family:Verdana" align=right>2,464,325 </P>
</TD><TD valign=bottom width=86.667><P style="margin:0pt; font-family:Verdana" align=right>6/15/05</P>
</TD><TD valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right>149,643 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=362><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=86.667><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=362>&nbsp;</TD><TD valign=bottom width=110>&nbsp;</TD><TD valign=bottom width=113.333>&nbsp;</TD><TD valign=bottom width=86.667>&nbsp;</TD><TD valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;$163,560 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=362><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=110><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=86.667><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=117.333><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" width=587.733><P style="margin:0pt; line-height:20pt; font-family:Verdana; font-size:18pt">Putnam High Income Bond Fund </P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=26.667><P style="margin:0pt; font-family:Verdana; font-size:18pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" width=25.333><P style="margin:0pt; font-family:Verdana; font-size:18pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=124><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana"><B>Credit default contracts outstanding at May 31, 2005 (Unaudited)</B></P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right><B>Notional</B></P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right><B>Unrealized</B></P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right><B>amount</B></P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right><B>appreciation</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=26.667><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=25.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">Agreement with Goldman Sachs effective September 2, 2004, terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference obligation are liquidated, the fund receives a payment of the outstanding notional amount times 2.35% and the fund pays in the event of a credit default in one of the underlying securities in the basket of BB CMBS securities.</P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>$32,000 </P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>$1,555 </P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">Agreement with Goldman Sachs effective September 2, 2004, terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference obligation are liquidated, the fund receives a payment of the outstanding notional amount times 2.55625% and the fund pays in the event of a credit default in one of the underlying securities in the basket of BB CMBS securities.</P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>32,000 </P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>727 </P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">Agreement with Goldman Sachs effective September 2, 2004, terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference obligation are liquidated, the fund receives a payment of the outstanding notional amount times 2.4625% and the fund pays in the event of a credit default in one of the underlying securities in the basket of BB CMBS securities.</P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>16,000 </P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>723 </P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">Agreement with Goldman Sachs effective September 2, 2004, terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference obligation are liquidated, the fund receives a payment of the outstanding notional amount times 2.433% and the fund pays in the event of a credit default in one of the underlying securities in the basket of BB CMBS securities.</P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>12,000 </P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>509 </P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">Agreement with Goldman Sachs effective September 2, 2004, terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference obligation are liquidated, the fund receives a payment of the outstanding notional amount times 2.475% and the fund pays in the event of a credit default in one of the underlying securities in the basket of BB CMBS securities.</P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>8,000 </P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>254 </P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">Agreement with Goldman Sachs effective September 2, 2004, terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference obligation are liquidated, the fund receives a payment of the outstanding notional amount times 2.5% and the fund pays in the event of a credit default in one of the underlying securities in the basket of BB CMBS securities.</P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>4,000 </P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>245 </P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
<TR><TD valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">Agreement with Goldman Sachs effective September 2, 2004, terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference obligation are liquidated, the fund receives a payment of the outstanding notional amount times 2.6% and the fund pays in the event of a credit default in one of the underlying securities in the basket of BB CMBS securities.</P>
</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana" align=right>4,000 </P>
</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>41 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=26.667><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=25.333><P style="margin:0pt; font-family:Verdana">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana; font-size:9pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124><P style="margin:0pt; font-family:Verdana" align=right>$4,054 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=587.733><P style="margin:0pt; font-family:Verdana; font-size:9pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=26.667><P style="margin:0pt; font-family:Verdana; font-size:9pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=25.333><P style="margin:0pt; font-family:Verdana; font-size:9pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=77.6><P style="margin:0pt; font-family:Verdana; font-size:9pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=124><P style="margin:0pt; font-family:Verdana; font-size:9pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=587.733>&nbsp;</TD><TD valign=bottom width=26.667>&nbsp;</TD><TD valign=bottom width=25.333>&nbsp;</TD><TD valign=bottom width=77.6>&nbsp;</TD><TD valign=bottom width=124>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<A NAME="RANGE!B1:C48"></A><TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">NOTES</P>
</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(a)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">Percentages indicated are based on net assets of $189,343,706.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(b)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>The aggregate identified cost on a tax basis is $187,129,753, resulting in gross unrealized appreciation and depreciation of $13,836,993 and $9,831,538, respectively, or net unrealized appreciation of $4,005,455.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Arial">(DEF)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Arial">Security is in default of principal and interest.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(NON)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">Non-income-producing security.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(S)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">Securities on loan, in part or in entirety, at May 31, 2005.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(STP)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(RES)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at May 31, 2005 was $986,002 or 0.5% of net assets.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(PIK)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">Income may be received in cash or additional securities at the discretion of the issuer.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(R)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">Real Estate Investment Trust.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(d)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>The fund may lend securities, through its agents, to qualified borrowers in order to earn additional income. &nbsp;The loans are collateralized by cash and/or securities in an amount at least equal to the market value of the securities loaned. &nbsp;The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. &nbsp;The risk of borrower default will be borne by the fund&#146;s agents; the fund will bear the risk of loss with respect to the investment of the cash collateral. &nbsp;Income from securities lending is included in investment income on the statement of operations. &nbsp;At May 31, 2005, the value of securities loaned amounted to $2,958,363. &nbsp;The fund received cash collateral of $3,064,541 which is pooled with collateral of other Putnam funds into 21 issuers of high-grade, short-term investments.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(e)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>Pursuant to an exemptive order from the Securities and Exchange Commission, the fund invests in Putnam Prime Money Market Fund, an open-end management investment company managed by Putnam Investment Management, LLC (&quot;Putnam Management&quot;), the fund's manager, an indirect wholly-owned subsidiary of Putnam, LLC. &nbsp;Management fees paid by the fund are reduced by an amount equal to the management and administrative fees paid by Putnam Prime Money Market Fund with respect to assets invested by the fund in Putnam Prime Money Market Fund. &nbsp;Income distributions earned by the fund totaled $74,284 for the period ended May 31, 2005. &nbsp;During the period ended May 31, 2005, cost of purchases and cost of sales of investments in Putnam Prime Money Market Fund aggregated $36,108,384 and $36,021,947, respectively.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333><P style="margin:0pt; font-family:Verdana">(F)</P>
</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">Security is valued at fair value following procedures approved by the Trustees.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana">At May 31, 2005, liquid assets totaling $108,000 are held as collateral for open swap contracts.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>144A after the name of a security represents those exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>The rates shown on Floating Rate Bonds (FRB) and Floating Rate Notes (FRN) are the current interest rates at May 31, 2005.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify><B>Security valuation</B> Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets. If no sales are reported -- as in the case of some securities traded over-the-counter -- a security is valued at its last reported bid price. &nbsp;Market quotations are not considered to be readily available for certain debt obligations; such investments are valued at fair value on the basis of valuations furnished by an independent pricing service or dealers, approved by the Trustees. &nbsp;Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities. &nbsp;Many securities 
markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign securities taking into account multiple factors, including movements in the U.S. securities markets. &nbsp;The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>Securities quoted in foreign currencies are translated into U.S. dollars at the current exchange rate.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>Short-term investments having remaining maturities of 60 days or less are valued at amortized cost, which approximates fair value.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>Other investments, including certain restricted securities, are valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify><B>Forward currency contracts</B><FONT FACE="Times New Roman"> </FONT>The fund may buy and sell forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. &nbsp;These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which its portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities a fund intends to buy are denominated, when a fund holds cash reserves and short term investments). &nbsp;The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The market value of the contract will fluctuate with changes in currency exchange rates. &nbsp;The contract is marked to market daily and the change in market value is recorded as an u
nrealized gain or loss. &nbsp;When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the statement of assets and liabilities. &nbsp;Forward currency contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify><B>Credit default contracts </B>The fund may enter into credit default contracts where one party, the protection buyer, makes an upfront or periodic payment to a counterparty, the protection seller, in exchange for the right to receive a contingent payment. The maximum amount of the payment may equal the notional amount, at par, of the underlying index or security as a result of a related credit event. &nbsp;An upfront payment received by the fund, as the protection seller, is recorded as a liability on the fund&#146;s books. &nbsp;An upfront payment made by the fund, as the protection buyer, is recorded as an asset on the fund&#146;s books. &nbsp;Periodic payments received or paid by the fund are recorded as realized gains or losses. &nbsp;The credit default contracts are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as unrealized 
gain or loss. &nbsp;Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses. In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index, the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased comparable publicly traded securities or that the counterparty may default on its obligation to perform. &nbsp;Risks of loss may exceed amounts recognized on the statement of assets and liabilities. &nbsp;Credit default contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796><P style="margin:0pt; font-family:Verdana" align=justify>For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com</P>
</TD></TR>
<TR><TD valign=top width=77.333>&nbsp;</TD><TD valign=top width=796>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 2. Controls and Procedures:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a) The registrant's principal executive officer and principal </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial officer have concluded, based on their evaluation of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the design and operation of the registrant's</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures as of a date within 90 days of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the filing date of this report, that the design and operation of </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">such procedures are generally effective to provide reasonable </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">assurance that information required to be disclosed by the registrant </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in this report is recorded, processed, summarized and reported within </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the time periods specified in the Commission's rules and forms.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b) Changes in internal control over financial reporting:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 3. Exhibits:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">------------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A separate certification for each principal executive officer and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">principal financial officer of the registrant as required by Rule 30a-2</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">under the Investment Company Act of 1940, as amended, are filed herewith.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and the Investment Company Act of 1940, the registrant has duly</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">caused this report to be signed on its behalf by the undersigned,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">thereunto duly authorized.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NAME OF REGISTRANT</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Michael T. Healy</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;--------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;Michael T. Healy</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Accounting Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: July 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and the Investment Company Act of &nbsp;1940, this report has been signed</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">below by the following persons on behalf of the registrant and in</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Charles E. Porter</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;---------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Charles E. Porter</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Executive Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: July 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By (Signature and Title):</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Steven D. Krichmar</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">---------------------------</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Steven D. Krichmar</P>
<P style="margin:0pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Principal Financial Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: July 28, 2005</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<TYPE>EX-99.CERT
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<FILENAME>exnn2.htm
<DESCRIPTION>EX-99.CERT
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<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Certifications</TITLE>
<META NAME="author" CONTENT="Larry McMunn">
<META NAME="date" CONTENT="07/28/2005">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Certifications</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Charles E. Porter, the Principal Executive Officer of the funds listed on</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. I have reviewed each report on Form N-Q of the funds listed on Attachment</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2. Based on my knowledge, each report does not contain any untrue statements</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">of a material fact or omit to state a material fact necessary to make the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements made, in light of the circumstances under which such statements</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">were made, not misleading with respect to the period covered by each report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3. Based on my knowledge, the schedules of investments included in each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">report fairly present in all material respects the investments of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant as of the end of the fiscal quarter for which the report is</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">filed;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4. The registrant's other certifying officer and I are responsible for</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">establishing and maintaining disclosure controls and procedures (as defined</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in Rule 30a-3(c) under the Investment Company Act of 1940) and internal</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">control over financial reporting (as defined in Rule 30a-3(d) under the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment Company Act of 1940) for the registrants and have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) designed such disclosure controls and procedures, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures to be designed under our supervision, to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ensure that material information relating to the registrant, including its</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">consolidated subsidiaries, is made known to us by others within those</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">entities, particularly during the period in which each report is being</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) designed such internal control over financial reporting, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">internal control over financial reporting to be designed under our</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">supervision, to provide reasonable assurance regarding the reliability of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial reporting and the preparation of financial statements for external</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">procedures and presented in this report our conclusions about the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the disclosure controls and procedures, as of a date within</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">90 days prior to the filing date of this report, based on such evaluation;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">d) disclosed in this report any change in the registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting that occurred during the registrant&#146;s most recent</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">fiscal quarter that has materially affected, or is reasonably likely to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">materially affect, the registrant&#146;s internal control over financial</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reporting; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5. The registrant&#146;s other certifying officer and I have disclosed to each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant&#146;s auditors and the audit committee of each registrant&#146;s board of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">directors (or persons performing the equivalent functions):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) all significant deficiencies and material weaknesses in the design or</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">operation of internal control over financial reporting which are reasonably</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">likely to adversely affect each registrant&#146;s ability to record, process,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">summarize, and report financial information; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) any fraud, whether or not material, that involves management or other</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">employees who have a significant role in each registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Charles E. Porter</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--------------------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: July 27, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles E. Porter</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Certifications</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">--------------</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">on Attachment A, certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. I have reviewed each report on Form N-Q of the funds listed on Attachment</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2. Based on my knowledge, each report does not contain any untrue statements</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">of a material fact or omit to state a material fact necessary to make the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">statements made, in light of the circumstances under which such statements</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">were made, not misleading with respect to the period covered by each report;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3. Based on my knowledge, the schedules of investments included in each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">report fairly present in all material respects the investments of the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant as of the end of the fiscal quarter for which the report is</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">filed;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4. The registrant's other certifying officer and I are responsible for</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">establishing and maintaining disclosure controls and procedures (as defined</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">in Rule 30a-3(c) under the Investment Company Act of 1940) and internal</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">control over financial reporting (as defined in Rule 30a-3(d) under the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Investment Company Act of 1940) for the registrants and have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) designed such disclosure controls and procedures, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">disclosure controls and procedures to be designed under our supervision, to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">ensure that material information relating to the registrant, including its</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">consolidated subsidiaries, is made known to us by others within those</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">entities, particularly during the period in which each report is being</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) designed such internal control over financial reporting, or caused such</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">internal control over financial reporting to be designed under our</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">supervision, to provide reasonable assurance regarding the reliability of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">financial reporting and the preparation of financial statements for external</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">procedures and presented in this report our conclusions about the</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">effectiveness of the disclosure controls and procedures, as of a date within</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">90 days prior to the filing date of this report, based on such evaluation;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">d) disclosed in this report any change in the registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting that occurred during the registrant&#146;s most recent</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">fiscal quarter that has materially affected, or is reasonably likely to</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">materially affect, the registrant&#146;s internal control over financial</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">reporting; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5. The registrant&#146;s other certifying officer and I have disclosed to each</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registrant&#146;s auditors and the audit committee of each registrant&#146;s board of</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">directors (or persons performing the equivalent functions):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">a) all significant deficiencies and material weaknesses in the design or</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">operation of internal control over financial reporting which are reasonably</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">likely to adversely affect each registrant&#146;s ability to record, process,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">summarize, and report financial information; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">b) any fraud, whether or not material, that involves management or other</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">employees who have a significant role in each registrant&#146;s internal control</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">over financial reporting.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Steven D. Krichmar</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-------------------------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: July 27, 2005</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven D. Krichmar</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Attachment A</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">------------</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">NQ</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Period (s) ended May 31, 2005 </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">061 Putnam High Income Bond Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">274 Putnam New Value Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">29X Putnam Floating Rate Income Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">014 Putnam High Yield Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">021 Putnam Health Sciences Trust</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">7BF Putnam Income Opportunities Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2MF Putnam Small Cap Value Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2AZ Putnam International Capital Opportunities Fund</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">018 Putnam Global Natural Resources Fund</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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