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<SEC-DOCUMENT>0000928816-06-001303.txt : 20061026
<SEC-HEADER>0000928816-06-001303.hdr.sgml : 20061026
<ACCEPTANCE-DATETIME>20061026144120
ACCESSION NUMBER:		0000928816-06-001303
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20060831
FILED AS OF DATE:		20061026
DATE AS OF CHANGE:		20061026
EFFECTIVENESS DATE:		20061026

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		061165472

	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 INCOME BOND FUND
		DATE OF NAME CHANGE:	20030408

	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-CSR
<SEQUENCE>1
<FILENAME>a_highincome.htm
<DESCRIPTION>PUTNAM HIGH INCOME SECURITIES FUND
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<P align=left><U><FONT face=sans-serif size=2>UNITED STATES</FONT></U><BR>
<U><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT></U><FONT face=sans-serif size=2> </FONT><BR>
<U><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>FORM N-CSR </FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED </FONT></B><BR>
<B><FONT face=sans-serif size=2>MANAGEMENT INVESTMENT COMPANIES</FONT></B><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>Investment Company Act file number: (811-05133 ) </FONT></P>
<P align=left><FONT face=sans-serif size=2>Exact name of registrant as specified in charter: </FONT><FONT face=sans-serif size=2>Putnam High Income Securities Fund </FONT></P>
<P align=left><FONT face=sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109 </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
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     <TD noWrap align=left width="56%"><FONT face=sans-serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%" colSpan=2><FONT face=sans-serif size=2>Beth S. Mazor, Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="42%" colSpan=2><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="42%" colSpan=2><FONT face=sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=2>Copy to:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="42%" colSpan=2><FONT face=sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="42%" colSpan=2><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="42%" colSpan=2><FONT face=sans-serif size=2>One International Place</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="42%" colSpan=2><FONT face=sans-serif size=2>Boston, Massachusetts 02110</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=2><FONT face=sans-serif size=2>Registrant&#146;s telephone number, including area code:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>(617) 292-1000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Date of fiscal year end: August 31, 2006 </FONT></P>
<P align=left><FONT face=sans-serif size=2><BR>
Date of reporting period: September 1, 2005 - August 31, 2006 </FONT></P>
<P align=left><U><FONT face=sans-serif size=2></FONT></U>&nbsp;</P>
<P align=left><U><FONT face=sans-serif size=2>Item 1. Report to Stockholders:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940: </FONT></P>
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<P align=left><FONT face=serif size=7>What makes Putnam different?</FONT></P>
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<BR>
<P align=left><FONT face=sans-serif size=2>In 1830, Massachusetts Supreme Judicial Court Justice Samuel Putnam established The Prudent Man Rule, a legal foundation for responsible money management.</FONT></P>
<P align=left><FONT face=sans-serif size=2>THE PRUDENT MAN RULE</FONT></P>
<P align=left><FONT face=sans-serif size=2>All that can be required of a trustee to invest is that he shall conduct himself faithfully and exercise a sound discretion. He is to observe how men of prudence, discretion, and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested.</FONT></P>
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<P align=left><FONT face=serif>A time-honored tradition<BR>
in money management</FONT></P>
<P align=left><FONT face=serif size=2>Since 1937, our values have been rooted in a profound sense of responsibility for the money entrusted to us.</FONT></P>
<P align=left><FONT face=serif>A prudent approach to investing</FONT></P>
<P align=left><FONT face=serif size=2>We use a research-driven team approach to seek consistent, dependable, superior investment results over time, although there is no guarantee a fund will meet its objectives.</FONT></P>
<P align=left><FONT face=serif>Funds for every investment goal</FONT></P>
<P align=left><FONT face=serif size=2>We offer a broad range of mutual funds and other financial products so investors and their financial representatives can build diversified portfolios.</FONT></P>
<P align=left><FONT face=serif>A commitment to doing<BR>
what&#146;s right for investors</FONT></P>
<P align=left><FONT face=serif size=2>We have stringent investor protections and provide a wealth of information about the Putnam funds.</FONT></P>
<P align=left><FONT face=serif>Industry-leading service</FONT></P>
<P align=left><FONT face=serif size=2>We help investors, along with their financial representatives, make informed investment decisions with confidence.</FONT></P>
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<P align=left><FONT face=serif size=7>Putnam</FONT><BR>
<FONT face=serif size=7>High Income</FONT><BR>
<FONT face=serif size=7>Securities Fund</FONT></P>
<P align=left><FONT face=serif size=7><BR>
8</FONT><FONT face=serif size=7>| </FONT><FONT face=serif size=7>31</FONT><FONT face=serif size=7>| </FONT><FONT face=serif size=7>06 </FONT><BR>
<I><FONT face=serif size=5>Annual Report<BR>
</FONT></I></P>
<TABLE style="WIDTH: 590px; HEIGHT: 311px" cellSpacing=1 cellPadding=0 width=590 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Message from the Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>About the fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Report from the fund managers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Performance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Your fund&#146;s management</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Terms and definitions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Trustee approval of management contract</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>19</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Other information for shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>24</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Financial statements</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>26</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Federal tax information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>55</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Shareholder meeting results</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>56</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Compliance certifications</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>57</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>About the Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>58</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%"><FONT face=serif>Officers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>64</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>Cover photograph: &#169; Richard H. Johnson</FONT></I></P>
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<P align="left">
<I><FONT size=5 face="serif">Message from the Trustees</FONT></I></P>
<P align="left">
<FONT size=7 face="serif">Dear Fellow Shareholder</FONT></P>
<P align="left">
<FONT face="serif">Beginning in May of this year, investors became increasingly preoccupied with the course of the economy. A more pessimistic outlook pervaded the markets as leading economic indicators began to warn of slower growth. The resulting
correction undercut much of the progress that markets had achieved in the previous three months. However, in August, the Federal Reserve (the Fed) made the decision to leave interest rates unchanged, marking a milestone in its shift to a tighter
monetary policy and contributing to a more favorable market environment as your fund&#146;s reporting period drew to a close.</FONT></P>
<P align="left">
<FONT face="serif">Despite investors&#146; ongoing concerns about the impact of higher rates, we believe that today&#146;s interest-rate levels, far from being a threat to global economic fundamentals, are in fact an integral part of them. Higher
rates in Europe and Japan are shifting the landscape in the fixed-income market and may lead to stronger performance from non-U.S. asset classes in the future. Economic growth may, indeed, be slowing somewhat, but we consider this a typical
development for the middle of an economic cycle, and one that could help provide the basis for a longer and more durable business expansion and a continued healthy investment environment going forward.</FONT></P>
<P align="left">
<FONT face="serif">Putnam Investments&#146; management team, under the leadership of Chief Executive Officer Ed Haldeman, continues to focus on investment performance, and the investment professionals managing your fund have been working to take
advantage of the opportunities presented by this environment.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2</FONT></P>

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<P align="left">
<FONT face="serif">We would like to take this opportunity to announce the retirement of one of your fund&#146;s Trustees, John Mullin, an independent Trustee of the Putnam funds since 1997. We thank him for his service.</FONT></P>
<P align="left">
<FONT face="serif">In the following pages, members of your fund&#146;s management team discuss the fund&#146;s performance and strategies for the fiscal period ended August 31, 2006, and provide their outlook for the months ahead. As always, we
thank you for your support of the Putnam funds.</FONT></P>
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<P align=left><B><FONT face=sans-serif size=5>Putnam High Income Securities Fund: opportunities </FONT></B><BR>
<B><FONT face=sans-serif size=5>from high-yield bonds and convertibles </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The average investor may think of bonds as government-sponsored securities that offer relatively low risk and less volatility than the stock market. However, high-yield corporate bonds and convertible securities, the types of investments held by Putnam High Income Securities Fund, are different. Both are issued by companies rather than the government. Moreover, high-yield corporates and convertibles can offer greater returns than other bonds &#151; but carry a greater potential for risk, such as the risk of corporate default or periodic illiquidity. </FONT></P>
<P align=left><FONT face=sans-serif size=2>High-yield bonds are deemed to be less than investment-grade status (rated below Baa), which means their issuing companies are considered more likely to default on their loans than more creditworthy counterparts. High-yield bond prices tend to follow </FONT><FONT face=sans-serif size=2>individual companies&#146; fundamentals as well as interest-rate levels. While lower-rated corporate bonds may carry higher risk, they typically provide potentially higher levels of yield to compensate investors for that risk. That is why extensive research based on credit analysis is vital to identifying better high-yield issuers with a lower risk of default. </FONT></P>
<P align=left><FONT face=sans-serif size=2>What sets convertible securities apart is a unique built-in option that allows the investor to exchange &#151; or convert &#151; the bond for a fixed number of shares of stock of the issuer. Convertible securities pay interest like most bonds, and the amount does not change as the underlying stock&#146;s price increases or decreases. Issuers range from large, well-known S&amp;P 500 corporations to small, rapidly growing companies to those in cyclically depressed industries such as airlines, autos, and utilities. </FONT></P>
<P align=left><FONT face=sans-serif size=4>Putnam High Income Securities Fund has held convertible </FONT><BR>
<FONT face=sans-serif size=4>securities from a variety of sectors and industries.</FONT></P>
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<P align="left">
<FONT size=2 face="sans-serif">Building a portfolio of high-yield bonds and convertible securities with the appropriate balance of risk and return potential requires intensive research and analysis. In the case of Putnam High Income Securities Fund,
Putnam&#146;s global equity and credit research analysts conduct rigorous research to determine the true worth of the issuing company&#146;s business. The fund&#146;s portfolio team then constructs a portfolio that it believes offers the best return
potential without undue risk. </FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Lower-rated bonds may offer higher yields in return for more risk. Mutual funds that invest in bonds are subject to certain risks, including interest-rate risk, credit risk, and inflation risk. As interest rates
rise, the prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. The fund&#146;s shares trade on a stock exchange at market prices, which may be
lower than the fund&#146;s net asset value.</FONT></I></P>
<P align="left">
<FONT size=4 face="sans-serif">The &#147;busted&#148; convertible</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">One kind of security in which your fund may invest is the &#147;busted&#148; convertible. &#147;Busted&#148; refers to a security whose underlying stock price has fallen signifi-cantly below the conversion price. It
becomes much less sensitive to the volatility of the underlying stock and is more bond-like, responding to interest-rate changes. A busted convertible may pay a higher yield than other convertibles, but may also carry a higher level of risk. (Some
companies in this situation may eventually default on their bonds.)</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The objective of buying a busted convertible is to take advantage of a company&#146;s eventual turnaround despite present challenges. For example, a company undergoing management turmoil may draw negative investor
reactions, causing its stock price to tumble. However, if intensive research determines that the management crisis is likely to be resolved, the fund manager could buy the security at a steep discount. The goal is to sell it at a higher premium once
the situation is corrected and the price of the security recovers. </FONT></P>
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<P align=left><B><FONT face=sans-serif size=4>Putnam High Income Securities Fund </FONT></B><FONT face=sans-serif size=2>seeks high current income and, </FONT><FONT face=sans-serif size=2>as a secondary objective, capital appreciation by investing in a portfolio of high-yielding convertible and nonconvertible securities with potential for capital appreciation.</FONT></P>
<P align=left><B><FONT face=sans-serif>Highlights</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>&#149; </FONT><FONT face=sans-serif size=2>For the 12 months ended August 31, 2006, Putnam High Income Securities Fund had a total return of 8.69% at net asset value (NAV) and 8.05% at market price.</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; </FONT><FONT face=sans-serif size=2>The fund&#146;s primary benchmark, the Merrill Lynch All-Convertibles Speculative Quality Index, returned 9.76% . The fund&#146;s secondary benchmark, the JP Morgan Developed High Yield Index, returned 5.37% .</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; </FONT><FONT face=sans-serif size=2>The average return for the fund&#146;s Lipper category, Convertible Securities Funds (closed-end), was 7.85% .</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149; </FONT><FONT face=sans-serif size=2>Additional fund performance, comparative performance, and Lipper data can be found in the performance section beginning on page 13.</FONT></P>
<P align=left><B><FONT face=sans-serif>Performance</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>It is important to note that a fund&#146;s performance at market price may differ from its results at NAV. Although market price performance generally reflects investment results, it may also be influenced by several other factors, including changes in investor perceptions of the fund or its investment manager, market conditions, fluctuations in supply and demand for the fund&#146;s shares, and changes in fund distributions.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Total return for periods ended 8/31/06</FONT></P>
<P align=left><FONT face=sans-serif size=1>Since the fund&#146;s inception (7/9/87), average annual return is 10.11% at NAV and 9.08% at market price.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="15%"></TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>Average annual return</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="17%" background="">&nbsp;</TD>
     <TD noWrap align=left width="25%" colSpan=2><FONT face=sans-serif size=1>Cumulative return</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="15%"></TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>NAV</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Market price</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=6>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"></TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>8.83%</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>6.88%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>133.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>94.59%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
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     <TD noWrap align=left width="28%"><FONT face=sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"></TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>12.09</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>9.12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>76.98</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>54.73</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
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<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"></TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>12.14</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>9.99</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>41.01</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>33.05</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"></TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>8.69</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>8.05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>8.69</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>8.05</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=2>Data is historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>6</FONT></P>
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<P align="left">
<I><FONT size=5 face="serif">Report from the fund managers</FONT></I></P>
<P align="left">
<FONT size=7 face="serif">The year in review</FONT></P>
<P align="left">
<FONT face="serif">Your fund delivered solid overall results for the fiscal year ended August 31, 2006. A generally positive equity market provided a favorable backdrop for both high-yield convertibles and bonds, since these securities tend to be
influenced more by fundamentals supportive of common stocks and less by interest-rate trends. Strong overall security selection and a continuing emphasis on prudent risk management enabled your fund, at NAV, to outperform both its secondary
benchmark and the average for its Lipper peer group. However, due to the strong performance of certain types of convertible securities that are represented in the fund&#146;s primary benchmark but not generally targeted by the fund&#146;s investment
strategy, the fund&#146;s performance lagged that of the benchmark.</FONT></P>
<P align="left">
<FONT size=5 face="serif">Market overview</FONT></P>
<P align="left">
<FONT size=2 face="serif">During the fund&#146;s fiscal year ended August 31, 2006, the stock market provided a reasonably favorable environment for convertible securities. This environment was especially rewarding for speculative convertibles that
are associated with the volatile stocks of relatively weak companies. These convertibles fall outside the realm of the fund&#146;s normal investment universe, although they do make up a substantial portion of its primary benchmark, the Merrill Lynch
All-Convertibles Speculative Quality Index, and their strength during the period accounts for the fund&#146;s underperformance of the index.</FONT></P>
<P align="left">
<FONT size=2 face="serif">In the high-yield bond market, the first half of the fiscal year was marked by the bankruptcies of several high-profile bond issuers, including Delta and Northwest airlines, auto parts maker Delphi, and independent power
producer Calpine. However, the tide turned in January 2006, thanks to several positive influ-ences. These included continuing strong business fundamentals, persistent signs of economic growth, a decline in new issuance, improved market liquidity,
and General Motors&#146; plan to sell its financing arm. Against this backdrop, there was a rally among the lower-quality segments of the high-yield market from January</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">7</FONT></P>

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<P align=left><FONT face=serif size=2>through the end of April. May brought increasing volatility and negative returns, due to concerns about inflation that made investors more risk averse. A sharp sell-off in the emerging markets spilled over into the credit markets, hurting the performance of high-yield bonds. By the end of the period, however, a rally in U.S. Treasury securities resulted in an improved bond-market environment, which helped to stabilize the performance of high-yield bonds.</FONT></P>
<P align=left><FONT face=serif size=5>Strategy overview</FONT></P>
<P align=left><FONT face=serif size=2>Your fund invests mainly in a combination of convertible securities and high-yield corporate bonds, relying on our analysis of individual securities to identify what we consider to be the most </FONT><FONT face=serif size=2>attractive opportunities. In the convertible market, we prefer to invest in securities with relatively short maturities. If problems develop with a company&#146;s capital structure &#151; such as when a firm takes on too much debt and its business slows &#151; then debt with shorter maturities, including convertibles, will often be retired first as the company restructures its balance sheet. Keeping the focus on shorter-maturity convertibles may provide the fund with an added layer of security should problems emerge at a company in which we&#146;ve invested.</FONT></P>
<P align=left><FONT face=serif size=2>On the high-yield side of the portfolio, we maintained our bias toward bonds from the higher-quality tiers of the high-yield market. Until May, high-yield bond spreads &#151; the yield advantage</FONT></P>
<P align=left><B><FONT face=sans-serif>Market sector performance</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>These indexes provide an overview of performance in different market sectors for the 12 months ended 8/31/06.</FONT></P>
<TABLE style="WIDTH: 629px; HEIGHT: 541px" cellSpacing=1 cellPadding=0 width=629 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>Bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>Merrill Lynch All-Convertibles Speculative Quality Index (high-yield U.S. convertible securities)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>9.76%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>JP Morgan Developed High Yield Index (high-yield corporate bonds)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>5.37%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>Lehman Aggregate Bond Index (broad bond market)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>1.71%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>Lehman Global Aggregate Bond Index (international bonds)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>1.58%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2></TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>Equities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>S&amp;P 500 Index (broad stock market)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>8.88%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>Russell 2000 Index (small-company stocks)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>9.36%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="92%"><FONT face=sans-serif size=1>MSCI EAFE Index (international stocks)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>24.28%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>8</FONT></P>
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<P align=left><FONT face=serif size=2>offered by high-yield bonds over comparable Treasuries &#151; remained extremely narrow, meaning investors were not being compensated for taking on the additional risk carried by lower-quality bonds. In addition, to guard against the possibility of slower economic growth, we maintained a moderately defensive portfolio structure. Should the economy begin to soften, we believe high-yield bonds with higher credit ratings are likely to perform better on a relative basis than lower-rated issues.</FONT></P>
<P align=left><FONT face=serif size=5>Your fund&#146;s holdings</FONT></P>
<P align=left><FONT face=serif size=2>The fund benefited considerably from its investments in convertibles issued by airlines. Despite higher fuel costs, </FONT><FONT face=serif size=2>well-positioned airlines performed well, thanks to a strong economy which led to increased demand for air travel, and from higher airfares that resulted partly from fuel surcharges. Securities issued by </FONT><B><FONT face=serif size=2>AMR Corporation</FONT></B><FONT face=serif size=2>, the parent company of American Airlines, and </FONT><B><FONT face=serif size=2>Pinnacle Airlines</FONT></B><FONT face=serif size=2>, a regional airline affiliated with Northwest Airlines, were among the fund&#146;s top-performing positions for the year. We sold the fund&#146;s position in AMR by period-end.</FONT></P>
<P align=left><FONT face=serif size=2>The fund also enjoyed solid returns from convertible securities issued by </FONT><B><FONT face=serif size=2>General Motors</FONT></B><FONT face=serif size=2>. We had avoided GM&#146;s convertibles until their prices dropped substantially in the wake of the automaker&#146;s much-publicized sales</FONT></P>
<P align=left><B><FONT face=sans-serif>Portfolio composition comparison*</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This chart shows how the fund&#146;s weightings have changed over the last six months. Weightings are shown as a percentage of portfolio value. Holdings will vary over time.</FONT></P>
<IMG src="highincomex11x1.jpg" border=0>
<BR>
<P align=left><I><FONT face=sans-serif size=1>* Excludes short-term investments held as collateral for loaned securities.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>9</FONT></P>
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<P align=left><FONT face=serif size=2>disappointments and the shrinkage of its U.S. market share. When we did invest, we purchased securities with short maturities to help manage the fund&#146;s risk should GM&#146;s fortunes worsen. However, investor confidence in the company&#146;s turnaround plan, as well as demand for GM&#146;s attractively priced securities, provided a substantial boost to both GM&#146;s common stock and its convertibles.</FONT></P>
<P align=left><FONT face=serif size=2>Another contributor on the convertible side of the fund was supercomputer manufacturer </FONT><B><FONT face=serif size=2>Cray</FONT></B><FONT face=serif size=2>. Initially, the fund&#146;s investment in Cray was disappointing as the convertible&#146;s price trended downward. Believing that the company would benefit from new products it was bringing to market, we added to the position to take advantage of the lower </FONT><FONT face=serif size=2>price. Our forecast proved correct during the second half of the period when the convertible rebounded from previously depressed levels and advanced sharply in step with the firm&#146;s common stock.</FONT></P>
<P align=left><FONT face=serif size=2>Strong performers from the high-yield bond portion of the portfolio included </FONT><B><FONT face=serif size=2>Decrane Aircraft Holdings</FONT></B><FONT face=serif size=2>, an aircraft parts supplier. Decrane&#146;s bond prices rebounded from depressed levels as the company enjoyed a surge in demand from customers in the corporate aircraft industry.</FONT></P>
<P align=left><FONT face=serif size=2>The fund&#146;s overweight position in </FONT><B><FONT face=serif size=2>Paxson Communications</FONT></B><FONT face=serif size=2>, now known as I</FONT><B><FONT face=serif size=2>ON Media Networks</FONT></B><FONT face=serif size=2>, also delivered strong results. The company operates PAX TV, the national family</FONT></P>
<P align=left><B><FONT face=sans-serif>Top holdings</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This table shows the fund&#146;s top holdings, and the percentage of the fund&#146;s net assets that each comprised, as of 8/31/06. The fund&#146;s holdings will change over time. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Holding (percent of fund&#146;s net assets)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Security information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Sector</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Convertible Securities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Northrop Grumman Corp. </FONT><FONT face=sans-serif size=1>(2.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Ser. B, $7.00 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Capital goods</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>General Motors Corp. </FONT><FONT face=sans-serif size=1>(1.8%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Ser. A, $1.125 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Consumer cyclicals</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Schering-Plough Corp. </FONT><FONT face=sans-serif size=1>(1.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>$3.00 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Health care</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Freeport-McMoRan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Copper &amp; Gold, Inc. </FONT><FONT face=sans-serif size=1>(1.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>5.50% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Basic materials</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>FelCor Lodging Trust, Inc. </FONT><FONT face=sans-serif size=1>(1.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Ser. A, $0.488 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Financial</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Corporate Bonds and Notes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>NRG Energy, Inc. </FONT><FONT face=sans-serif size=1>(0.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Sr. notes 7.375%, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Utilities and power</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>DirecTV Holdings, LLC </FONT><FONT face=sans-serif size=1>(0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Company guaranty 6.375%, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Consumer staples</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>CCH I, LLC/Capital Corp. </FONT><FONT face=sans-serif size=1>(0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Sec. notes 11%, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Consumer staples</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Novelis, Inc. </FONT><FONT face=sans-serif size=1>(0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>144A sr. notes 7.25%, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Basic materials</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Whiting Petroleum Corp. </FONT><FONT face=sans-serif size=1>(0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Company guaranty 7%, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Energy</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>10</FONT></P>
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<P align="left">
<FONT size=2 face="serif">entertainment network. In November, Paxson reached a settlement in its longstanding legal dispute with NBC, clearing the way for an eventual sale and recapital-ization of the company. Paxson&#146;s existing high-yield debt
rallied in the wake of the settlement.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Another positive contributor was </FONT><B><FONT size=2 face="serif">Doane Pet Care</FONT></B><FONT size=2 face="serif">. When this pet food manufacturer was acquired by Mars, Inc. during the period, its bonds and preferred
stock obligations were redeemed, resulting in significant capital appreciation for the fund.</FONT></P>
<P align="left">
<FONT size=2 face="serif">One of the principal detractors over the period was the fund&#146;s position in convertibles issued by </FONT><B><FONT size=2 face="serif">Owens Illinois</FONT></B><FONT size=2 face="serif">, a manufacturer of packaging
products and glass containers. The firm&#146;s production processes are heavily dependent on natural gas, and as gas prices rose, the firm&#146;s costs likewise increased, squeezing profit margins. The value of the fund&#146;s investment declined
through the spring and summer months before turning upward near the end of the period. We remain positive about the company&#146;s longer-term business prospects, and so continued to hold the position as of the end of the period. Disappointments
among high-yield bond holdings included our decision to underweight </FONT><B><FONT size=2 face="serif">Level 3 Communications </FONT></B><FONT size=2 face="serif">and sell the fund&#146;s </FONT><B><FONT size=2 face="serif">Dana Corp.
</FONT></B><FONT size=2 face="serif">bonds. Level 3, a communications technology firm whose securities are distressed, and auto parts supplier Dana Corp. both rebounded strongly during the market rally in early 2006. </FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#146;s investment strategy and
may vary in the future.</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">11</FONT></P>

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<P align="left">
<B><FONT face="sans-serif">The outlook for your fund</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The following commentary reflects anticipated developments that could affect your fund over the next six months, as well as your management team&#146;s plans for responding to them.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As we move into the new fiscal year, our strategy in the convertibles market will be to continue our focus on high-yielding issues that are more sensitive to movements in the underlying common stock. At the same time,
we are finding select opportunities among high-yield convertibles in industry groups such as retailing and tobacco distribution. We will continue our efforts to avoid companies that exhibit significant credit risk. After a period of sustained
economic expansion such as we have recently seen in the United States, companies that carry substantial credit risk are often in extremely poor financial condition.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In the high-yield bond market, while the business fundamentals of many issuers are solid, the technical, or supply and demand, condition of the market is in flux. We anticipate that a substantial amount of new-issue
supply will come to market over the balance of 2006 and into 2007. Many of these new issues are likely to be the result of leveraged buyouts, which tend to be structured aggressively and, we believe, may be likely to carry lower credit quality. Our
approach to risk management, however, continues to dictate that we maintain our strategy of avoiding the lowest-quality segments of the market. Finally, high-yield spreads relative to investment-grade bonds are tight relative to historical averages,
indicating that high-yield bonds are selling at relatively high valuations. Ordinarily, this would be of significant concern. However, defaults remain at low levels and show no sign of spiking. Therefore, we find valuations to be reasonable, as long
as defaults don&#146;t increase. Over the near term, we believe returns will be generated mainly through yield rather than capital appreciation.</FONT></P>
<P align="left">
<I><FONT size=2 face="sans-serif">The views expressed in this report are exclusively those of Putnam Management. They are not meant as investment advice.</FONT></I></P>
<P align="left">
<I><FONT size=2 face="sans-serif">Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the
prices of bonds fall. Long-term bonds are more exposed to interest-rate risk than short-term bonds. Unlike bonds, bond funds have ongoing fees and expenses.</FONT></I></P>
<P align="left">
<I><FONT size=2 face="sans-serif">The fund&#146;s shares trade on a stock exchange at market prices, which may be lower than the fund&#146;s net asset value.</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">12</FONT></P>

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<A name="page_15"></A>
<P align=left><B><FONT face=sans-serif size=4>Your fund&#146;s performance</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>This section shows your fund&#146;s performance for periods ended August 31, 2006, the end of its fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#146;s investment strategy. Data represents past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>
<P align=left><B><FONT face=sans-serif>Fund performance</FONT></B><BR>
<BR>
<FONT face=sans-serif size=2>Total return for periods ended 8/31/06</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Life of fund (since 7/9/87)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>10.11%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>9.08%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>133.00</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>94.59</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>8.83</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>6.88</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>76.98</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>54.73</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>12.09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>9.12</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>41.01</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>33.05</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>12.14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>9.99</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>8.69</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>8.05</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></I></P>
<P align=left><B><FONT face=sans-serif></FONT></B>&nbsp;</P>
<P align=left><B><FONT face=sans-serif>Fund performance for most recent calendar quarter</FONT></B><BR>
<BR>
<FONT face=sans-serif size=2>Total return for periods ended 9/30/06</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Life of fund (since 7/9/87)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>10.14%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>9.18%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>130.59</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>92.99</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>8.71</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>6.80</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>88.90</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>70.64</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>13.57</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>11.28</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>39.75</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>32.12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>11.80</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>9.73</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>10.19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>11.25</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_16"></A>
<P align=left><B><FONT face=sans-serif>Comparative index returns</FONT></B><BR>
<BR>
<FONT face=sans-serif size=2>For periods ended 8/31/06</FONT></P>
<TABLE style="WIDTH: 841px; HEIGHT: 533px" cellSpacing=1 cellPadding=0 width=841 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Lipper</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>Merrill Lynch</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>JP Morgan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Convertible</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>All-Convertibles</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Developed</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Securities Funds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>Speculative</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>High Yield</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(closed-end)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>Quality Index</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Index</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>category average&#135;</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="100%" background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>Life of fund (since 7/9/87)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>&#151;*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>&#151;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>9.34%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>150.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>93.59%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>102.55</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>9.61</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6.83</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>7.27</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>58.17</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>54.97</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>35.72</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>9.60</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9.16</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>6.15</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>39.78</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>31.19</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>34.10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>11.81</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9.47</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>10.23</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>9.76</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>5.37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>7.85</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>Index and Lipper results should be compared to fund performance at net asset value. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>* The Merrill Lynch All-Convertibles Speculative Quality Index began operations on 1/5/95. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>&#134; The JP Morgan Developed High Yield Index began operations on 12/31/94.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>&#135; Over the 1-, 3-, 5-, and 10-year periods ended 8/31/06, there were 10, 10, 5, and 5 funds, respectively, in this Lipper category.</FONT></I></P>
<P align=left><B><FONT face=sans-serif></FONT></B>&nbsp;</P>
<P align=left><B><FONT face=sans-serif>Fund price and distribution information</FONT></B><BR>
<BR>
<FONT face=sans-serif size=2>For the 12-month period ended 8/31/06</FONT></P>
<TABLE style="WIDTH: 765px; HEIGHT: 596px" cellSpacing=1 cellPadding=0 width=765 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Distributions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Number</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>$0.5316</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Capital gains</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>$0.5316</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Share value:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>8/31/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>$8.69</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>$7.80</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>8/31/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>8.82</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>7.87</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Current yield (end of period)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=1>Current dividend rate</FONT><SUP><FONT face=sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>6.03%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>6.75%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>1 </FONT></I><I><FONT face=sans-serif size=1>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left><B><FONT face=sans-serif size=4>Your fund&#146;s management</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Your fund is managed by the members of the Putnam Large-Cap Value and Core Fixed-Income High-Yield teams. David King and Robert Salvin are Portfolio Leaders of your fund. The Portfolio Leaders coordinate the team&#146;s management of the fund.</FONT></P>
<P align=left><FONT face=sans-serif size=2>For a complete listing of the members of the Putnam Large-Cap Value and Core Fixed-Income High-Yield teams, including those who are not Portfolio Leaders or Portfolio Members of your fund, visit Putnam&#146;s Individual Investor Web site at www.putnam.com.</FONT></P>
<P align=left><B><FONT face=sans-serif>Investment team fund ownership</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The table below shows how much the fund&#146;s current Portfolio Leaders have invested in the fund and in all Putnam mutual funds (in dollar ranges). Information shown is as of August 31, 2006, and August 31, 2005.</FONT></P>
<IMG src="highincomex17x1.jpg" border=0>
<BR>
<P align=left><B><FONT face=sans-serif>Trustee and Putnam employee fund ownership</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>As of August 31, 2006, all of the 11 Trustees then on the Board of the Putnam funds owned fund shares. The table below shows the approximate value of investments in the fund and all Putnam funds as of that date by the Trustees and Putnam employees. These amounts include investments by the Trustees&#146; and employees&#146; immediate family members and investments through retirement and deferred compensation plans.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="41%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Total assets in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Assets in the fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>all Putnam funds</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=1>$618,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=1>$ 93,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Putnam employees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=1>$ 57,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=1>$413,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_18"></A>
<P align=left><B><FONT face=sans-serif>Fund manager compensation</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The total 2005 fund manager compensation that is attributable to your fund is approximately $100,000. This amount includes a portion of 2005 compensation paid by Putnam Management to the fund managers listed in this section for their portfolio management responsibilities, calculated based on the fund assets they manage taken as a percentage of the total assets they manage. The compensation amount also includes a portion of the 2005 compensation paid to the Group Chief Investment Officers of the fund&#146;s broader investment categories for their oversight responsibilities, calculated based on the fund assets they oversee taken as a percentage of the total assets they oversee. This amount does not include compensation of other personnel involved in research, trading, administration, systems, compliance, or fund operations; nor does it include non-compensation costs. These percentages are determined as of the fund&#146;s fiscal period-end. For personnel who joined Put
nam Management during or after 2005, the calculation reflects annualized 2005 compensation or an estimate of 2006 compensation, as applicable.</FONT></P>
<P align=left><B><FONT face=sans-serif>Other Putnam funds managed by the Portfolio Leaders</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>David King is also a Portfolio Leader of Putnam Convertible Income-Growth Trust and Putnam New Value Fund. He is also a Portfolio Member of The Putnam Fund for Growth and Income. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Robert Salvin is also a Portfolio Member of Putnam Convertible Income-Growth Trust, Putnam High Yield Advantage Fund, Putnam High Yield Trust, and Putnam Managed High Yield Trust. </FONT></P>
<P align=left><FONT face=sans-serif size=2>David King and Robert Salvin may also manage other accounts and variable trust funds advised by Putnam Management or an affiliate.</FONT></P>
<P align=left><B><FONT face=sans-serif>Changes in your fund&#146;s Portfolio Leader and Portfolio Members</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>During the year ended August 31, 2006, Portfolio Member Robert Salvin became a Portfolio Leader of the fund.</FONT></P>
<P align=left><FONT face=sans-serif size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_19"></A>
<P align=left><B><FONT face=sans-serif>Putnam fund ownership by Putnam&#146;s Executive Board</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The table below shows how much the members of Putnam&#146;s Executive Board have invested in all Putnam mutual funds (in dollar ranges). Information shown is as of August 31, 2006, and August 31, 2005.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>$1 &#150;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>$10,001 &#150;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$50,001 &#150;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>$100,001 &#150;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>$500,001 &#150;</FONT></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>&nbsp;$1,000,001</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>Year&nbsp;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""><FONT face=sans-serif><FONT size=1>$0</FONT></FONT></TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>$10,000</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>$50,000</FONT>&nbsp;</TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$100,000</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>$500,000</FONT>&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif size=1>$1,000,000</FONT></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>&nbsp;and over</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Philippe Bibi</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Chief Technology Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Joshua Brooks</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Deputy Head of Investments</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>William Connolly</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Head of Retail Management</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Kevin Cronin</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Head of Investments</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Charles Haldeman, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>President and CEO</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Amrit Kanwal</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Chief Financial Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"></TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Steven Krichmar</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"></TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Chief of Operations</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Francis McNamara, III</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>General Counsel</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Jeffrey Peters</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Head of International Business</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Richard Robie, III</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"></TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Chief Administrative Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"></TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Edward Shadek</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Deputy Head of Investments</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Sandra Whiston</FONT>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"></TD></TR>
<TR>
     <TD width="32%" colSpan=2></TD>
     <TD width="67%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><I><FONT face=sans-serif size=1>Head of Institutional Management</FONT></I>&nbsp;</TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="7%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="14%" background=""><FONT face=sans-serif>&#149;</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"></TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>N/A indicates the individual became a member of Putnam&#146;s Executive Board after the reporting date.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>17</FONT></P>
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<P align=left><B><FONT face=sans-serif size=4>Terms and definitions</FONT></B></P>
<P align=left><B><FONT face=sans-serif>Important terms</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Total return </FONT><FONT face=sans-serif size=2>shows how the value of the fund&#146;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Net asset value (NAV) </FONT><FONT face=sans-serif size=2>is the value of all your fund&#146;s assets, minus any liabilities, divided by the number of outstanding shares.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Market price </FONT><FONT face=sans-serif size=2>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange and the American Stock Exchange.</FONT></P>
<P align=left><B><FONT face=sans-serif>Comparative indexes</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>JP Morgan Developed High Yield Index </FONT><FONT face=sans-serif size=2>is an unmanaged index of high-yield fixed-income securities issued in developed countries.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Lehman Aggregate Bond Index </FONT><FONT face=sans-serif size=2>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Lehman Global Aggregate Bond Index </FONT><FONT face=sans-serif size=2>is an unmanaged index of global investment-grade fixed-income securities.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Merrill Lynch All-Convertibles Speculative Quality Index </FONT><FONT face=sans-serif size=2>is an unmanaged index of high-yield U.S. convertible securities.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Morgan Stanley Capital International (MSCI) EAFE Index </FONT><FONT face=sans-serif size=2>is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Russell 2000 Index </FONT><FONT face=sans-serif size=2>is an unmanaged index of the 2,000 smallest companies in the Russell 3000 Index.</FONT></P>
<P align=left><FONT face=sans-serif size=2>S&amp;P 500 Index </FONT><FONT face=sans-serif size=2>is an unmanaged index of common stock performance.</FONT></P>
<P align=left><I><FONT face=sans-serif size=1>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Lipper </FONT><FONT face=sans-serif size=2>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#146;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>
<P align=left><FONT face=sans-serif size=2>18</FONT></P>
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<P align="left">
<B><FONT size=4 face="sans-serif">Trustee approval of </FONT></B><BR>
<B><FONT size=4 face="sans-serif">management contract</FONT></B></P>
<P align="left">
<B><FONT face="sans-serif">General conclusions</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund&#146;s management contract with Putnam
Management and the sub-management contract between Putnam Management&#146;s affiliate, Putnam Investments Limited (&#147;PIL&#148;), and Putnam Management. In this regard, the Board of Trustees, with the assistance of its Contract Committee
consisting solely of Trustees who are not &#147;interested persons&#148; (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the &#147;Independent Trustees&#148;), requests and evaluates all information
it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2006, the Contract Committee met four times to consider the information provided by Putnam Management and other information developed with the
assistance of the Board&#146;s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. Upon completion of this review, the Contract Committee
recommended, and the Independent Trustees approved, the continuance of your fund&#146;s management contract and sub-management contract, effective July 1, 2006. (Because PIL is an affiliate of Putnam Management and Putnam Management remain fully
responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below include reference to PIL as necessary or appropriate in the context.)</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">This approval was based on the following conclusions:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif">That the fee schedule in effect for your fund represents reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid
by competitive funds and the costs incurred by Putnam Management in providing such services, and</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif">That such fee schedule represents an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the
fund at current asset levels.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the
Trustees&#146; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important
to recognize that the fee arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of such arrangements may receive
greater scrutiny in some years than others, and that the Trustees&#146; conclusions may be based, in part, on their consideration of these same arrangements in prior years.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">19</FONT></P>

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<P align="left">
<B><FONT face="sans-serif">Management fee schedules and categories; total expenses</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the
Trustees generally focused their attention on material changes in circumstances &#151; for example, changes in a fund&#146;s size or investment style, changes in Putnam Management&#146;s operating costs, or changes in competitive practices in the
mutual fund industry &#151; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund, which had been carefully developed
over the years, re-examined on many occasions and adjusted where appropriate. The Trustees focused on two areas of particular interest, as discussed further below: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif">Competitiveness. </FONT><FONT size=2 face="sans-serif">The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom
peer group of competitive funds selected by Lipper Inc., your fund ranked in the 67th percentile in management fees and in the 33rd percentile in total expenses as of December 31, 2005 (the first percentile being the least expensive funds and the
100th percentile being the most expensive funds). The Trustees expressed their intention to monitor this information closely to ensure that fees and expenses of your fund continue to meet evolving competitive standards. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">&#149; </FONT><FONT size=2 face="sans-serif">Economies of scale. </FONT><FONT size=2 face="sans-serif">In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of
both growth and decline in asset levels. (A &#147;breakpoint&#148; is a reduction in fee rates that applies to additional assets once specified asset levels are reached.) The Trustees concluded that the fee schedules in effect for the funds
represented an appropriate sharing of economies of scale at current asset levels. In reaching this conclusion, the Trustees considered the Contract Committee&#146;s stated intent to continue to work with Putnam Management to plan for an eventual
resumption in the growth of assets, including a study of potential economies that might be produced under various growth assumptions. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its
affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds.
In this regard, the Trustees also reviewed an analysis of Putnam Management&#146;s revenues, expenses and profitability with respect to the funds&#146; management contracts, allocated on a fund-by-fund basis. Because many of the costs incurred by
Putnam Management in managing the funds are not readily identifiable to particular funds, the Trustees observed that the methodology for allocating costs is an important factor in evaluating Putnam Management&#146;s costs and profitability, both as
to</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">20</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">the Putnam funds in the aggregate and as to individual funds. The Trustees reviewed Putnam Management&#146;s cost allocation methodology with the assistance of independent consultants and concluded that this
methodology was reasonable and well-considered.</FONT></P>
<P align="left">
<B><FONT face="sans-serif">Investment performance</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#146; evaluation of the quality of services provided by Putnam Management under your fund&#146;s management
contract. The Trustees were assisted in their review of the Putnam funds&#146; investment process and performance by the work of the Investment Process Committee of the Trustees and the Investment Oversight Committee of the Trustees, which meet on a
regular monthly basis with the funds&#146; portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#151; as measured by the experience and skills of the individuals
assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel &#151; but also recognize that this does not guarantee
favorable investment results for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund&#146;s performance with various benchmarks
and with the performance of competitive funds. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Trustees noted the satisfactory investment performance of many Putnam funds. They also noted the disappointing investment performance of certain funds in recent years and discussed with senior management of Putnam
Management the factors contributing to such underperfor-mance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has made significant changes in its investment personnel and processes and
in the fund product line to address areas of underperformance. In particular, they noted the important contributions of Putnam Management&#146;s leadership in attracting, retaining and supporting high-quality investment professionals and in
systematically implementing an investment process that seeks to merge the best features of fundamental and quantitative analysis. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these
changes and to evaluate whether additional changes to address areas of underperformance are warranted.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In the case of your fund, the Trustees considered that your fund&#146;s common share cumulative total return performance at net asset value was in the following percentiles of its Lipper Inc. peer group (Lipper
Convertible Securities Funds (closed-end)) for the one-, three- and five-year periods ended March 31, 2006 (the first percentile being the best performing funds and the 100th percentile being the worst performing funds):</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">21</FONT></P>

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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">One-year period</FONT>&nbsp;
	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="sans-serif">Three-year period</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Five-year period</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">75th</FONT>&nbsp;
	</TD>
	<TD align=left width=39% nowrap>
<FONT size=2 face="sans-serif">23rd</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">15th</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">(Because of the passage of time, these performance results may differ from the performance results for more recent periods shown elsewhere in this report. Over the one-, three- and five-year periods ended March 31,
2006, there were 11, 8, and 6 funds, respectively, in your fund&#146;s Lipper peer group.* Past performance is no guarantee of future performance.)</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As a general matter, the Trustees concluded that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that
investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds&#146; Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam
Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees&#146; view, the alternative of
terminating a management contract and engaging a new investment adviser for an underperforming fund would entail significant disruptions and would not provide any greater assurance of improved investment performance.</FONT></P>
<P align="left">
<B><FONT face="sans-serif">Brokerage and soft-dollar allocations; other benefits</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to
brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The
Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage to ensure that the principle of seeking &#147;best price and execution&#148; remains paramount in the portfolio trading
process.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Trustees&#146; annual review of your fund&#146;s management contract also included the review of your fund&#146;s custodian and investor servicing agreements with Putnam Fiduciary Trust Company, which provide
benefits to affiliates of Putnam Management. </FONT></P>
<P align="left">
<I><FONT size=1 face="sans-serif">* The percentile rankings for your fund&#146;s common share annualized total return performance in the Lipper Convertible Securities Funds (closed-end) category for the one-, five- and ten-year periods ended
September 30, 2006, were 19%, 17%, and 17%, respectively. Over the one-, five- and ten-year periods ended September 30, 2006, the fund ranked 2nd out of 10, 1st out of 5, and 1st out of 5 funds, respectively. Note that this more recent information
was not available when the Trustees approved the continuance of your fund&#146;s management contract.</FONT></I></P>
<P align="left">
<FONT size=2 face="sans-serif">22</FONT></P>

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<P align="left">
<B><FONT face="sans-serif">Comparison of retail and institutional fee schedules</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as
defined benefit pension plans, college endowments, etc. This information included comparison of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The
Trustees observed, in this regard, that the differences in fee rates between institutional clients and the mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment
management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across all asset sectors are higher on average for
mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on such comparisons to
any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">23</FONT></P>

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<P align="left">
<B><FONT size=4 face="sans-serif">Other information</FONT></B><BR>
<B><FONT size=4 face="sans-serif">for shareholders</FONT></B></P>
<P align="left">
<B><FONT face="sans-serif">Important notice regarding share repurchase program</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In September 2006, the Trustees of your fund approved an extension of the current share repurchase program being implemented by Putnam Investments on behalf of your fund. The plan, as extended, allows your fund to
repurchase, in the 24 months ending October 6, 2007, up to 10% of the shares outstanding as of October 7, 2005.</FONT></P>
<P align="left">
<B><FONT face="sans-serif">Putnam&#146;s policy on confidentiality</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In order to conduct business with our shareholders, we must obtain certain personal information such as account holders&#146; addresses, telephone numbers, Social Security numbers, and the names of their financial
advisors. We use this information to assign an account number and to help us maintain accurate records of transactions and account balances. It is our policy to protect the confidentiality of your information, whether or not you currently own shares
of our funds, and in particular, not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal
information from unauthorized use. Under certain circumstances, we share this information with outside vendors who provide services to us, such as mailing and proxy solicitation. In those cases, the service providers enter into confidentiality
agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. We may also share this information with our Putnam affiliates to service your account or provide you with
information about other Putnam products or services. It is also our policy to share account information with your financial advisor, if you&#146;ve listed one on your Putnam account. If you would like clarification about our confidentiality policies
or have any questions or concerns, please don&#146;t hesitate to contact us at 1-800-225-1581, Monday through Friday, 8:30 a.m. to 7:00 p.m., or Saturdays from 9:00 a.m. to 5:00 p.m. Eastern Time.</FONT></P>
<P align="left">
<B><FONT face="sans-serif">Proxy voting</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds&#146; proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies
relating to portfolio securities during the 12-month period ended June 30, 2006, are available on the Putnam Individual Investor Web site, www.putnam.com/individual, and on the SEC&#146;s Web site, www.sec.gov. If you have questions about finding
forms on the SEC&#146;s Web site, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#146; proxy voting guidelines and procedures at no charge by calling Putnam&#146;s Shareholder Services at 1-800-225-1581.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">24</FONT></P>

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<P align="left">
<B><FONT face="sans-serif">Fund portfolio holdings</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#146;s Forms N-Q on the SEC&#146;s Web
site at www.sec.gov. In addition, the fund&#146;s Forms N-Q may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#146;s Web site or the operation
of the Public Reference Room.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">25</FONT></P>

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<P align=left><B><FONT face=sans-serif size=4>Financial statements</FONT></B></P>
<P align=left><B><FONT face=sans-serif>A guide to financial statements</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund&#146;s financial statements. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund&#146;s portfolio </FONT><FONT face=sans-serif size=2>lists all the fund&#146;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Statement of assets and liabilities </FONT><FONT face=sans-serif size=2>shows how the fund&#146;s net assets and share price are determined. All investment and noninvestment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.) </FONT></P>
<P align=left><FONT face=sans-serif size=2>Statement of operations </FONT><FONT face=sans-serif size=2>shows the fund&#146;s net investment gain or loss. This is done by first adding up all the fund&#146;s earnings &#151; from dividends and interest income &#151; and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#151; as well as any unrealized gains or losses over the period &#151; is added to or subtracted from the net investment result to determine the fund&#146;s net gain or loss for the fiscal year.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Statement of changes in net assets </FONT><FONT face=sans-serif size=2>shows how the fund&#146;s net assets were affected by the fund&#146;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#146;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Financial highlights </FONT><FONT face=sans-serif size=2>provide an overview of the fund&#146;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlight table also includes the current reporting period. </FONT></P>
<P align=left><FONT face=sans-serif size=2>26</FONT></P>
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<P align=left><B><FONT face=sans-serif size=4>Report of Independent Registered <BR>
Public Accounting Firm</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>To the Trustees and Shareholders of</FONT><BR>
<FONT face=sans-serif size=2>Putnam High Income Securities Fund:</FONT></P>
<P align=left><FONT face=sans-serif size=2>In our opinion, the accompanying statement of assets and liabilities, including the fund&#146;s portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Putnam High Income Securities Fund (the &#147;fund&#148;) at August 31, 2006, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as &#147;financial statements&#148;) are the responsibility of the fund&#146;s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United S
tates). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at August 31, 2006, by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.</FONT></P>
<P align=left><FONT face=sans-serif size=2>PricewaterhouseCoopers LLP</FONT><BR>
<FONT face=sans-serif size=2>Boston, Massachusetts</FONT><BR>
<FONT face=sans-serif size=2>October 13, 2006</FONT></P>
<P align=left><FONT face=sans-serif size=2>27</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=4>The fund&#146;s portfolio </FONT></B><FONT face=sans-serif size=2>8/31/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Basic Materials (5.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Abitibi-Consolidated, Inc. debs. 8.85s, 2030 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>51,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Abitibi-Consolidated, Inc. notes 7 3/4s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>50,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Abitibi-Consolidated, Inc. notes 6s, 2013 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>122,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>100,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>AK Steel Corp. company guaranty 7 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>365,620</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>BCP Crystal US Holdings Corp. sr. sub. notes 9 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>173,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Boise Cascade, LLC company guaranty 7 1/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>199,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Century Aluminum Co. company guaranty 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>79,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Chaparral Steel Co. company guaranty 10s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>392,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Chesapeake Corp. sr. sub. notes 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>215,590</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Clondalkin Industries BV 144A sr. notes 8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>2014 (Netherlands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>220,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>297,206</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Cognis Holding GmbH &amp; Co. 144A sr. notes 12.282s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>2015 (Germany) &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>205,854</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>258,994</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Cognis Holding GmbH &amp; Co. 144A sr. notes 9 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>2014 (Germany)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>68,987</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Compass Minerals International, Inc. sr. disc. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>stepped-coupon Ser. B, zero % (12s, 6/1/08), 2013 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>60,288</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Compass Minerals International, Inc. sr. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>stepped-coupon zero % (12 3/4s, 12/15/07), 2012 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>310,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>299,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Covalence Specialty Materials Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>sr. sub. notes 10 1/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>336,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Crystal US Holdings, LLC sr. disc. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>stepped-coupon Ser. A, zero % (10s, 10/1/09), 2014 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>360,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>291,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Equistar Chemicals LP/Equistar Funding Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>guaranty 10 1/8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>321,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>339,458</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Georgia-Pacific Corp. debs. 9 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>344,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Gerdau Ameristeel Corp. sr. notes 10 3/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>258,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hercules, Inc. company guaranty 6 3/4s, 2029</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>169,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Huntsman, LLC company guaranty 11 5/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>97,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>107,670</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Huntsman, LLC company guaranty 11 1/2s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>53,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>60,155</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Innophos, Inc. company guaranty 8 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>130,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>130,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jefferson Smurfit Corp. company guaranty 8 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>74,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>70,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jefferson Smurfit Corp. company guaranty 7 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>137,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>JSG Holding PLC 144A sr. notes 11 1/2s, 2015 (Ireland) &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>118,138</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>155,741</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Lyondell Chemical Co. company guaranty 10 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>319,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MDP Acquisitions PLC sr. notes 9 5/8s, 2012 (Ireland)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>410,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>427,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Metals USA, Inc. 144A sec. notes 11 1/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>225,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>248,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Nalco Co. sr. sub. notes 9s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>261,784</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Nalco Co. sr. sub. notes 8 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>128,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Nell AF S.a.r.l. 144A sr. notes 8 3/8s, 2015 (Luxembourg)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>265,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>265,331</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Nell AF S.a.r.l. 144A sr. notes 8 3/8s, 2015 (Luxembourg)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>66,651</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>NewPage Corp. sec. notes 10s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>285,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>294,263</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Norske Skog Canada, Ltd. company guaranty Ser. D,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>8 5/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>63,863</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Norske Skog Canada, Ltd. sr. notes 7 3/8s, 2014 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>296,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Novelis, Inc. 144A sr. notes 7 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>605,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>574,750</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_31"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Basic Materials </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>PCI Chemicals Canada sec. sr. notes 10s, 2008 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>98,714</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>102,416</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>PQ Corp. company guaranty 7 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>330,338</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Rockwood Specialties Group, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>guaranty 7 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>310,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>408,870</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Steel Dynamics, Inc. company guaranty 9 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>186,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Stone Container Corp. sr. notes 9 3/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>285,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>292,838</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Stone Container Finance company guaranty 7 3/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>2014 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>36,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>United States Steel Corp. sr. notes 9 3/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>154,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>163,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Wheeling-Pittsburgh Steel Corp. sr. notes Ser. A, 5s, 2011 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>23,486</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>18,319</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Wheeling-Pittsburgh Steel Corp. sr. notes Ser. B, 6s, 2010 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>13,329</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>10,397</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9,511,034</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Capital Goods (4.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Alliant Techsystems, Inc. sr. sub. notes 6 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>335,513</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Allied Waste North America, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>guaranty Ser. B, 8 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>333,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>347,153</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Allied Waste North America, Inc. sec. notes Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>5 3/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>28,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Amsted Industries, Inc. 144A sr. notes 10 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>475,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>513,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Berry Plastics Corp. company guaranty 10 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>32,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Blount, Inc. sr. sub. notes 8 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>200,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Browning-Ferris Industries, Inc. sr. notes 6 3/8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>138,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Crown Americas, LLC/Crown Americas Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>sr. notes 7 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>341,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Crown Cork &amp; Seal Co. Inc. debs. 8s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>141,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Crown Euro Holdings SA company guaranty 6 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>2011 (France)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>258,015</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Decrane Aircraft Holdings Co. company guaranty zero %,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>2008 (acquired 7/23/04, cost $78,000) &#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>238,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>166,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Earle M. Jorgensen Co. sec. notes 9 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>414,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>440,910</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Graham Packaging Co., Inc. company guaranty 8 1/2s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>72,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Graham Packaging Co., Inc. sub. notes 9 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>240,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Greenbrier Cos., Inc. company guaranty 8 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>302,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>K&amp;F Acquisitions, Inc. company guaranty 7 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>338,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>L-3 Communications Corp. company guaranty 7 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>102,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>L-3 Communications Corp. company guaranty 6 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>115,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>L-3 Communications Corp. sr. sub. notes Class B,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>6 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>206,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Legrand SA debs. 8 1/2s, 2025 (France)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>405,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>461,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Manitowoc Co., Inc. (The) company guaranty 10 1/2s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>184,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>198,490</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Manitowoc Co., Inc. (The) sr. notes 7 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>88,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Milacron Escrow Corp. sec. notes 11 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>305,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Owens Brockway Glass Container, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>guaranty 6 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>288,195</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Owens-Brockway Glass company guaranty 8 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>162,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Owens-Brockway Glass company guaranty 7 3/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>56,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Owens-Brockway Glass sr. sec. notes 8 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>157,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>166,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Owens-Illinois, Inc. debs. 7 1/2s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>54,450</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Capital Goods </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Ray Acquisition SCA sr. notes 9 3/8s, 2015 (France)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>477,595</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>RBS Global, Inc. and Rexnord Corp. 144A company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>guaranty 9 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>351,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>RBS Global, Inc. and Rexnord Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>sr. sub. notes 11 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>41,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Solo Cup Co. sr. sub. notes 8 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>380,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>330,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Tekni-Plex, Inc. 144A sec. notes 10 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>355,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Terex Corp. company guaranty 9 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>42,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Terex Corp. company guaranty 7 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>24,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>24,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>WCA Waste Corp. 144A sr. notes 9 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>97,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>7,825,486</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Communication Services (3.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>American Cellular Corp. company guaranty 9 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>46,069</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>American Cellular Corp. sr. notes Ser. B, 10s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>436,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>American Tower Corp. sr. notes 7 1/2s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>91,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>American Towers, Inc. company guaranty 7 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>82,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Centennial Cellular Operating Co., LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>guaranty 10 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>94,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Centennial Communications Corp. sr. notes 10s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>144,638</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Centennial Communications Corp. sr. notes FRN</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>11.258s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>41,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Cincinnati Bell Telephone company guaranty 6.3s, 2028</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>29,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Citizens Communications Co. notes 9 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>262,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Digicel, Ltd. 144A sr. notes 9 1/4s, 2012 (Jamaica)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>265,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>276,263</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Dobson Cellular Systems sec. notes 9 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>170,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Dobson Communications Corp. sr. notes FRN 9.757s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>75,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Horizon PCS, Inc. company guaranty 11 3/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>45,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Inmarsat Finance PLC company guaranty 7 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>(United Kingdom)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>102,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Inmarsat Finance PLC company guaranty stepped-coupon</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>zero % (10 3/8s, 11/15/08), 2012 (United Kingdom) &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>244,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Intelsat Bermuda, Ltd. 144A sr. notes 11 1/4s, 2016 (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>385,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>398,956</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Intelsat Subsidiary Holding Co., Ltd. company guaranty</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>stepped-coupon 8 7/8s (8 5/8s, 1/15/15), 2015 (Bermuda)&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>10,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Intelsat Subsidiary Holding Co., Ltd. sr. notes stepped-coupon</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>8 1/2s (8 1/4s, 1/15/13), 2013 (Bermuda)&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>99,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>iPCS, Inc. sr. notes 11 1/2s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>78,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>IWO Holdings, Inc. sec. FRN 9.257s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>25,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>25,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Level 3 Financing, Inc. company guaranty 10 3/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>31,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Level 3 Financing, Inc. 144A sr. notes FRN 11.424s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>104,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Nordic Telephone Co. Holdings ApS 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>sr. notes 8 7/8s, 2016 (Denmark)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>78,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>PanAmSat Corp. company guaranty 9s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>340,863</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Qwest Communications International, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>guaranty 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>540,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>535,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Qwest Corp. debs. 7 1/4s, 2025</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>62,156</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Qwest Corp. notes 8 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>430,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>465,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Qwest Corp. sr. notes 7 5/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>153,938</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Communication Services </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Rogers Cantel, Inc. debs. 9 3/4s, 2016 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>289,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Rogers Wireless, Inc. sec. notes 9 5/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>265,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>296,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Rogers Wireless, Inc. sec. notes 6 3/8s, 2014 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>324,225</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Rural Cellular Corp. sr. notes 9 7/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>154,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Rural Cellular Corp. sr. sub. FRN 11.239s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>51,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Rural Cellular Corp. sr. sub. notes 9 3/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>69,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Syniverse Technologies, Inc. sr. sub. notes Ser. B, 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>170,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Time Warner Telecom, Inc. company guaranty 9 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>239,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Windstream Corp. 144A sr. notes 8 5/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>295,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>311,963</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Windstream Corp. 144A sr. notes 8 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>163,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6,600,923</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Consumer Cyclicals (8.9%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>American Media, Inc. company guaranty Ser. B, 10 1/4s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>309,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>ArvinMeritor, Inc. sr. unsecd. notes 8 1/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>111,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Asbury Automotive Group, Inc. sr. sub. notes 8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>102,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ashton Woods USA, LLC/Ashton Woods Finance Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>sr. sub. notes 9 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>86,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Associated Materials, Inc. company guaranty 9 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>343,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Autonation, Inc. 144A company guaranty 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>39,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Autonation, Inc. 144A company guaranty FRN 7.507s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>60,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Bon-Ton Stores, Inc. (The) company guaranty 10 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>263,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Boyd Gaming Corp. sr. sub. notes 8 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>31,425</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Boyd Gaming Corp. sr. sub. notes 7 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>25,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>25,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Boyd Gaming Corp. sr. sub. notes 7 1/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>195,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>185,494</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Boyd Gaming Corp. sr. sub. notes 6 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>273,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Building Materials Corp. company guaranty 8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>69,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CanWest Media, Inc. company guaranty 8s, 2012 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>4,956</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4,795</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Delco Remy International, Inc. company guaranty 11s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,435</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Dex Media West, LLC/Dex Media Finance Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>sr. notes Ser. B, 8 1/2s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>251,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Dex Media, Inc. disc. notes stepped-coupon zero %</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>(9s, 11/15/08), 2013 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>95,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Dex Media, Inc. notes 8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>84,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>FelCor Lodging LP company guaranty 8 1/2s, 2008 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>105,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ford Motor Co. notes 7.45s, 2031</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>270,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ford Motor Credit Corp. bonds 7 3/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>86,573</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ford Motor Credit Corp. notes 7 7/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>545,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>535,636</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ford Motor Credit Corp. notes 7 3/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>186,354</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ford Motor Credit Corp. sr. notes 9 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>415,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>432,061</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ford Motor Credit Corp. 144A sr. unsecd. notes 9 3/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>179,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>185,284</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>General Motors Acceptance Corp. notes 7 3/4s, 2010 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>555,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>564,131</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>General Motors Acceptance Corp. notes 6 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>520,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>507,626</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>General Motors Acceptance Corp. notes 6 3/4s, 2014 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>359,508</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>General Motors Acceptance Corp. notes 5 1/8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>135,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>131,257</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>General Motors Acceptance Corp. sr. unsub. notes 5.85s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>262,043</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>General Motors Corp. notes 7.2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>89,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Goodman Global Holding Co., Inc. sr. notes FRN</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ser. B, 8.329s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>149,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>149,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_34"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Consumer Cyclicals </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Goodyear Tire &amp; Rubber Co. (The) notes 8 1/2s, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>60,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Goodyear Tire &amp; Rubber Co. (The) sr. notes 9s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>370,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>370,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Harry &amp; David Holdings, Inc. company guaranty 9s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>68,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Host Marriott LP sr. notes Ser. M, 7s, 2012 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>216,613</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Houghton Mifflin Co. sr. sub. notes 9 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>405,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>419,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>iPayment, Inc. 144A sr. sub. notes 9 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>75,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jostens IH Corp. company guaranty 7 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>490,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>K. Hovnanian Enterprises, Inc. company guaranty 8 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>48,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>K. Hovnanian Enterprises, Inc. company guaranty 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>92,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>KB Home sr. sub. notes 9 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>2,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Lamar Media Corp. company guaranty 7 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>130,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>129,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Lamar Media Corp. 144A sr. sub. notes 6 5/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>75,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Lear Corp. company guaranty Ser. B, 8.11s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>91,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Lear Corp. sr. notes 8 1/8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>45,580</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Levi Strauss &amp; Co. sr. notes 9 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>253,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>261,855</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Levi Strauss &amp; Co. sr. notes 8 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>141,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Meritage Homes Corp. company guaranty 6 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>64,031</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Meritor Automotive, Inc. notes 6.8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>26,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>25,253</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MGM Mirage, Inc. company guaranty 8 1/2s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>99,988</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MGM Mirage, Inc. company guaranty 6s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>273,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MGM Mirage, Inc. sr. notes 6 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>1,945</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Mirage Resorts, Inc. debs. 7 1/4s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>25,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>24,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Movie Gallery, Inc. sr. unsecd. notes 11s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>46,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Neiman-Marcus Group, Inc. company guaranty 9s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>478,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>NTK Holdings, Inc. sr. disc. notes zero %, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>160,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Oxford Industries, Inc. sr. notes 8 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>101,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Park Place Entertainment Corp. sr. notes 7s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>170,319</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Park Place Entertainment Corp. sr. sub. notes 7 7/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>278,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>289,815</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Pinnacle Entertainment, Inc. sr. sub. notes 8 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>341,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Ply Gem Industries, Inc. sr. sub. notes 9s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>32,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>PRIMEDIA, Inc. sr. notes 8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>294,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>R.H. Donnelley Corp. sr. disc. notes Ser. A-1, 6 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>62,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>R.H. Donnelley Corp. sr. disc. notes Ser. A-2, 6 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>130,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>R.H. Donnelley Corp. sr. notes 6 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>76,288</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>R.H. Donnelley Corp. sr. notes Ser. A-3, 8 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>195,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>192,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Reader&#146;s Digest Association, Inc. (The) sr. notes 6 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>440,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>421,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Resorts International Hotel and Casino, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>guaranty 11 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>158,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>165,308</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Samsonite Corp. sr. sub. notes 8 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>344,213</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Scientific Games Corp. company guaranty 6 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>165,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Sealy Mattress Co. sr. sub. notes 8 1/4s, 2014 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>262,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Standard Pacific Corp. sr. notes 7s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>100,913</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Starwood Hotels &amp; Resorts Worldwide, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>guaranty 7 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>102,838</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%" colSpan=2><FONT face=sans-serif size=1>Starwood Hotels &amp; Resorts Worldwide, Inc. debs. 7 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>127,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Station Casinos, Inc. sr. notes 6s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>383,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>366,244</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Station Casinos, Inc. sr. sub. notes 6 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>83,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Tenneco Automotive, Inc. company guaranty 8 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>154,613</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Tenneco Automotive, Inc. sec. notes Ser. B, 10 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>299,406</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>32</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Consumer Cyclicals </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Texas Industries, Inc. sr. unsecd. notes 7 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>THL Buildco, Inc. (Nortek Holdings, Inc.)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>sr. sub. notes 8 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>435,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>404,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Trump Entertainment Resorts, Inc. sec. notes 8 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>333,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>TRW Automotive, Inc. sr. notes 9 3/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>261,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>TRW Automotive, Inc. sr. sub. notes 11s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>201,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>United Auto Group, Inc. company guaranty 9 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>289,438</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Vertis, Inc. company guaranty Ser. B, 10 7/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>446,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>452,690</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Vertis, Inc. 144A sub. notes 13 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>130,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>120,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Visteon Corp. sr. notes 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>8,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>1st mtge. 6 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>348,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>16,975,823</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Consumer Staples (7.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Adelphia Communications Corp. sr. notes 10 7/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>2010 (In default) &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>11,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Adelphia Communications Corp. sr. notes Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>9 7/8s, 2007 (In default) &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>235,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>139,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Affinion Group, Inc. 144A bonds 11 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>135,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>136,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Affinion Group, Inc. 144A company guaranty 10 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>525,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>544,688</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Affinity Group, Inc. sr. sub. notes 9s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>360,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>360,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>AMC Entertainment, Inc. company guaranty 11s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>135,781</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>AMC Entertainment, Inc. sr. sub. notes 8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>29,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>27,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Atlantic Broadband Finance, LLC company guaranty 9 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>285,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>275,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Avis Budget Car Rental, LLC 144A sr. notes 7 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>141,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Brand Services, Inc. company guaranty 12s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>309,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>346,466</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Burlington Coat Factory Warehouse Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>sr. notes 11 1/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>195,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>184,519</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Cablevision Systems Corp. sr. notes Ser. B, 8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>100,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CCH I, LLC/Capital Corp. sec. notes 11s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>692,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>614,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CCH II, LLC/Capital Corp. sr. notes Ser. B, 10 1/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>430,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>434,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CCH, LLC/Capital Corp. sr. notes 10 1/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>283,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Chiquita Brands International, Inc. sr. notes 8 7/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>27,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Chiquita Brands International, Inc. sr. notes 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>380,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>334,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc. company guaranty 6s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>130,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>122,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Cinemark USA, Inc. sr. sub. notes 9s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>56,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Cinemark, Inc. sr. disc. notes stepped-coupon zero %</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>(9 3/4s, 3/15/09), 2014 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>253,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Constellation Brands, Inc. company guaranty Ser. B, 8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>118,594</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Constellation Brands, Inc. sr. sub. notes Ser. B, 8 1/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>10,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CSC Holdings, Inc. debs. 7 5/8s, 2018</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>50,438</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CSC Holdings, Inc. debs. Ser. B, 8 1/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,098</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CSC Holdings, Inc. sr. notes Ser. B, 7 5/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>255,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>260,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CSC Holdings, Inc. 144A sr. notes 7 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>205,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>201,413</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Dean Foods Co. company guaranty 7s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>237,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Dean Foods Co. sr. notes 6 5/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>215,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Del Monte Corp. company guaranty 6 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>99,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Del Monte Corp. sr. sub. notes 8 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>282,488</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>33</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Consumer Staples </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>DirecTV Holdings, LLC company guaranty 6 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>645,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>DirecTV Holdings, LLC sr. notes 8 3/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>194,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Domino&#146;s, Inc. sr. sub. notes 8 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>106,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>109,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Echostar DBS Corp. company guaranty 6 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>201,863</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Echostar DBS Corp. sr. notes 6 3/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>486,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Elizabeth Arden, Inc. company guaranty 7 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>149,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Gray Television, Inc. company guaranty 9 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>87,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>90,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Hertz Corp. 144A sr. notes 8 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>191,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>ION Media Networks, Inc. 144A sec. FRN 11.757s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>95,713</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>ION Media Networks, Inc. 144A sec. FRN 8.757s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>120,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Jean Coutu Group, Inc. sr. notes 7 5/8s, 2012 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>157,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>LIN Television Corp. company guaranty Ser. B, 6 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>170,663</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Marquee Holdings, Inc. sr. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>notes stepped-coupon zero % (12s, 8/15/09), 2014 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>141,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>NTL Cable PLC sr. notes 9 1/8s, 2016 (United Kingdom)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>103,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Nutro Products, Inc. 144A sr. notes FRN 9.23s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>334,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Pinnacle Foods Holding Corp. sr. sub. notes 8 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>368,438</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Playtex Products, Inc. sec. notes 8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>480,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>499,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Prestige Brands, Inc. sr. sub. notes 9 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>342,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>340,290</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Rainbow National Services, LLC 144A sr. notes 8 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>205,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>216,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Rainbow National Services, LLC 144A sr. sub. debs. 10 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>222,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Remington Arms Co., Inc. company guaranty 10 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>139,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Rite Aid Corp. company guaranty 7 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>100,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Rite Aid Corp. sec. notes 8 1/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>115,431</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Sbarro, Inc. company guaranty 11s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>212,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Scotts Co. (The) sr. sub. notes 6 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>53,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Sirius Satellite Radio, Inc. sr. unsecd. notes 9 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>171,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Six Flags, Inc. sr. notes 8 7/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>138,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>132,135</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Spectrum Brands, Inc. company guaranty 7 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>545,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>422,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Spectrum Brands, Inc. sr. sub. notes 8 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>83,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Swift &amp; Co. company guaranty 10 1/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>217,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>United Rentals NA, Inc. company guaranty 6 1/2s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>99,488</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>United Rentals NA, Inc. sr. sub. notes 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>24,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>22,980</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>United Rentals NA, Inc. sr. sub. notes 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>211,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Universal City Florida Holding Co. sr. notes 8 3/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>291,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Universal City Florida Holding Co. sr. notes FRN 10.239s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>107,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>109,408</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Young Broadcasting, Inc. company guaranty 10s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>374,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>345,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Young Broadcasting, Inc. sr. sub. notes 8 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>72,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>13,650,480</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Energy (3.9%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Arch Western Finance, LLC sr. notes 6 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>328,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Bluewater Finance, Ltd. company guaranty 10 1/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>2012 (Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>92,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>92,345</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CHC Helicopter Corp. sr. sub. notes 7 3/8s, 2014 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>225,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Chesapeake Energy Corp. company guaranty 7 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>61,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Chesapeake Energy Corp. sr. notes 7 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>191,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Chesapeake Energy Corp. sr. notes 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>247,500</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Energy </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Compton Petroleum Corp. company guaranty 7 5/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2013 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>345,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Comstock Resources, Inc. sr. notes 6 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>115,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Delta Petroleum Corp. company guaranty 7s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>485,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>458,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Denbury Resources, Inc. sr. sub. notes 7 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>101,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Dresser-Rand Group, Inc. company guaranty 7 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>27,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>25,988</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Encore Acquisition Co. sr. sub. notes 6 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>56,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Encore Acquisition Co. sr. sub. notes 6s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>213,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>197,558</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>EXCO Resources, Inc. company guaranty 7 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>235,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>228,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Forest Oil Corp. sr. notes 8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>135,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>139,388</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Forest Oil Corp. sr. notes 8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>94,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>96,115</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hanover Compressor Co. sr. notes 9s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>95,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hanover Equipment Trust sec. notes Ser. B, 8 3/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>41,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Harvest Operations Corp. sr. notes 7 7/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>351,313</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hilcorp Energy I LP/Hilcorp Finance Co. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>sr. notes 9s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>332,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Inergy LP/Inergy Finance Corp. sr. notes 6 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>485,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>459,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Massey Energy Co. sr. notes 6 5/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>329,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Newfield Exploration Co. sr. notes 7 5/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>154,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Newfield Exploration Co. sr. sub. notes 6 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>205,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Pacific Energy Partners/Pacific Energy Finance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>sr. notes 7 1/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>95,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Peabody Energy Corp. sr. notes 5 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>164,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>PetroHawk Energy Corp. 144A sr. notes 9 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>445,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>452,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Plains Exploration &amp; Production Co. sr. notes 7 1/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>205,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>210,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Plains Exploration &amp; Production Co. sr. sub. notes 8 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>199,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Pogo Producing Co. sr. sub. notes 6 7/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>176,213</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Pogo Producing Co. 144A sr. sub. notes 7 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>96,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Pride International, Inc. sr. notes 7 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>213,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Targa Resources, Inc. 144A company guaranty 8 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>344,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Whiting Petroleum Corp. company guaranty 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>575,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>566,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>7,399,160</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Financial (0.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>BCM Ireland Finance Ltd. 144A FRB 8.215s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>(Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>125,566</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Crescent Real Estate Equities LP notes 7 1/2s, 2007 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>60,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>E*Trade Finance Corp. sr. notes 8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>238,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Finova Group, Inc. notes 7 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>214,200</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>62,118</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>486,609</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Health Care (3.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>AMR Holding Co., Inc./EmCare Holding Co., Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>sr. sub. notes 10s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>340,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Athena Neurosciences Finance, LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>guaranty 7 1/4s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>352,338</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Community Health Systems, Inc. sr. sub. notes 6 1/2s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>408,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>381,480</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Health Care </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>DaVita, Inc. company guaranty 6 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>282,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>HCA, Inc. debs. 7.19s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>82,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>66,302</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>HCA, Inc. notes 6 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>51,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>HCA, Inc. sr. notes 6.95s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>61,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>IASIS Healthcare/IASIS Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>sr. sub. notes 8 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>76,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MedQuest, Inc. company guaranty Ser. B, 11 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>321,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>296,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Nycomed A/S 144A sr. notes 11 3/4s, 2013 (Denmark) &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>332,774</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Omnicare, Inc. sr. sub. notes 6 7/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>90,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Omnicare, Inc. sr. sub. notes 6 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>144,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Psychiatric Solutions, Inc. company guaranty 7 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>360,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>347,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Select Medical Corp. company guaranty 7 5/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>385,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>333,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Service Corp. International notes 6 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Service Corp. International notes Ser. *, 7.7s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>41,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>41,923</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Service Corp. International sr. notes 6 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>171,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Service Corp. International 144A sr. notes 8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>62,238</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Stewart Enterprises, Inc. sr. notes 6 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>300,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Tenet Healthcare Corp. notes 7 3/8s, 2013 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>265,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>235,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Tenet Healthcare Corp. sr. notes 9 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>238,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Triad Hospitals, Inc. sr. notes 7s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>162,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Triad Hospitals, Inc. sr. sub. notes 7s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>286,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Universal Hospital Services, Inc. sr. notes 10 1/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>103,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>US Oncology, Inc. company guaranty 9s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>165,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Vanguard Health Holding Co. II, LLC sr. sub. notes 9s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>395,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>383,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Ventas Realty LP/Capital Corp. company guaranty 9s, 2012 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>72,394</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Ventas Realty LP/Capital Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>guaranty 6 3/4s, 2010 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>76,406</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Ventas Realty LP/Capital Corp. sr. notes 6 5/8s, 2014 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>50,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Ventas Realty LP/Capital Corp. sr. notes 6 1/2s, 2016 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>78,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5,623,050</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Technology (2.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Advanced Micro Devices, Inc. sr. notes 7 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>328,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>329,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Amkor Technologies, Inc. sr. notes 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>184,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>172,960</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Amkor Technologies, Inc. sr. unsecd. notes 9 1/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>90,488</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Avago Technologies Finance 144A sr. notes 10 1/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>2013 (Singapore)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>125,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Celestica, Inc. sr. sub. notes 7 7/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>84,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Iron Mountain, Inc. company guaranty 8 3/4s, 2018</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>71,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Iron Mountain, Inc. company guaranty 8 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>362,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Iron Mountain, Inc. company guaranty 6 5/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>41,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Lucent Technologies, Inc. debs. 6.45s, 2029</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>225,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>191,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Lucent Technologies, Inc. notes 5 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>49,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>New ASAT Finance, Ltd. company guaranty 9 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>(Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>71,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Nortel Networks, Ltd. 144A company guaranty 10 3/4s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>2016 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>170,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Nortel Networks, Ltd. 144A company guaranty FRN</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>9.73s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>181,800</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Technology </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Sensata Technologies BV 144A sr. notes 8s, 2014 (Netherlands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>93,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Solectron Global Finance Corp. company guaranty 8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>2016 (Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>169,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>SunGard Data Systems, Inc. company guaranty 10 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>292,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>298,205</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>SunGard Data Systems, Inc. company guaranty 9 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>426,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>439,845</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>UGS Capital Corp. II 144A sr. notes 10.38s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>80,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>UGS Corp. company guaranty 10s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>258,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Xerox Capital Trust I company guaranty 8s, 2027</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>179,594</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Xerox Corp. company guaranty 9 3/4s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,240</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Xerox Corp. sr. notes 7 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>41,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>42,384</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Xerox Corp. sr. notes 6 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>189,394</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Xerox Corp. unsec. sr. notes 6 3/4s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>120,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,817,804</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Transportation (0.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CalAir, LLC/CalAir Capital Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>guaranty 8 1/8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>222,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Kansas City Southern Railway Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>guaranty 9 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>312,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>535,275</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Utilities &amp; Power (3.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>AES Corp. (The) sr. notes 8 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>22,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>23,430</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>AES Corp. (The) 144A sec. notes 9s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>189,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>AES Corp. (The) 144A sec. notes 8 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>256,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>ANR Pipeline Co. debs. 9 5/8s, 2021</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>217,429</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CMS Energy Corp. sr. notes 8.9s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>62,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CMS Energy Corp. sr. notes 8 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>75,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CMS Energy Corp. sr. notes 7 3/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>41,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Colorado Interstate Gas Co. debs. 6.85s, 2037</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>95,547</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Colorado Interstate Gas Co. sr. notes 5.95s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>28,220</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Dynegy-Roseton Danskamme company guaranty</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Ser. A, 7.27s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>89,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Dynegy-Roseton Danskamme company guaranty</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Ser. B, 7.67s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>123,594</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Edison Mission Energy 144A sr. notes 7 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>75,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Edison Mission Energy 144A sr. notes 7 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>El Paso Corp. sr. notes 8.05s, 2030 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>117,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>El Paso Corp. sr. notes 7 3/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>90,788</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>El Paso Corp. sr. notes Ser. MTN, 7.8s, 2031</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>85,213</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>El Paso Natural Gas Co. debs. 8 5/8s, 2022</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>45,127</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>El Paso Production Holding Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>guaranty 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>360,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>365,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Ferrellgas LP/Finance sr. notes 8 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>289,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Ferrellgas LP/Finance sr. notes 6 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>149,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Midwest Generation, LLC sec. sr. notes 8 3/4s, 2034</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>298,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Mirant North America, LLC company guaranty 7 3/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>227,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Mission Energy Holding Co. sec. notes 13 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>173,406</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Monongahela Power Co. 1st mtge. 6.7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>95,384</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>37</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CORPORATE BONDS AND NOTES (41.0%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Utilities &amp; Power </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Nevada Power Co. 2nd mtge. 9s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>62,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>67,585</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Northwestern Corp. sec. notes 5 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>465,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>461,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>NRG Energy, Inc. sr. notes 7 3/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>720,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>709,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Orion Power Holdings, Inc. sr. notes 12s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>141,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>SEMCO Energy, Inc. sr. notes 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>110,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>109,805</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>SEMCO Energy, Inc. 144A sr. notes 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>144,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sierra Pacific Power Co. general ref. mtge. 6 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>35,454</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sierra Pacific Resources sr. notes 8 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>177,360</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Teco Energy, Inc. notes 7.2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>36,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Teco Energy, Inc. notes 7s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>61,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Teco Energy, Inc. sr. notes 6 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9,963</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Tennessee Gas Pipeline Co. debs. 7s, 2028</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>15,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>14,624</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Tennessee Gas Pipeline Co. unsecd. notes 7 1/2s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>41,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Transcontinental Gas Pipeline Corp. debs. 7 1/4s, 2026</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>151,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Utilicorp Canada Finance Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>guaranty 7 3/4s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>146,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Utilicorp United, Inc. sr. notes 9.95s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5,529</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Williams Cos., Inc. (The) notes 8 3/4s, 2032</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>32,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Williams Cos., Inc. (The) notes 8 1/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>36,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Williams Cos., Inc. (The) notes 7 5/8s, 2019</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>50,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Williams Cos., Inc. (The) 144A notes 6 3/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>63,944</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5,804,721</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Total corporate bonds and notes (cost $78,993,144)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>78,230,365</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5></TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CONVERTIBLE PREFERRED STOCKS (35.7%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Banking (3.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Marshall &amp; Ilsley Corp. $1.625 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>58,500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,574,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sovereign Capital Trust IV $2.188 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>46,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,098,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Washington Mutual Capital Trust I $2.688 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>38,400</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,067,072</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5,740,642</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Basic Materials (3.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Freeport-McMoRan Copper &amp; Gold, Inc. 5.50% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,900</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,488,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Huntsman Corp. $2.50 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>25,500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,013,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Smurfit-Stone Container Corp. Ser. A, $1.75 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>101,920</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,382,380</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5,884,530</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Capital Goods (4.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Allied Waste Industries Ser. D, 6.25% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>4,060</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,192,118</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Northrop Grumman Corp. Ser. B, $7.00 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>31,900</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4,178,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Owens-Illinois, Inc. $2.375 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>63,770</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,200,065</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>7,571,083</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Communication Services (2.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Cincinnati Bell, Inc. Ser. B, $3.378 cum. cv. pfd. (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>35,300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,496,720</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Crown Castle International Corp. $3.125 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>42,235</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,344,043</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="12%" background="">
<P align=left><FONT face=sans-serif size=1>3,840,763</FONT></P></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>CONVERTIBLE PREFERRED STOCKS (35.7%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Consumer Cyclicals (3.9%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Emmis Communications Corp. Ser. A, $3.125 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>24,100</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>973,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Ford Motor Company Capital Trust II $3.25 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>66,700</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,267,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>General Motors Corp. Ser. A, $1.125 cv. pfd. (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>141,300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,461,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Retail Ventures, Inc. $3.312 cv. pfd. (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>12,720</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>650,310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>7,352,998</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Consumer Staples (2.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Newell Financial Trust I 144A $2.625 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>35,400</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,619,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Rite Aid Corp. $1.375 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>20,800</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>504,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Six Flags, Inc. $1.813 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>63,200</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,358,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Universal Corp. 6.75% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>1,070</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,068,796</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4,551,546</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Energy (2.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Chesapeake Energy Corp. 6.25% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>8,620</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,324,168</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Hanover Compressor Capital Trust $3.625 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>32,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,796,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4,120,168</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Financial (1.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Fannie Mae Ser. 04-1, 5.375% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,878,653</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Health Care (1.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Schering-Plough Corp. $3.00 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>55,300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,986,200</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Insurance (2.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Alleghany Corp. 5.75% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>3,800</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,066,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Aspen Insurance Holdings, Ltd. $2.813 cv. pfd. (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,025,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Conseco, Inc. $1.375 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>58,300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,472,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>IPC Holdings, Ltd. 7.25% cv. pfd. (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>18,500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>497,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Platinum Underwriters Holdings, Ltd. Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>6.00% cv. pfd. (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>34,500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,013,438</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5,074,551</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Investment Banking/Brokerage (1.8%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Affiliated Managers Group, Inc. 144A $2.55 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>21,500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,072,313</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Lehman Brothers Holdings, Inc. $1.563 cv. pfd. (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>40,190</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,075,083</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Merrill Lynch &amp; Co., Inc. Ser. JNC, 6.75% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,260</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,272,736</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,420,132</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Real Estate (1.8%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>FelCor Lodging Trust, Inc. Ser. A, $0.488 cum. cv. pfd. (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>99,200</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,430,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Simon Property Group, Inc. $3.00 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>15,100</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,058,888</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,489,288</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Technology (1.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Lucent Technologies Capital Trust I 7.75% cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>2,100</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,115,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>Utilities &amp; Power (5.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>El Paso Corp. 144A 4.99% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>1,300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,634,913</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=sans-serif size=1>El Paso Energy Capital Trust I $2.375 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>38,950</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,514,181</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CONVERTIBLE PREFERRED STOCKS (35.7%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Utilities &amp; Power </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Entergy Corp. $3.813 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>40,900</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,142,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Great Plains Energy, Inc. $2.00 cum. cv. pfd. (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,960,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>NRG Energy, Inc. 5.75% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>4,100</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,049,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Southern Union Co. $2.50 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>30,700</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,642,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9,943,282</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Total convertible preferred stocks (cost $64,237,675)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>67,969,586</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5></TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CONVERTIBLE BONDS AND NOTES (17.8%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Capital Goods (1.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>DRS Technologies, Inc. 144A cv. unsec. notes 2s, 2026</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>346,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>GenCorp, Inc. cv. sub. notes 5 3/4s, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>2,030,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,088,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,435,113</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Communication Services (0.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Charter Communications, Inc. 144A cv. sr. notes 5 7/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,139,125</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Consumer Cyclicals (2.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>ArvinMeritor, Inc. 144A cv. unsec. sr. notes stepped-coupon</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>4 5/8s (zero %, 3/1/16) 2026 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,040,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,036,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Fleetwood Enterprises, Inc. cv. sr. sub. notes 5s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,636,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Pier 1 Imports, Inc. 144A cv. sr. unsub. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>stepped-coupon 6 3/8s (6 1/8s, 2/15/11) 2036 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,541,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,431,204</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>WCI Communities, Inc. cv. sr. sub. notes 4s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>865,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4,968,679</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Consumer Staples (3.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Nash Finch Co. cv. sr. sub. notes stepped-coupon</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>1.631s (zero %, 3/15/13) 2035 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>6,170,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,390,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Rite Aid Corp. cv. notes 4 3/4s, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,060,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,054,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Sinclair Broadcast Group, Inc. cv. bonds 6s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>2,055,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,813,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Sinclair Broadcast Group, Inc. cv. sr. sub. notes stepped-coupon</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>4 7/8s (2s, 1/15/11) 2018 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>376,425</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>5,635,538</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Energy (0.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>McMoran Exploration Co. cv. sr. notes 6s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>967,725</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Financial (0.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Rewards Network, Inc. cv. sub. debs. 3 1/4s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,064,375</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Health Care (1.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Connetics Corp. cv. sr. notes 2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,080,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CV Therapeutics, Inc. cv. sub. notes 3 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,067,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>EPIX Medical, Inc. cv. sr. notes 3s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>646,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,795,125</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CONVERTIBLE BONDS AND NOTES (17.8%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Technology (5.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Agere Systems, Inc. cv. sub. notes 6 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>980,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>980,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Cray, Inc. cv. sr. sub. notes 3s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,256,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Fairchild Semiconductor International, Inc. cv.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>company guaranty 5s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>980,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>968,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Kulicke &amp; Soffa Industries, Inc. cv. sub. notes 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>2,050,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,763,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Lucent Technologies, Inc. cv. debs. Ser. B, 2 3/4s, 2025</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>439,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Mentor Graphics Corp. cv. sub. notes FRN 7.13s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,704,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>ON Semiconductor Corp. cv. company guaranty Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>zero %, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,303,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Safeguard Scientifics, Inc. cv. sr. notes 2 5/8s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>157,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Safeguard Scientifics, Inc. 144A cv. sr. notes 2 5/8s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>2,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,198,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>10,770,725</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Transportation (1.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>JetBlue Airways Corp. cv. bonds 3 1/2s, 2033</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,581,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Pinnacle Airlines Corp. cv. sr. notes 3 1/4s, 2025</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,393,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,974,688</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Utilities &amp; Power (0.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>XCEL Energy, Inc. 144A cv. notes 7 1/2s, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>720,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,220,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Total convertible bonds and notes (cost $32,181,257)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>33,971,493</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5></TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>UNITS (1.8%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Units</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Elf Special Financing, Ltd. 144A cv. units, FRN,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Ser. B, 5.62s, 2009 (Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,025,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hercules, Inc. cv. sub. debs. units, 6.50%, 2029</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>2,020</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,626,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>XCL, Ltd. Equity Units (F)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>406</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>801,152</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Total units (cost $3,205,349)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,452,252</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5></TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>COMMON STOCKS (0.5%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Blount International, Inc. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>9,940</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>89,957</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Boyd Gaming Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>3,424</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>123,812</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Coinmach Service Corp. IDS (Income Deposit Securities)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>10,067</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>173,656</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Compass Minerals International, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>147</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,929</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Contifinancial Corp. Liquidating Trust Units (F)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>574,207</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>57</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Knology, Inc. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>32</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>326</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Playtex Products, Inc. &#134; (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>12,585</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>165,493</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Pride International, Inc. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>4,900</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>127,057</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Samsonite Corp. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>155,734</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>137,046</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Sterling Chemicals, Inc. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>50</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Sun Healthcare Group, Inc. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>202</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>2,135</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>USA Mobility, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>56</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,280</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>VS Holdings, Inc. (F)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=1>28,292</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>41</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_44"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>COMMON STOCKS (0.5%)* </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>WHX Corp. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>3,964</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>31,712</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Williams Cos., Inc. (The)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>5,875</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>144,701</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Total common stocks (cost $2,165,231)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>1,001,787</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%" colSpan=4><FONT face=sans-serif size=1>FOREIGN GOVERNMENT BONDS AND NOTES (0.1%)* (cost $155,657)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2></TD>
     <TD noWrap align=left width="15%" background=""><FONT face=sans-serif size=1>Principal amount</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="39%" background=""></TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="16%" background="" colSpan=2></TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="3%" background=""></TD>
     <TD noWrap align=left width="13%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Argentina (Republic of ) FRB 5.59s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%"></TD>
     <TD noWrap align=center width="8%" background=""><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>168,750</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>156,621</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>PREFERRED STOCKS (&#151;%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%" colSpan=2><FONT face=sans-serif size=1>Ion Media Networks, Inc. 14.25% cum. pfd. &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>5</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>43,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%" colSpan=2><FONT face=sans-serif size=1>Rural Cellular Corp. Ser. B, 11.375% cum. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>43</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>51,923</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Total preferred stocks (cost $75,612)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>94,923</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>WARRANTS (&#151;%)* &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Expiration</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2><FONT face=sans-serif size=1>Strike</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2><FONT face=sans-serif size=1>price</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Warrants</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Dayton Superior Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/15/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2><FONT face=sans-serif size=1>$ 0.01</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>270</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>MDP Acquisitions PLC 144A (Ireland)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>10/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2><FONT face=sans-serif size=1>EUR 0.001</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>119</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>3,332</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Ubiquitel, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>4/15/10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2><FONT face=sans-serif size=1>$22.74</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>420</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>4</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Total warrants (cost $28,984)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>3,339</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>SHORT-TERM INVESTMENTS (5.2%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2></TD>
     <TD noWrap align=left width="15%" background=""><FONT face=sans-serif size=1>Principal amount/shares</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Putnam Prime Money Market Fund (e)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>2,300,629</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>2,300,629</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%" colSpan=2><FONT face=sans-serif size=1>Short-term investments held as collateral for loaned</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%" colSpan=2><FONT face=sans-serif size=1>securities with yields ranging from 5.22% to 5.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%" colSpan=2><FONT face=sans-serif size=1>and due dates ranging from September 1, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>to October 6, 2006 (d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1></FONT></TD>
     <TD noWrap align=center width="8%" background=""><FONT face=sans-serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT face=sans-serif size=1>$</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>7,706,382</FONT>&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>7,693,220</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%" colSpan=2><FONT face=sans-serif size=1>Total short-term investments (cost $9,993,849)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9,993,849</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7></TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>TOTAL INVESTMENTS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="39%"><FONT face=sans-serif size=1>Total investments (cost $191,036,758)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>194,874,215</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>* Percentages indicated are based on net assets of $190,581,788. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>&#134; Non-income-producing security.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>(S) Securities on loan, in part or in entirety, at August 31, 2006.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1><I><FONT face=sans-serif size=1>&#134;</FONT></I><I><FONT face=sans-serif size=1>&#134;</FONT></I> 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.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>&#135; Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at August 31, 2006 was $166,600 or 0.1% of net assets.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>42</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_45"></A>
<P align=left><I><FONT face=sans-serif size=1>&#135;&#135; Income may be received in cash or additional securities at the discretion of the issuer. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>(R) Real Estate Investment Trust.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>(d) See Note 1 to the financial statements.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>(e) See Note 5 to the financial statements regarding investments in Putnam Prime Money Market Fund. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>(F) Security is valued at fair value following procedures approved by the Trustees.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>At August 31, 2006, liquid assets totaling $3,011,036 have been designated as collateral for open swap contracts and forward contracts.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>144A after the name of an issuer represents securities 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.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>The rates shown on Floating Rate Bonds (FRB) and Floating Rate Notes (FRN) are the current interest rates at August 31, 2006. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>The dates shown on debt obligations are the original maturity dates.</FONT></I></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="86%" colSpan=4><FONT face=sans-serif size=1>FORWARD CURRENCY CONTRACTS TO BUY at 8/31/06 (aggregate face value $60,325)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Aggregate</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Delivery</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>face value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>depreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Euro</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>$60,210</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$60,325</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>9/20/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$(115)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5></TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="86%" colSpan=4><FONT face=sans-serif size=1>FORWARD CURRENCY CONTRACTS TO SELL at 8/31/06 (aggregate face value $3,397,531)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Aggregate</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Delivery</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>face value</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>appreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Euro</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>$3,357,838</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$3,397,531</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>9/20/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$39,693</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5></TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%" colSpan=2><FONT face=sans-serif size=1>CREDIT DEFAULT CONTRACTS OUTSTANDING at 8/31/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Fixed payments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Swap counterparty /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Notional</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Termination</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>received (paid) by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>appreciation/</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Referenced debt*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>fund per annum</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(depreciation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Bank of America, N.A.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Abitibi-Consolidated,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Inc., 8.375%, 4/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>$100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/20/11</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>365 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$ (3,106)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Citibank, N.A.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Celestica, Inc., 7 7/8%, 7/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9/20/11</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>285 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>612</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>620 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Visteon Corp., 7%, 3/10/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/20/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>605 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>8,464</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Credit Suisse First Boston International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%, 7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(487.5 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(4,856)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%, 7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>725 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>11,089</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%, 7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(485 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(961)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Deutsche Bank AG</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>112,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>595 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4,344</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Lear Corp., 8.11%, 5/15/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>860 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>20,558</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Visteon Corp., 7%, 3/10/14</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/20/09</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>535 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Goldman Sachs Capital Markets, L.P.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%, 7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>630 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,379</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Goldman Sachs International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>620 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6,959</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(427.5 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(3,686)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>43</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="70%" colSpan=3><FONT face=sans-serif size=1>CREDIT DEFAULT CONTRACTS OUTSTANDING at 8/31/06 </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>Fixed payments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Swap counterparty /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>Notional</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>Termination</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>received (paid) by</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>appreciation/</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Referenced debt*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>amount</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>fund per annum</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(depreciation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Goldman Sachs International </FONT><I><FONT face=sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>$ 35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(425 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$ (727)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>620 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,392</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>L-3 Communications</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Corp. 7 5/8%, 6/15/12</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/11</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(108 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(139)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Any one of the underlying securities in</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>the basket of BB CMBS securities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>108,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(a)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>2.46%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6,350</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>JPMorgan Chase Bank, N.A.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Abitibi-Consolidated,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Inc., 8.375%, 4/1/15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6/20/11</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>365 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(2,143)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>635 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>3,418</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>665 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>4,567</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>550 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>492</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(345 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(131)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(350 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(325)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>500 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>427</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Lehman Brothers Special Financing, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%,7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>12/20/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>750 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6,808</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Merrill Lynch Capital Services, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(345 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(239)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>570 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,715</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(335 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(427)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>500 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1,022</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Morgan Stanley Capital Services, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(345 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(309)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Ford Motor Co., 7.45%,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7/16/31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>560 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>549</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(335 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(277)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>500 bp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>427</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%"><FONT face=sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$74,546</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>* Payments related to the reference debt are made upon a credit default event.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>(a) Terminating on the date on which the notional amount is reduced to zero or the date on which the assets securing the reference entity are liquidated.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>44</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_47"></A>
<P align=left><B><FONT face=sans-serif size=4>Statement of assets and liabilities </FONT></B><FONT face=sans-serif size=2>8/31/06</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Investments in securities, at value, including $7,372,745 of securities on loan (Note 1):</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Unaffiliated issuers (identified cost $188,736,129)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>$192,573,586</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Affiliated issuers (identified cost $2,300,629) (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>2,300,629</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Dividends, interest and other receivables</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>2,390,405</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Receivable for securities sold</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>2,947,708</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Unrealized appreciation on swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>91,872</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Receivable for closed swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>5,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Receivable for open forward currency contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>40,191</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Receivable for closed forward currency contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>15,678</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Total assets</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>200,365,469</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2></TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>LIABILITIES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Distributions payable to shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>954,844</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for securities purchased</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>408,289</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for shares of the fund repurchased (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>182,488</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for compensation of Manager (Notes 2 and 5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>341,280</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for investor servicing and custodian fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>31,776</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>78,797</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for administrative services (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>2,185</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Unrealized depreciation on swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>17,326</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for open forward currency contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>613</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Payable for closed forward currency contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>522</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Collateral on securities loaned, at value (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>7,693,220</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Other accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>72,341</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Total liabilities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>9,783,681</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net assets</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>$190,581,788</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2></TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>REPRESENTED BY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Paid-in capital (Unlimited shares authorized) (Notes 1, 2 and 4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>$212,022,336</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Undistributed net investment income (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>326,956</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Accumulated net realized loss on investments and foreign currency transactions (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(25,719,191)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net unrealized appreciation of investments and assets and liabilities in foreign currencies</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>3,951,687</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Total &#151; Representing net assets applicable to capital shares outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>$190,581,788</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2></TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>COMPUTATION OF NET ASSET VALUE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net asset value per share</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>($190,581,788 divided by 21,616,241 shares)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>$8.82</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>45</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_48"></A>
<P align=left><B><FONT face=sans-serif size=4>Statement of operations </FONT></B><FONT face=sans-serif size=2>Year ended 8/31/06</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>INVESTMENT INCOME</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Interest (including interest income of $241,851</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>from investments in affiliated issuers) (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>$ 9,484,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Dividends (net of foreign tax of $310)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>4,294,965</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Securities lending</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>127,006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Total investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>13,906,371</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2></TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>EXPENSES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Compensation of Manager (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>1,378,706</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Investor servicing fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>96,278</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Custodian fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>137,361</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Trustee compensation and expenses (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>34,932</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Administrative services (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>20,615</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Auditing fees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>110,667</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>248,240</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Fees waived and reimbursed by Manager (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(6,702)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Total expenses</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>2,020,097</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Expense reduction (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(5,836)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net expenses</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>2,014,261</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>11,892,110</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net realized gain on investments (Notes 1 and 3)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>7,484,374</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net realized gain on swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>37,894</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net realized loss on foreign currency transactions (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(100,347)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net unrealized appreciation of assets and liabilities in foreign currencies during the year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>41,397</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net unrealized depreciation of investments and swap contracts during the year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>(6,060,136)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net gain on investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>1,403,182</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="83%"><FONT face=sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=1>$13,295,292</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>46</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_49"></A>
<P align=left><B><FONT face=sans-serif size=4>Statement of changes in net assets </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>INCREASE (DECREASE) IN NET ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>Year ended</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>Year ended</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>8/31/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>8/31/05</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><I><FONT face=sans-serif size=1>Operations:</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>$ 11,892,110</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>$ 10,015,052</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Net realized gain on investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>and foreign currency transactions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>7,421,921</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>5,057,492</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>and assets and liabilities in foreign currencies</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(6,018,739)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>443,982</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>13,295,292</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>15,516,526</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Distributions to shareholders: (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(11,792,306)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>(10,948,219)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Increase from issuance of shares in connection with the merger</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>of Putnam High Income Opportunities Trust (Note 7)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>75,299,313</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Decrease from capital shares repurchased (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(6,969,459)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Increase from payments by affiliates (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>404,272</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Total increase (decrease) in net assets</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(5,062,201)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>79,867,620</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3></TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>NET ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Beginning of year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>195,643,989</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>115,776,369</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>End of year </FONT><FONT face=sans-serif size=1>(including undistributed net investment</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>income of $326,956 and distributions in excess of net</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>investment income of $53,589, respectively)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>$190,581,788</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>$195,643,989</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3></TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>NUMBER OF FUND SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Shares outstanding at beginning of year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>22,519,551</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>13,825,527</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Shares issued in connection with the merger of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Putnam High Income Opportunities Trust (Note 7)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>8,694,024</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Shares repurchased (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>(903,310)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Shares outstanding at end of year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=1>21,616,241</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>22,519,551</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>47</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_50"></A>
<P align=left><B><FONT face=sans-serif size=4>Financial highlights </FONT></B><FONT face=sans-serif size=2>(For a common share outstanding throughout the period)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%" colSpan=2><FONT face=sans-serif size=1>PER-SHARE OPERATING PERFORMANCE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%"></TD>
     <TD noWrap align=left width="12%" background=""><FONT face=sans-serif size=1>Year ended</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>8/31/06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>8/31/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>8/31/04</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>8/31/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>8/31/02</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Net asset value,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$8.69</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>$8.37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$7.73</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$6.56</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>$7.30</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><I><FONT face=sans-serif size=1>Investment operations:</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Net investment income (a)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>.54(d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>.52(d,f )</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>.57(d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>.58</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>.60</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Net realized and unrealized</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>gain (loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>.06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>.36</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>.63</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1.15</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>(.72)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Total from</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>investment operations</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>.60</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>.88</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1.20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1.73</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>(.12)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><I><FONT face=sans-serif size=1>Less distributions:</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>(.53)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>(.62)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Total distributions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>(.53)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>(.62)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Increase from repurchase</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>of shares</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>.04</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Increase from payments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>by affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>.02(e)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Net asset value,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>end of period</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$8.82</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>$8.69</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$8.37</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$7.73</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>$6.56</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Market price,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>end of period</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$7.87</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>$7.80</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$7.62</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$7.31</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>$6.35</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Total return at</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>market price (%)</FONT><FONT face=sans-serif size=1>(b)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>8.05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>9.89</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>12.06</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>24.73</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>(6.77)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6></TD></TR>
<TR>
     <TD width="99%" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>RATIOS AND SUPPLEMENTAL DATA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=6><FONT face=sans-serif size=1>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Net assets, end of period</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>$190,582</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>$195,644</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$115,776</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>$106,934</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>$90,561</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Ratio of expenses to</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>average net assets (%)(c)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>1.05(d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>1.06(d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1.09(d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>1.13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>1.10</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Ratio of net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>to average net assets (%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>6.18(d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>6.13(d,f )</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>6.88(d)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>8.20</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>8.65</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>47.76</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=1>46.13</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>61.92</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>69.94</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=1>56.70</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>(a) </FONT><I><FONT face=sans-serif size=1>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(b) </FONT><I><FONT face=sans-serif size=1>Total return assumes dividend reinvestment.</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(c) </FONT><I><FONT face=sans-serif size=1>Includes amounts paid through expense offset and brokerage service arrangements (Note 2).</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(d) </FONT><I><FONT face=sans-serif size=1>Reflects waivers of certain fund expenses in connection with investments in Putnam Prime Money Market Fund during the period. As a result of such waivers, the expenses of the fund for the periods ended August 31, 2006, August 31, 2005 and August 31, 2004 reflect a reduction of less than 0.01% of average net assets (Note 5).</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(e) </FONT><I><FONT face=sans-serif size=1>Reflects a voluntary reimbursement of $404,272 from Putnam Management relating to an operational error. The reimbursement had no impact on total return at market price and increased total return at net asset value by 0.24% (Note 2).</FONT></I></P>
<P align=left><FONT face=sans-serif size=1>(f) </FONT><I><FONT face=sans-serif size=1>Reflects a non-recurring accrual related to Putnam Management&#146;s settlement with the SEC regarding brokerage allocation practices, which amounted to less than $0.01 per share and less than 0.01% of average net assets (Note 6).</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>48</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_51"></A>
<P align=left><B><FONT face=sans-serif size=4>Notes to financial statements </FONT></B><FONT face=sans-serif size=2>8/31/06</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 1: Significant accounting policies</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Putnam High Income Securities Fund (the &#147;fund&#148;), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The fund seeks to provide high current income as a primary objective and capital appreciation as a secondary objective by investing in a portfolio primarily consisting of high-yielding convertible and nonconvertible securities with the potential for capital appreciation. The fund invests in higher yielding, lower rated bonds that may have a higher rate of default.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#146;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund expects the risk of material loss to be remote. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>A) Security valuation </FONT><FONT face=sans-serif size=2>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 &#151; as in the case of some securities traded over-the-counter &#151; a security is valued at its last reported bid price. Market quotations are not considered to be readily available for certain debt obligations; such investments are valued on the basis of valuations furnished by an independent pricing service </FONT><FONT face=sans-serif size=2>approved by the Trustees or dealers selected by Putnam Investment Management, LLC (&#147;Putnam Management&#148;), the fund&#146;s manager, an indirect wholly-owned subsidiary of Putnam, LLC. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable secur
ities and various relationships, generally recognized by institutional traders, between securities. 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 equity securities taking into account multiple factors, including movements in the U.S. securities markets. 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. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Certain investments, including certain restricted securities, are valued at fair value following procedures approved by the Trustees. Such valuations an
d procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security at a given point in time and does not reflect an actual market price, which may be different by a material amount.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B) Joint trading account </FONT><FONT face=sans-serif size=2>Pursuant to an exemptive order from the Securities and Exchange Commission, the fund may transfer uninvested cash balances, including cash collateral received under security lending arrangements, into a joint trading account along with the cash of other registered investment companies and certain other accounts managed by Putnam Management.</FONT></P>
<P align=left><FONT face=sans-serif size=2>49</FONT></P>
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<P align=left><FONT face=sans-serif size=2>These balances may be invested in issues of high-grade short-term investments having maturities of up to 397 days for collateral received under security lending arrangements and up to 90 days for other cash investments.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C) Security transactions and related investment income </FONT><FONT face=sans-serif size=2>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Interest income is recorded on the accrual basis. Dividend income, net of applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain. </FONT></P>
<P align=left><FONT face=sans-serif size=2>All premiums/discounts are amortized/accreted on a yield-to-maturity basis.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D) Foreign currency translation </FONT><FONT face=sans-serif size=2>The accounting records of the fund are maintained in U.S. dollars. The market value of foreign securities, currency holdings, and other assets and liabilities are recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on closed forward 
currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions </FONT><FONT face=sans-serif size=2>and the difference between the amount of investment income and foreign withholding taxes recorded on the fund&#146;s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of open forward currency contracts and assets and liabilities other than investments at the period end, resulting from changes in the exchange rate. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations, not present with domestic investments.</FONT></P>
<P align=left><FONT face=sans-serif size=2>E) Forward currency contracts </FONT><FONT face=sans-serif size=2>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. 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), or for other investment purposes. 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. The contract is marked to market daily and the change in market value is recorded as an unrealized gain or loss. 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. Forward currency contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</FONT></P>
<P align=left><FONT face=sans-serif size=2>50</FONT></P>
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<P align=left><FONT face=sans-serif size=2>F) Credit default contracts </FONT><FONT face=sans-serif size=2>The fund may enter into credit default contracts where one party, the protection buyer, makes an upfront or periodic payment to a counter party, 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. An upfront payment received by the fund, as the protection seller, is recorded as a liability on the fund&#146;s books. An upfront payment made by the fund, as the protection buyer, is recorded as an asset on the fund&#146;s books. Periodic payments received or paid by the fund are recorded as realized gains or losses. The credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers and the change, if any, is recorded as unrealized gain or loss. 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. Risks of loss may exceed amounts recognized on the statement of assets and liabilities. Credit default contracts outstanding at period end, if any, are listed after the fund&#146;s portfolio.</FONT></P>
<P align=left><FONT face=sans-serif size=2>G) Security lending </FONT><FONT face=sans-serif size=2>The fund may lend securities, through its agents, to qualified borrowers in order to earn additional income. The loans are collateralized by cash and/or securities in an amount at least equal to the market value of the securities loaned. The market value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The risk of borrower default will be borne by the fund&#146;s </FONT><FONT face=sans-serif size=2>agents; the fund will bear the risk of loss with respect to the investment of the cash collateral. Income from securities lending is included in investment income on the statement of operations. At August 31, 2006, the value of securities loaned amounted to $7,372,745. The fund received cash collateral of $7,693,220 which is pooled with collateral of other Putnam funds into 42 issues of high grade short-term investments.</FONT></P>
<P align=left><FONT face=sans-serif size=2>H) Federal taxes </FONT><FONT face=sans-serif size=2>It is the policy of the fund to distribute all of its taxable income within the prescribed time and otherwise comply with the provisions of the Internal Revenue Code of 1986 (the &#147;Code&#148;) applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code, as amended. Therefore, no provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains.</FONT></P>
<P align=left><FONT face=sans-serif size=2>At August 31, 2006, the fund had a capital loss carryover of $25,677,813 available to the extent allowed by the Code to offset future net capital gain, if any. The amount of the carryover and the expiration dates are:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Loss Carryover</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Expiration</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>$6,254,785</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>August 31, 2009</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>9,828,332</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>August 31, 2010</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>9,594,696</FONT>&nbsp; </TD>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>August 31, 2011</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>I) Distributions to shareholders </FONT><FONT face=sans-serif size=2>Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and permanent differences of dividends payable and amortization and accretion. Reclassifications are made to the fund&#146;s capital accounts to reflect income and gains</FONT></P>
<P align=left><FONT face=sans-serif size=2>51</FONT></P>
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<P align=left><FONT face=sans-serif size=2>available for distribution (or available capital loss carryovers) under income tax regulations. For the year ended August 31, 2006, the fund reclassified $280,741 to increase undistributed net investment income and $49,054 to increase paid-in-capital, with an increase to accumulated net realized losses of $329,795.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The tax basis components of distributable earnings and the federal tax cost as of August 31, 2006 were as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>Unrealized appreciation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>$ 10,098,036</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>Unrealized depreciation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>(6,131,500)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%">&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>Net unrealized appreciation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>3,966,536</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>Undistributed ordinary income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>1,564,994</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>Capital loss carryforward</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>(25,677,813)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>Cost for federal income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%"><FONT face=sans-serif size=1>tax purposes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=1>$190,907,679</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Note 2: Management fee, administrative<BR>
services and other transactions</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Putnam Management is paid for management and investment advisory services quarterly based on the &#147;average weekly assets&#148; of the fund. &#147;Average weekly assets&#148; is defined to mean the average of the weekly determinations of the difference between the total assets of the fund (including any assets attributable to leverage for investment purposes through incurrence of indebtedness) and the total liabilities of the fund (excluding liabilities incurred in connection with leverage for investment purposes through incurrence of indebtedness). This fee is based on the following annual rates: 0.70% of the first $500 million of average weekly assets, 0.60% of the next $500 million, 0.55% of the next $500 million and 0.50% of the next $5 billion, with additional breakpoints at higher asset levels.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Prior to January 1, 2006, the fund&#146;s management fee was based on the following annual rates: 0.75% of the first $500 million of average weekly assets, 0.65% of the next $500 million, 0.60% of the next $500 million and 0.55% thereafter.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Putnam Investments Limited (&#147;PIL&#148;), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the </FONT><FONT face=sans-serif size=2>assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% of the average weekly assets of the portion of the fund managed by PIL.</FONT></P>
<P align=left><FONT face=sans-serif size=2>During the year ended August 31, 2006, Putnam Management voluntarily reimbursed the fund $404,272 relating to an operational error that occurred during the prior fiscal year.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Custodial functions for the fund&#146;s assets are provided by Putnam Fiduciary Trust Company (&#147;PFTC&#148;), a subsidiary of Putnam, LLC. PFTC receives fees for custody services based on the fund&#146;s asset level, the number of its security holdings and transaction volumes. Putnam Investor Services, a division of PFTC, provides investor servicing agent functions to the fund. Putnam Investor Services is paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#146;s average net assets. During the year ended August 31, 2006, the fund incurred $233,639 for these services.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund has entered into an arrangement with PFTC whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the fund&#146;s expenses. The fund also reduced expenses through brokerage service arrangements. For the year ended August 31, 2006, the fund&#146;s expenses were reduced by $5,836 under these arrangements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Each independent Trustee of the fund receives an annual Trustee fee, of which $280, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees receive additional fees for attendance at certain committee meetings, industry seminars and for certain compliance-related matters.</FONT></P>
<P align=left><FONT face=sans-serif size=2>52</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Trustees also are reimbursed for expenses they incur relating to their services as Trustees. George Putnam, III, who is not an independent Trustee, also receives the foregoing fees for his services as Trustee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund has adopted a Trustee Fee Deferral Plan (the &#147;Deferral Plan&#148;) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The fund has adopted an unfunded noncontribu-tory defined benefit pension plan (the &#147;Pension Plan&#148;) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#146;s average annual attendance and retainer fees for the three years ended December 31, 2005. Pension expense for the fund is included in Trustee compensation and expenses in the statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 3: Purchases and sales of securities</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>During the year ended August 31, 2006, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $88,620,443 and $95,311,675, respectively. There were no purchases or sales of U.S. government securities.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 4: Share repurchase program</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In October 2005, the Trustees of your fund authorized Putnam Investments to implement a repurchase program on behalf of your fund, which would allow your fund to repurchase up to 5% of its outstanding shares over the 12 months ending October 6, 2006 (based on shares outstanding as of October 7, 2005). In March 2006, the Trustees </FONT><FONT face=sans-serif size=2>approved an increase in this repurchase program to allow the fund to repurchase a total of up to 10% of its outstanding shares over the same period. In September 2006, the Trustees extended the program on its existing terms through October 6, 2007. Repurchases will only be made when the fund&#146;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#146;s Trustees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>For the year ended August 31, 2006, the fund repurchased 903,310 common shares for an aggregate purchase price of $6,969,459, which reflects a weighted-average discount from net asset value per share of 11.2% .</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 5: Investment in Putnam Prime<BR>
Money Market Fund</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The fund invests in Putnam Prime Money Market Fund, an open-end management investment company managed by Putnam Management. Management fees paid by the fund are reduced by an amount equal to the management and administrative services fees paid by Putnam Prime Money Market Fund with respect to assets invested by the fund in Putnam Prime Money Market Fund. For the year ended August 31, 2006, management fees paid were reduced by $6,702 relating to the fund&#146;s investment in Putnam Prime Money Market Fund. Income distributions earned by the fund are recorded as income in the statement of operations and totaled $241,851 for the year ended August 31, 2006. During the year ended August 31, 2006, cost of purchases and cost of sales of investments in Putnam Prime Money Market Fund aggregated $71,450,084 and $74,708,925, respectively.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 6: Regulatory matters and litigation</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Putnam Management has entered into agreements with the Securities and Exchange Commission and the Massachusetts Securities Division settling charges connected with excessive short-term trading by Putnam employees and, in the case of the charges brought by the</FONT></P>
<P align=left><FONT face=sans-serif size=2>53</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Massachusetts Securities Division, by participants in some Putnam-administered 401(k) plans. Pursuant to these settlement agreements, Putnam Management will pay a total of $193.5 million in penalties and restitution, with $153.5 million being paid to certain open-end funds and their shareholders. The amount will be allocated to shareholders and funds pursuant to a plan developed by an independent consultant, and will be paid following approval of the plan by the SEC and the Massachusetts Securities Division.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The Securities and Exchange Commission&#146;s and Massachusetts Securities Division&#146;s allegations and related matters also serve as the general basis for numerous lawsuits, including purported class action lawsuits filed against Putnam Management and certain related parties, including certain Putnam funds. Putnam Management will bear any costs incurred by Putnam funds in connection with these lawsuits. Putnam Management believes that the likelihood that the pending private lawsuits and purported class action lawsuits will have a material adverse financial impact on the fund is remote, and the pending actions are not likely to materially affect its ability to provide investment management services to its clients, including the Putnam funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In connection with a settlement with the Securities and Exchange Commission relating to Putnam Management&#146;s brokerage allocation practices, on October 13, 2005 the fund received $5,080 in proceeds paid by Putnam Management. The fund had accrued a receivable for this amount in the prior fiscal year.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Putnam Management and Putnam Retail Management are named as defendants in a civil suit in which the plaintiffs allege that the management and distribution fees paid by certain Putnam funds were excessive and seek recovery under the Investment Company Act of 1940. Putnam Management and Putnam Retail Management have contested the plaintiffs&#146; claims and the matter is currently pending in the U.S. District Court for the District of Massachusetts. Based on </FONT><FONT face=sans-serif size=2>currently available information, Putnam Management believes that this action is without merit and that it is unlikely to have a material effect on Putnam Management&#146;s and Putnam Retail Management&#146;s ability to provide services to their clients, including the fund.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 7: Acquisition of Putnam High<BR>
Income Opportunities Trust</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>On January 24, 2005, the fund issued 8,694,024 shares in exchange for 3,712,567 shares of Putnam High Income Opportunities Trust to acquire that fund&#146;s net assets in a tax-free exchange approved by the shareholders. The net assets of the fund and Putnam High Income Opportunities Trust on January 21, 2005, valuation date, were $119,743,477 and $75,299,313, respectively. On January 21, 2005, Putnam High Income Opportunities Trust had distributions in excess of net investment income of $439,279, accumulated net realized loss of $21,080,625 and unrealized appreciation of $4,326,390. The aggregate net assets of the fund immediately following the acquisition were $195,042,790.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Information presented in the statement of changes in net assets reflects only the operations of Putnam High Income Securities Fund.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Note 8: New accounting pronouncement</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In June 2006, FASB issued Interpretation No. 48, </FONT><I><FONT face=sans-serif size=2>Accounting for Uncertainty in Income Taxes </FONT></I><FONT face=sans-serif size=2>(the &#147;Interpretation&#148;). The Interpretation prescribes a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken by a filer in the filer&#146;s tax return. The Interpretation will become effective for fiscal years beginning after December 15, 2006 but will also apply to tax positions reflected in the fund&#146;s financial statements as of that date. No determination has been made whether the adoption of the Interpretation will require the fund to make any adjustments to its net assets or have any other effect on the fund&#146;s financial statements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>54</FONT></P>
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<P align="left">
<B><FONT size=4 face="sans-serif">Federal tax information</FONT></B><BR>
<B><FONT size=4 face="sans-serif">(Unaudited)</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The fund designated 31.98% of ordinary income distributions as qualifying for the dividends received deduction for corporations.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">For its tax year ended August 31, 2006, the fund hereby designates 31.99%, or the maximum amount allowable, of its taxable ordinary income distributions as qualified dividends taxed at the individual net capital gain
rates.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Form 1099 you receive in January 2007 will show the tax status of all distributions paid to your account in calendar 2006.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">55</FONT></P>

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<P align=left><B><FONT face=sans-serif size=4>Shareholder meeting </FONT></B><BR>
<B><FONT face=sans-serif size=4>results (Unaudited)</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The annual meeting of shareholders of the fund was held on June 29, 2006.</FONT></P>
<P align=left><FONT face=sans-serif size=2>At the meeting, each of the nominees for Trustees was elected, as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=1>Votes for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=1>Votes withheld</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Jameson A. Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,009,095</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>898,936</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,012,613</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>895,418</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,024,039</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>883,992</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,014,019</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>894,012</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,024,149</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>883,882</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,018,068</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>889,963</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,012,532</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>895,499</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,026,557</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>881,474</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,008,051</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>899,980</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>12,641,105</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>2,266,926</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="36%"><FONT face=sans-serif size=2>14,013,240</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>894,791</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>A proposal to eliminate the fund&#146;s fundamental investment restriction regarding investments in restricted securities was approved as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=1>Votes for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=1>Votes against</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=1>Abstentions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Broker non-votes</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>10,893,042</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%"><FONT face=sans-serif size=2>1,210,713</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>356,506</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>2,447,770</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>A shareholder proposal requesting the Trustees to take action to provide for cumulative voting in the election of Trustees was defeated as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=1>Votes for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Votes against</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=1>Abstentions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=1>Broker non-votes</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="98%" background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>2,096,759</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>9,684,352</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>679,150</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>2,447,770</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4></TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>All tabulations are rounded to the nearest whole number.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>56</FONT></P>
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<P align="left">
<B><FONT size=4 face="sans-serif">Compliance certifications</FONT></B><BR>
<B><FONT size=4 face="sans-serif">(Unaudited)</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">On July 21, 2006, your fund submitted a CEO annual certification to the New York Stock Exchange (&#147;NYSE&#148;) on which the fund&#146;s principal executive officer certified that he was not aware, as of that date,
of any violation by the fund of the NYSE&#146;s Corporate Governance listing standards. In addition, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and related SEC rules, the fund&#146;s principal executive and principal financial
officers have made quarterly certifications, included in filings with the SEC on Forms N-CSR and N-Q, relating to, among other things, the fund&#146;s disclosure controls and procedures and internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">57</FONT></P>

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<P align=left><B><FONT face=sans-serif size=4>About the Trustees</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>Jameson A. Baxter </FONT></B><I><FONT face=sans-serif size=2>(Born 1943), Trustee since 1994, Vice Chairman since 2005</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm that she founded in 1986.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., Banta Corporation (a printing and digital imaging firm), Ryerson Tull, Inc. (a steel service corporation), the Mutual Fund Directors Forum, Advocate Health Care and BoardSource, formerly the National Center for Nonprofit Boards. She is Chairman Emeritus of the Board of Trustees, Mount Holyoke College, having served as Chairman for five years and as a board member for thirteen years. Until 2002, Ms. Baxter was a Director of Intermatic Corporation (a manufacturer of energy control products).</FONT></P>
<P align=left><FONT face=sans-serif size=2>Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President and Principal of the Regency Group, and Vice President of and Consultant to First Boston Corporation. She is a graduate of Mount Holyoke College.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Charles B. Curtis </FONT></B><I><FONT face=sans-serif size=2>(Born 1940), Trustee since 2001</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Mr. Curtis is President and Chief Operating Officer of the Nuclear Threat Initiative (a private foundation dealing with national security issues) and serves as Senior Advisor to the United Nations Foundation.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Curtis is a member of the Council on Foreign Relations and the Trustee Advisory Council of the Applied Physics Laboratory, Johns Hopkins University. Until 2003, Mr. Curtis was a member of the Electric Power Research Institute Advisory Council and the University of Chicago Board of Governors for Argonne National Laboratory. Prior to 2002, Mr. Curtis was a Member of the Board of Directors of the Gas Technology Institute and the Board of Directors of the Environment and Natural Resources Program Steering Committee, John F. Kennedy School of Government, Harvard University. Until 2001, Mr. Curtis was a member of the Department of Defense Policy Board and Director of EG&amp;G Technical Services, Inc. (a fossil energy research and development support company).</FONT></P>
<P align=left><FONT face=sans-serif size=2>From August 1997 to December 1999, Mr. Curtis was a Partner at Hogan &amp; Hartson L.L.P., a Washington, D.C. law firm. Prior to May 1997, Mr. Curtis was Deputy Secretary of Energy and Under Secretary of the U.S. Department of Energy. He served as Chairman of the Federal Energy Regulatory Commission from 1977 to 1981 and has held positions on the staff of the U.S. House of Representatives, the U.S. Treasury Department, and the SEC.</FONT></P>
<P align=left><FONT face=sans-serif size=2>58</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Myra R. Drucker </FONT></B><I><FONT face=sans-serif size=2>(Born 1948), Trustee since 2004</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Ms. Drucker is Chair of the Board of Trustees of Commonfund (a not-for-profit firm specializing in asset management for educational endowments and foundations), Vice Chair of the Board of Trustees of Sarah Lawrence College, and a member of the Investment Committee of the Kresge Foundation (a charitable trust). She is also a director of New York Stock Exchange LLC, a wholly-owned subsidiary of the publicly-traded NYSE Group, Inc. She is an advisor to Hamilton Lane LLC and RCM Capital Management (investment management firms).</FONT></P>
<P align=left><FONT face=sans-serif size=2>Ms. Drucker is an ex-officio member of the New York Stock Exchange (NYSE) Pension Managers Advisory Committee, having served as Chair for seven years and a member of the Executive Committee of the Committee on Investment of Employee Benefit Assets. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Until August 31, 2004, Ms. Drucker was Managing Director and a member of the Board of Directors of General Motors Asset Management and Chief Investment Officer of General Motors Trust Bank. Ms. Drucker also served as a member of the NYSE Corporate Accountability and Listing Standards Committee and the NYSE/NASD IPO Advisory Committee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Prior to joining General Motors Asset Management in 2001, Ms. Drucker held various executive positions in the investment management industry. Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a technology and service company in the document industry), where she was responsible for the investment of the company&#146;s pension assets. Ms. Drucker was also Staff Vice President and Director of Trust Investments for International Paper (a paper, paper distribution, packaging and forest products company) and previously served as Manager of Trust Investments for Xerox Corporation. Ms. Drucker received a B.A. degree in Literature and Psychology from Sarah Lawrence College and pursued graduate studies in economics, statistics and portfolio theory at Temple University.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>John A. Hill </FONT></B><I><FONT face=sans-serif size=2>(Born 1942), Trustee since 1985 and Chairman since 2000</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Mr. Hill is Vice Chairman of First Reserve Corporation, a private equity buyout firm that specializes in energy investments in the diversified worldwide energy industry.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Hill is a Director of Devon Energy Corporation, TransMontaigne Oil Company and various private companies controlled by First Reserve Corporation, as well as Chairman of TH Lee, Putnam Investment Trust (a closed-end investment company advised by an affiliate of Putnam Management). He is also a Trustee of Sarah Lawrence College. Until 2005, he was a Director of Continuum Health Partners of New York.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Prior to acquiring First Reserve Corporation in 1983, Mr. Hill held executive positions in investment banking and investment management with several firms and with the federal government, including Deputy Associate Director of the Office of Management and Budget and Deputy</FONT></P>
<P align=left><FONT face=sans-serif size=2>59</FONT></P>
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<P align=left><FONT face=sans-serif size=2>Director of the Federal Energy Administration. He is active in various business associations, including the Economic Club of New York, and lectures on energy issues in the United States and Europe. Mr. Hill holds a B.A. degree in Economics from Southern Methodist University and pursued graduate studies there as a Woodrow Wilson Fellow.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Paul L. Joskow </FONT></B><I><FONT face=sans-serif size=2>(Born 1947), Trustee since 1997</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Dr. Joskow is the Elizabeth and James Killian Professor of Economics and Management, and Director of the Center for Energy and Environmental Policy Research at the Massachusetts Institute of Technology.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dr. Joskow serves as a Director of National Grid plc (a UK-based holding company with interests in electric and gas transmission and distribution and telecommunications infrastructure) and TransCanada Corporation (an energy company focused on natural gas transmission and power services). He also serves on the Board of Overseers of the Boston Symphony Orchestra. Prior to February 2005, he served on the board of the Whitehead Institute for Biomedical Research (a non-profit research institution) and has been President of the Yale University Council since 1993. Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company), and, prior to March 2000, he was a Director of New England Electric System (a public utility holding company).</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dr. Joskow has published five books and numerous articles on topics in industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition and privatization policies &#151; serving as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and M. Phil from Yale University and a B.A. from Cornell University.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Elizabeth T. Kennan </FONT></B><I><FONT face=sans-serif size=2>(Born 1938), Trustee since 1992</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Dr. Kennan is a Partner of Cambus-Kenneth Farm (thoroughbred horse and cattle breeding). She is President Emeritus of Mount Holyoke College.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. Until 2005, she was a Director of Talbots, Inc. She has served as Director on a number of other boards, including Bell Atlantic, Chastain Real Estate, Shawmut Bank, Berkshire Life Insurance and Kentucky Home Life Insurance. She is a Trustee of the National Trust for Historic Preservation, of Centre College and of Midway College in Midway, Kentucky. Until 2006, she was a member of The Trustees of Reservations. Dr. Kennan has served on the oversight committee of the Folger Shakespeare Library, as President of Five Colleges Incorporated, as a Trustee of Notre Dame University and is active in various educational and civic associations.</FONT></P>
<P align=left><FONT face=sans-serif size=2>60</FONT></P>
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<P align=left><FONT face=sans-serif size=2>As a member of the faculty of Catholic University for twelve years, until 1978, Dr. Kennan directed the post-doctoral program in Patristic and Medieval Studies, taught history and published numerous articles. Dr. Kennan holds a Ph.D. from the University of Washington in Seattle, an M.S. from St. Hilda&#146;s College at Oxford University and an A.B. from Mount Holyoke College. She holds several honorary doctorates.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Robert E. Patterson </FONT></B><I><FONT face=sans-serif size=2>(Born 1945), Trustee since 1984</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Mr. Patterson is Senior Partner of Cabot Properties, L.P. and Chairman of Cabot Properties, Inc. (a private equity firm investing in commercial real estate).</FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center and as a Director of Brandywine Trust Group, LLC. Prior to June 2003, he was a Trustee of Sea Education Association. Prior to December 2001, he was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust). Prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment adviser involved in institutional real estate investments). Prior to 1990, he served as Executive Vice President of Cabot, Cabot &amp; Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners).</FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Patterson practiced law and held various positions in state government and was the founding Executive Director of the Massachusetts Industrial Finance Agency. Mr. Patterson is a graduate of Harvard College and Harvard Law School.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>W. Thomas Stephens </FONT></B><I><FONT face=sans-serif size=2>(Born 1942), Trustee since 1997</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Mr. Stephens is Chairman and Chief Executive Officer of Boise Cascade, L.L.C. (a paper, forest products and timberland assets company). </FONT></P>
<P align=left><FONT face=sans-serif size=2>Until 2005, Mr. Stephens was a director of TransCanadaPipelines, Ltd. Until 2004, Mr. Stephens was a Director of Xcel Energy Incorporated (a public utility company), Qwest Communications, and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). He served as Chairman of Mail-Well until 2001 and as CEO of MacMillan-Bloedel, Ltd. (a forest products company) until 1999. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of Johns Manville Corporation. He holds B.S. and M.S. degrees from the University of Arkansas.</FONT></P>
<P align=left><FONT face=sans-serif size=2>61</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>Richard B. Worley </FONT></B><I><FONT face=sans-serif size=2>(Born 1945), Trustee since 2004</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Worley serves on the Executive Committee of the University of Pennsylvania Medical Center, is a Trustee of The Robert Wood Johnson Foundation (a philanthropic organization devoted to health care issues) and is a Director of The Colonial Williamsburg Foundation (a historical preservation organization). Mr. Worley also serves on the investment committees of Mount Holyoke College and World Wildlife Fund (a wildlife conservation organization). </FONT></P>
<P align=left><FONT face=sans-serif size=2>Prior to joining Permit Capital LLC in 2002, Mr. Worley served as Chief Strategic Officer of Morgan Stanley Investment Management. He previously served as President, Chief Executive Officer and Chief Investment Officer of Morgan Stanley Dean Witter Investment Management and as a Managing Director of Morgan Stanley, a financial services firm. Mr. Worley also was the Chairman of Miller Anderson &amp; Sherrerd, an investment management firm. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Worley holds a B.S. degree from University of Tennessee and pursued graduate studies in economics at the University of Texas.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT></B><I><FONT face=sans-serif size=2>* (Born 1948), Trustee since 2004</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Mr. Haldeman is President and Chief Executive Officer of Putnam, LLC (&#147;Putnam Investments&#148;). He is a member of Putnam Investments&#146; Executive Board of Directors and Advisory Council. Prior to November 2003, Mr. Haldeman served as Co-Head of Putnam Investments&#146; Investment Division.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Prior to joining Putnam Investments in 2002, Mr. Haldeman held executive positions in the investment management industry. He previously served as Chief Executive Officer of Delaware Investments and President &amp; Chief Operating Officer of United Asset Management. Mr. Haldeman was also a partner and director of Cooke &amp; Bieler, Inc. (an investment management firm). </FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Haldeman currently serves on the Board of Governors of the Investment Company Institute and as a Trustee of Dartmouth College, and he is a member of the Partners HealthCare Systems Investment Committee. He is a graduate of Dartmouth College, Harvard Law School and Harvard Business School. Mr. Haldeman is also a Chartered Financial Analyst (CFA) charterholder.</FONT></P>
<P align=left><FONT face=sans-serif size=2>62</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>George Putnam, III</FONT></B><I><FONT face=sans-serif size=2>* (Born 1951), Trustee since 1984 and President since 2000</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>Mr. Putnam is President of New Generation Research, Inc. (a publisher of financial advisory and other research services), and of New Generation Advisers, Inc. (a registered investment advisor to private funds). Mr. Putnam founded the New Generation companies in 1986.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment adviser). He is a Trustee of St. Mark&#146;s School and Shore Country Day School, and until 2002 was a Trustee of the Sea Education Association.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price &amp; Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School and Harvard Law School.</FONT></P>
<P align=left><I><FONT face=sans-serif size=1>The address of each Trustee is One Post Office Square, Boston, MA 02109. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>As of August 31, 2006, there were 108 Putnam Funds. All Trustees serve as Trustees of all Putnam funds. </FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 72, death, or removal.</FONT></I></P>
<P align=left><I><FONT face=sans-serif size=1>* Trustees who are or may be deemed to be &#147;interested persons&#148; (as defined in the Investment Company Act of 1940) of the fund, Putnam Management, Putnam Retail Management, or Marsh &amp; McLennan Companies, Inc., the parent company of Putnam, LLC and its affiliated companies. Messrs. Haldeman and Putnam, III are deemed &#147;interested persons&#148; by virtue of their positions as officers of the fund, Putnam Management or Putnam Retail Management and as shareholders of Marsh &amp; McLennan Companies, Inc. Mr. Putnam, III is the President of your fund and each of the other Putnam funds. Mr. Haldeman is President and Chief Executive Officer of Putnam Investments.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>63</FONT></P>
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<P align=left><B><FONT face=sans-serif size=4>Officers</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>In addition to George Putnam, III, the other officers of the fund are shown below:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Charles E. Porter </FONT><I><FONT face=sans-serif size=2>(Born 1938)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Richard S. Robie, III </FONT><I><FONT face=sans-serif size=2>(Born 1960)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Executive Vice President, Associate Treasurer,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Compliance Liaison and Principal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><I><FONT face=sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Executive Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><I><FONT face=sans-serif size=2>Since 1989</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Senior Managing Director, Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Investments, Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Jonathan S. Horwitz </FONT><I><FONT face=sans-serif size=2>(Born 1955)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>and Putnam Retail Management. Prior</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Senior Vice President and Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>to 2003, Senior Vice President, United</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><I><FONT face=sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Asset Management Corporation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Prior to 2004, Managing Director,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Francis J. McNamara, III </FONT><I><FONT face=sans-serif size=2>(Born 1955)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Vice President and Chief Legal Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%"><I><FONT face=sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Steven D. Krichmar </FONT><I><FONT face=sans-serif size=2>(Born 1958)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Vice President and Principal Financial Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Senior Managing Director, Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><I><FONT face=sans-serif size=2>Since 2002</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Investments, Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>and Putnam Retail Management. Prior</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Senior Managing Director, Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>to 2004, General Counsel, State Street</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Investments. Prior to July 2001, Partner,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Research &amp; Management Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>PricewaterhouseCoopers LLP</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Charles A. Ruys de Perez </FONT><I><FONT face=sans-serif size=2>(Born 1957)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Michael T. Healy </FONT><I><FONT face=sans-serif size=2>(Born 1958)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Vice President and Chief Compliance Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Assistant Treasurer and Principal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><I><FONT face=sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Accounting Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><I><FONT face=sans-serif size=2>Since 2000</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Mark C. Trenchard </FONT><I><FONT face=sans-serif size=2>(Born 1962)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Vice President and BSA Compliance Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Beth S. Mazor </FONT><I><FONT face=sans-serif size=2>(Born 1958)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><I><FONT face=sans-serif size=2>Since 2002</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Vice President</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><I><FONT face=sans-serif size=2>Since 2002</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Judith Cohen </FONT><I><FONT face=sans-serif size=2>(Born 1945)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Vice President, Clerk and Assistant Treasurer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>James P. Pappas </FONT><I><FONT face=sans-serif size=2>(Born 1953)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%"><I><FONT face=sans-serif size=2>Since 1993</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><FONT face=sans-serif size=2>Vice President</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%" background="">&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><I><FONT face=sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="49%" background=""><FONT face=sans-serif size=2>Wanda M. McManus </FONT><I><FONT face=sans-serif size=2>(Born 1947)</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background="">&nbsp;</TD>
     <TD noWrap align=left width="49%" background=""><FONT face=sans-serif size=2>Vice President, Senior Associate Treasurer</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%" background=""><FONT face=sans-serif size=2>and Assistant Clerk</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><FONT face=sans-serif size=2>and Putnam Management. During 2002,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%" background=""><I><FONT face=sans-serif size=2>Since 2005</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><FONT face=sans-serif size=2>Chief Operating Officer, Atalanta/Sosnoff</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%" background="">&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><FONT face=sans-serif size=2>Management Corporation; prior to 2001,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%" background=""><FONT face=sans-serif size=2>Nancy E. Florek </FONT><I><FONT face=sans-serif size=2>(Born 1957)</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><FONT face=sans-serif size=2>President and Chief Executive Officer,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%" background=""><FONT face=sans-serif size=2>Vice President, Assistant Clerk,</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""><FONT face=sans-serif size=2>UAM Investment Services, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="49%" background=""><FONT face=sans-serif size=2>Assistant Treasurer and Proxy Manager</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""></TD>
     <TD noWrap align=left width="49%" background=""><I><FONT face=sans-serif size=2>Since 2005</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="50%" background=""></TD>
     <TD noWrap align=left width="49%" background=""></TD></TR></TABLE><BR>
<P align=left><I><FONT face=sans-serif size=1>The address of each Officer is One Post Office Square, Boston, MA 02109.</FONT></I></P>
<P align=left><FONT face=sans-serif size=2>64</FONT></P>
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<P align=left><B><FONT face=sans-serif size=4>Fund information</FONT></B></P>
<P align=left><B><FONT face=sans-serif>About Putnam Investments</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Founded over 65 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 mutual funds in growth, value, blend, fixed income, and international.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Investment Manager</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>James P. Pappas</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Putnam Investment</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Management, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>Richard S. Robie, III</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Boston, MA 02109</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President</FONT></I>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Investment Sub-Manager</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>Francis J. McNamara, III</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Putnam Investments Limited</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>57&#150;59 St. James Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Officers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Chief Legal Officer</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>London, England SW1A 1LD</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>President</FONT></I>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>Charles A. Ruys de Perez</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Marketing Services</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Putnam Retail Management</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Charles E. Porter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Chief Compliance Officer</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Executive Vice President,</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Boston, MA 02109</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Associate Treasurer,</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>Mark C. Trenchard</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Compliance Liaison and</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Custodian</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Principal Executive Officer</FONT></I>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>BSA Compliance Officer</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Putnam Fiduciary</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>Judith Cohen</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Senior Vice President</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President, Clerk and</FONT></I>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Legal Counsel</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>and Treasurer</FONT></I>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Assistant Treasurer</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Steven D. Krichmar</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>Wanda M. McManus</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Independent Registered</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Vice President and</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President, Senior Associate</FONT></I>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Public Accounting Firm</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Principal Financial Officer</FONT></I>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Treasurer and Assistant Clerk</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>PricewaterhouseCoopers LLP</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Michael T. Healy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=2>Nancy E. Florek</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Assistant Treasurer and</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Vice President, Assistant Clerk,</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>John A. Hill, </FONT><I><FONT face=sans-serif size=2>Chairman</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Principal Accounting Officer</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Assistant Treasurer and</FONT></I>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Jameson Adkins Baxter,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="34%"><I><FONT face=sans-serif size=2>Proxy Manager</FONT></I>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><I><FONT face=sans-serif size=2>Vice Chairman</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>Beth S. Mazor</FONT>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="32%" background=""><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%" background=""><I><FONT face=sans-serif size=2>Vice President</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="34%" background=""></TD></TR>
<TR>
     <TD noWrap align=left width="32%" background=""><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%" background=""></TD>
     <TD noWrap align=left width="34%" background=""></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>Call 1-800-225-1581 weekdays between 9:00 a.m. and 5:00 p.m. Eastern Time, or visit our Web site (www.putnam.com) anytime for up-to-date information about the fund&#146;s NAV.</FONT></P>
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<P align=left><U><FONT face=sans-serif size=2>Item 2. Code of Ethics:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a) The Fund&#146;s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund's investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers. </FONT></P>
<P align=left><FONT face=sans-serif size=2>(c) None</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 3. Audit Committee Financial Expert:</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>The Funds' Audit and Compliance Committee is comprised solely of Trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The Trustees believe that each of the members of the Audit and Compliance Committee also possess a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualify them for service on the Committee. In addition, the Trustees have determined that each of Mr. Patterson, Mr. Stephens and Mr. Hill meets the financial literacy requirements of the New York Stock Exchange's rules and qualifies as an "audit committee financial expert" (as such term has been defined by the Regulations) based on their review of his pertinent experience and education. Certain other Trustees, although not on the Audit and Compliance Committee, would also qualify as "audit 
committee financial experts." The SEC has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit and Compliance Committee and the Board of Trustees in the absence of such designation or identification. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 4. Principal Accountant Fees and Services:</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund&#146;s independent auditor: </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Fiscal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Audit-</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Audit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Related</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>All Other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><U><FONT face=sans-serif size=2>ended</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="22%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="19%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="17%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="15%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD></TR>
<TR>
     <TD width="82%" colSpan=4></TD>
     <TD width="15%"></TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>$100,437</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>$51</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>$9,504</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>$215</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>August 31, 2005</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>$70,572</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>$5,500*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>$9,006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>$13</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>* Includes fees billed to the fund for services relating to one or more fund mergers. A portion of such fees was paid by Putnam Management. </FONT></P>
<P align=left><FONT face=sans-serif size=2>For the fiscal years ended August 31, 2006 and August 31, 2005, the fund&#146;s independent auditor billed aggregate non-audit fees in the amounts of </FONT><FONT face=sans-serif size=2>$279,442</FONT><FONT face=sans-serif size=2> and </FONT><FONT face=sans-serif size=2>$202,266</FONT><FONT face=sans-serif size=2> respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Audit Fees represent fees billed for the fund&#146;s last two fiscal years. </FONT></P>
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<P align=left><FONT face=sans-serif size=2>Audit-Related Fees represent fees billed in the fund&#146;s last two fiscal years for services traditionally performed by the fund&#146;s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Tax Fees represent fees billed in the fund&#146;s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities. </FONT></P>
<P align=left><FONT face=sans-serif size=2>All Other Fees represent fees billed for services relating to valuation of derivative securities and an analysis of recordkeeping fees.</FONT></P>
<P align=left><FONT face=sans-serif size=2>Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds&#146; independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds&#146; independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one.</FONT></P>
<P align=left><FONT face=sans-serif size=2>The following table presents fees billed by the fund&#146;s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Fiscal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Audit-</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>All</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Total</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>year</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Related</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Other</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Non-Audit</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><U><FONT face=sans-serif size=2>ended</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="20%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="23%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="19%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="19%"><U><FONT face=sans-serif size=2>Fees</FONT></U>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="17%" background="">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="19%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>August 31,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>$ 153,160</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>August</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>31, 2005</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><U><FONT face=sans-serif size=2>Item 5. Audit Committee of Listed Registrants</FONT></U></P>
<P align=left><FONT face=sans-serif size=2>(a) The fund has a separately-designated Audit and Compliance Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit and Compliance Committee of the fund's Board of Trustees is composed of the following persons: </FONT></P>
<P align=left><FONT face=sans-serif size=2>Robert E. Patterson (Chairperson)</FONT><BR>
<FONT face=sans-serif size=2>Kenneth R. Leibler </FONT><BR>
<FONT face=sans-serif size=2>W. Thomas Stephens </FONT><BR>
<FONT face=sans-serif size=2>John A. Hill </FONT><BR>
<BR>
<FONT face=sans-serif size=2>(b) Not applicable </FONT><BR>
<BR>
<U><FONT face=sans-serif size=2>Item 6. Schedule of Investments:</FONT></U></P>
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<P align="left">
<FONT size=2 face="sans-serif">The registrant&#146;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above. </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
<U><FONT size=2 face="sans-serif">Investment Companies:</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Proxy voting guidelines of the Putnam funds </FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">The proxy voting guidelines below summarize the funds&#146; positions on various issues of concern to investors, and give a general indication of how fund portfolio securities will be voted on proposals dealing with
particular issues. The funds&#146; proxy voting service is instructed to vote all proxies relating to fund portfolio securities in accordance with these guidelines, except as otherwise instructed by the Proxy Coordinator, a member of the Office of
the Trustees who is appointed to assist in the coordination and voting of the funds&#146; proxies.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The proxy voting guidelines are just that &#150; guidelines. The guidelines are not exhaustive and do not include all potential voting issues. Because proxy issues and the circumstances of individual companies are so
varied, there may be instances when the funds may not vote in strict adherence to these guidelines. For example, the proxy voting service is expected to bring to the Proxy Coordinator&#146;s attention proxy questions that are company-specific and of
a non-routine nature and that, even if covered by the guidelines, may be more appropriately handled on a case-by-case basis.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Similarly, Putnam Management&#146;s investment professionals, as part of their ongoing review and analysis of all fund portfolio holdings, are responsible for monitoring significant corporate developments, including
proxy proposals submitted to shareholders, and notifying the Proxy Coordinator of circumstances where the interests of fund shareholders may warrant a vote contrary to these guidelines. In such instances, the investment professionals will submit a
written recommendation to the Proxy Coordinator and the person or persons designated by Putnam Management&#146;s Legal and Compliance Department to assist in processing referral items pursuant to the funds&#146; &#147;Proxy Voting Procedures.&#148;
The Proxy Coordinator, in consultation with the funds&#146; Senior Vice President, Executive Vice President, and/or the Chair of the Board Policy and Nominating Committee, as appropriate, will determine how the funds&#146; proxies will be voted.
When indicated, the Chair of the Board Policy and Nominating Committee may consult with other members of the Committee or the full Board of Trustees. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The following guidelines are grouped according to the types of proposals generally presented to shareholders. Part I deals with proposals that have been put forth by management and approved and recommended by a
company&#146;s board of directors. Part II deals with proposals submitted by shareholders for inclusion in proxy statements. Part III addresses unique considerations pertaining to non-U.S. issuers. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Putnam funds will disclose their proxy votes in accordance with the timetable established by SEC rules (i.e., not later than August 31 of each year for the most recent 12-month period ended June 30). </FONT></P>

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<P align=left><B><FONT face=sans-serif size=2>I. BOARD-APPROVED PROPOSALS </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The vast majority of matters presented to shareholders for a vote involve proposals made by a company itself (sometimes referred to as &#147;management proposals&#148;), which have been approved and recommended by its board of directors. In view of the enhanced corporate governance practices currently being implemented in public companies and of the funds&#146; intent to hold corporate boards accountable for their actions in promoting shareholder interests, the funds&#146; proxies generally will be voted </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> the decisions reached by majority independent boards of directors, except as otherwise indicated in these guidelines. Accordingly, the funds&#146; proxies will be voted </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> board-approved proposals, except as follows: </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Matters relating to the Board of Directors</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><I><FONT face=sans-serif size=2>Uncontested Election of Directors </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>The funds&#146; proxies will be voted </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> the election of a company&#146;s nominees for the board of directors, except as follows: </FONT></P>
<P align=left><FONT face=sans-serif size=2>*</FONT><FONT face=sans-serif size=2>&nbsp;The funds will </FONT><B><U><FONT face=sans-serif size=2>withhold votes</FONT></U></B><FONT face=sans-serif size=2> for the entire board of directors if </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board does not have a majority of independent directors, </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not established independent nominating, audit, and compensation committees, </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has more than </FONT><U><FONT face=sans-serif size=2>19</FONT></U><FONT face=sans-serif size=2> members or fewer than </FONT><U><FONT face=sans-serif size=2>five</FONT></U><FONT face=sans-serif size=2> members, absent special circumstances, </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not acted to implement a policy requested in a shareholder proposal that received the support of a majority of the shares of the company cast at its previous two annual meetings, or </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has adopted or renewed a shareholder rights plan (commonly referred to as a &#147;poison pill&#148;) without shareholder approval during the current or prior calendar year. </FONT></P>
<P align=left><FONT face=sans-serif size=2>*</FONT><FONT face=sans-serif size=2>&nbsp;The funds will on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis withhold votes</FONT></U></B><FONT face=sans-serif size=2> from the entire board of directors where the board has approved compensation arrangements for one or more company executives that the funds determine are unreasonably excessive relative to the company&#146;s performance. </FONT></P>
<P align=left><FONT face=sans-serif size=2>*</FONT><FONT face=sans-serif size=2>&nbsp;The funds will </FONT><B><U><FONT face=sans-serif size=2>withhold votes</FONT></U></B><FONT face=sans-serif size=2> for any nominee for director who: </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> is considered an independent director by the company and who has received compensation from the company other than for service as a director (e.g., investment banking, consulting, legal, or financial advisory fees), </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> attends less than 75% of board and committee meetings without valid reasons for the absences (e.g., illness, personal emergency, etc.),</FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> as a director of a public company (Company A), is employed as a senior executive of another public company (Company B) if a director of Company B serves as a senior executive of Company A (commonly referred to as an &#147;interlocking directorate&#148;), or </FONT></P>
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<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> serves on more than </FONT><U><FONT face=sans-serif size=2>five</FONT></U><FONT face=sans-serif size=2> unaffiliated public company boards (for the purpose of this guideline, boards of affiliated registered investment companies will count as one board). </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>:</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Board independence</FONT></B><FONT face=sans-serif size=2>: Unless otherwise indicated, for the purposes of determining whether a board has a majority of independent directors and independent nominating, audit, and compensation committees, an &#147;independent director&#148; is a director who (1) meets all requirements to serve as an independent director of a company under the final NYSE Corporate Governance Rules (e.g., no material business relationships with the company and no present or recent employment relationship with the company (including employment of an immediate family member as an executive officer)), and (2) has not accepted directly or indirectly any consulting, advisory, or other compensatory fee from the company other than in his or her capacity as a member of the board of directors or any board committee. The funds&#146; Trustees believe that the receipt of any amount of compensation for services other than service as a director raises significa
nt independence issues. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Board size</FONT></B><FONT face=sans-serif size=2>: The funds&#146; Trustees believe that the size of the board of directors can have a direct impact on the ability of the board to govern effectively. Boards that have too many members can be unwieldy and ultimately inhibit their ability to oversee management performance. Boards that have too few members can stifle innovation and lead to excessive influence by management. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Time commitment</FONT></B><FONT face=sans-serif size=2>: Being a director of a company requires a significant time commitment to adequately prepare for and attend the company&#146;s board and committee meetings. Directors must be able to commit the time and attention necessary to perform their fiduciary duties in proper fashion, particularly in times of crisis. The funds&#146; Trustees are concerned about over-committed directors. In some cases, directors may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies (or other directors with substantially full-time employment) who serve on more than a few outside boards. The funds may withhold votes from such directors on a case-by-case basis where it appears that they may be unable to discharge their duties properly because of excessive commitments.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Interlocking directorships</FONT></B><FONT face=sans-serif size=2>: The funds&#146; Trustees believe that interlocking directorships are inconsistent with the degree of independence required for outside directors of public companies. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Corporate governance practices</FONT></B><FONT face=sans-serif size=2>: Board independence depends not only on its members&#146; individual relationships, but also on the board&#146;s overall attitude toward management. Independent boards are committed to good corporate governance practices and, by providing objective independent judgment, enhancing shareholder value. The funds may withhold votes on a case-by-case basis from some or all directors who, through their lack of independence, have failed to observe good corporate governance practices or, through specific corporate action, have demonstrated a disregard for the interest of shareholders. Such instances may include cases where a board of directors has approved compensation arrangements for one or more members of management that, in the judgment of the funds&#146; Trustees, are excessive by reasonable corporate standards relative to the company&#146;s record of performance. </FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Contested Elections of Directors </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>*</FONT><FONT face=sans-serif size=2>&nbsp;The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> in contested elections of directors. </FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Classified Boards </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>*</FONT><FONT face=sans-serif size=2>&nbsp;The funds will vote </FONT><B><U><FONT face=sans-serif size=2>against</FONT></U></B><FONT face=sans-serif size=2> proposals to classify a board, absent special circumstances indicating that shareholder interests would be better served by this structure. </FONT></P>
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<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: Under a typical classified board structure, the directors are divided into three classes, with each class serving a three-year term. The classified board structure results in directors serving staggered terms, with usually only a third of the directors up for re-election at any given annual meeting. The funds&#146; Trustees generally believe that it is appropriate for directors to stand for election each year, but recognize that, in special circumstances, shareholder interests may be better served under a classified board structure. </FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Other Board-Related Proposals </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>The funds will generally vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> board-approved proposals that have been approved by a majority independent board, and on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on board-approved proposals where the board fails to meet the guidelines&#146; basic independence standards (i.e., majority of independent directors and independent nominating, audit, and compensation committees). </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Executive Compensation</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>The funds generally favor compensation programs that relate executive compensation to a company&#146;s long-term performance. The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on board-approved proposals relating to executive compensation, except as follows: </FONT></P>
<P align=left><FONT face=sans-serif>*</FONT><FONT face=sans-serif>&nbsp;</FONT><FONT face=sans-serif size=2>Except where the funds are otherwise withholding votes for the entire board of directors, the funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> stock option and restricted stock plans that will result in an average </FONT><U><FONT face=sans-serif size=2>annual</FONT></U><FONT face=sans-serif size=2> dilution of 1.67% or less (based on the disclosed term of the plan and including all equity-based plans). </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>against</FONT></U></B><FONT face=sans-serif size=2> stock option and restricted stock plans that will result in an average </FONT><U><FONT face=sans-serif size=2>annual</FONT></U><FONT face=sans-serif size=2> dilution of greater than 1.67% (based on the disclosed term of the plan and including all equity-based plans). </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>against</FONT></U></B><FONT face=sans-serif size=2> any stock option or restricted stock plan where the company's actual grants of stock options and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted in an average annual dilution of greater than 1.67% . </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>against</FONT></U></B><FONT face=sans-serif size=2> stock option plans that permit the replacing or repricing of underwater options (and against any proposal to authorize such replacement or repricing of underwater options). </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>against</FONT></U></B><FONT face=sans-serif size=2> stock option plans that permit issuance of options with an exercise price below the stock&#146;s current market price. </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>Except where the funds are otherwise withholding votes for the entire board of directors, the funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> an employee stock purchase plan that has the following features: (1) the shares purchased under the plan are acquired for no less than 85% of their market value; (2) the offering period under the plan is 27 months or less; and (3) dilution is 10% or less. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: Companies should have compensation programs that are reasonable and that align shareholder and management interests over the longer term. Further, disclosure of compensation programs should provide absolute transparency to shareholders regarding the sources and amounts of, and the factors influencing, executive compensation. Appropriately designed equity-based compensation plans can be an effective way to align the interests of long-term shareholders with the interests of management. The funds may vote against executive compensation proposals on a case-by-case basis where compensation is excessive by reasonable corporate standards, or where a company fails to provide transparent disclosure of </FONT></P>
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<P align=left><FONT face=sans-serif size=2>executive compensation. In voting on a proposal relating to executive compensation, the funds will consider whether the proposal has been approved by an independent compensation committee of the board. </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Capitalization</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Many proxy proposals involve changes in a company&#146;s capitalization, including the authorization of additional stock, the issuance of stock, the repurchase of outstanding stock, or the approval of a stock split. The management of a company&#146;s capital structure involves a number of important issues, including cash flow, financing needs, and market conditions that are unique to the circumstances of the company. As a result, the funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on board-approved proposals involving changes to a company&#146;s capitalization, except that where the funds are not otherwise withholding votes from the entire board of directors: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> proposals relating to the authorization and issuance of additional common stock (except where such proposals relate to a specific transaction). </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> proposals to effect stock splits (excluding reverse stock splits). </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> proposals authorizing share repurchase programs. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: A company may decide to authorize additional shares of common stock for reasons relating to executive compensation or for routine business purposes. For the most part, these decisions are best left to the board of directors and senior management. The funds will vote on a case-by-case basis, however, on other proposals to change a company&#146;s capitalization, including the authorization of common stock with special voting rights, the authorization or issuance of common stock in connection with a specific transaction (e.g., an acquisition, merger or reorganization), or the authorization or issuance of preferred stock. Actions such as these involve a number of considerations that may affect a shareholder&#146;s investment and that warrant a case-by-case determination. </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Acquisitions, Mergers, Reincorporations, Reorganizations and Other Transactions</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Shareholders may be confronted with a number of different types of transactions, including acquisitions, mergers, reorganizations involving business combinations, liquidations, and the sale of all or substantially all of a company&#146;s assets, which may require their consent. Voting on such proposals involves considerations unique to each transaction. As a result, the funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on board-approved proposals to effect these types of transactions, except as follows: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> mergers and reorganizations involving business combinations designed solely to reincorporate a company in Delaware. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: A company may reincorporate into another state through a merger or reorganization by setting up a &#147;shell&#148; company in a different state and then merging the company into the new company. While reincorporation into states with extensive and established corporate laws &#150; notably Delaware &#150; provides companies and shareholders with a more well-defined legal framework, shareholders must carefully consider the reasons for a reincorporation into another jurisdiction, including especially an offshore jurisdiction. </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Anti-Takeover Measures</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Some proxy proposals involve efforts by management to make it more difficult for an outside party to take control of the company without the approval of the company&#146;s board of directors.</FONT></P>
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<P align=left><FONT face=sans-serif size=2>These include the adoption of a shareholder rights plan, requiring supermajority voting on particular issues, the adoption of fair price provisions, the issuance of blank check preferred stock, and the creation of a separate class of stock with disparate voting rights. Such proposals may adversely affect shareholder rights, lead to management entrenchment, or create conflicts of interest. As a result, the funds will vote </FONT><B><U><FONT face=sans-serif size=2>against</FONT></U></B><FONT face=sans-serif size=2> board-approved proposals to adopt such anti-takeover measures, except as follows: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on proposals to ratify or approve shareholder rights plans; and </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on proposals to adopt fair price provisions. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: The funds&#146; Trustees recognize that poison pills and fair price provisions may enhance shareholder value under certain circumstances. As a result, the funds will consider proposals to approve such matters on a case-by-case basis. </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Other Business Matters</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Many proxies involve approval of routine business matters, such as changing a company&#146;s name, ratifying the appointment of auditors, and procedural matters relating to the shareholder meeting. For the most part, these routine matters do not materially affect shareholder interests and are best left to the board of directors and senior management of the company. The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> board-approved proposals approving such matters, except as follows: </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on proposals to amend a company&#146;s charter or bylaws (except for charter amendments necessary or to effect stock splits to change a company&#146;s name or to authorize additional shares of common stock). </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote </FONT><B><U><FONT face=sans-serif size=2>against</FONT></U></B><FONT face=sans-serif size=2> authorization to transact other unidentified, substantive business at the meeting. </FONT></P>
<P align=left><FONT face=sans-serif><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif> </FONT><FONT face=sans-serif size=2>The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on other business matters where the funds are otherwise withholding votes for the entire board of directors. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: Charter and bylaw amendments and the transaction of other unidentified, substantive business at a shareholder meeting may directly affect shareholder rights and have a significant impact on shareholder value. As a result, the funds do not view such items as routine business matters. Putnam Management&#146;s investment professionals and the funds&#146; proxy voting service may also bring to the Proxy Coordinator&#146;s attention company-specific items that they believe to be non-routine and warranting special consideration. Under these circumstances, the funds will vote on a case-by-case basis. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>II. SHAREHOLDER PROPOSALS </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>SEC regulations permit shareholders to submit proposals for inclusion in a company&#146;s proxy statement. These proposals generally seek to change some aspect of the company&#146;s corporate governance structure or to change some aspect of its business operations. The funds generally will vote </FONT><B><U><FONT face=sans-serif size=2>in accordance with the recommendation of the company&#146;s board of directors</FONT></U></B><FONT face=sans-serif size=2> on all shareholder proposals, except as follows: </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> shareholder proposals to declassify a board, absent special circumstances which would indicate that shareholder interests are better served by a classified board structure. </FONT></P>
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<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> shareholder proposals to require shareholder approval of shareholder rights plans. </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> shareholder proposals that are consistent with the funds&#146; proxy voting guidelines for board-approved proposals.</FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on other shareholder proposals where the funds are otherwise withholding votes for the entire board of directors. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: In light of the substantial reforms in corporate governance that are currently underway, the funds&#146; Trustees believe that effective corporate reforms should be promoted by holding boards of directors &#150; and in particular their independent directors &#150; accountable for their actions, rather than imposing additional legal restrictions on board governance through piecemeal proposals. Generally speaking, shareholder proposals relating to business operations are often motivated primarily by political or social concerns, rather than the interests of shareholders as investors in an economic enterprise. As stated above, the funds&#146; Trustees believe that boards of directors and management are responsible for ensuring that their businesses are operating in accordance with high legal and ethical standards and should be held accountable for resulting corporate behavior. Accordingly, the funds will generally 
support the recommendations of boards that meet the basic independence and governance standards established in these guidelines. Where boards fail to meet these standards, the funds will generally evaluate shareholder proposals on a case-by-case basis. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>III. VOTING SHARES OF NON-U.S. ISSUERS </FONT></B></P>
<P align=left><FONT face=sans-serif size=2>Many of the Putnam funds invest on a global basis, and, as a result, they may be required to vote shares held in non-U.S. issuers &#150; i.e., issuers that are incorporated under the laws of foreign jurisdictions and that are not listed on a U.S. securities exchange or the NASDAQ stock market. Because non-U.S. issuers are incorporated under the laws of countries and jurisdictions outside the U.S., protection for shareholders may vary significantly from jurisdiction to jurisdiction. Laws governing non-U.S. issuers may, in some cases, provide substantially less protection for shareholders. As a result, the foregoing guidelines, which are premised on the existence of a sound corporate governance and disclosure framework, may not be appropriate under some circumstances for non-U.S. issuers.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In many non-U.S. markets, shareholders who vote proxies of a non-U.S. issuer are not able to trade in that company&#146;s stock on or around the shareholder meeting date. This practice is known as &#147;share blocking.&#148; In countries where share blocking is practiced, the funds will vote proxies only with direction from Putnam Management&#146;s investment professionals.</FONT></P>
<P align=left><FONT face=sans-serif size=2>In addition, some non-U.S. markets require that a company&#146;s shares be re-registered out of the name of the local custodian or nominee into the name of the shareholder for the meeting. This practice is known as &#147;share re-registration.&#148; As a result, shareholders, including the funds, are not able to trade in that company&#146;s stock until the shares are re-registered back in the name of the local custodian or nominee. In countries where share re-registration is practiced, the funds will generally not vote proxies. </FONT></P>
<P align=left><FONT face=sans-serif size=2>The funds will vote proxies of non-U.S. issuers </FONT><B><U><FONT face=sans-serif size=2>in accordance with the foregoing guidelines</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B><B><U><FONT face=sans-serif size=2>where applicable</FONT></U></B><FONT face=sans-serif size=2>, except as follows: </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Uncontested Election of Directors</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><I><FONT face=sans-serif size=2>Japan </FONT></I></P>
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<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> For companies that have established a U.S.-style corporate structure, the funds will </FONT><B><U><FONT face=sans-serif size=2>withhold votes</FONT></U></B><FONT face=sans-serif size=2> for the entire board of directors if </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board does not have a majority of </FONT><U><FONT face=sans-serif size=2>outside directors</FONT></U><FONT face=sans-serif size=2>, </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not established nominating and compensation committees composed of a majority of </FONT><U><FONT face=sans-serif size=2>outside directors</FONT></U><FONT face=sans-serif size=2>, or </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not established an audit committee composed of a majority of </FONT><U><FONT face=sans-serif size=2>independent directors</FONT></U><FONT face=sans-serif size=2>. </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will </FONT><B><U><FONT face=sans-serif size=2>withhold votes</FONT></U></B><FONT face=sans-serif size=2> for the appointment of members of a company&#146;s board of statutory auditors if a majority of the members of the board of statutory auditors is not independent. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>:</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Board structure</FONT></B><FONT face=sans-serif size=2>: Recent amendments to the Japanese Commercial Code give companies the option to adopt a U.S.-style corporate structure (i.e., a board of directors and audit, nominating, and compensation committees). The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> proposals to amend a company&#146;s articles of incorporation to adopt the U.S.-style corporate structure. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Definition of outside director and independent director</FONT></B><FONT face=sans-serif size=2>: Corporate governance principles in Japan focus on the distinction between outside directors and independent directors. Under these principles, an outside director is a director who is not and has never been a director, executive, or employee of the company or its parent company, subsidiaries or affiliates. An outside director is &#147;independent&#148; if that person can make decisions completely independent from the managers of the company, its parent, subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other business relationship; familial relationship with current director or executive; etc.). The guidelines have incorporated these definitions in applying the board independence standards above.</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Korea </FONT></I></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will </FONT><B><U><FONT face=sans-serif size=2>withhold votes</FONT></U></B><FONT face=sans-serif size=2> for the entire board of directors if </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board does not have a majority of outside directors, </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not established a nominating committee composed of at least a majority of outside directors, or </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are outside directors. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: For purposes of these guideline, an &#147;outside director&#148; is a director that is independent from the management or controlling shareholders of the company, and holds no interests that might impair performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is an outside director, the funds will also apply the standards included in Article 415-2(2) of the Korean Commercial Code (i.e., no employment relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the company&#146;s largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside director. </FONT></P>
<P align=left><I><FONT face=sans-serif size=2>United Kingdom </FONT></I></P>
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<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will </FONT><B><U><FONT face=sans-serif size=2>withhold votes</FONT></U></B><FONT face=sans-serif size=2> for the entire board of directors if </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board does not have at least a majority of independent non-executive directors, </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not established nomination committees composed of a majority of independent non-executive directors, or </FONT></P>
<P align=left><FONT face=sans-serif size=2>&#149;</FONT><FONT face=sans-serif size=2> the board has not established compensation and audit committees composed of (1) at least three directors (in the case of smaller companies, two directors) and (2) solely of independent non-executive directors. </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will </FONT><B><U><FONT face=sans-serif size=2>withhold votes</FONT></U></B><FONT face=sans-serif size=2> for any nominee for director who is considered an independent director by the company and who has received compensation from the company other than for service as a director (e.g., investment banking, consulting, legal, or financial advisory fees). </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Application of guidelines</FONT></B><FONT face=sans-serif size=2>: Although the U.K.&#146;s Combined Code on Corporate Governance (&#147;Combined Code&#148;) has adopted the &#147;comply and explain&#148; approach to corporate governance, the funds&#146; Trustees believe that the guidelines discussed above with respect to board independence standards are integral to the protection of investors in U.K. companies. As a result, these guidelines will be applied in a prescriptive manner. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Definition of independence</FONT></B><FONT face=sans-serif size=2>: For the purposes of these guidelines, a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined Code (i.e., no material business or employment relationships with the company, no remuneration from the company for non-board services, no close family ties with senior employees or directors of the company, etc.), except that the funds do not view service on the board for more than nine years as affecting a director&#146;s independence. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Smaller companies</FONT></B><FONT face=sans-serif size=2>: A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year.</FONT></P>
<P align=left><I><FONT face=sans-serif size=2>Canada </FONT></I></P>
<P align=left><FONT face=sans-serif size=2>In January 2004, Canadian securities regulators issued proposed policies that would impose new corporate governance requirements on Canadian public companies. The recommended practices contained in these new corporate governance requirements mirror corporate governance reforms that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, the funds will vote on matters relating to the board of directors of Canadian issuers </FONT><B><U><FONT face=sans-serif size=2>in accordance with the guidelines applicable to U.S. issuers</FONT></U></B><FONT face=sans-serif size=2>. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Commentary</FONT></U><FONT face=sans-serif size=2>: Like the U.K.&#146;s Combined Code, the proposed policies on corporate governance issued by Canadian securities regulators embody the &#147;comply and explain&#148; approach to corporate governance. Because the funds&#146; Trustees believe that the board independence standards contained in the proxy voting guidelines are integral to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner. </FONT></P>
<P align=left><B><U><FONT face=sans-serif size=2>Other Matters</FONT></U></B><B><FONT face=sans-serif size=2> </FONT></B></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> shareholder proposals calling for a majority of a company&#146;s directors to be independent of management. </FONT></P>
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<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> shareholder proposals seeking to increase the independence of board nominating, audit, and compensation committees. </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote </FONT><B><U><FONT face=sans-serif size=2>for</FONT></U></B><FONT face=sans-serif size=2> shareholder proposals that implement corporate governance standards similar to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction under which the company is incorporated. </FONT></P>
<P align=left><FONT face=sans-serif size=2><FONT face=sans-serif>*</FONT></FONT><FONT face=sans-serif size=2> The funds will vote on a </FONT><B><U><FONT face=sans-serif size=2>case-by-case basis</FONT></U></B><FONT face=sans-serif size=2> on proposals relating to (1) the issuance of common stock in excess of 20% of the company&#146;s outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in excess of 100% of the company&#146;s outstanding common stock where shareholders have preemptive rights. </FONT></P>
<P align=left><FONT face=sans-serif>As adopted January 13, 2006</FONT><FONT face=sans-serif size=2> </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Proxy Voting Procedures of the Putnam Funds</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>The proxy voting procedures below explain the role of the funds&#146; Trustees, the proxy voting service and the Proxy Coordinator, as well as how the process will work when a proxy question needs to be handled on a case-by-case basis, or when there may be a conflict of interest. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>The role of the funds&#146; Trustees</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>The Trustees of the Putnam funds exercise control of the voting of proxies through their Board Policy and Nominating Committee, which is composed entirely of independent Trustees. The Board Policy and Nominating Committee oversees the proxy voting process and participates, as needed, in the resolution of issues that need to be handled on a case-by-case basis. The Committee annually reviews and recommends, for Trustee approval, guidelines governing the funds&#146; proxy votes, including how the funds vote on specific proposals and which matters are to be considered on a case-by-case basis. The Trustees are assisted in this process by their independent administrative staff (&#147;Office of the Trustees&#148;), independent legal counsel, and an independent proxy voting service. The Trustees also receive assistance from Putnam Investment Management, LLC (&#147;Putnam Management&#148;), the funds&#146; investment advisor, on matters involving investment judgments. In all
 cases, the ultimate decision on voting proxies rests with the Trustees, acting as fiduciaries on behalf of the shareholders of the funds. </FONT></P>
<P align=left><U><FONT face=sans-serif size=2>The role of the proxy voting service</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>The funds have engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting service is responsible for coordinating with the funds&#146; custodians to ensure that all proxy materials received by the custodians relating to the funds&#146; portfolio securities are processed in a timely fashion. To the extent applicable, the proxy voting service votes all proxies in accordance with the proxy voting guidelines established by the Trustees. The proxy voting service will refer proxy questions to the Proxy Coordinator (described below) for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also requested to call to the Proxy Coordinator&#146;s attention specific proxy questions that, while governed by a guideline, appe
ar to involve unusual or controversial issues. The funds also utilize research services relating to proxy questions provided by the proxy voting service and by other firms. </FONT></P>
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<P align="left">
<U><FONT size=2 face="sans-serif">The role of the Proxy Coordinator</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Each year, a member of the Office of the Trustees is appointed Proxy Coordinator to assist in the coordination and voting of the funds&#146; proxies. The Proxy Coordinator will deal directly with the proxy voting
service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and instructions from the Office of the Trustees, the Chair of the Board Policy and Nominating Committee, and Putnam
Management&#146;s investment professionals, as appropriate. The Proxy Coordinator is responsible for ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy
voting service. </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Voting procedures for referral items</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As discussed above, the proxy voting service will refer proxy questions to the Proxy Coordinator under certain circumstances. When the application of the proxy voting guidelines is unclear or a particular proxy
question is not covered by the guidelines (and does not involve investment considerations), the Proxy Coordinator will assist in interpreting the guidelines and, as appropriate, consult with one of more senior staff members of the Office of the
Trustees and the Chair of the Board Policy and Nominating Committee on how the funds&#146; shares will be voted. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">For proxy questions that require a case-by-case analysis pursuant to the guidelines or that are not covered by the guidelines but involve investment considerations, the Proxy Coordinator will refer such questions,
through a written request, to Putnam Management&#146;s investment professionals for a voting recommendation. Such referrals will be made in cooperation with the person or persons designated by Putnam Management&#146;s Legal and Compliance Department
to assist in processing such referral items. In connection with each such referral item, the Legal and Compliance Department will conduct a conflicts of interest review, as described below under &#147;Conflicts of Interest,&#148; and provide a
conflicts of interest report (the &#147;Conflicts Report&#148;) to the Proxy Coordinator describing the results of such review. After receiving a referral item from the Proxy Coordinator, Putnam Management&#146;s investment professionals will
provide a written recommendation to the Proxy Coordinator and the person or persons designated by the Legal and Compliance Department to assist in processing referral items. Such recommendation will set forth (1) how the proxies should be voted; (2)
the basis and rationale for such recommendation; and (3) any contacts the investment professionals have had with respect to the referral item with non-investment personnel of Putnam Management or with outside parties (except for routine
communications from proxy solicitors). The Proxy Coordinator will then review the investment professionals&#146; recommendation and the Conflicts Report with one of more senior staff members of the Office of the Trustees in determining how to vote
the funds&#146; proxies. The Proxy Coordinator will maintain a record of all proxy questions that have been referred to Putnam Management&#146;s investment professionals, the voting recommendation, and the Conflicts Report. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">In some situations, the Proxy Coordinator and/or one of more senior staff members of the Office of the Trustees may determine that a particular proxy question raises policy issues requiring consultation with the Chair
of the Board Policy and Nominating Committee, who, in turn, may decide to bring the particular proxy question to the Committee or the full Board of Trustees for consideration. </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Conflicts of interest</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Occasions may arise where a person or organization involved in the proxy voting process may have a conflict of interest. A conflict of interest may exist, for example, if Putnam Management has a business relationship
with (or is actively soliciting business from) either the company soliciting the proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Any individual
with knowledge of a personal conflict of interest (e.g., familial relationship with company management) relating to a particular referral item shall disclose that conflict to the Proxy Coordinator and the Legal and Compliance </FONT></P>

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<P align=left><FONT face=sans-serif size=2>Department and otherwise remove himself or herself from the proxy voting process. The Legal and Compliance Department will review each item referred to Putnam Management&#146;s investment professionals to determine if a conflict of interest exists and will provide the Proxy Coordinator with a
Conflicts Report for each referral item that (1) describes any conflict of interest; (2) discusses the procedures used to address such conflict of interest; and (3) discloses any contacts from parties outside Putnam Management (other than routine communications from proxy solicitors) with respect to the referral item not otherwise reported in an investment professional&#146;s recommendation. The Conflicts Report will also include written confirmation that any recommendation from an investment professional provided under circumstances where a conflict of interest exists was made solely on the investment merits and without regard to any other consideration. </FONT></P>
<P align=left><FONT face=sans-serif size=2>As adopted March 11, 2005 </FONT></P>
<P align=left><FONT face=sans-serif size=2><U>Item 8. Portfolio Managers of Closed-End Management Investment Companies</P>
<P align=left></U><FONT face="Times New Roman" size=3></FONT></FONT>&nbsp;</P>
<P align=left><FONT face=sans-serif>(a)(1) </FONT><B><FONT face=sans-serif>Investment management teams. </FONT></B><FONT face=sans-serif>Putnam Management&#146;s, Putnam Investments Limited&#146;s and The Putnam Advisory Company&#146;s (for funds having Putnam Investments Limited and/or The Putnam Advisory Company as sub-manager) investment professionals are organized into investment management teams, with a particular team dedicated to a specific asset class. The members of the team or teams identified in the shareholder report included in Item 1 of this report manage the fund&#146;s investments. The names of all team members can be found at </FONT><U><FONT face=sans-serif>www.putnam.com</FONT></U><FONT face=sans-serif>. </FONT></P>
<P align=left><FONT face=sans-serif>The team members identified as the fund&#146;s Portfolio Leader(s) and Portfolio Member(s) coordinate team efforts related to the fund and are primarily responsible for the day-today management of the fund&#146;s portfolio. In addition to these individuals, each team also includes other investment professionals, whose analysis, recommendations and research inform investment decisions made for the fund. </FONT></P>





<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><B><FONT face=sans-serif>Portfolio</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=sans-serif>Joined</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><B><FONT face=sans-serif>Leaders</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%"><B><FONT face=sans-serif>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif>Employer</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="44%"><B><FONT face=sans-serif>Positions Over Past Five Years</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif>David King</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>2002</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><U><FONT face=sans-serif size=2>Putnam Management</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif>Senior Portfolio Manager</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><U><FONT face=sans-serif size=2>1983 - Present</FONT></U></B>&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Robert Salvin</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><U><FONT face=sans-serif size=2>Putnam Management</FONT></U>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif>Portfolio Manager</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif>2000-Present</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif>Previously, Convertible Specialist;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif>Analyst; Equity Capital Market</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif>Specialist</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="55%" colSpan=3></TD>
     <TD width="44%"></TD></TR></TABLE><BR>






<P align=left><FONT face=sans-serif>(a)(2) </FONT><B><FONT face=sans-serif>Other Accounts Managed by the Fund&#146;s Portfolio Managers.</FONT></B><FONT face=sans-serif> </FONT></P>
<P align=left><FONT face=sans-serif>The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund&#146;s Portfolio Leader(s) and Portfolio Member(s) managed as of the fund&#146;s most recent fiscal year-end. The other accounts may include accounts for which the individual was not designated as a portfolio member. Unless noted, none of the other accounts pays a fee based on the account&#146;s performance.</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>Other accounts (including</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>separate accounts,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>managed account</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>programs and single-</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=2>Portfolio</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=2>Other SEC-registered</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>Other accounts that pool</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>sponsor defined</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=2>Leader or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=2>open-end and closed-end</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>assets from more than</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>contribution plan</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=2>Member</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=sans-serif size=2>funds</FONT></B>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="18%"></TD>
     <TD noWrap align=left width="26%" colSpan=2><B><FONT face=sans-serif size=2>one client</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=2>offerings)</FONT></B>&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="17%"></TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>Number</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Assets</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>Number</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Assets</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Number</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>accounts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>accounts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>accounts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="96%" background="" colSpan=7><B><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Dave King</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>$6,058,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>$80,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>5</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>$290,600,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Robert Salvin</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>$4,602,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>$29,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>$210,200,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="96%" background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><U><FONT face=sans-serif>Potential conflicts of interest in managing multiple accounts. </FONT></U><FONT face=sans-serif>Like other investment professionals with multiple clients, the fund&#146;s Portfolio Leader(s) and Portfolio Member(s) may face certain potential conflicts of interest in connection with managing both the fund and the other accounts listed under &#147;Other Accounts Managed by the Fund&#146;s Portfolio Managers&#148; at the same time. The paragraphs below describe some of these potential conflicts, which Putnam Management believes are faced by investment professionals at most major financial firms. As described below, Putnam Management and the Trustees of the Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential conflicts.</FONT></P>
<P align=left><FONT face=sans-serif>The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (&#147;performance fee accounts&#148;), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others: </FONT></P>
<P align=left><FONT face=sans-serif>&#149; The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.</FONT></P>
<P align=left><FONT face=sans-serif>&#149; The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time. </FONT></P>
<P align=left><FONT face=sans-serif>&#149; The trading of other accounts could be used to benefit higher-fee accounts (front- running).</FONT></P>
<P align=left><FONT face=sans-serif>&#149; The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.</FONT></P>
<P align=left><FONT face=sans-serif>Putnam Management attempts to address these potential conflicts of interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless of fee structure, on the same footing for investment management purposes. For example, under Putnam Management&#146;s policies: </FONT></P>
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<P align="left">
<FONT face="sans-serif">&#149; Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.</FONT></P>
<P align="left">
<FONT face="sans-serif">&#149; All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the procedures generally applicable to all accounts in those groups (e.g., based on
relative risk budgets of accounts).</FONT></P>
<P align="left">
<FONT face="sans-serif">&#149; All trading must be effected through Putnam&#146;s trading desks and normal queues and procedures must be followed (i.e., no special treatment is permitted for performance fee accounts or higher-fee accounts based on
account fee structure).</FONT></P>
<P align="left">
<FONT face="sans-serif">&#149; Front running is strictly prohibited.</FONT></P>
<P align="left">
<FONT face="sans-serif">&#149; The fund&#146;s Portfolio Leader(s) and Portfolio Member(s) may not be guaranteed or specifically allocated any portion of a performance fee.</FONT></P>
<P align="left">
<FONT face="sans-serif">As part of these policies, Putnam Management has also implemented trade oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts) are being
favored over time.</FONT></P>
<P align="left">
<FONT face="sans-serif">Potential conflicts of interest may also arise when the Portfolio Leader(s) or Portfolio Member(s) have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and
subject to limited exceptions, Putnam Management&#146;s investment professionals do not have the opportunity to invest in client accounts, other than the Putnam funds. However, in the ordinary course of business, Putnam Management or related persons
may from time to time establish &#147;pilot&#148; or &#147;incubator&#148; funds for the purpose of testing proposed investment strategies and products prior to offering them to clients. These pilot accounts may be in the form of registered
investment companies, private funds such as partnerships or separate accounts established by Putnam Management or an affiliate. Putnam Management or an affiliate supplies the funding for these accounts. Putnam employees, including the fund&#146;s
Portfolio Leader(s) and Portfolio Member(s), may also invest in certain pilot accounts. Putnam Management, and to the extent applicable, the Portfolio Leader(s) and Portfolio Member(s) will benefit from the favorable investment performance of those
funds and accounts. Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. Putnam Management&#146;s policy is to treat pilot accounts in the same manner as client accounts for purposes of trading
allocation &#150; neither favoring nor disfavoring them except as is legally required. For example, pilot accounts are normally included in Putnam Management&#146;s daily block trades to the same extent as client accounts (except that pilot accounts
do not participate in initial public offerings). </FONT></P>
<P align="left">
<FONT face="sans-serif">A potential conflict of interest may arise when the fund and other accounts purchase or sell the same securities. On occasions when the Portfolio Leader(s) or Portfolio Member(s) consider the purchase or sale of a security to
be in the best interests of the fund as well as other accounts, Putnam Management&#146;s trading desk may, to the extent permitted by applicable laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best
execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another in allocating the securities purchased or </FONT></P>

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<P align="left">
<FONT face="sans-serif">sold &#150; for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account. Putnam Management&#146;s trade allocation policies generally provide that each
day&#146;s transactions in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such accounts (including the fund) in a manner which in Putnam Management&#146;s opinion is
equitable to each account and in accordance with the amount being purchased or sold by each account. Certain exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed on a periodic basis as part of Putnam
Management&#146;s trade oversight procedures in an attempt to ensure fairness over time across accounts. </FONT></P>
<P align="left">
<FONT face="sans-serif">&#147;Cross trades,&#148; in which one Putnam account sells a particular security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest. Cross trades may
be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another account at a higher price than an independent third party would pay. Putnam Management and the fund&#146;s Trustees have
adopted compliance procedures that provide that any transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by law. </FONT></P>
<P align="left">
<FONT face="sans-serif">Another potential conflict of interest may arise based on the different investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon or different
investment objectives, policies or restrictions than the fund. Depending on another account&#146;s objectives or other factors, the Portfolio Leader(s) and Portfolio Member(s) may give advice and make decisions that may differ from advice given, or
the timing or nature of decisions made, with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a particular security may be bought or
sold for certain accounts even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio Leader(s) or Portfolio Member(s) when one
or more other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts. As noted above, Putnam
Management has implemented trade oversight and review procedures to monitor whether any account is systematically favored over time.</FONT></P>
<P align="left">
<FONT face="sans-serif">The fund&#146;s Portfolio Leader(s) and Portfolio Member(s) may also face other potential conflicts of interest in managing the fund, and the description above is not a complete description of every conflict that could be
deemed to exist in managing both the fund and other accounts.</FONT></P>
<P align="left">
<FONT face="sans-serif">(a)(3) </FONT><B><FONT face="sans-serif">Compensation of investment professionals.</FONT></B><FONT face="sans-serif"> Putnam Management believes that its investment management teams should be compensated primarily based on
their success in helping investors achieve their goals. The portion of Putnam Investments&#146; total incentive compensation pool that is available to Putnam Management&#146;s Investment Division is based primarily on its delivery, across all of the
portfolios it manages, of </FONT></P>

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<P align="left">
<FONT face="sans-serif">consistent, dependable and superior performance over time. The peer group for the fund, which is identified in the shareholder report included in Item 1, is its broad investment category as determined by Lipper Inc. The
portion of the incentive compensation pool available to each investment management team varies based primarily on its delivery, across all of the portfolios it manages, of consistent, dependable and superior performance over time on (i) for
tax-exempt funds, a tax-adjusted basis to recognize the different federal income tax treatment for capital gains distributions and exempt-interest distributions a before-tax basis or (ii) for taxable funds, on a before-tax basis. </FONT></P>
<P align="left">
<FONT face="sans-serif">Consistent performance means being above median over one year. </FONT></P>
<P align="left">
<B><FONT face="sans-serif">&middot;</FONT></B><FONT face="sans-serif"> Dependable performance means not being in the 4th quartile of the peer group over one, three or five years. </FONT></P>
<P align="left">
<B><FONT face="sans-serif">&middot;</FONT></B><FONT face="sans-serif"> Superior performance (which is the largest component of Putnam Management&#146;s incentive compensation program) means being in the top third of the peer group over three and
five years.</FONT><B><FONT face="sans-serif"> </FONT></B></P>
<P align="left">
<FONT face="sans-serif">In determining an investment management team&#146;s portion of the incentive compensation pool and allocating that portion to individual team members, Putnam Management retains discretion to reward or penalize teams or
individuals, including the fund&#146;s Portfolio Leader(s) and Portfolio Member(s), as it deems appropriate, based on other factors. The size of the overall incentive compensation pool each year is determined by Putnam Management&#146;s parent
company, Marsh &amp; McLennan Companies, Inc., and depends in large part on Putnam&#146;s profitability for the year, which is influenced by assets under management. Incentive compensation is generally paid as cash bonuses, but a portion of
incentive compensation may instead be paid as grants of restricted stock, options or other forms of compensation, based on the factors described above. In addition to incentive compensation, investment team members receive annual salaries that are
typically based on seniority and experience. Incentive compensation generally represents at least 70% of the total compensation paid to investment team members.</FONT><B><FONT face="sans-serif"> </FONT></B></P>
<P align="left">
<FONT face="sans-serif">(a)(4) </FONT><B><FONT face="sans-serif">Fund ownership. </FONT></B><FONT face="sans-serif">The following table shows the dollar ranges of shares of the fund owned by the professionals listed above at the end of the
fund&#146;s last two fiscal years, including investments by their immediate family members and amounts invested through retirement and deferred compensation plans. </FONT></P>
<IMG src="itemtwox18x1.jpg" border=0>
<BR>
<P align="left">
<FONT face="sans-serif">(b) Not applicable </FONT></P>

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<A name="page_19"></A>
<P align=left><U><FONT face=sans-serif size=2>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and</FONT></U><FONT face=sans-serif size=2></FONT> <BR>
<U><FONT face=sans-serif size=2>Affiliated Purchasers:</FONT></U><FONT face=sans-serif size=2></FONT></P>
<P align=left><FONT face=sans-serif size=2>Registrant Purchase of Equity Securities</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Maximum</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Number (or</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Approximate</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Dollar Value )</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>as Part</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>of Publicly</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>that May Yet Be</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Average</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Announced</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%">&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Price Paid</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>Plans or</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>under the Plans</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><U><FONT face=sans-serif size=2>Period</FONT></U>&nbsp;</TD>
     <TD noWrap align=left width="17%"><U><FONT face=sans-serif size=2>Purchased</FONT></U>&nbsp;</TD>
     <TD noWrap align=left width="13%"><U><FONT face=sans-serif size=2>per Share</FONT></U>&nbsp;</TD>
     <TD noWrap align=left width="17%"><U><FONT face=sans-serif size=2>Programs</FONT></U>&nbsp;</TD>
     <TD noWrap align=left width="18%"><U><FONT face=sans-serif size=2>or Programs *</FONT></U>&nbsp;</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp;</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>October 7- October 31,200</FONT><FONT face=sans-serif size=2>5</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>42,963</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.50</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>42,963</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>2,208,992</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>November 1 - November 30,</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>21,959</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.71</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>21,959</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>2,187,033</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>December 1 - December 31,</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>2005</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>88,982</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.58</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>88,982</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>2,098,051</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>January 1 - January 31,</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>79,528</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.79</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>79,528</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>2,018,523</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>February 1 - February 28,</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="13%">&nbsp;</TD>
     <TD noWrap align=left width="17%">&nbsp;</TD>
     <TD noWrap align=left width="18%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>78,656</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.85</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>78,656</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>1,939,867</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>March 1 - March 31, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>75,269</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.88</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>75,269</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>1,864,598</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>April 1 - April 30, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>74,759</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.73</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>74,759</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>1,789,839</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>May 1 - May 31, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>107,975</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.68</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>107,975</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>1,681,864</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>June 1 - June 30, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>85,073</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.66</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>85,073</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>1,596,791</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>July 1 - July 31, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>140,271</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.63</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>140,271</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>1,456,520</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=sans-serif size=2>August 1 - August 31, 2006</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>107,875</FONT>&nbsp;</TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>$7.82</FONT>&nbsp;</TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>107,875</FONT>&nbsp;</TD>
     <TD noWrap align=left width="18%"><FONT face=sans-serif size=2>1,348,645</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>The Board of Trustees announced a repurchase plan on October 7, 2005 for which</FONT> <B><FONT face=sans-serif size=2>1,125,977</FONT></B> <FONT face=sans-serif size=2>shares were approved for repurchase by the fund. The repurchase plan was approved through</FONT> <FONT face=sans-serif size=2>October 6, 2006</FONT><FONT face=sans-serif size=2>. On March 10, 2006, the Trustees announced that the repurchase program was increased to allow repurchases of up to a total of 2,251,955 shares over the original term of the program. On September 15, 2006, the Trustees voted to extend the term of the repurchase program through October 6, 2007. This extension did not affect the number of shares eligible for repurchase under the program.</FONT></P>
<P align=left><FONT face=sans-serif size=2>*Information is based on the total number of shares eligible for repurchase under the program, as amended through September 15, 2006</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 10. Submission of Matters to a Vote of Security Holders:</FONT></U><FONT face=sans-serif size=2></FONT></P>
<P align=left><FONT face=sans-serif size=2>Not applicable</FONT></P>
<P align=left><U><FONT face=sans-serif size=2>Item 11. Controls and Procedures:</FONT></U><FONT face=sans-serif size=2></FONT></P>
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<A name="page_20"></A>

<P align="left">
<FONT size=2 face="sans-serif">(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this
report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) Changes in internal control over financial reporting: Not applicable </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Item 12. Exhibits:</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed
herewith. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith. </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">SIGNATURES</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">Putnam High Income Securities Fund</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By (Signature and Title): </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">/s/Michael T. Healy</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
<FONT size=2 face="sans-serif">Michael T. Healy </FONT><BR>
<FONT size=2 face="sans-serif">Principal Accounting Officer </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: October 26, 2006 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By (Signature and Title): </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">/s/Charles E. Porter</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: October 26, 2006 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">By (Signature and Title): </FONT></P>
<P align="left">
<U><FONT size=2 face="sans-serif">/s/Steven D. Krichmar</FONT></U><FONT size=2 face="sans-serif"> </FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer </FONT></P>

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<A name="page_21"></A>

<P align="left">
<FONT size=2 face="sans-serif">Date: October 26, 2006</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>b_cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>

<HTML>
<HEAD>
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<A name="page_1"></A>

<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Charles E. Porter, the Principal Executive Officer of the funds listed on Attachment A, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included ineach report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of each report based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):
</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record,
process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: October 25, 2006 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">_______________________ </FONT><BR>
<FONT size=2 face="sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="sans-serif">Principal Executive Officer </FONT></P>

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<A name="page_2"></A>

<P align="left">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within
90 days prior to the filing date of each report based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):
</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record,
process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Date: October 25, 2006 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">/s/ Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">_______________________</FONT><BR>
<FONT size=2 face="sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="sans-serif">Principal Financial Officer </FONT></P>

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<A name="page_3"></A>

<P align="left">
<FONT size=2 face="sans-serif">Attachment A </FONT><BR>
<FONT size=2 face="sans-serif">August 31, 2006 </FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">021</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam Health Sciences Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">014</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam High Yield Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">274</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam New Value Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">2AZ</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam International Capital Opportunities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">061</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam High Income Securities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">018</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam Global Natural Resources Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">29X</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam Floating Rate Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">7BF</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam Income Strategies Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT size=2 face="sans-serif">2MF</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT size=2 face="sans-serif">Putnam Small Cap Value Fund</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_certnos.htm
<DESCRIPTION>EX-99.906 CERT
<TEXT>

<HTML>
<HEAD>
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<A name="page_1"></A>
<P align=left><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>I, Charles E. Porter, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge: </FONT></P>
<P align=left><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2006 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P>
<P align=left><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2006 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Date: October 25, 2006 </FONT><BR>
<BR>
<FONT face=sans-serif size=2>/s/ Charles E. Porter </FONT><BR>
<FONT face=sans-serif size=2>______________________</FONT><BR>
<FONT face=sans-serif size=2>Charles E. Porter </FONT><BR>
<FONT face=sans-serif size=2>Principal Executive Officer </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_2"></A>
<P align=left><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U><FONT face=sans-serif size=2> </FONT></P>
<P align=left><FONT face=sans-serif size=2>I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge: </FONT></P>
<P align=left><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2006 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P>
<P align=left><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2006 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A. </FONT></P>
<P align=left><FONT face=sans-serif size=2>Date: October 25, 2006 </FONT><BR>
<BR>
<FONT face=sans-serif size=2>/s/ Steven D. Krichmar </FONT><BR>
<FONT face=sans-serif size=2>______________________</FONT><BR>
<FONT face=sans-serif size=2>Steven D. Krichmar </FONT><BR>
<FONT face=sans-serif size=2>Principal Financial Officer </FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<A name="page_3"></A>

<P align="left">
<FONT face="sans-serif">Attachment A </FONT><BR>
<FONT face="sans-serif">August 31, 2006 </FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">021</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam Health Sciences Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">014</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam High Yield Trust</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">274</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam New Value Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">2AZ</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam International Capital Opportunities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">061</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam High Income Securities Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">018</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam Global Natural Resources Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">29X</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam Floating Rate Income Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">7BF</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam Income Strategies Fund</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=10% nowrap>
<FONT face="sans-serif">2MF</FONT>&nbsp;
	</TD>
	<TD align=left width=89% nowrap>
<FONT face="sans-serif">Putnam Small Cap Value Fund</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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</DOCUMENT>
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<SEQUENCE>4
<FILENAME>itemtwox18x1.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.P CODE ETH
<SEQUENCE>14
<FILENAME>coe.htm
<TEXT>

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   <TITLE>COE.htm</TITLE>
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<P align="left">
<B><FONT face="serif">THE PUTNAM FUNDS</FONT></B></P>
<P align="left">
<U><FONT face="serif">Code of Ethics</FONT></U></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT face="serif">Each of The Putnam Funds (the &#147;Funds&#148;) has determined to adopt this Code of Ethics </FONT><BR>
<FONT face="serif">with respect to certain types of personal securities transactions by officers and Trustees of the </FONT><BR>
<FONT face="serif">Funds which might be deemed to create possible conflicts of interest and to establish reporting </FONT><BR>
<FONT face="serif">requirements and enforcement procedures with respect to such transactions.</FONT><BR>
<BR>
<FONT face="serif">I. </FONT><U><FONT face="serif">Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or</FONT></U><FONT face="serif"> </FONT><BR>
<U><FONT face="serif">Its Subsidiaries</FONT></U><BR>
<BR>
<FONT face="serif">A. </FONT><U><FONT face="serif">Incorporation of Adviser&#146;s Code of Ethics</FONT></U><FONT face="serif">. The provisions of the Code of Ethics </FONT><BR>
<FONT face="serif">for employees of Putnam Investments Trust and its subsidiaries (the &#147;Putnam </FONT><BR>
<FONT face="serif">Investments Code of Ethics&#148;), which is attached as Appendix A hereto, are hereby </FONT><BR>
<FONT face="serif">incorporated herein as the Funds&#146; Code of Ethics applicable to officers and </FONT><BR>
<FONT face="serif">Trustees of the Funds who are employees of the Funds or officers, directors or </FONT><BR>
<FONT face="serif">employees of Putnam Investments Trust or its subsidiaries. A violation of the </FONT><BR>
<FONT face="serif">Putnam Investments&#146; Code of Ethics shall constitute a violation of the Funds&#146;</FONT><BR>
<FONT face="serif">Code.</FONT><BR>
<BR>
<FONT face="serif">B. </FONT><U><FONT face="serif">Reports</FONT></U><FONT face="serif">. Officers and Trustees of each of the Funds who are made subject to the </FONT><BR>
<FONT face="serif">Putnam Investments&#146; Code of Ethics pursuant to the preceding paragraph shall </FONT><BR>
<FONT face="serif">file the reports required by the Putnam Investments&#146; Code of Ethics with the Code </FONT><BR>
<FONT face="serif">of Ethics Officer designated therein. A report filed with the Code of Ethics </FONT><BR>
<FONT face="serif">Officer shall be deemed to be filed with each of the Funds of which the reporting </FONT><BR>
<FONT face="serif">individual is an officer or Trustee.</FONT><BR>
<BR>
<FONT face="serif">C. </FONT><U><FONT face="serif">Review and Reporting</FONT></U><FONT face="serif">.</FONT><BR>
<BR>
<FONT face="serif">(1) The Code of Ethics Officer shall cause the reported personal securities </FONT><BR>
<FONT face="serif">transactions to be compared with completed and contemplated portfolio </FONT><BR>
<FONT face="serif">transactions of each of the Funds to determine whether a violation of this </FONT><BR>
<FONT face="serif">Code may have occurred. Before making any determination that a </FONT><BR>
<FONT face="serif">violation has been committed by any person, the Code of Ethics Officer</FONT><BR>
<FONT face="serif">shall give such person an opportunity to supply additional explanatory </FONT><BR>
<FONT face="serif">material.</FONT><BR>
<BR>
<FONT face="serif">(2) If the Code of Ethics Officer determines that a violation of any provision </FONT><BR>
<FONT face="serif">of this Code has or may have occurred, he shall submit his written </FONT><BR>
<FONT face="serif">determination, together with any additional explanatory material, to the </FONT><BR>
<FONT face="serif">Audit and Compliance Committee of the Funds at its next meeting when </FONT><BR>
<FONT face="serif">Code of Ethics matters are discussed.</FONT><BR>
<BR>
<FONT face="serif">D. </FONT><U><FONT face="serif">Sanctions</FONT></U><FONT face="serif">. In addition to reporting violations of this Code to the Audit and </FONT><BR>
<FONT face="serif">Compliance Committee of the Funds as provided in Section I-C(2), the Code of </FONT><BR>
<FONT face="serif">Ethics Officer shall also report to such Committee any sanctions imposed with </FONT></TD></TR></TABLE>
</P>

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<P align="left">
<TABLE><TR><TD nowrap>
<FONT face="serif">respect to such violations. The Committee reserves the right to impose such </FONT><BR>
<FONT face="serif">additional sanctions as it deems appropriate.</FONT><BR>
<BR>
<FONT face="serif">II. </FONT><U><FONT face="serif">Rules Applicable to Unaffiliated Trustees</FONT></U><BR>
<BR>
<FONT face="serif">A. </FONT><U><FONT face="serif">Definitions</FONT></U><FONT face="serif">.</FONT><BR>
<BR>
<FONT face="serif">(1) &#147;Beneficial ownership&#148; shall be interpreted in the same manner as it </FONT><BR>
<FONT face="serif">would be in determining whether a person is subject to the provisions of </FONT><BR>
<FONT face="serif">Section 16 of the Securities Exchange Act of 1934 and the rules and </FONT><BR>
<FONT face="serif">regulations thereunder.</FONT><BR>
<BR>
<FONT face="serif">(2) &#147;Control&#148; means the power to exercise a controlling influence over the </FONT><BR>
<FONT face="serif">management or policies of a company, unless such power is solely the </FONT><BR>
<FONT face="serif">result of an official position with such company.</FONT><BR>
<BR>
<FONT face="serif">(3) &#147;Interested Trustee&#148; means a Trustee of a Fund who is an &#147;interested </FONT><BR>
<FONT face="serif">person&#148; of the Fund within the meaning of the Investment Company Act.</FONT><BR>
<BR>
<FONT face="serif">(4) &#147;Purchase or sale of a security&#148; includes, among other things, the writing </FONT><BR>
<FONT face="serif">of an option to purchase or sell a security.</FONT><BR>
<BR>
<FONT face="serif">(5) &#147;Security&#148; shall have the same meaning as that set forth in Section </FONT><BR>
<FONT face="serif">2(a)(36) of the Investment Company Act (in effect, all securities) except </FONT><BR>
<FONT face="serif">that it shall not include securities issued by the Government of the United </FONT><BR>
<FONT face="serif">States or an agency thereof, bankers&#146; acceptances, bank certificates of </FONT><BR>
<FONT face="serif">deposit, commercial paper and high-quality short-term debt investments, </FONT><BR>
<FONT face="serif">including repurchase agreements, and shares of registered open-end </FONT><BR>
<FONT face="serif">investment companies, but shall include any security convertible into or </FONT><BR>
<FONT face="serif">exchangeable for a security.</FONT><BR>
<BR>
<FONT face="serif">(6) &#147;Unaffiliated Trustee&#148; means a Trustee who is not made subject to the </FONT><BR>
<FONT face="serif">Putnam Investments Code of Ethics pursuant to Part I hereof.</FONT><BR>
<BR>
<FONT face="serif">B. </FONT><U><FONT face="serif">Prohibited Purchases and Sales</FONT></U><FONT face="serif">. No Unaffiliated Trustee of any of the Funds shall</FONT><BR>
<FONT face="serif">purchase or sell, directly or indirectly, any security in which he has, or by reason </FONT><BR>
<FONT face="serif">of such transaction acquires, any direct or indirect beneficial ownership and which</FONT><BR>
<FONT face="serif">to his </FONT><U><FONT face="serif">actual knowledge </FONT></U><FONT face="serif">at the time of such purchase or sale: </FONT><BR>
<BR>
<FONT face="serif">(1) is being considered for purchase or sale by the Fund;</FONT><BR>
<BR>
<FONT face="serif">(2) is being purchased or sold by the Fund; or</FONT><BR>
<BR>
<FONT face="serif">(3) was purchased or sold by the Fund within the most recent five days if such</FONT><BR>
<FONT face="serif">person participated in the recommendation to, or the decision by, Putnam </FONT><BR>
<FONT face="serif">Investment Management to purchase or sell such security for the Fund.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT face="serif">- 2 -</FONT></P>

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<P align="left">
<TABLE><TR><TD nowrap>
<FONT face="serif">C. </FONT><U><FONT face="serif">Exempted Transactions</FONT></U><FONT face="serif">. The prohibitions of Section II-B of this Code shall not </FONT><BR>
<FONT face="serif">apply to:</FONT><BR>
<BR>
<FONT face="serif">(1) purchases or sales of securities effected in any account over which the </FONT><BR>
<FONT face="serif">Unaffiliated Trustee has no direct or indirect influence or control;</FONT><BR>
<BR>
<FONT face="serif">(2) purchases or sales of securities which are non-volitional on the part of </FONT><BR>
<FONT face="serif">either the Unaffiliated Trustee or the Fund;</FONT><BR>
<BR>
<FONT face="serif">(3) purchases of securities which are part of an automatic dividend </FONT><BR>
<FONT face="serif">reinvestment plan;</FONT><BR>
<BR>
<FONT face="serif">(4) purchases of securities effected upon the exercise of rights issued by an </FONT><BR>
<FONT face="serif">issuer </FONT><U><FONT face="serif">pro rata</FONT></U><FONT face="serif"> to all holders of a class of its securities, to the extent such </FONT><BR>
<FONT face="serif">rights were acquired from such issuer, and sales of such rights so acquired;</FONT><BR>
<BR>
<FONT face="serif">(5) purchases or sales of securities other than those exempted in (1) through </FONT><BR>
<FONT face="serif">(4) above which do not cause the Unaffiliated Trustee to gain improperly a </FONT><BR>
<FONT face="serif">personal benefit through his relationship with the Fund and are only </FONT><BR>
<FONT face="serif">remotely potentially harmful to a Fund because they would be very </FONT><BR>
<FONT face="serif">unlikely to affect a highly institutional market, and are previously </FONT><BR>
<FONT face="serif">approved by the Compliance Liaison Officer of the Funds, in consultation </FONT><BR>
<FONT face="serif">with the Code of Ethics Officer, which approval shall be confirmed in </FONT><BR>
<FONT face="serif">writing.</FONT><BR>
<BR>
<FONT face="serif">D. </FONT><U><FONT face="serif">Reporting</FONT></U><FONT face="serif">.</FONT><BR>
<BR>
<FONT face="serif">(1) Whether or not one of the exemptions listed in Section II-C applies and </FONT><BR>
<FONT face="serif">except as provided in Section II-C(5), every Unaffiliated Trustee of a Fund </FONT><BR>
<FONT face="serif">shall file with the Funds&#146; Compliance Liaison Officer a report containing </FONT><BR>
<FONT face="serif">the information described in Section II-D(2) of this Code with respect to </FONT><BR>
<FONT face="serif">purchases or sales of any security in which such Unaffiliated Trustee has, </FONT><BR>
<FONT face="serif">or by reason of such transaction acquires, any direct or indirect beneficial </FONT><BR>
<FONT face="serif">ownership, if such Trustee, at the time of that transaction, knew or, in the </FONT><BR>
<FONT face="serif">ordinary course of fulfilling his official duties as a Trustee of the Fund, </FONT><BR>
<FONT face="serif">should have known that, during the 15-day period immediately preceding </FONT><BR>
<FONT face="serif">or after the date of the transaction by the Trustee:</FONT><BR>
<BR>
<FONT face="serif">(a) such security was or is to be purchased or sold by the Fund or</FONT><BR>
<BR>
<FONT face="serif">(b) such security was or is being considered for purchase or sale by the </FONT><BR>
<FONT face="serif">Fund;</FONT><BR>
<BR>
<U><FONT face="serif">provided</FONT></U><FONT face="serif">, </FONT><U><FONT face="serif">however</FONT></U><FONT face="serif">, that an Unaffiliated Trustee shall not be required to </FONT><BR>
<FONT face="serif">make a report with respect to transactions effected for any account over </FONT><BR>
<FONT face="serif">which such person does not have any direct or indirect influence or </FONT><BR>
<FONT face="serif">control.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT face="serif">- 3 -</FONT></P>

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<P align="left">
<TABLE><TR><TD nowrap>
<FONT face="serif">(2) Every report shall be made not later than 10 days after the end of the </FONT><BR>
<FONT face="serif">calendar quarter in which the transaction to which the report relates was </FONT><BR>
<FONT face="serif">effected, and shall contain the following information:</FONT><BR>
<BR>
<FONT face="serif">(a) The date of the transaction, the title, the number of shares, the </FONT><BR>
<FONT face="serif">interest rate and maturity date (if applicable) and the principal </FONT><BR>
<FONT face="serif">amount of each security involved;</FONT><BR>
<BR>
<FONT face="serif">(b) The nature of the transaction (i.e., purchase, sale or any other type </FONT><BR>
<FONT face="serif">of acquisition or disposition);</FONT><BR>
<BR>
<FONT face="serif">(c) The price at which the transaction was effected;</FONT><BR>
<BR>
<FONT face="serif">(d) The name of the broker, dealer or bank with or through whom the </FONT><BR>
<FONT face="serif">transaction was effected; and</FONT><BR>
<BR>
<FONT face="serif">(e) the date that the report is submitted by each Unaffiliated Trustee.</FONT><BR>
<BR>
<FONT face="serif">(3) Every report concerning a purchase or sale prohibited under Section II-B </FONT><BR>
<FONT face="serif">hereof with respect to which the reporting person relies upon one of the </FONT><BR>
<FONT face="serif">exemptions provided in Section II-C shall contain a brief statement of the </FONT><BR>
<FONT face="serif">exemption relied upon and the circumstances of the transaction.</FONT><BR>
<BR>
<FONT face="serif">(4) Any such report may contain a statement that the report shall not be </FONT><BR>
<FONT face="serif">construed as an admission by the person making such report that he has </FONT><BR>
<FONT face="serif">any direct or indirect beneficial ownership in the security to which the </FONT><BR>
<FONT face="serif">report relates.</FONT><BR>
<BR>
<FONT face="serif">(5) Notwithstanding anything to the contrary contained herein, an Unaffiliated</FONT><BR>
<FONT face="serif">Trustee who is an &#147;interested person&#148; of the Funds shall file the reports </FONT><BR>
<FONT face="serif">required by Rule 17j-1(d)(1) under the Investment Company Act of 1940</FONT><BR>
<FONT face="serif">with the Code of Ethics Officer of Putnam Investments. Such reports shall</FONT><BR>
<FONT face="serif">be reviewed by such Officer as provided in Section I-C(1) and any related </FONT><BR>
<FONT face="serif">violations shall be reported by him to the Audit and Compliance</FONT><BR>
<FONT face="serif">Committee as provided in Section I-C(2). The Committee may impose </FONT><BR>
<FONT face="serif">such additional sanctions as it deems appropriate.</FONT><BR>
<BR>
<FONT face="serif">E. </FONT><U><FONT face="serif">Review and Reporting</FONT></U><FONT face="serif">.</FONT><BR>
<BR>
<FONT face="serif">(1) The Compliance Liaison Officer of the Funds, in consultation with the </FONT><BR>
<FONT face="serif">Code of Ethics Officer of Putnam Investments, shall cause the reported </FONT><BR>
<FONT face="serif">personal securities transactions that he receives pursuant to Section II-</FONT><BR>
<FONT face="serif">D(1) to be compared with completed and contemplated portfolio </FONT><BR>
<FONT face="serif">transactions of the Funds to determine whether any transaction </FONT><BR>
<FONT face="serif">(&#147;Reviewable Transactions&#148;) listed in Section II-B (disregarding </FONT><BR>
<FONT face="serif">exemptions provided by Section II-C(1) through (5)) may have occurred.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT face="serif">- 4 -</FONT></P>

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<P align="left">
<TABLE><TR><TD nowrap>
<FONT face="serif">(2) If the Compliance Liaison Officer determines that a Reviewable </FONT><BR>
<FONT face="serif">Transaction may have occurred, he shall then determine whether a </FONT><BR>
<FONT face="serif">violation of this Code may have occurred, taking into account all the </FONT><BR>
<FONT face="serif">exemptions provided under Section II-C. Before making any </FONT><BR>
<FONT face="serif">determination that a violation has occurred, the Compliance Liaison </FONT><BR>
<FONT face="serif">Officer shall give the person involved an opportunity to supply additional </FONT><BR>
<FONT face="serif">information regarding the transaction in question.</FONT><BR>
<BR>
<FONT face="serif">F. </FONT><U><FONT face="serif">Sanctions</FONT></U><FONT face="serif">. If the Compliance Liaison determines that a violation of this Code has </FONT><BR>
<FONT face="serif">occurred, he shall so advise the Funds&#146; Audit and Compliance Committee, and </FONT><BR>
<FONT face="serif">provide the Committee with a report of the matter, including any additional </FONT><BR>
<FONT face="serif">information supplied by such person. The Committee may impose such sanctions</FONT><BR>
<FONT face="serif">as it deems appropriate.</FONT><BR>
<BR>
<FONT face="serif">III. </FONT><U><FONT face="serif">Miscellaneous</FONT></U><BR>
<BR>
<FONT face="serif">A. </FONT><U><FONT face="serif">Amendments to the Putnam Investments&#146; Code of Ethics</FONT></U><FONT face="serif">. Any amendment to the </FONT><BR>
<FONT face="serif">Putnam Investments&#146; Code of Ethics shall be deemed an amendment to Section I-</FONT><BR>
<FONT face="serif">A of this Code effective 30 days after written notice of such amendment shall </FONT><BR>
<FONT face="serif">have been received by the Chairman of the Funds, unless the Trustees of the </FONT><BR>
<FONT face="serif">Funds expressly determine that such amendment shall become effective at an </FONT><BR>
<FONT face="serif">earlier or later date or shall not be adopted.</FONT><BR>
<BR>
<FONT face="serif">B. </FONT><U><FONT face="serif">Records</FONT></U><FONT face="serif">. The Funds shall maintain records in the manner and to the extent set </FONT><BR>
<FONT face="serif">forth below, which records may be maintained on microfilm under the conditions </FONT><BR>
<FONT face="serif">described in Rule 31a-2(f)(1) under the Investment Company Act and shall be </FONT><BR>
<FONT face="serif">available for examination by representatives of the Securities and Exchange </FONT><BR>
<FONT face="serif">Commission.</FONT><BR>
<BR>
<FONT face="serif">(1) A copy of this Code and any other code which is, or at any time within the</FONT><BR>
<FONT face="serif">past five years has been, in effect shall be preserved in an easily accessible</FONT><BR>
<FONT face="serif">place;</FONT><BR>
<BR>
<FONT face="serif">(2) A record of any violation of this Code and of any action taken as a result </FONT><BR>
<FONT face="serif">of such violation shall be preserved in an easily accessible place for a </FONT><BR>
<FONT face="serif">period of not less than five years following the end of the fiscal year in </FONT><BR>
<FONT face="serif">which the violation occurs;</FONT><BR>
<BR>
<FONT face="serif">(3) A copy of each report made by an officer or Trustee pursuant to this Code </FONT><BR>
<FONT face="serif">shall be preserved for a period of not less than five years from the end of</FONT><BR>
<FONT face="serif">the fiscal year in which it is made, the first two years in an easily </FONT><BR>
<FONT face="serif">accessible place; and</FONT><BR>
<BR>
<FONT face="serif">(4) A list of all persons who are, or within the past five years have been, </FONT><BR>
<FONT face="serif">required to make reports pursuant to this Code shall be maintained in an </FONT><BR>
<FONT face="serif">easily accessible place.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT face="serif">- 5 -</FONT></P>

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<!--$$/page=-->

<P align="left">
<TABLE><TR><TD nowrap>
<FONT face="serif">To the extent any record required to be kept by this section is also required to be </FONT><BR>
<FONT face="serif">kept by Putnam Investments pursuant to the Putnam Investments&#146; Code of Ethics,</FONT><BR>
<FONT face="serif">Putnam Investments shall maintain such record on behalf of the Funds as well.</FONT><BR>
<BR>
<FONT face="serif">C. </FONT><U><FONT face="serif">Confidentiality</FONT></U><FONT face="serif">. All reports of securities transactions and any other information </FONT><BR>
<FONT face="serif">filed with any Fund pursuant to this Code shall be treated as confidential, but are </FONT><BR>
<FONT face="serif">subject to review as provided herein and by personnel of the Securities and </FONT><BR>
<FONT face="serif">Exchange Commission.</FONT><BR>
<BR>
<FONT face="serif">D. </FONT><U><FONT face="serif">Interpretation of Provisions</FONT></U><FONT face="serif">. The Trustees may from time to time adopt such </FONT><BR>
<FONT face="serif">interpretations of this Code as they deem appropriate.</FONT><BR>
<BR>
<FONT face="serif">E. </FONT><U><FONT face="serif">Delegation by Chairman</FONT></U><FONT face="serif">. The Chairman of the Funds may from time to time </FONT><BR>
<FONT face="serif">delegate any or all of his responsibilities under this Code, either generally or as to</FONT><BR>
<FONT face="serif">specific instances, to such officer or Trustee of the Funds as he may designate.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT face="serif">As revised</FONT><BR>
<FONT face="serif">July 14, 2006</FONT></TD></TR></TABLE>
</P>
<P align="left">
<FONT face="serif">- 6 -</FONT></P>

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<TYPE>EX-99.P CODE ETH
<SEQUENCE>15
<FILENAME>coemod1.htm
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  <TR>
    <TD noWrap>
      <P><B><FONT face=sans-serif size=7
     >Putnam Investments</FONT></B></P><STRONG><FONT face=Arial
      size=7></FONT></STRONG>
      <P><BR><B><FONT face=sans-serif size=7
     >Code of Ethics</FONT></B><BR><B><I><FONT face=sans-serif
      size=7>December
      2005</FONT></I></B></P><STRONG><EM><FONT face=Arial
      size=7></FONT></EM></STRONG>
      <P><BR><FONT face=sans-serif size=4>One
      Post Offi</FONT><FONT face=sans-serif size=4
     >ce Square</FONT><BR><FONT face=sans-serif size=4
     >Boston, Massachusetts
      02109</FONT><BR><FONT face=sans-serif size=4
     >1-617-292-1000</FONT></P>
      <P><FONT face=Arial size=4></FONT><BR><FONT face=sans-serif size=4

 >www.putnam.com</FONT><BR></P></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif>December,
2005</FONT></P>
<P align=left><FONT face=sans-serif>Dear Putnam
Employee,</FONT></P>
<P align=left><FONT face=sans-serif>Putnam&#146;s Code of
Ethics is an essential component of the &#147;fiduciary mindset&#148; and of our
commitment to the maintenance of the highest professional standards. Taking care
of other people&#146;s money is a serious responsibility, and we need to ensure that
our clients&#146; interests come first. Firms with a strong fiduciary culture are
attractive to clients who are looking for superior money management, and
Putnam&#146;s Code is designed to ensure that Putnam preserves that trust.</FONT></P>
<P align=left><FONT face=sans-serif>The rules reflected in
the Code are good business practices and were not created simply to meet
regulatory standards. If, from time to time, the rules seem burdensome, I ask
you to put yourself in the place of our shareholders and clients, who have
entrusted us to manage their assets so that they may pursue the goals of saving
for retirement or funding their children&#146;s education.</FONT></P>
<P align=left><FONT face=sans-serif>We have also provided
a guide to use as quick reference to some of the Code&#146;s key
provisions.</FONT></P>
<P align=left><FONT face=sans-serif>If you have any
questions or concerns at any time, however, I encourage you to contact one of
the members of our Code of Ethics staff in the Legal and Compliance
Department.</FONT></P>
<P align=left><FONT face=sans-serif>Ed
Haldeman<BR></FONT><FONT face=sans-serif>President and
Chief Executive Officer</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >Table of Contents</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >Code of Ethics Overview</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >iii</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >PUTNAM&#146;S CODE OF ETHICS</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >vi</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >DEFINITIONS</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >vii</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >SECTION I -- Personal Securities Rules
      for All Employees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >1</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Requirements to Pre-clear</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >1</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Short-Selling Prohibition</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >5</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >2:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Initial Public Offerings
      Prohibition</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >5</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >3:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Private Placement Pre-approval
      Requirements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >4:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Trading with Material Non-public
      Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >5:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >No Personal Trading with Client
      Portfolios</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >6:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Holding of Putnam Mutual Fund
      Shares</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >7</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >7:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Putnam Mutual Fund Employee
      Restrictions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >8:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Special Orders</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >9:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Excessive Trading</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Naked Options</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Involuntary Transactions</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >11</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >2:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Special Exemptions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >11</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >SECTION II -- Additional Special Rules
      for Personal Securities Transactions of Access Persons</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >12</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >and Certain Investment
      Professionals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >90-Day Short-Term Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >12</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >2:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >7-Day Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >12</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >3:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Blackout Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >13</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >4:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Contra-Trading Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >14</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >5:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >No Personal Benefit</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >SECTION III -- General Rules for All
      Employees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Compliance with All Laws, Regulations,
      and Policies</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >2:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Conflicts of Interest</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >3:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Gifts and Entertainment
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >4:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Anti-bribery/Kickback
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >18</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >5:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Political Activities, Contributions,
      Solicitations, and Lobbying Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >19</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >6:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Confidentiality of Putnam Business
      Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >7:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Roles at Other Entities (Outside
      Business Affiliations)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >8:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Role as Trustee or Fiduciary Outside of
      Putnam Investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >21</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >9:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Investment Clubs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >21</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >10: Business Negotiations for Putnam
      Investments</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >11: Accurate Records</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >12: Family Members&#146; Conflict
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >Rule 13: Affiliated
      Entities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >23</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >14: Computer System/Network
      Policies</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >24</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >15: CFA Institute Code of
      Ethics</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >24</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >16: Privacy Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >24</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >17: Anti-money Laundering
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >25</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="90%" colSpan=2
   ><FONT face=sans-serif size=2
     >18: Record Retention</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >25</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >SECTION IV -- Special Rules for
      Officers and Employees of Putnam Investments Limited (PIL)</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >26</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=4
     >&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >SECTION V -- Reporting
      Requirements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >28</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >1:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Broker Confirmations and
      Statements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >28</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >2:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Access Person &#150; Quarterly Transaction
      Report</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >3:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Access Person - Initial/Annual Holdings
      Report</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >4:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Certifications</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >5:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Roles at Other Entities</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >6:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Reporting of Irregular
      Activity</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >30</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"
   ><FONT face=sans-serif size=2
     >Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%"
   ><FONT face=sans-serif size=2
     >7:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="88%"
   ><FONT face=sans-serif size=2
     >Ombudsman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >30</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=3
   ><FONT face=sans-serif size=2
     >SECTION VI -- Education
      Requirements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%"
   ><FONT face=sans-serif size=2
     >31</FONT>&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>Rule 1: Distribution of
      Code</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>31</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>Rule 2: Annual Training
      Requirement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>31</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>SECTION VII -- Compliance and
      Appeal Procedures</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>32</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>SECTION VIII --
      Sanctions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>34</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX A: Insider Trading
      Prohibitions Policy Statement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>35</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX A: DEFINITIONS: Insider
      Trading</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>36</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX A -- SECTION I: Rules
      Concerning Inside Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>37</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>Rule 1: Inside
      Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>37</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>Rule 2: Material Non-public
      Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>37</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>Rule 3: Reporting of Material
      Non-public Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>37</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX A -- SECTION II:
      Overview of Insider Trading</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>39</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX B: Policy Statement
      Regarding Employee Trades in Shares of Putnam Closed-End</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>43</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>Funds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX C: Contra-Trading Rule
      Clearance Form</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>44</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX D: CFA Institute Code
      of Ethics and Standards of Professional Conduct</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>45*</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX E: Report of
      Entertainment Form</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>49</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX F -- Inducement Policy
      for Putnam Investments Limited (PIL) Employees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>50</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"><FONT face=sans-serif
      size=2>APPENDIX G -- Record of
      Inducement for Putnam Investments Limited (PIL)Employees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="6%"><FONT face=sans-serif
      size=2>52</FONT>&nbsp;
</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>





<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Code of Ethics Overview</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">This overview of Putnam&#146;s Code of Ethics is not intended to substitute for a careful reading of the complete document. As a condition of continued employment, every Putnam
employee is required to read, understand, and comply with all of the provisions of the Code of Ethics. Additionally, employees are expected to comply with the policies and procedures contained within the Putnam Employee Handbook, which is available
online on www.ibenefitcenter.com. </FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">It is the personal responsibility of every Putnam employee to avoid any conduct that could create a conflict, or even the appearance of a conflict, with our fund shareholders or
other clients, or do anything that could damage or erode the trust our clients place in Putnam and its employees. This is the spirit of the Code of Ethics. In accepting employment at Putnam, every employee accepts the absolute obligation to comply
with the letter and the spirit of the Code of Ethics. Failure to comply with the spirit of the Code of Ethics is just as much a violation of the Code as failure to comply with the written rules of the Code.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">The rules of the Code cover activities, including personal securities transactions, of Putnam employees, certain family members of employees, and entities (such as corporations,
trusts, or partnerships) that employees may be deemed to control or influence.</FONT></B></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Sanctions will be imposed for violations of the Code of Ethics. Sanctions may include monetary fines, bans on personal trading, reductions in salary increases or bonuses,
disgorgement of trading profits, suspension of employment, and termination of employment. The proceeds resulting from monetary sanctions will be given to a charity chosen by the Code of Ethics Officer.</FONT></B></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Insider trading</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam employees are forbidden to buy or sell any security while either Putnam or the employee is in possession of material, non-public information (inside information) concerning the
security or the issuer. A violation of Putnam&#146;s insider trading policies may result in criminal and civil penalties, including imprisonment, disgorgement of profits, and substantial fines. An employee aware of or in possession of inside
information must report it immediately to the Code of Ethics Officer. (See Appendix A: Overview of Insider Trading).</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Conflicts of interest</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">The Code of Ethics imposes limits on activities of Putnam employees where the activity may conflict with the interests of Putnam or its clients. These include limits on the receipt and
solicitation of gifts and on service as a fiduciary for a person or entity outside of Putnam. For example, Putnam employees generally may not accept gifts over &#36;100 in total value in a calendar year from any entity or any supplier of goods or
services to Putnam. In addition, a Putnam employee may not serve as a director of any corporation or other entity without prior approval of the Code of Ethics Officer. </FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Confidentiality</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Information about Putnam clients and Putnam investment activity and research is proprietary and confidential and may not be disclosed or used by any Putnam employee outside Putnam
without a valid business purpose.</FONT></P>
<P align="left">
<FONT face="monospace">iii</FONT></P>

<HR noshade align="center" width="100%" size=2>






<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Putnam mutual funds</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">All employees and certain family members are subject to a minimum 90-day holding period for shares in Putnam&#146;s open-end mutual funds. This restriction does not apply to
Putnam&#146;s money market funds. Except in limited circumstances, all employees must hold Putnam open-end fund shares in accounts at Putnam.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Portfolio managers and others with access to investment information (&#147;Access Persons&#148;) are subject to a minimum one-year holding period for holding Putnam open-end fund
shares.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Personal securities trading</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam employees may not buy or sell any security for their own account without clearing the proposed transaction in advance. Clearance is facilitated through the Personal Trading
Assistant (PTA), the online pre-clearance system for equity securities, and directly with the Code of Ethics Administrator for fixed-income securities and transactions in Putnam closed-end funds. Certain securities are exempted from this
pre-clearance requirement (e.g., shares of open-end (not closed-end) mutual funds). </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam employees may not buy any securities in an initial public offering or in a private placement, except in limited circumstances when prior written authorization is
obtained.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Clearance must be obtained in advance, between 9:00 a.m. and 4:00 p.m. Eastern Time (ET) on the day of the trade. A clearance is valid only for the day it is obtained. Putnam employees
are strongly discouraged from engaging in excessive trading for their personal accounts. Employees are prohibited from making more than 10 trades in individual securities each calendar quarter.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Short selling</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam employees are prohibited from short selling any security, whether or not it is held in a Putnam client portfolio, although short selling against broad market indexes and
&#147;against the box&#148; are permitted. Note, however, that short selling &#147;against the box&#148; or otherwise hedging an investment in shares of Marsh &amp; McLennan (MMC) stock is prohibited. </FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">Confirmations of trading and periodic account statements</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">All Putnam employees must have their brokers send copies of confirmations and statements of personal securities transactions to the Code of Ethics Administrator. This also applies to
members of the immediate family who share the same household as the employee or for whom the employee has investment discretion. Employees must contact the Code of Ethics Administrator to (a) obtain an authorization [407] letter, (b) provide
instructions to the broker in establishing a personal brokerage account, and (c) enter a broker account profile into PTA.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">Quarterly and annual reporting</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">Each calendar quarter, Access Persons must report all their securities transactions to the Code of Ethics Officer within 15 days after the end of the quarter. All Access Persons must
disclose all personal securities holdings (even those to which pre-clearance may not apply)</FONT></B></P>
<P align="left">
<FONT face="monospace">iv</FONT></P>

<HR noshade align="center" width="100%" size=2>


<P align=left><B><FONT face=sans-serif size=2
>upon commencement of employment, quarterly, and thereafter on an
annual basis. You will be notified if these requirements apply to
you.</FONT></B></P>
<P align=left><FONT face=sans-serif size=5
>Personal securities transactions by Access Persons and certain
investment professionals</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The Code imposes several special restrictions on personal
securities transactions by Access Persons and certain investment professionals,
which are summarized as follows. (Refer to Section II for details):
</FONT></P><FONT face=sans-serif size=2><FONT
size=4>
<P>&#149; </FONT>90-Day Short-Term Rule. No Access Person shall purchase and then
sell at a profit, or sell and then repurchase at a lower price, any security or
related derivative security within 90 calendar days regardless of tax lot
election. </FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>7-Day Rule. Before a portfolio manager places an order to buy a
security for any portfolio he manages, he must sell from his personal account
any such security or related derivative security purchased within the preceding
seven calendar days, and disgorge any profit from the sale. </P><FONT size=4>
<P>&#149; </FONT>Blackout Rule. No portfolio manager may sell any security or related
derivative security for her personal account until seven calendar days after the
most recent purchase of that security or related derivative security for any
portfolio she manages. No portfolio manager may buy any security or related
derivative security for his personal account until seven calendar days after the
most recent sale of that security or related derivative security by any
portfolio he manages.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Analysts are also subject to the 7-Day and Blackout Rules in
connection with a recommendation to buy/outperform or sell/underperform a
security.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Contra-Trading Rule. No portfolio manager may sell out of her
personal account any security or related derivative security that is held in any
portfolio she manages unless she has received the written approval of an
appropriate CIO and the Code of Ethics Officer.</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>No portfolio manager may cause a Putnam client to take action for
the manager&#146;s personal benefit. </FONT></P>
<P align=left><FONT face=monospace>v</FONT></P>
<HR align=center width="100%" noShade SIZE=2>





<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=5 face="sans-serif">PUTNAM&#146;S CODE OF ETHICS</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam Investments is required by law to adopt a Code of Ethics. The purposes of the law are to ensure that companies and their employees comply with all applicable laws and to prevent
abuses in the investment advisory business that can arise when conflicts of interest exist between the employees of an investment advisor and its clients. By adopting and enforcing a Code of Ethics, we strengthen the trust and confidence reposed in
us by demonstrating that at Putnam, client interests come first.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Code that follows represents a balancing of important interests. On the one hand, as a registered investment advisor, Putnam owes a duty of undivided loyalty to its clients, and
must avoid even the appearance of a conflict that might be perceived as abusing the trust they have placed in Putnam. On the other hand, Putnam does not want to prevent conscientious professionals from investing for their own account where conflicts
do not exist or that are immaterial to investment decisions affecting Putnam clients.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">When conflicting interests cannot be reconciled, the Code makes clear that, first and foremost, Putnam employees owe a fiduciary duty to Putnam clients. In most cases, this means that
the affected employee will be required to forego conflicting personal securities transactions. In some cases, personal investments will be permitted, but only in a manner, which, because of the circumstances and applicable controls, cannot
reasonably be perceived as adversely affecting Putnam client portfolios or taking unfair advantage of the relationship Putnam employees have to Putnam clients.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Code contains specific rules prohibiting defined types of conflicts. Because every potential conflict cannot be anticipated the Code also contains general provisions prohibiting
conflict situations. In view of these general provisions, it is critical that any individual who is in doubt about the applicability of the Code in a given situation seeks a determination from the Code of Ethics Officer about the propriety of the
conduct in advance. The procedures for obtaining such a determination are described in Section VII of the Code.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">It is critical that the Code be strictly observed. Not only will adherence to the Code ensure that Putnam renders the best possible service to its clients, it will help to ensure that
no individual is liable for violations of law.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">It should be emphasized that adherence to this policy is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of this Code of Ethics
despite any inconvenience that may be involved. Any employee failing to do so may be subject to disciplinary action, including financial penalties and termination of employment, as determined by the Code of Ethics Officer, the Code of Ethics
Oversight Committee, or the Chief Executive Officer of Putnam Investments.</FONT></P>
<P align="left">
<FONT face="monospace">vi</FONT></P>

<HR noshade align="center" width="100%" size=2>


<P align=left><FONT face=sans-serif size=5
>DEFINITIONS</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The words below are defined specifically for the purpose of
Putnam&#146;s Code of Ethics.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Access Persons Each employee will be informed if he or she is
considered an Access Person. The Code of Ethics Officer maintains a list of all
Access Persons, categorized as follows:</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>All employees of Putnam&#146;s Investment Division</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>All employees of Global Operations Services </FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>All employees who have access to My Putnam (unless access is limited
to the</FONT><I><FONT face=sans-serif size=2>
Wall Street Journal </FONT></I><FONT face=sans-serif size=2
BASEFACE="sans-serif">via </FONT><I><FONT face=sans-serif size=2
BASEFACE="sans-serif">Factiva</FONT></I><FONT face=sans-serif
size=2>) </FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>All members of Putnam&#146;s Executive Board</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Senior Managing Directors and Managing Directors of the Transfer
Agency</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Senior Managing Directors and Managing Directors of Enterprise
Services </FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Senior Managing Directors and Managing Directors of Putnam Retail
Management (PRM) and Putnam Global Institutional Management
(PGIM)</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>All directors, officers, employees of a registered investment
advisor affiliate, i.e., Putnam Investment Management, LLC, (PIM), The Putnam
Advisory Company, LLC (PAC), or Putnam Investments Limited (PIL)
</FONT></P><FONT face=sans-serif size=2><FONT
size=4>
<P>&#149; </FONT>Employees who have certain systems access and who have access to
non-public information about any client&#146;s purchase or sale of securities or to
information regarding recommendations with respect to such purchases or
sales</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Employees who have access to non-public information regarding the
portfolio holdings of any Putnam-advised or sub-advised mutual
fund</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Others as defined by the Legal and Compliance Department</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Code of Ethics Administrator The individual designated by the Code
of Ethics Officer to assume responsibility for day-to-day, nondiscretionary
administration of this Code. The current Code of Ethics Administrator is Laura
Rose, who can be reached at extension 11104.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Code of Ethics Officer The Putnam officer who has been assigned the
responsibility of enforcing and interpreting this Code. The Code of Ethics
Officer shall be the Chief Compliance Officer or such other person as is
designated by the Chief Executive Officer of Putnam Investments. If the Code of
Ethics Officer is unavailable, the Deputy Code of Ethics Officer shall act in
his stead. The Code of Ethics Officer is Tony Ruys de Perez. The Deputy Code of
Ethics Officer is Kathleen Griffin. </FONT></P>
<P align=left><FONT face=sans-serif size=2
>Code of Ethics Oversight Committee Has oversight responsibility for
administering the Code of Ethics. Members include the Code of Ethics Officer and
other members of Putnam&#146;s senior management approved by the Chief Executive
Officer of Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Immediate family Spouse, partner, minor children, or other
relatives living in the same household as the Putnam employee.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Narrow-based derivative A future, swap, option, or similar
derivative instrument whose return is determined by reference to fewer than 25
underlying issuers. Single stock futures and exchange traded funds based on less
than 25 issuers are included.</FONT></P>
<P align=left><FONT face=monospace>vii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>Personal Trading Assistant (PTA) The Personal Trading Assistant
(PTA) is an internet application designed for employees to manage personal
trading activities, such as pre-clearance, reporting, and certifications, in
accordance with regulatory requirements and Putnam&#146;s Code of Ethics. </FONT></P>
<P align=left><FONT face=sans-serif size=2
>Policy statements The Insider Trading Prohibitions Policy Statement
is attached to the Code as Appendix A and the Policy Statement Regarding
Employee Trades in Shares of Putnam Closed-End Funds is attached to the Code as
Appendix B.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Private placement Any offering of a security not offered to the
public and not requiring registration with the relevant securities
authorities.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Purchase or sale of a security Any acquisition or transfer of any
interest in the security for direct or indirect consideration; this includes the
writing of an option. This definition includes any transfer of a security by an
employee as a gift to an individual or a charity. </FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam Any or all of Putnam, LLC and its subsidiaries, any one of
which shall be a Putnam company.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam client Any of the Putnam mutual funds, or any advisor,
trust, or other client for whom Putnam manages money.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam employee (or employee) Any employee of Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Restricted list The list established in accordance with Rule 1 of
Section I.A.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Security The following instruments are defined as &#147;securities&#148; and
require pre-clearance:</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Any type or class of equity or debt security</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Any rights relating to a security, such as warrants and convertible
securities</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Closed-end funds</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Any narrow-based derivative</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Pre-clearance and reporting is not required (unless otherwise
noted) for:</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Currencies, Treasuries (T-bills), and direct and indirect
obligations of the U.S. government and its agencies</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Direct and indirect obligations of any member country in the
Organization for Economic CoOperation and Development (OECD), commercial paper,
certificates of deposit (CDs), repurchase agreements, bankers&#146; acceptances, and
other money market instruments</FONT></P>
<P align=left><FONT face=monospace>viii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>





<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">NOTE:</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Excluded from pre-clearance but not from reporting requirements are: Exchange-traded index funds (ETFs) containing a portfolio of securities of 25 or more issuers (e.g., SPDRs, WEBs,
QQQs, iShares, HLDRs), commodities, and any option on a broad-based market index or an exchange-traded futures contract or option.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Transaction for a personal account (or personal securities transaction)Securities transactions: (a) for the personal account of any employee; (b) for the account of a member of the
immediate family of any employee; (c) for the account of a partnership in which a Putnam employee or immediate family member is a general partner or a partner with investment discretion; (d) for the account of a trust in which a Putnam employee or
immediate family member is a trustee with investment discretion; (e) for the account of a closely held corporation in which a Putnam employee or immediate family member holds shares and for which he has investment discretion; and (f ) for any
account other than a Putnam client account, which receives investment advice of any sort from the employee or immediate family member, or as to which the employee or immediate family member has investment discretion.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Rule of construction regarding time periods Unless the context indicates otherwise, time periods used in the Code of Ethics shall be measured inclusively, i.e., beginning on the date
from which the measurement is made.</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">EXCEPTIONS</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<FONT size=2 face="sans-serif">Unless the context indicates otherwise, there will be no exceptions to the rules.</FONT></P>
<P align="left">
<FONT face="monospace">ix</FONT></P>

<HR noshade align="center" width="100%" size=2>


<P align=left><FONT face=sans-serif size=5
>SECTION I -- Personal Securities Rules for All Employees</FONT></P>
<P align=left><FONT face=sans-serif size=5>A.
Pre-clearance</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Rule 1: Requirements to Pre-clear</FONT></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall purchase or sell for his personal account any security
without prior clearance obtained through procedures set forth by the Code of
Ethics Officer. Equity securities are pre-cleared through the Personal Trading
Assistant (PTA) pre-clearance system (under the @Putnam tab of
www.ibenefitcenter.com). Fixed-income securities must be pre-cleared by calling
the Code of Ethics Administrator. There are special rules for trading in Putnam
closed-end funds (see Appendix B). Subject to the limited exceptions below, no
clearance will be granted for securities appearing on the Restricted List.
Securities will be placed on the Restricted List in the following circumstances:
</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(a) When orders to purchase or sell such security have been entered
for any Putnam client or the security is being actively considered for purchase
for any Putnam client, unless the security is a non-convertible investment-grade
(rated at least BBB by S&amp;P or Baa by Moody&#146;s) fixed-income investment;
</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) When such a security is a voting security of a corporation in
the banking, savings and loan, communications, or gaming (i.e., casinos)
industries, if holdings of Putnam clients in that corporation exceed 7% (for
public utilities, the threshold is 4%); </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(c) When, in the judgment of the Code of Ethics Officer, other
circumstances warrant restricting personal transactions of Putnam employees in a
particular security; </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(d) When required under the Policy Statement Concerning Insider
Trading Prohibitions. (See Appendix A)</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Pre-clearance of Marsh &amp; McLennan (MMC) securities All employee
trading in MMC securities must be pre-cleared in the Code of Ethics system. MMC
securities include stock, options, and any other securities such as debt. Trades
in the MMC Employee Stock Purchase Plan and in all Putnam and MMC employee
benefit and bonus plans, i.e., reallocating, rebalancing, or exchanging in and
out of the 401(k)/Profit/Bonus Plan, etc., are included in this
requirement.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Pre-clearance of MMC is required when, for example,
you:</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Sell MMC out of the Stock Purchase Plan</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Exchange MMC shares into or out of your 401(k)/Profit Sharing/Bonus
Plan</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Reallocate your Putnam fund choices, which results in a buy or sell
of MMC from your 401(k)/Profit Sharing/Bonus Plan</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Trade in MMC securities in other accounts held outside Putnam</P>
<P>&nbsp;Pre-clearance is not required when you:</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>Increase/decrease the amount of money that is automatically deducted
(systematic plan) from your paycheck and used to purchase MMC shares in your
401(k)/Profit Sharing/Stock Purchase Plan</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Maintain standing instructions to have money deducted (automatic
payroll deductions) and want to increase or decrease the percentage allocated,
or instruct to reduce it to &#147;0&#148; in your 401(k)/Profit Sharing/Stock Purchase
Plan</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Apply for a loan and/or make withdrawals of the stock from your
401(k)/Profit Sharing Plan</FONT></P>
<P align=left><FONT face=monospace>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2
>All transactions of MMC require pre-clearance in PTA before you
contact your broker to trade shares in an outside brokerage account or before
contacting Smith Barney to sell shares out of your Stock Purchase Plan. Also, if
MMC is one of your choices in the 401(k)/Profit Sharing Plan, all exchanges
in/out must be cleared. Even though clearance is not required for Putnam mutual
funds, if you do not wish to include MMC shares when rebalancing any of your
fund choices, which will result in an automatic exchange of your MMC shares, you
must remember to exclude MMC shares prior to submitting your changes. If you are
investing online, check the box to exclude MMC; or if you are investing by
telephone with a Putnam representative, ask to exclude MMC before rebalancing
the funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Additional MMC-related policies:</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>MMC securities may from time to time be restricted due to the
federal laws that govern trading on inside information. All transactions are
prohibited during this period.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Members of the Executive Board of Directors and members of the Chief
Financial Officer&#146;s senior staff may not trade in MMC securities during the
calendar quarter-end prior to the public announcement of MMC&#146;s
earnings.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Transactions in MMC securities are not subject to the 90-Day
Short-Term Rule </FONT><I><FONT face=sans-serif size=2
>(applicable to Access Persons only) </FONT></I><FONT
face=sans-serif size=2>or to the holding
periods that apply to Putnam mutual funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Maintenance of Restricted List. The Restricted List shall be maintained by the
Code of Ethics Administrator.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Pre-clearance. An employee wishing to trade any equity securities for his
personal account shall first obtain clearance through the Personal Trading
Assistant (PTA) system. The system may be accessed online either at
www.ibenefitcenter.com by clicking on &#147;Employee Essentials&#148; under the @Putnam
tab and selecting &#147;Clear personal trade,&#148; or at iworkplace. Employees may
pre-clear securities between 9:00 a.m. and 4:00 p.m. ET. Requests to make
personal securities transactions may not be made using the system or presented
to the Code of Ethics Administrator before 9:00 a.m. or after 4:00 p.m.
ET.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Pre-clearance must be made by calling the Code of Ethics
Administrator for fixed-income (municipal and corporate bonds, including
non-convertible investment-grade bonds (rated BBB by S&amp;P or Baa by Moody&#146;s)
and Putnam closed-end funds.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The PTA system will inform the employee whether the security may be
traded and whether trading in the security is subject to the &#147;Large Cap&#148;
limitation or the &#147;Considered List &#150; Limited Sale Exception.&#148; The response of
the pre-clearance system as to whether a security appears on the Restricted List
and, if so, whether it is eligible for the exceptions set forth after this Rule
shall be final, unless the employee appeals to the Code of Ethics Officer, using
the procedure described in Section VII, regarding the request to trade a
particular security.</FONT></P>
<P align=left><FONT face=sans-serif size=2>A
clearance is only valid for trading on the day it is obtained. Trades in
securities listed on Asian or European stock exchanges, however, may be executed
within one business day after pre-clearance is obtained. </FONT></P>
<P align=left><FONT face=monospace>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2>If
a security is not on the Restricted List, other classes of securities of the
same issuer (e.g., preferred or convertible preferred stock) may be on the
Restricted List. It is the employee&#146;s responsibility to identify with
particularity the class of securities for which permission is being sought for a
personal investment.</FONT></P>
<P align=left><FONT face=sans-serif size=2>If
the PTA system does not recognize a security, or if an employee is unable to use
the system or has any questions with respect to the system or pre-clearance, the
employee may consult the Code of Ethics Administrator. The Code of Ethics
Administrator shall not have authority to answer any questions about a security
other than whether trading is permitted. The response of the Code of Ethics
Administrator as to whether a security appears on the Restricted List and, if
so, whether it is eligible for any applicable exceptions set forth after this
Rule shall be final, unless the employee appeals to the Code of Ethics Officer,
using the procedure described in Section VII, regarding the request to trade a
particular security.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTIONS</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Large Cap Exemption. If a security appearing on the Restricted List is an equity
security for which the issuer has a market capitalization (defined as
outstanding shares multiplied by current price per share) of over $5 billion,
then upon clearance approval, the Putnam employee may not trade more than 1,000
shares of the security for the day.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Considered List &#150; Limited Sale Rule. As the Putnam list of considered securities
is broad and inclusive, employees will be permitted to make limited sales but
not purchases of securities held in their accounts if trading is blocked solely
by the Considered List of securities.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Pre-clearing Transactions Effected by Share Subscription. Trades of securities
made by subscription rather than on an exchange are limited to issuers having a
market capitalization of $5 billion or more and are subject to the 1,000 share
limit. The following are procedures to comply with Rule 1 when effecting a
purchase or sale of shares by subscription:</FONT></P><FONT face=sans-serif
size=2><FONT size=4></FONT><FONT size=4>
<P>&#149; </FONT>The Putnam employee must pre-clear the trade on the day he or she
submits a subscription to the issuer rather than on the actual day of the trade
since the actual day of the trade typically will not be known to the employee
who submits the subscription. The employee must contact the Code of Ethics
Administrator at the time of pre-clearance and will be told whether the purchase
is permitted (in the case of a corporation having a market capitalization of $5
billion or more) or not permitted (in the case of a smaller capitalization
issuer).</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>The subscription for any purchase or sale of shares must be reported
on the Access Person&#146;s quarterly personal securities transaction report, noting
the trade was accomplished by subscription.</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>Because no brokers are involved in the transaction, the confirmation
requirement will be waived for these transactions, although the Putnam employee
must provide the Legal and Compliance Department with any transaction summaries
or statements sent by the issuer.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D.
Trades in Approved Discretionary Brokerage Accounts. A transaction does not need
to be pre-cleared if it takes place in an account that the Code of Ethics
Officer has approved in writing as exempt from the pre-clearance requirement. In
the sole discretion of the Code of Ethics Officer, accounts that will be
considered for exclusion from the pre-clearance requirement are only those for
which an employee&#146;s securities broker or investment advisor has complete
discretion (a discretionary account) and the following conditions are met:
</FONT></P>
<P align=left><FONT face=monospace>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>(i) the employee certifies annually in writing that the employee
has no influence over the transactions in the discretionary account and is not
aware of the transactions in the discretionary account prior to their execution;
(ii) the compliance department of the employee&#146;s broker or investment advisor
certifies annually in writing that the employee has no influence over the
transactions in the discretionary account and is not aware of the transactions
in the discretionary account prior to their execution; and (iii) each calendar
quarter, the broker or investment advisor sends Putnam&#146;s Code of Ethics
Administrator copies of each quarterly statement for the discretionary account.
Employees wishing to seek such an exemption must send a written request to the
Code of Ethics Administrator.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Pre-clearance. Subpart (a) of Rule 1 is designed to avoid the
conflict of interest that might occur when an employee trades for his personal
account a security that currently is being traded or is likely to be traded for
a Putnam client. Such conflicts arise, for example, when the trades of an
employee might have an impact on the price or availability of a particular
security, or when the trades of the client might have an impact on price to the
benefit of the employee. Thus, exceptions involve situations where the trade of
a Putnam employee is unlikely to have an impact on the market.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Regulatory Limits. Owing to a variety of federal statutes and
regulations in the banking, savings and loan, communications, and gaming
industries, it is critical that accounts of Putnam clients do not hold more than
10% of the voting securities (5% for public utilities) of any issuer in those
industries. Subpart (b) of this rule limits employees&#146; personal trades to sales
of shares in these areas because of the risk that the personal holdings of
Putnam employees may be aggregated with Putnam holdings. Putnam&#146;s so-called 7%
rule will allow the regulatory limits to be observed.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Options. For the purposes of this Code, options are treated like the
underlying security. Thus, an employee may not purchase, sell, or &#147;write&#148; option
contracts for a security that is on the Restricted List. The automatic exercise
of an options contract (the purchase or writing of which was previously
pre-cleared) does not have to be pre-cleared. Note, however, that the purchase
or sale of securities obtained through the exercise of options must be
pre-cleared.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Involuntary Transactions. Involuntary personal securities
transactions are exempted from the Code. Special attention should be paid to
this exemption. (See Section I.D.)</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Tender Offers. This Rule does not prohibit an employee from
tendering securities from his personal account in response to any and all tender
offers, even if Putnam clients are also tendering securities. If tendering a
security in response to a &#147;partial tender offer&#148;, an employee must pre-clear the
trade on the day she submits instructions to her broker, and she will be
prohibited from trading if Putnam clients are also tendering the same
security.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Gifts of Securities. Pre-clearance is required for securities
donated as a gift to a charitable organization or to an individual. Employees
are required to provide a gift transfer certificate of the transaction (if
produced) to the Code of Ethics Administrator along with an account statement
reflecting the gift transaction. Receipt of a securities gift should be reported
on the Access Person&#146;s Annual Holdings Report. Employees who receive a
securities gift must report the gift to the Code of Ethics Administrator to make
the necessary adjustments in PTA.</FONT></P>
<P align=left><FONT face=monospace>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5>B.
Prohibited Transactions</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 1: Short-Selling Prohibition</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Putnam employees are prohibited from short selling any security,
whether or not the security is held in a Putnam client portfolio. Employees are
prohibited from hedging investments made in securities of MMC.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Short selling against broad market indexes (such as the Dow Jones
Industrial Average, the NASDAQ index, and the S&amp;P 100 and 500 indexes) and
short selling against the box are permitted (except that short selling shares of
MMC against the box is not permitted).</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 2: Initial Public Offerings Prohibition</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall purchase any security for her personal account in an
initial public offering.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Pre-existing Status Exception. A Putnam employee shall not be
barred by this Rule or by Rule 1(a) of Section I.A. from purchasing securities
for her personal account in connection with an initial public offering of
securities by a bank or insurance company when the employee&#146;s status as a
policyholder or depositor entitles her to purchase securities on terms more
favorable than those available to the general public, in connection with the
bank&#146;s conversion from mutual or cooperative form to stock form, or the
insurance company&#146;s conversion from mutual to stock form, provided that the
employee has had the status entitling her to purchase on favorable terms for at
least two years. This exception is only available with respect to the value of
bank deposits or insurance policies that an employee owns before the
announcement of the initial public offering. This exception does not apply,
however, if the security appears on the Restricted List in the circumstances set
forth in subparts (b), (c), or (d) of Section I.A., Rule 1.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>The purpose of this Rule is twofold. First, it is designed to
prevent a conflict of interest between Putnam employees and Putnam clients who
might be in competition for the same securities in a limited public offering.
Second, the Rule is designed to prevent Putnam employees from being subject to
undue influence as a result of receiving favors in the form of special
allocations of securities in a public offering from broker-dealers who seek to
do business with Putnam. </FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Purchases of securities in the immediate after-market of an initial
public offering are not prohibited, provided they do not constitute violations
of other provisions of the Code of Ethics. For example, participation in the
immediate after-market as a result of a special allocation from an underwriting
group would be prohibited by Section III, Rule 3, concerning gifts and other
favors.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Public offerings subsequent to initial public offerings are not
deemed to create the same potential for competition between Putnam employees and
Putnam clients because of the pre-existence of a market for the
securities.</FONT></P>
<P align=left><FONT face=monospace>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><B><FONT face=sans-serif size=2
>Rule 3: Private Placement Pre-approval Requirements</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall purchase any security for his personal account in a
limited private offering or private placement without prior approval of the Code
of Ethics Officer. Privately placed limited partnerships are specifically
included in this Rule.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>The purpose of this Rule is to prevent a Putnam employee from
investing in securities for his own account pursuant to a limited private
offering that could compete with or disadvantage Putnam clients, and to
eliminate any incentives Putnam employees might have to favor those who can
affect access to limited offerings.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Exemptions to the prohibition will generally not be granted where
the proposed investment relates directly or indirectly to investments by a
Putnam client, or where individuals involved in the offering (including the
issuers, broker, underwriter, placement agent, promoter, fellow investors, and
affiliates of the foregoing) have any prior or existing business relationship
with Putnam or a Putnam employee, or where the Putnam employee believes that
such individuals may expect to have a future business relationship with Putnam
or a Putnam employee.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>An exemption may be granted, subject to reviewing all the facts and
circumstances, for investments in: </P>
<P>(a) Pooled investment funds, including hedge funds, subject to the condition
that an employee investing in a pooled investment fund would have no involvement
in the activities or decision-making process of the fund except for financial
reports made in the ordinary course of the fund&#146;s business, and subject to the
condition that the hedge fund does not invest significantly in registered
investment companies.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Private placements where the investment cannot relate, or be
expected to relate, directly or indirectly to Putnam or investments by a Putnam
client.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Employees who apply for an exemption will be expected to disclose to
the Code of Ethics Officer in writing all facts and relationships relating to
the proposed investment.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Applications to invest in private placements will be reviewed by the
Code of Ethics Oversight Committee. This review will take into account, among
other factors, the considerations described in the preceding
comments.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 4: Trading with Material Non-public Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall purchase or sell any security for her personal account or
for any Putnam client account while in possession of material, non-public
information concerning the security or the issuer. Please read Appendix A,
Policy Statement Concerning Insider Trading Prohibitions.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 5: No Personal Trading with Client Portfolios</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall purchase from or sell to a Putnam client any securities or
other property for his personal account, nor engage in any personal transaction
to which a Putnam client is known to be a party, or in which the transaction may
have a significant relationship to any action taken by a Putnam
client.</FONT></P>
<P align=left><FONT face=monospace>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>It
is the responsibility of every Putnam employee to make inquiry prior to any
personal transaction in order to satisfy himself that the requirements of this
Rule have been met.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>This rule is required by federal law. It does not prohibit a Putnam
employee from purchasing any shares of an open-end Putnam fund. The policy with
respect to employee trading in Putnam closed-end funds is attached as Appendix
B.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 6: Holding of Putnam Mutual Fund Shares</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Putnam employees may not hold shares of Putnam open-end U.S. mutual
funds other than through accounts maintained at Putnam. Employees placing
purchase orders in shares of Putnam open-end funds must place such orders
through Putnam and not through an outside broker or other intermediary.
Employees redeeming or exchanging shares of Putnam open-end funds must place
those orders through Putnam and not through an outside broker or other
intermediary. For transfer instructions, contact a Putnam Preferred Client
Services (PCS) representative at 1-800-634-1590.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>REMINDER</FONT></P>
<P align=left><FONT face=sans-serif size=2
>For purposes of this Rule, &#147;employee&#148; includes:</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>-Members of the immediate family of a Putnam employee who share the
same household as the employee or for whom the Putnam employee has investment
discretion (family member);</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>-Any trust in which a Putnam employee or family member is a trustee
with investment discretion and in which such Putnam employee or any family
members are collectively beneficiaries;</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Any closely held entity (such as a partnership, limited liability
company, or corporation) in which a Putnam employee and his or her family
members hold a controlling interest and with respect to which they have
investment discretion; and</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Any account (including any retirement, pension, deferred
compensation, or similar account) in which a Putnam employee or family member
has a substantial economic interest and over which the Putnam employee or family
member exercises investment discretion.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2
>These requirements also apply to:</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>Self-directed IRA accounts holding Putnam fund
shares;</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Variable insurance accounts which invest in Putnam Variable Trusts
such as the Putnam/Hartford Capital Manager Programs. Employees must designate
Putnam Retail Management as the broker of record for all such accounts and
disclose these holdings in the PTA system.</FONT></P>
<P align=left><FONT face=monospace>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>NOTE:</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Employees are required to seek permission from the Code of Ethics
Officer to hold Putnam funds in variable trusts outside of Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Retirement, pension, deferred compensation, and similar accounts
that cannot be legally transferred to Putnam are not subject to the requirement.
For example, a spouse of a Putnam employee may have a 401(k)/Profit Sharing Plan
with her employer that invests in Putnam funds. Any employee who continues to
hold shares in open-end Putnam funds outside of Putnam must notify the Code of
Ethics Officer in writing of the account information, provide the reason why the
account cannot be transferred to Putnam, and arrange for a quarterly statement
of transaction in such account to be sent to the Code of Ethics
Administrator.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 7: Putnam Mutual Fund Employee Restrictions</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>(a) Employees defined in Rule 6 may not, within a 90-calendar day
period, make a purchase followed by a sale or a sale followed by a purchase of
shares of the same open-end Putnam mutual fund, even if the transactions occur
in different accounts.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Employees who are Access Persons may not, within a one-year
period, make a purchase followed by a sale or a sale followed by a purchase of
shares of the same open-end Putnam mutual fund or of shares of any U.S.
registered mutual fund to which Putnam acts as advisor or sub-advisor, even if
the transactions occur in different accounts.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(c) All employees are required to link their immediate family
members&#146; accounts holding Putnam mutual funds to comply with the disclosure
requirements. These accounts are also subject to the 90-day and one-year rules.
To link these accounts, log on to www.ibenefitcenter.com, click on @Putnam, and
select Employee Essentials/Linked Mutual Fund Accounts. You are required to
confirm the information and will be prompted to add any accounts that you or
your family members have that should be linked or delinked based on the
definitions outlined.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2
>This restriction applies across all accounts maintained by an
employee as follows:</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>An employee who buys shares of an open-end Putnam mutual fund may
not sell any shares of the same mutual fund until 90 calendar days have passed,
or one year for Access Persons.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Example: If an employee buys shares of a Putnam fund on Day 1 for a
retail account and then sells (by exchange) shares of the same fund for his or
her 401(k)/Profit Sharing Plan accounts on Day 85, the employee has violated the
rule.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Similarly, an employee who sells shares of an open-end Putnam
mutual fund may not buy any shares of the same mutual fund until 90 calendar
days have passed, or one year for Access Persons.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>The purpose of these blackout period restrictions is to prevent any
market timing or the appearance of any market timing activity.</FONT></P>
<P align=left><FONT face=monospace>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

size=2><FONT size=4>
<P>&#149; </FONT>This Rule applies to transactions by a Putnam employee in any type
of account including retail, IRA, variable annuity, 401(k)/Profit Sharing Plan,
and any deferred compensation accounts.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>The minimum sanction for an initial violation of the blackout period
will be disgorgement of any profit made on the transaction. Additional sanctions
may apply, including termination of employment.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTIONS</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
This restriction does not apply to Putnam&#146;s money market funds and Putnam Stable
Value Fund. </FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
401(k)/Profit Sharing Plan Contributions and Payroll Deductions: The 90-day or
one year restriction is not triggered by the initial allocation of regular
employee or employer contributions or forfeitures to an employee&#146;s account under
the terms of Putnam employee benefit plans or a Putnam payroll-deduction
direct-investment program; later exchanges of these contributions will be
subject to either the 90-day or one-year blackout period.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Systematic Programs: This restriction does not apply with respect to shares sold
or acquired as a result of participation in a systematic program for
contributions, withdrawals, or exchanges, provided that an election to
participate in any such program and the participation dates of the program may
not be changed more often than quarterly after the program is elected by the
employee. Access Persons may elect a quarterly or semiannual rebalancing program
although it may only be changed on an annual basis.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D.
Employee Benefit Plan Withdrawals and Distributions: This restriction does not
apply with respect to shares sold for withdrawals, loans, or distributions under
the terms of Putnam employee benefit plans.</FONT></P>
<P align=left><FONT face=sans-serif size=2>E.
Dividends, Distributions, Mergers, and Share Class Conversions: This restriction
does not apply with respect to the acquisition of shares as a result of
reinvestment of dividends, distributions, mergers, conversions of share classes,
or other similar actions. Subsequent transactions with respect to the shares
will be covered.</FONT></P>
<P align=left><FONT face=sans-serif size=2>F.
College Savings Program: Redemptions from an employee&#146;s college savings 529 plan
to pay for qualified educational expenses for the beneficiary of the account
(and redemptions due to death or disability) are exempt from the 90-day and
one-year restrictions applicable to Putnam mutual funds. Qualified redemptions
include:</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Tuition</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>School fees</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Books</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Supplies and equipment required for enrollment</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Room and board</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Death </FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Disability</FONT></P>
<P align=left><FONT face=sans-serif size=2>G.
Special Situations: In special situations, Putnam&#146;s Code of Ethics Oversight
Committee may grant exceptions to the blackout periods as a result of death,
disability, or special circumstances (such as personal hardship), all as
determined from time to time by the Committee. Employees can request an
exception by submitting a written request to the Code of Ethics
Officer.</FONT></P>
<P align=left><FONT face=monospace>9</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2
>Rule 8: Special Orders</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Good Until Canceled (GTC) Orders and Limit Orders are prohibited.
</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Any order not executed on the day of pre-clearance must be
resubmitted for pre-clearance before being executed on a subsequent day. &#147;Good
until canceled&#148; or &#147;limit&#148; orders are prohibited because of the potential
failure to pre-clear.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Same-day limit orders are permitted.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 9: Excessive Trading</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Putnam employees are strongly discouraged from engaging in
excessive trading for their personal accounts. Employees are prohibited from
making more than 10 trades in individual securities in any given
quarter.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>For the purpose of calculating the number of trades in any quarter,
trading the same security in the same direction (buy or sell) over a period of
five business days will be counted as one transaction. </FONT></P>
<P align=left><FONT face=sans-serif size=2
>All other rules under the Code of Ethics will continue to be
applied. </FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Although a Putnam employee&#146;s excessive trading may not itself
constitute a conflict of interest with Putnam clients, Putnam believes that its
clients&#146; confidence in Putnam will be enhanced and that the likelihood of Putnam
achieving better investment skills results for its clients over the long term
will be increased if Putnam employees rely on their investment skills, as
opposed to their trading skills in transactions for their own account. Moreover,
excessive trading by a Putnam employee for his or her own account diverts an
employee&#146;s attention from the responsibility of servicing Putnam clients, and
increases the possibilities for transactions that are in actual or apparent
conflict with Putnam client transactions. Short-term trading is strongly
discouraged, and employees are encouraged to take a long-term view.</FONT></P>
<P align=left><FONT face=sans-serif size=5>C.
Discouraged Transactions</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 1: Naked Options</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Putnam employees are strongly discouraged from engaging in writing
(selling) naked options for their personal accounts.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Naked option transactions are particularly dangerous, because a
Putnam employee may be prevented by the restrictions in this Code of Ethics from
covering the naked option at the appropriate time. All employees should keep in
mind the limitations on their personal securities trading imposed by this Code
when contemplating such an investment strategy. Engaging in naked options
transactions on the basis of material, non-public information is prohibited.
(See Appendix A, Policy Statement Concerning Insider Trading
Prohibitions.)</FONT></P>
<P align=left><FONT face=monospace>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5>D.
Exempted Transactions</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 1: Involuntary Transactions</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Transactions that are involuntary on the part of a Putnam employee
are exempt from the prohibitions set forth in Sections I.A., I.B., and
I.C.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2
>This exemption is based on categories of conduct that the
Securities and Exchange Commission does not consider &#147;abusive.&#148;</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Examples of involuntary personal securities transactions
include:</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(a) Sales out of the brokerage account of a Putnam employee as a
result of a bona fide margin call, provided that withdrawal of collateral by the
Putnam employee within the ten days previous to the margin call was not a
contributing factor to the margin call; </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Purchases arising out of an automatic dividend reinvestment
program of an issuer of a publicly traded security.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Transactions by a trust in which the Putnam employee (or a member of
his immediate family) holds a beneficial interest, but for which the employee
has no direct or indirect influence or control with respect to the selection of
investments, are involuntary transactions. In addition, these transactions do
not fall within the definition of &#147;personal securities transactions.&#148; (See
Definitions.)</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>A good-faith belief on the part of the employee that a transaction
was involuntary will not be a defense to a violation of the Code of Ethics. In
the event of confusion as to whether a particular transaction is involuntary,
the burden is on the employee to seek a prior written determination of the
applicability of this exemption. The procedures for obtaining such a
determination appear in Section VII. D.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 2: Special Exemptions</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Transactions that have been determined, in writing by the Code of
Ethics Officer before the transaction occurs, to be no more than remotely
harmful to Putnam clients because the transaction would be very unlikely to
affect a highly institutional market, or because the transaction is clearly not
related economically to the securities to be purchased, sold, or held by a
Putnam client, are exempt from the prohibitions set forth in Sections I.A.,
I.B., and I.C.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>An
employee may seek an ad hoc exemption under this Rule by following the
procedures in Section VII.D.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>This exemption is also based upon categories of conduct that the
Securities and Exchange Commission does not consider &#147;abusive.&#148; </FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>The burden is on the employee to seek a prior written determination
that the proposed transaction meets the standards for an ad hoc exemption set
forth in this Rule.</FONT></P>
<P align=left><FONT face=monospace>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5
>SECTION II -- Additional Special Rules for Personal Securities
Transactions </FONT><FONT face=sans-serif size=5
>of Access Persons and Certain Investment Professionals</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Access Persons include all investment professionals and other
employees as defined on page vii.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 1: 90-Day Short-Term Rule</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Access Persons may not sell a security at a profit within 90 days
of purchase or buy a security at a price below which he or she sold it within
the past 90 days.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>None, unless prior written approval from the Code of Ethics Officer
is obtained. Exceptions may be granted on a case-by-case basis when no abuse is
involved and the equities of the situation support an exemption. For example,
although an Access Person may buy a stock as a long-term investment, that stock
may have to be sold involuntarily due to unforeseen activity such as a
merger.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
The 90-Day Short-Term Rule applies to all Access Persons, as defined in the
Definitions section of the Code.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Calculation of whether there has been a profit is based upon the market prices
of the securities. The calculation includes commissions and other sales
charges.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
As an example, an Access Person would not be permitted to sell a security at $12
that he purchased within the prior 90 days for $10. Similarly, an Access Person
would not be permitted to purchase a security at $10 that she had sold within
the prior 90 days for $12.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>The prohibition against short-term trading profits by Access Persons
is designed to minimize the possibility that they will capitalize
inappropriately on the market impact of trades involving a client portfolio
about which they might possibly have information.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Although Chief Investment Officers, portfolio managers, and analysts
may sell securities at a profit within 90 days of purchase in order to comply
with the requirements of the 7-Day Rule applicable to them (described below),
the profit will have to be disgorged to charity under the terms of the 7-Day
Rule.</FONT></P>
<P align=left><FONT face=sans-serif size=5
>Certain Investment Professionals</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 2: 7-Day Rule</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>(a) Before a portfolio manager (including a Chief Investment
Officer with respect to an account he manages) places an order to buy a security
for any Putnam client portfolio that he manages, he must sell that security or
related derivative security if he has purchased it in his personal account
within the preceding seven calendar days.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Analysts: Before an analyst makes a purchase or an outperform
recommendation for a security (including designation of a security for inclusion
in the portfolio of Putnam Research Fund), he must sell that security or related
derivative security if he has purchased it in his personal account within the
preceding seven calendar days.</FONT></P>
<P align=left><FONT face=monospace>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>This Rule applies to portfolio managers (including Chief Investment
Officers with respect to accounts they manage) in connection with any purchase,
no matter how small, in any client account managed by that portfolio manager or
CIO (even so-called &#147;clone accounts&#148;). In particular, it should be noted that
the requirements of this Rule also apply with respect to purchases in client
accounts, including &#147;clone accounts,&#148; resulting from &#147;cash flows.&#148; To comply
with the requirements of this Rule, it is the responsibility of each portfolio
manager or CIO to be aware of the placement of all orders for purchases of a
security by client accounts that he or she manages for seven days following the
purchase of that security for his or her personal account.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>An investment professional who must sell securities to be in
compliance with the 7-Day Rule must absorb any loss and disgorge to charity any
profit resulting from the sale. The recipient charity will be chosen by the Code
of Ethics Officer.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>This Rule is designed to avoid even the appearance of a conflict of
interest between an investment professional and a Putnam client. A greater
burden is placed on these professionals given their positions in the
organization. Transactions executed for the employee&#146;s personal account must be
conducted in a manner consistent with the Code of Ethics and in such a manner as
to avoid any actual or perceived conflict of interest or any abuse of the
employee&#146;s position of trust and responsibility.</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>&#147;Portfolio manager&#148; is used in this Section as a functional label,
and is intended to cover any employee with authority to authorize a trade on
behalf of a Putnam client, whether or not such employee bears the title
&#147;portfolio manager.&#148; &#147;Analyst&#148; is also used in this Section as a functional
label, and is intended to cover any employee who is not a portfolio manager but
who may make recommendations regarding investments for Putnam
clients.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 3: Blackout Rule</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>(a) Portfolio Managers: No portfolio manager (including Chief
Investment Officers with respect to accounts they manage) shall: (i) sell any
security or related derivative security for her personal account until seven
calendar days have elapsed since the most recent purchase of that security or
related derivative security by any Putnam client portfolio she manages or
co-manages; or (ii) purchase any security or related derivative security for her
personal account until seven calendar days have elapsed since the most recent
sale of that security or related derivative security from any Putnam client
portfolio that she manages or co-manages.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Analysts: No analyst shall: (i) sell any security or related
derivative security for his personal account until seven calendar days have
elapsed since his most recent buy or outperform recommendation for that security
or related derivative security (including designation of a security for
inclusion in the portfolio of Putnam Research Fund); or (ii) purchase any
security or related derivative security for his personal account until seven
calendar days have elapsed since his most recent sell or underperform
recommendation for that security or related derivative security (including the
removal of a security from the portfolio of Putnam Research Fund).</FONT></P>
<P align=left><FONT face=monospace>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>This Rule applies to portfolio managers (including Chief Investment
Officers with respect to accounts they manage) in connection with any purchase,
no matter how small, in any client account managed by that portfolio manager or
CIO (even clone accounts). In particular, it should be noted that the
requirements of this rule also apply with respect to transactions in client
accounts, including clone accounts, resulting from cash flows. In order to
comply with the requirements of this Rule, it is the responsibility of each
portfolio manager and CIO to be aware of all transactions in a security by
client accounts that he or she manages that took place within the seven days
preceding a transaction in that security for his or her personal
account.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>This Rule is designed to prevent a Putnam portfolio manager or
analyst from engaging in personal investment conduct that appears to be counter
to the investment strategy she is pursuing or recommending on behalf of a Putnam
client.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 4: Contra-Trading Rule</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>(a) Portfolio Managers: No portfolio manager shall, without prior
clearance and written approval, sell out of his personal account securities or
related derivative securities held in any Putnam client portfolio that he
manages or co-manages.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Chief Investment Officers: No Chief Investment Officer shall,
without prior clearance and written approval, sell out of his personal account
securities or related derivative securities held in any Putnam client portfolio
managed in his investment group.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Individuals Authorized to Give Approval. Prior to engaging in any such sale, a
portfolio manager shall seek written approval of the proposed sale. In the case
of a portfolio manager, prior written approval of the proposed sale shall be
obtained from a Chief Investment Officer to whom he reports or, in his absence,
another Chief Investment Officer. In the case of a Chief Investment Officer,
prior written approval of the proposed sale shall be obtained from another Chief
Investment Officer. In addition to the foregoing, prior written approval must
also be obtained from the Code of Ethics Officer.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Contents of Written Approval. In every instance, the written approval form
attached as Appendix C (or such other form as the Code of Ethics Officer shall
designate) shall be used. The written approval should be signed by the Chief
Investment Officer giving approval and dated when such approval was given, and
shall state, briefly, the reasons why the trade was allowed and why the
investment conduct pursued by the portfolio manager or Chief Investment Officer
was deemed inappropriate for the Putnam client account controlled by the
individual seeking to engage in the transaction for his personal account. Such
written approval shall be sent by the Chief Investment Officer approving the
transaction to the Code of Ethics Officer, for her approval, within 24 hours or
as promptly as circumstances permit. Approvals obtained after a transaction has
been completed, or while it is in process, will not satisfy the requirements of
this Rule.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>This Rule, like Rule 3 of this section, is designed to prevent a
Putnam portfolio manager from engaging in personal investment conduct that
appears to be counter to the investment strategy that he is pursuing on behalf
of a Putnam client.</FONT></P>
<P align=left><FONT face=monospace>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><B><FONT face=sans-serif size=2
>Rule 5: No Personal Benefit</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
portfolio manager shall cause, and no analyst shall recommend, a Putnam client
to take action for the portfolio manager&#146;s or analyst&#146;s own personal
benefit.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>A portfolio manager who trades in, or an analyst who recommends,
particular securities for a Putnam client account in order to support the price
of securities in his personal account, or who &#147;front runs&#148; a Putnam client order
is in violation of this Rule. Portfolio managers and analysts should be aware
that this Rule is not limited to personal transactions in securities (as that
word is defined in the Definitions section). Thus, a portfolio manager or
analyst who front runs a Putnam client purchase or sale of obligations of the
U.S. government is in violation of this Rule. U.S. government obligations are
excluded from the definition of security.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>This Rule is not limited to instances when a portfolio manager or
analyst has malicious intent. It also prohibits conduct that creates an
appearance of impropriety. Portfolio managers and analysts who have questions
about whether proposed conduct creates an appearance of impropriety should seek
a prior written determination from the Code of Ethics Officer, using the
procedures described in Section VII.C.</FONT></P>
<P align=left><FONT face=monospace>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5
>SECTION III -- General Rules for All Employees</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 1: Compliance with All Laws, Regulations, and
Policies</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>All employees must comply with applicable laws and regulations as
well as company policies. This includes tax, anti-trust, political contribution,
and international boycott laws. In addition, no employee at Putnam may engage in
fraudulent conduct of any kind.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Putnam may report to the appropriate legal authorities conduct by
Putnam employees that violates this Rule.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>It should also be noted that the U.S. Foreign Corrupt Practices Act
makes it a criminal offense to make a payment or offer of payment to any
non-U.S. governmental official, political party, or candidate to induce that
person to affect any governmental act or decision, or to assist Putnam&#146;s
obtaining or retaining business.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 2: Conflicts of Interest</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall conduct herself in a manner that is contrary to the
interests of, or in competition with, Putnam or a Putnam client, or that creates
an actual or apparent conflict of interest with a Putnam client.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>This Rule is designed to recognize the fundamental principle that
Putnam employees owe their chief duty and loyalty to Putnam and Putnam
clients.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>It is expected that a Putnam employee who becomes aware of an
investment opportunity that she believes is suitable for a Putnam client whom
she services will present it to the appropriate portfolio manager prior to
taking advantage of the opportunity herself.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 3: Gifts and Entertainment Policy</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall accept anything of material value from any broker-dealer,
financial institution, corporation, or other entity; any existing or prospective
supplier of goods or services with a business relationship to Putnam; or any
company or other entity whose securities are held in or are being considered as
investments for the Putnam funds, or any other client account. Included are
gifts, favors, preferential treatment, special arrangements, or access to
special events.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2
>This Rule is intended to permit the acceptance of only proper types
of customary and limited business amenities. </FONT></P>
<P align=left><FONT face=sans-serif size=2>A
Putnam employee may not, under any circumstances, accept anything that could
create the appearance of a conflict of interest. For example, acceptance of any
consideration is prohibited if it would create the appearance of a reward or
inducement for conducting Putnam business either with the person providing the
gift or his employer.</FONT></P>
<P align=left><FONT face=monospace>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Gifts. An employee may not accept gifts with an aggregate value of more than
$100 in any year from any one source, i.e., entity or firm. Any Putnam employee
who is offered or receives an item exceeding $100 in value must report the
details to the Code of Ethics Officer and surrender or return the gift. Any
entertainment event provided to an employee where the host is not in attendance
is treated as a gift and is subject to the $100 per year per source
limit.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Entertainment. Putnam&#146;s rules are designed to permit reasonable, ordinary
business entertainment, but prohibit any events that may be perceived as
extravagant or that involve lavish expenditures.</FONT></P>
<P align=left><FONT face=sans-serif size=2>1.
Occasional lunches, dinners, cocktail parties, or comparable gatherings
conducted for business purposes are permitted.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">For example, occasional attendance at group functions
sponsored by sell-side firms is permitted where the function relates to
investments or other business activity. Occasional attendance at these functions
is not required to be counted against the limits described in section (B)(2)
below.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2.
Other entertainment events, such as sporting events, theater, movies, concerts,
or other forms of entertainment conducted for business purposes, are permitted
only under the following conditions: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(i)The host must be present for the event.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(ii)The location of the event must be in the metropolitan
area in which the office of the employee is located.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(iii)Spouses or other family members of the employee may
not attend the entertainment event or any meals before or after the
entertainment event.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(iv)The value of the entertainment event provided to the
employee may not exceed $150, not including the value of any meals that may be
provided to the employee before or after the event. </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Acceptance of entertainment events that have a market
value materially exceeding the face value of the entertainment, which includes,
for example, attendance at sporting event playoff games, is prohibited. This
prohibition applies even if the face value of tickets to the events is $150 or
less or if the Putnam employee offers to pay for the tickets. If there is any
ambiguity about whether to accept an entertainment event in these circumstances,
please consult the Code of Ethics Officer.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(v)The employee may not accept entertainment events under
this provision in section (B)(2) more than six times a year and not more than
two times in any year from any single source.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(vi)The Code of Ethics Officer may grant exceptions to
these rules. For example, it may be appropriate for an employee attending a
legitimate conference in a location away from the office to attend a business
entertainment event in that location. All exceptions must be approved in advance
by written request to the Code of Ethics Officer.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3.
Any employee attending any entertainment event under the provision in sections
(B)(1) or (B)(2) above must file a Report of Entertainment Form (attached as
Appendix E) with the Code of Ethics Officer within 10 business days following
the date of the entertainment event. Failure to file the notice is a violation
of the Code of Ethics.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Planned absences, i.e., vacations, leaves (other than
certain medical leaves), or business trips are not valid excuses for providing
late reports. Failure to meet the deadline violates the Code&#146;s rules and
sanctions may be imposed.</FONT></P>
<P align=left><FONT face=monospace>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2>4.
Meals and entertainment that are part of the regular program at an investment
conference (i.e., open to all participants) are not subject to the limits of
section (B)(2) above.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
The following items are prohibited:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1.
Any entertainment event attendance that would reflect badly on Putnam as a firm
of the highest fiduciary and ethical standards. For example, events involving
adult entertainment or gambling must be avoided.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2.
Entertainment involving travel away from the metropolitan area in which the
employee is located. Even if an exception is granted as discussed in section
(B)(2)(vi) above, payment by a third party of the cost of transportation to a
location outside the employee&#146;s metropolitan area, lodging while in another
location, and any meals not specifically approved by the Code of Ethics officer
are prohibited.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3.
Personal loans to a Putnam employee on terms more favorable than those generally
available for comparable credit standing and collateral.</FONT></P>
<P align=left><FONT face=sans-serif size=2>4.
Preferential brokerage or underwriting commissions or spreads or allocations of
shares or interests in an investment for the personal account of a Putnam
employee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>5.
Cash or cash equivalents.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D.
As with any of the provisions of the Code of Ethics, a sincere belief by the
employee that he was acting in accordance with the requirements of this Rule
will not satisfy his obligations under the Rule. Therefore, an employee who is
in doubt concerning the propriety of any gift or favor should seek a prior
written determination from the Code of Ethics Officer, as provided in Section
VII.C. </FONT></P>
<P align=left><FONT face=sans-serif size=2>E.
No Putnam employee may solicit any gift or entertainment from any person, even
if the gift or entertainment, if unsolicited, would be permitted.</FONT></P>
<P align=left><FONT face=sans-serif size=2>F.
The Rule does not prohibit employees on business travel from using local
transportation and arrangements customarily supplied by brokers or similar
entities. For example, it is customary for brokers in developing markets to make
local transportation arrangements. These arrangements are permitted so long as
the expense of lodging and air travel are paid by Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2>G.
Putnam Retail Management (PRM) employees are subject to additional NASD rules on
gifts and entertainment which can be found in the PRM compliance
manual.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 4: Anti-bribery/Kickback Policy</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall pay, offer, or commit to pay any amount of consideration
which might be, or appear to be, a bribe or kickback in connection with Putnam&#146;s
business.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Although the Rule does not specifically address political
contributions (described in Rule 5), Putnam employees should be aware that it is
against corporate policy to use company assets to fund political contributions
of any sort, even where such contributions may be legal. No Putnam employee
should offer or agree to make any political contributions (including political
dinners and similar fundraisers) on behalf of Putnam, and no employee will be
reimbursed by Putnam for such contributions made by the employee
personally.</FONT></P>
<P align=left><FONT face=monospace>18</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2
>Rule 5: Political Activities, Contributions, Solicitations, and
Lobbying Policy</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>A.
Corporate Contributions and Solicitations. Political activities of corporations
such as Putnam are highly regulated, and corporate political contributions are
largely prohibited. Accordingly, no contributions may be made with Putnam
corporate funds to any political party or campaign, whether directly or by
reimbursement of such a contribution, unless pre-approved by the Code of Ethics
Officer. Employee contributions to any pending or proposed client of Putnam,
regardless of whether the employee will seek reimbursement from Putnam for such
contributions, must be pre-approved by the Code of Ethics Officer. Donations of
Putnam property and of employee time when working for Putnam are prohibited. No
Putnam employee may make any solicitation for, or endorsement of, any campaign
or candidate using Putnam letterhead, referencing Putnam, or while on Putnam
business.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Employee Personal Political Contributions. Employees are free to engage in
political activities as long as they do not use Putnam assets, or state or imply
that Putnam is involved in a campaign. Employees are subject to three
restrictions as follows: </FONT></P>
<P align=left><FONT face=sans-serif size=2>1.
- -Some states and localities have laws that prohibit employees from making
political contributions to candidates for state and local office if their
employer has an investment management contract with, or is seeking one from, the
state or locality. Accordingly, Putnam employees must pre-clear with the Code of
Ethics Officer any contributions to candidates for any of the following offices:
</FONT></P><FONT face=sans-serif size=2><FONT
size=4>
<P>&#149; </FONT>The office of State Treasurer of Connecticut or Vermont
</FONT></P><FONT face=sans-serif size=2><FONT
size=4>
<P>&#149; </FONT>State or local offices in California, New Jersey, or Ohio
</FONT></P><FONT face=sans-serif size=2><FONT
size=4>
<P>&#149; </FONT>Any local office in the city of Houston, Texas </FONT></P>
<P align=left><FONT face=sans-serif size=2>2.
- -Contributions to state and local officials with whom Putnam has a business
relationship or from whom is seeking a business relationship must be pre-cleared
with the Code of Ethics Officer. </FONT></P>
<P align=left><FONT face=sans-serif size=2>3.
- -Certain employees at PRM involved in the CollegeAdvantage program are
restricted from making contributions to candidates for offices in Ohio under the
rules of the Municipal Securities Rulemaking Board. These employees are
separately identified and informed by Putnam&#146;s Compliance Department of
applicable requirements.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Government Official. Employees must obtain pre-approval from the Code of Ethics
Officer prior to providing any gift (including meals, entertainment,
transportation, or lodging) to any government official or employee.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D.
Lobbying. Federal and state law imposes limits and registration requirements on
efforts by individuals and companies to influence the passage of legislation or
to obtain business from governments. Accordingly, Putnam employees should not
engage in any lobbying activities without approval from Putnam&#146;s Director of
Government Relations. Lobbying does not include solicitation of investment
management business through the ordinary course of business, such as responding
to a Request For Proposal (RFP).</FONT></P>
<P align=left><FONT face=monospace>19</FONT></P>
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<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Putnam has established a political action committee (PAC) that
contributes to worthy candidates for political office. Any request received by a
Putnam employee for a political contribution must be directed to Putnam&#146;s Legal
and Compliance Department.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>This Rule prohibits solicitation on personal letterhead by Putnam
employees except as approved by the Code of Ethics Officer.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Certain officers and employees of Putnam Retail Management (PRM) and
other employees involved in Putnam&#146;s College Advantage Section 529 Plan with
Ohio Tuition Trust Authority are subject to special rules on political
contributions. For questions on these requirements, please call the Code of
Ethics Officer.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 6: Confidentiality of Putnam Business
Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
unauthorized disclosure may be made by any employee or former employee of any
trade secrets or proprietary information of Putnam or of any confidential
information. No information regarding any Putnam client portfolio, actual or
proposed securities trading activities of any Putnam client, or Putnam research
shall be disclosed outside the Putnam organization unless doing so has a valid
business purpose and is in accord with relevant procedures established by Putnam
relating to such disclosures.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>All information about Putnam and Putnam clients is strictly
confidential. Putnam research information should not be disclosed without proper
approval and never for personal gain.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 7: Roles at Other Entities (Outside Business
Affiliations)</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall serve as employee, officer, director, trustee, or general
partner of a corporation or entity other than Putnam, without prior written
approval of the Code of Ethics Officer. Requests for a role at a publicly traded
company are especially disfavored and are closely reviewed. Permission will be
granted only in extenuating circumstances.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2>If
the request is approved, the employee must enter his profile in the Personal
Trading Assistant under Disclosures &#150; Outside Business Affiliations.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>NASD-licensed employees under PRM also have an obligation to
disclose outside business affiliations, new or terminated, with Putnam&#146;s
Licensing and Registration Department.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Charitable or Non-profit Exception. Putnam employees may serve as
an officer, director, or trustee of a charitable or not-for-profit institution,
provided that the employee abides by the Code of Ethics and the Policy
Statements with respect to any investment activity for which she has any
discretion or input as officer, director, or trustee. The pre-clearance and
reporting requirements of the Code of Ethics do not apply to the trading
activities of such charitable or not-for-profit institutions for which an
employee serves as an officer, director, or trustee unless the employee is
responsible for day-today portfolio management of the account.</FONT></P>
<P align=left><FONT face=monospace>20</FONT></P>
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<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>This Rule is designed to ensure that Putnam cannot be deemed an
affiliate of any issuer of securities by virtue of service by one of its
officers or employees as director or trustee.</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>Positions with public companies are especially problematic and will
normally not be approved.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Certain charitable or not-for-profit institutions have assets (such
as endowment funds or employee benefit plans) which require prudent investment.
To the extent that a Putnam employee (because of her position as officer,
director, or trustee of an outside entity) is charged with responsibility to
invest such assets prudently, she may not be able to discharge that duty while
simultaneously abiding by the spirit of the Code of Ethics and the Policy
Statements. Employees are cautioned that they should not accept service as an
officer, director, or trustee of an outside charitable or not-for-profit entity
where such investment responsibility is involved, without seriously considering
their ability to discharge their fiduciary duties with respect to such
investments.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 8: Role as Trustee or Fiduciary Outside of Putnam
Investments</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall serve as a trustee, an executor, a custodian, or any other
fiduciary, or as an investment advisor or counselor for any account outside
Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTIONS</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Charitable or Religious Exception. Putnam employees may serve as a fiduciary
with respect to a religious or charitable trust or foundation, so long as the
employee abides by the spirit of the Code of Ethics and the Policy Statements
with respect to any investment activity over which he has any discretion or
input. The pre-clearance and reporting requirements of the Code of Ethics do not
apply to the trading activities of such a religious or charitable trust or
foundation unless the employee is responsible for day-to-day portfolio
management of the account.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Family Trust or Estate Exception. Putnam employees may serve as a fiduciary with
respect to a family trust or estate, as long as the employee abides by all of
the Rules of the Code of Ethics with respect to any investment activity over
which he has any discretion.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The roles permissible under this Rule may carry with them the
obligation to invest assets prudently. Once again, Putnam employees are
cautioned that they may not be able to fulfill their duties in that respect
while abiding by the Code of Ethics and the Policy Statements.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 9: Investment Clubs</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee may be a member of any investment club.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>This Rule guards against the danger that a Putnam employee may be
in violation of the Code of Ethics and the Policy Statements by virtue of his
personal securities transactions in or through an entity that is not bound by
the restrictions imposed by this Code of Ethics and the Policy Statements.
Please note that this restriction also applies to the spouse of a Putnam
employee and any relatives of a Putnam employee living in the same household as
the employee, as their transactions are covered by the Code of Ethics (see page
viii).</FONT></P>
<P align=left><FONT face=monospace>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><B><FONT face=sans-serif size=2
>Rule 10: Business Negotiations for Putnam
Investments</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee may become involved in a personal capacity in consultations or
negotiations for corporate financing, acquisitions, or other transactions for
outside companies (whether or not held by any Putnam client), nor negotiate nor
accept a fee in connection with these activities without obtaining the prior
written permission of the Chief Executive Officer of Putnam
Investments.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 11: Accurate Records</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
employee may create, alter, or destroy (or participate in the creation,
alteration, or destruction of) any record that is intended to mislead anyone or
to conceal anything that is, or is reasonably believed to be, improper. In
addition, all employees responsible for the preparation, filing, or distribution
of any regulatory filings or public communications must ensure that such filings
or communications are timely, complete, fair, accurate, and
understandable.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>In many cases, this is not only a matter of company policy and
ethical behavior but also required by law. Our books and records must accurately
reflect the transactions represented and their true nature. For example, records
must be accurate as to the recipient of all payments; expense items, including
personal expense reports, must accurately reflect the true nature of the
expense. No unrecorded fund or asset shall be established or maintained for any
reason.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>All financial books and records must be prepared and maintained in
accordance with generally accepted accounting principles and Putnam&#146;s existing
accounting controls, to the extent applicable.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 12: Family Members&#146; Conflict Policy</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
employee or member of an employee&#146;s immediate family shall have any direct or
indirect personal financial interests in companies that do business with Putnam,
unless such interest is disclosed and approved by the Code of Ethics Officer.
Investment holdings in public companies that are not material to the employee
are excluded from this prohibition. The Code also provides more detailed
supplemental rules to address potential conflicts of interests that may arise if
members of employees&#146; families are closely involved in doing business with
Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Corporate Purchase of Goods and Services -- Putnam will not acquire
goods and services from any firm in which a member of an employee&#146;s immediate
family serves as the sales representative in a senior management capacity or has
an ownership interest with the supplier firm (excluding normal investment
holdings in public companies) without permission from the Director of
Procurement and the Code of Ethics Officer. Any employee who is aware of a
proposal to purchase goods and services from a firm at which a member of the
employee&#146;s immediate family meets one of the previously mentioned conditions
must notify the Director of Procurement and the Code of Ethics
Officer.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Portfolio Trading -- Putnam will not allocate any trades for a
portfolio to any firm that employs a member of an employee&#146;s immediate family as
a sales representative to Putnam (in a primary, secondary, or backup role). Any
Putnam employee who is aware that an immediate family member serves as a
broker-dealer&#146;s sales representative to Putnam should inform the Code of Ethics
Officer.</FONT></P>
<P align=left><FONT face=monospace>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>Definition of Immediate Family -- &#147;Immediate family&#148; of an employee
means (1) spouse or partner of the employee, (2) any child, sibling, or parent
of an employee and any person married to a child, sibling, or parent of an
employee, and (3) any other person who lives in the same household as the
employee.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 13: Affiliated Entities</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Non-Putnam affiliates (NPAs), listed below in the last comment,
provide investment advisory services. No employee shall: </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(a) Directly or indirectly seek to influence the purchase,
retention or disposition of, or exercise of voting consent, approval, or similar
rights with respect to any portfolio security in any account or fund advised by
the NPA and not by Putnam; </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(b) Transmit any information regarding the purchase, retention or
disposition of, or exercise of voting, consent, approval, or similar rights with
respect to any portfolio security held in a Putnam or NPA client account to any
personnel of the NPA; </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(c) Transmit any trade secrets, proprietary information, or
confidential information of Putnam to the NPA unless doing so has a valid
business purpose and is in accord with any relevant procedures established by
Putnam relating to such disclosures; </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(d) Use confidential information or trade secrets of the NPA for
the benefit of the employee, Putnam, or any other NPA; or </FONT></P>
<P align=left><FONT face=sans-serif size=2
>(e) Breach any duty of loyalty to the NPA derived from the
employee&#146;s service as a director or officer of the NPA.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Sections (a) and (b) of the Rule are designed to help ensure that
the portfolio holdings of Putnam clients and clients of the NPA need not be
aggregated for purposes of determining beneficial ownership under Section 13(d)
of the Securities Exchange Act or applicable regulatory or contractual
investment restrictions that incorporate such definition of beneficial
ownership. Persons who serve as directors or officers of both Putnam and an NPA
should take care to avoid even inadvertent violations of Section (b). Section
(a) does not prohibit a Putnam employee who serves as a director or officer of
the NPA from seeking to influence the modification or termination of a
particular investment product or strategy in a manner that is not directed at
any specific securities. Sections (a) and (b) do not apply when a Putnam
affiliate serves as an advisor or sub-advisor to the NPA or one of its products,
in which case normal Putnam aggregation rules apply.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>As a separate entity, any NPA may have trade secrets or confidential
information that it would not choose to share with Putnam. This choice must be
respected.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>When Putnam employees serve as directors or officers of an NPA, they
are subject to common law duties of loyalty to the NPA, despite their Putnam
employment. In general, this means that when performing their duties as NPA
directors or officers, they must act in the best interest of the NPA and its
shareholders. Putnam&#146;s Legal and Compliance Department will assist any Putnam
employee who is a director or officer of an NPA and has questions about the
scope of his or her responsibilities to the NPA.</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>Entities that are currently non-Putnam affiliates within the scope
of this Rule are: Nissay Asset Management Co., Ltd., L.P., Thomas H. Lee
Partners, L.P., Ampega Asset Management, GmbH, and PanAgora Asset Management,
Inc.</FONT></P>
<P align=left><FONT face=monospace>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><B><FONT face=sans-serif size=2
>Rule 14: Computer System/Network Policies</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
employee shall use computers, the Internet, e-mail, instant messaging, phones,
fax machines and/or the mail service in a manner that is inconsistent with their
use as set forth in Putnam&#146;s Employee Handbook. No employee shall introduce a
computer virus or computer code that may result in damage to Putnam&#146;s
information or computer systems.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam&#146;s policy statements relating to these matters are contained
in the Computer System and Network Responsibilities section of the Employment
Issues category within the Employee Handbook. The online Employee Handbook is
located on www.ibenefitcenter.com.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 15: CFA Institute Code of Ethics</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>All employees must follow and abide by the spirit of the Code of
Ethics and the Standards of Professional Conduct of the CFA Institute. The text
of the CFA Institute Code of Ethics and Standards of Professional Conduct are
set forth in Appendix D.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 16: Privacy Policy</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Except as provided below, no employee may disclose to any outside
organization or person any non-public personal information about any individual
who is a current or former shareholder of any Putnam retail or institutional
fund, or current or former client of a Putnam company. All employees shall
follow the security procedures as established from time to time by a Putnam
company to protect the confidentiality of all shareholder and client account
information.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Except as Putnam&#146;s Legal and Compliance Department may expressly
authorize, no employee shall collect any non-public personal information about a
prospective or current shareholder of a Putnam fund or prospective or current
client of a Putnam company, other than through an account application (or
corresponding information provided by the shareholder&#146;s financial
representative) or in connection with executing shareholder or client
transactions, nor shall any information be collected other than the following:
name, address, telephone number, Social Security number, and investment, broker,
and transaction information.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXCEPTIONS</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Putnam Employees. Non-public personal information may be disclosed to a Putnam
employee in connection with processing transactions or maintaining accounts for
shareholders of a Putnam fund and clients of a Putnam company, to the extent
that access to such information is necessary to the performance of that
employee&#146;s job functions.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Shareholder Consent Exception. Non-public personal information about a
shareholder&#146;s or client&#146;s account may be provided to a non-Putnam organization
at the specific request of the shareholder or client or with the shareholder&#146;s
or client&#146;s prior written consent.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Broker or Advisor Exception. Non-public personal information about a
shareholder&#146;s or client&#146;s account may be provided to the shareholder&#146;s or
client&#146;s broker of record.</FONT></P>
<P align=left><FONT face=monospace>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2>D.
Third-Party Service Provider Exception. Non-public personal information may be
disclosed to a service provider that is not affiliated with a Putnam fund or
Putnam company only when such disclosure is necessary for the service provider
to perform the specific services contracted for, and only (a) if the service
provider executes Putnam&#146;s standard confidentiality agreement, or (b) pursuant
to an agreement containing a confidentiality provision that has been approved by
the Legal and Compliance Department. Examples of such service providers include
proxy solicitors and proxy vote tabulators, mail services, and providers of
other administrative services, and Information Services Division consultants who
have access to non-public personal information.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Non-public personal information is any information that personally
identifies a shareholder of a Putnam fund or client of a Putnam company and is
not derived from publicly available sources. This privacy policy applies to
shareholders or clients who are individuals, not institutions. However, as a
general matter, all information that we receive about a shareholder of a Putnam
fund or client of a Putnam company shall be treated as confidential. No employee
may sell or otherwise provide shareholder or client lists or any other
information relating to a shareholder or client to any marketing
organization.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>All Putnam employees with access to shareholder or client account
information must be trained in and follow Putnam&#146;s security procedures designed
to safeguard that information from unauthorized use. For example, a telephone
representative must be trained in and follow Putnam&#146;s security procedures to
verify the identity of a caller requesting account information.</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Any questions regarding this privacy policy should be directed to
Putnam&#146;s Legal and Compliance Department. A violation of this policy will be
subject to the sanctions imposed for violations of Putnam&#146;s Code of
Ethics.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Employees must report any violation of this policy or any possible
breach of the confidentiality of client information, whether intentional or
accidental, to the managing director in charge of the employee&#146;s business unit.
Managing directors who are notified of such a violation or possible breach must
immediately report it in writing to Putnam&#146;s Chief Compliance Officer and, in
the event of a breach of computerized data, Putnam&#146;s Chief Technology
Officer.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 17: Anti-money Laundering Policy</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
employee may engage in any money laundering activity or facilitate any money
laundering activity through the use of any Putnam account or client account. Any
situations giving rise to a suspicion that attempted money laundering may be
occurring in any account must be reported immediately to the managing director
in charge of the employee&#146;s business unit. Managing directors who are notified
of such a suspicion of money laundering activity must immediately report it in
writing to Putnam&#146;s Chief Compliance Officer and Chief Financial
Officer.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 18: Record Retention</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>All employees must comply with the record retention requirements
applicable to the business unit. Employees should check with their managers or
the Chief Administrative Officer of their division to determine what record
retention requirements apply to their business unit. </FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>The Code of Ethics incorporates any relevant requirements of the
U.K. regulator, and the Financial Services Authority (FSA), and will be amended
from time to time to reflect any U.K. regulatory changes as
required.</FONT></B></P>
<P align=left><FONT face=monospace>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>





<P align="left">
<FONT size=5 face="sans-serif">SECTION IV -- Special Rules for Officers and Employees of Putnam Investments Limited (PIL)</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 1</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">In situations subject to Section I.A., Rule 1 (Restricted List Personal Securities Transactions), Putnam Investments Limited (PIL) employees must obtain clearance via the PTA online
system.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">EXCEPTION</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Government securities and other related bonds issued by member countries of the Organization for Economic Co-Operation and Development are not subject to pre-clearance rules.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">IMPLEMENTATION</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The position of the London Code of Ethics Administrator is held by the PIL Compliance Officer. All requests for clearances must be made through the PTA online system. Pre-clearance for
trades of fixed-income securities must be made by calling the Boston Administrator. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam&#146;s Code of Ethics Administrator in Boston (the Boston Administrator) has also been designated the Deputy London Administrator of PIL and has been delegated the right to
approve or disapprove personal securities transactions in accordance with the requirements of Section I.A. Therefore, approval from the Code of Ethics Administrator for PIL employees to make personal securities investments constitutes approval under
the Code of Ethics. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Both the Boston and London Administrators may record clearances in PTA for inspection by senior management and regulators.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 2</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">No PIL employee may trade with any broker-dealer unless that broker-dealer has sent a letter to the PIL Compliance Officer agreeing to deliver copies of trade confirmations and
statements to PIL. No PIL employee may enter into any margin or any other special dealing arrangement with any broker-dealer without the prior written consent of the PIL Compliance Officer.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">IMPLEMENTATION</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">PIL employees will be notified separately of this requirement once a year by the PIL Compliance Officer, and are required to provide an annual certification of compliance with the
Rule.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">All PIL employees must inform the PIL Compliance Officer of the names of all brokers-dealers with whom they trade prior to trading. The PIL Compliance Officer will send a letter to the
broker(s) in question requesting them to agree to deliver copies of confirms to PIL. PIL employees may trade with a broker only when the PIL Compliance Officer has received the signed agreement from that broker.</FONT></P>
<P align="left">
<FONT face="monospace">26</FONT></P>

<HR noshade align="center" width="100%" size=2>






<P align="left">
<B><FONT size=2 face="sans-serif">Rule 3</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">For purposes of the Code of Ethics, including Putnam&#146;s Policy Statement on Insider Trading Prohibitions, PIL employees must also comply with Part V of the Criminal Justice Act 1993
on insider dealing.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">IMPLEMENTATION</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">To ensure compliance with U.K. insider dealing legislation, PIL employees must observe the relevant procedures set forth in PIL&#146;s Compliance Manual, a copy of which is sent to each
PIL employee, and must sign an annual certification as to compliance.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 4: Inducement Policy for All PIL Employees</FONT></B></P>
<P align="left">
<FONT face="sans-serif">See Appendix F: Inducement Policy for PIL Employees, and Appendix G: Record of Inducement for PIL Employees.</FONT></P>
<P align="left">
<FONT face="monospace">27</FONT></P>

<HR noshade align="center" width="100%" size=2>


<P align=left><FONT face=sans-serif size=5
>SECTION V -- Reporting Requirements</FONT></P>
<P align=left><FONT face=sans-serif size=5
>Reporting of Personal Securities Transactions</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 1: Broker Confirmations and Statements</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Each Putnam employee shall ensure that copies of all confirmations
for securities transactions for personal brokerage accounts, and brokerage
account statements are sent to the Putnam Compliance Department Code of Ethics
Administrator. (For the purpose of this Rule, securities shall also include
ETFs, futures, and other derivatives on broad-based market indexes excluded from
the pre-clearance requirement.) Statements and confirmations are required for
Putnam funds not held at Putnam or in a Putnam retirement plan, as well as for
U.S. mutual funds sub-advised by Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Putnam employees should contact the Code of Ethics Administrator for a 407
letter instructing the broker to mail copies of confirmations and statements to
Putnam. It is the employees&#146; responsibility to follow up with the broker on a
reasonable basis to ensure that instructions are being followed.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Upon hire, Putnam employees are required to establish their broker profiles in
PTA.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Specific procedures apply to employees of PIL. Employees of PIL should contact
the London Code of Ethics Administrator.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D.
Failure of a broker-dealer to comply with the instructions of a Putnam employee
to send confirmations shall be a violation by the Putnam employee of this Rule.
Similarly, failure by an employee to report the existence of a personal account
and, if the account is opened after joining Putnam, failure to obtain proper
authorization to establish the account shall be a violation of this
Rule.</FONT></P>
<P align=left><FONT face=sans-serif size=2>E.
Statements and confirmations must also be sent for members of an employee&#146;s
immediate family, including statements from a family member&#146;s 401(k)/Profit
Sharing Plan at another employer. </FONT></P>
<P align=left><FONT face=sans-serif size=2>F.
Employees are not required to provide broker confirmations and statements for
MMC transactions in Putnam&#146;s 401(k)/Profit Sharing and Stock Purchase Plan
accounts.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Transactions for personal accounts is defined broadly to include
more than transactions in accounts under an employee&#146;s own name. (See
Definitions.)</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Statements and confirmations are required for all personal
securities transactions, whether or not exempted or excepted by this
Code.</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>To the extent that a Putnam employee has investment authority over
securities transactions of a family trust or estate, confirmations of those
transactions must also be made, unless the employee has received a prior written
exception from the Code of Ethics Officer.</FONT></P>
<P align=left><FONT face=monospace>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>





<P align="left">
<B><FONT size=2 face="sans-serif">Rule 2: Access Person &#x2013; Quarterly Transaction Report</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Every Access Person shall file a quarterly report within fifteen calendar days of the end of each quarter, recording all purchases and sales of securities for personal accounts as
defined in the Definitions section. (For the purpose of this Rule, &#147;securities&#148; shall include exchange-traded funds (ETFs), futures, and any option on a security or securities index, including broad-based market indexes excluded from the
pre-clearance requirement, and shall also include transactions in Putnam open-end funds if the account for the Putnam funds is not held at Putnam or in a Putnam retirement plan and for transactions in U.S. mutual funds sub-advised by
Putnam.)</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">IMPLEMENTATION</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">It is mandatory that all Access Persons file a quarterly transaction report in the PTA online system. The form shall contain a representation that employees have complied fully with all
provisions of the Code of Ethics. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The date for each transaction required to be disclosed in the quarterly report is the trade date for the transaction, not the settlement date.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Planned absences, i.e., vacations, leaves (other than certain medical leaves), or business trips, are not valid excuses for providing late reports. Failure to meet the deadline violates
the Code&#146;s rules and sanctions may be imposed.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">COMMENT</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">If the requirement to file a quarterly report applies to you and you fail to report within the required 15-day period, monetary fines or harsher sanctions will be imposed. It is the
responsibility of the employee to request an early report if he has knowledge of a planned absence, i.e., vacation, business trip, or leave.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 3: Access Person - Initial/Annual Holdings Report</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Access Persons must disclose their personal securities holdings in the Code of Ethics monitoring system, PTA, upon commencement of employment (within ten days of hire) and thereafter on
an annual basis. These SEC requirements are mandatory and designed to facilitate the monitoring of personal securities transactions. Putnam&#146;s Code of Ethics Administrator provides Access Persons with instructions regarding their submissions and
certifications of these reports in PTA.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Non-Access Persons must disclose their brokerage accounts upon 30 days of hire.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 4: Certifications</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">All employees are required to submit a certification in PTA annually attesting to compliance with all of the conditions of the Code of Ethics.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 5: Roles at Other Entities</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Upon approval of an outside business affiliation by the Code of Ethics Officer, employees must complete the Outside Business Affiliation profile in the Disclosure section of
PTA.</FONT></P>
<P align="left">
<FONT face="monospace">29</FONT></P>

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<P align="left">
<B><FONT size=2 face="sans-serif">Rule 6: Reporting of Irregular Activity</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">If a Putnam employee suspects that fraudulent, illegal, or other irregular activity (including violations of the Code of Ethics) might be occurring at Putnam, the activity should be
reported immediately to the managing director in charge of that employee&#146;s business unit. Managing directors who are notified of any such activity must immediately report it in writing to Putnam&#146;s Chief Financial Officer and Putnam&#146;s
Chief Compliance Officer.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">An employee who does not feel comfortable reporting this activity to the managing director may instead contact the Chief Compliance Officer, the Putnam or MMC Ethics hotlines, or the
Ombudsman. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Contact information for these hotlines is located on the PTA home page and on the Chief Compliance Officer&#146;s intranet site. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 7: Ombudsman</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Putnam has established the office of the corporate ombudsman as a resource to help employees address legal or ethical issues in the workplace and to allow employees to voice concerns or
seek clarity on issues. The Ombudsman provides a confidential, independent, and impartial source to employees to discuss potential violations of law or of company standards without fear of retribution, and serves as a neutral party with no vested
interest in a particular outcome. The Ombudsman is available on an anonymous basis by calling 1-866-ombuds7 (866-662-8377) or by calling 1-617-760-8246.</FONT></P>
<P align="left">
<FONT face="monospace">30</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">SECTION VI -- Education Requirements</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Every Putnam employee has an obligation to fully understand the rules and requirements of the Code of Ethics. </FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 1: Distribution of Code</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">A copy of the Code of Ethics will be distributed to every Putnam employee at least annually. All Access Persons will be required to certify annually that they have read, understood, and
will comply with the provisions of the Code of Ethics, including the Code&#146;s Policy Statement Concerning Insider Trading Prohibitions.</FONT></P>
<P align="left">
<B><FONT size=2 face="sans-serif">Rule 2: Annual Training Requirement</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Every employee will be required to complete training on Putnam&#146;s Code of Ethics on an annual basis.</FONT></P>
<P align="left">
<FONT face="monospace">31</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">SECTION VII -- Compliance and Appeal Procedures</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">A. Restricted List</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Code of Ethics Administrator will maintain the Restricted List. No employee may engage in a personal securities transaction without prior clearance on any day, even if the employee
believes that the trade will be subject to an exception. </FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">B. Consultation of Restricted List</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">It is the responsibility of each employee to pre-clear through the pre-clearance system, or consult with the Code of Ethics Administrator, prior to engaging in a personal securities
transaction, to determine if the security he proposes to trade is on the Restricted List and, if so, whether it is subject to the large-cap exception. The pre-clearance system and the Code of Ethics Administrator will be able to tell the employee
whether a security is on the Restricted List. No other information about the Restricted List is available through the pre-clearance system. </FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">C. Request for Determination</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">An employee who has a question concerning the applicability of the Code of Ethics to a particular situation shall request a determination from the Code of Ethics Officer before engaging
in the conduct or personal securities transaction about which he has a question.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">If the question pertains to a personal securities transaction, the request shall state for whose account the transaction is proposed, the relationship of that account to the employee,
the security proposed to be traded, the proposed price and quantity, the entity with whom the transaction will take place (if known), and any other information or circumstances of the trade that could have a bearing on the Code of Ethics
Officer&#146;s determination. If the question pertains to other conduct, the request for determination shall give sufficient information about the proposed conduct to assist the Code of Ethics Officer in ascertaining the applicability of the Code.
In every instance, the Code of Ethics Officer may request additional information, and may decline to render a determination if the information provided is insufficient. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Code of Ethics Officer shall make every effort to render a determination promptly. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">No perceived ambiguity in the Code of Ethics shall excuse any violation. Any person who believes the Code to be ambiguous in a particular situation should request a determination from
the Code of Ethics Officer.</FONT></P>
<P align="left">
<FONT face="monospace">32</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">D. Request for Ad Hoc Exemption</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Any employee who wishes to obtain an ad hoc exemption under Section I.D., Rule 2, should request from the Code of Ethics Officer an exemption in writing in advance of the conduct or
transaction sought to be exempted. In the case of a personal securities transaction, the request for an ad hoc exemption shall give the same information about the transaction required in a request for determination under Section VII.C., and should
state why the proposed personal securities transaction would be unlikely to affect a highly institutional market, or is unrelated economically to securities to be purchased, sold, or held by any Putnam client. In the case of other conduct, the
request shall give information sufficient for the Code of Ethics Officer to ascertain whether the conduct raises questions of propriety or conflict of interest, real or apparent. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Code of Ethics Officer shall make reasonable efforts to promptly render a written determination concerning the request for an ad hoc exemption.</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">E. Appeal to Code of Ethics Officer with Respect to Restricted List</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">If an employee ascertains that a security that he wishes to trade for his personal account appears on the Restricted List, and thus the transaction is prohibited, he may appeal the
prohibition to the Code of Ethics Officer by submitting a written memorandum containing the same information as would be required in a request for a determination. The Code of Ethics Officer shall make every effort to respond to the appeal
promptly.</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">F. Information Concerning Identity of Compliance Personnel</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The names of Code of Ethics personnel are available by contacting the Legal and Compliance Department and will be published on Putnam&#146;s intranet site.</FONT></P>
<P align="left">
<FONT face="monospace">33</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">SECTION VIII -- Sanctions</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">Sanction Guidelines</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Code of Ethics Oversight Committee is responsible for setting sanctions policies for violating the Code. The Committee has adopted the following minimum monetary sanctions for
violations of the Code. These sanctions apply even if the exception results from inadvertence rather than intentional misbehavior. The Code of Ethics Officer is authorized to impose the minimum sanction on employees without further Committee action.
However, the sanctions noted below are only minimums and the Committee reserves the right to impose additional sanctions such as higher monetary sanctions, trading bans, suspension, or termination of employment as it determines to be appropriate.
</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">A. The minimum sanction for a violation of the following Rules is disgorgement of any profits or payment of avoided losses and the following payments:</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Section I.A., Rule 1 (Pre-clearance and Restricted List)Section I.B., Rule 1 (Short selling)Section I.B., Rule 2 (IPOs)Section I.B., Rule 3 (Private Placements)Section I.B., Rule 4
(Trading with Inside Information)Section I.B., Rules 6-8 (Holding and Trading of Putnam Funds)Section II, Rule 2 (7-Day Rule)Section II, Rule 3 (Blackout Rule)Section II, Rule 4 (Contra-Trading Rule)Section II, Rule 5 (Trading for Personal
Benefit)</FONT></P>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">Officer Level</FONT>&nbsp;
	</TD>
	<TD width=18% nowrap align=left>
<FONT size=2 face="sans-serif">SMD/MD</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">SVP/VP</FONT>&nbsp;
	</TD>
	<TD width=45% nowrap align=left>
<FONT size=2 face="sans-serif">AVP/non-officer</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">1st violation</FONT>&nbsp;
	</TD>
	<TD width=18% nowrap align=left>
<FONT size=2 face="sans-serif">&#36; 500</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;250</FONT>&nbsp;
	</TD>
	<TD width=45% nowrap align=left>
<FONT size=2 face="sans-serif">&#36; 50</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">2nd</FONT>&nbsp;
	</TD>
	<TD width=18% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;1,000</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;500</FONT>&nbsp;
	</TD>
	<TD width=45% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;100</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap align=left>
<FONT size=2 face="sans-serif">3rd</FONT>&nbsp;
	</TD>
	<TD width=79% nowrap colspan=3 align=left>
<FONT size=2 face="sans-serif">Minimum monetary sanction as above with ban on all new personal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=20% nowrap align=left>
&nbsp;
	</TD>
	<TD width=34% nowrap colspan=2 align=left>
<FONT size=2 face="sans-serif">individual investments.</FONT>&nbsp;
	</TD>
	<TD width=45% nowrap align=left>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=5 face="sans-serif">B. The minimum sanction for violations of all other Rules in the Code is as follows:</FONT></P>
<TABLE border=0 width=100% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="sans-serif">Officer Level</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="sans-serif">SMD/MD</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="sans-serif">SVP/VP</FONT>&nbsp;
	</TD>
	<TD width=29% nowrap align=left>
<FONT size=2 face="sans-serif">AVP/non-officer</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="sans-serif">1st violation</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;100</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="sans-serif">&#36; 50</FONT>&nbsp;
	</TD>
	<TD width=29% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;25</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=27% nowrap align=left>
<FONT size=2 face="sans-serif">Subsequent</FONT>&nbsp;
	</TD>
	<TD width=23% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;200</FONT>&nbsp;
	</TD>
	<TD width=19% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;100</FONT>&nbsp;
	</TD>
	<TD width=29% nowrap align=left>
<FONT size=2 face="sans-serif">&#36;50</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">The reference period for determining whether a violation is initial or subsequent will be five years.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">NOTE</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Committee&#146;s belief that an employee has violated the Code of Ethics intentionally will result in more severe sanctions than outlined in the guidelines above. The Code of Ethics
Oversight Committee retains the right to increase or decrease the sanctions for a particular violation in light of the circumstances.</FONT></P>
<P align="left">
<FONT face="monospace">34</FONT></P>

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<P align=left><FONT face=sans-serif size=5
>APPENDIX A: Insider Trading Prohibitions Policy
Statement</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam has always forbidden trading by its employees on material
non-public information (inside information). Tough federal laws make it
important for Putnam to state that prohibition in the strongest possible terms,
and to establish, maintain, and enforce written policies and procedures to
prevent the use of material non-public information.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Unlawful trading while in possession of inside information can be a
crime. Federal law provides that an individual convicted of trading on inside
information may go to jail for a period of time. There is also significant
monetary liability for an inside trader; the Securities and Exchange Commission
can seek a court order requiring a violator to pay back profits, as well as
penalties substantially greater than those profits. In addition private
plaintiffs can seek recovery for harm suffered by them. The inside trader is not
the only subject to liability. In certain cases, controlling persons of inside
traders, including supervisors of inside traders or Putnam itself, can be liable
for large penalties.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Section A. of this Policy Statement contains rules concerning
inside information. Section B. contains a discussion of what constitutes
unlawful insider trading.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Neither material, non-public information nor unlawful insider
trading is easy to define. Section B. of this Policy Statement gives a general
overview of the law in this area. However, the legal issues are complex and must
be resolved by the Code of Ethics Officer. If an employee has any doubt as to
whether she has received material, non-public information, she must consult with
the Code of Ethics Officer prior to using that information in connection with
the purchase or sale of a security for his own account or the account of any
Putnam client, or communicating the information to others. A simple rule of
thumb is if you think the information is not available to the public at large,
don&#146;t disclose it to others and don&#146;t trade securities to which the inside
information relates.</FONT></P>
<P align=left><FONT face=sans-serif size=2>An
employee aware of, or in possession of, inside information must report it
immediately to the Code of Ethics Officer. If an employee has failed to consult
the Code of Ethics Officer, Putnam will not excuse employee misuse of inside
information on the grounds that the employee claims to have been confused about
this Policy Statement or the nature of the information in his possession.
</FONT></P>
<P align=left><FONT face=sans-serif size=2>If
Putnam determines, in its sole discretion, that an employee has failed to abide
by this Policy Statement, or has engaged in conduct that raises a significant
question concerning insider trading, he will be subject to disciplinary action,
including termination of employment. </FONT></P>
<P align=left><FONT face=sans-serif size=2
>There are no exceptions to this policy statement and no one is
exempt.</FONT></P>
<P align=left><FONT face=monospace>35</FONT></P>
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<P align=left><FONT face=sans-serif size=5
>APPENDIX A: DEFINITIONS: Insider Trading</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Code of Ethics Administrator</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The individual designated by the Code of Ethics Officer to assume
responsibility for day-to-day, non-discretionary administration of this Policy
Statement. The Code of Ethics Administrator is Laura Rose.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Code of Ethics Officer</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The Putnam officer who has been assigned the responsibility of
enforcing and interpreting this Code. The Code of Ethics Officer shall be the
Chief Compliance Officer or such other person as is designated by the Chief
Executive Officer of Putnam Investments. If the Code of Ethics Officer is
unavailable, the Deputy Code of Ethics Officer shall act in his stead. The Code
of Ethics Officer is Tony Ruys de Perez. The Deputy Code of Ethics Officer is
Kathleen Griffin.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Immediate family Spouse, partner, minor children, or other
relatives living in the same household as the Putnam employee.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Purchase or sale of a security Any acquisition or transfer of any
interest in the security for direct or indirect consideration, including the
writing of an option.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam Any or all of Putnam Investments Trust, and its
subsidiaries, any one of which shall be a Putnam company. </FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam client Any client of the Putnam mutual funds, or any
advisory, trust, or other client for whom Putnam manages money.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Putnam employee (or employee) Any employee of Putnam.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Security Anything defined as a security under federal law. The term
includes any type of equity or debt security, any interest in a business trust
or partnership, and any rights relating to a security, such as put and call
options, warrants, convertible securities, and securities indexes. (Note: The
definition of security in this Insider Trading Prohibitions Policy Statement
varies significantly from that in the Code of Ethics. For example, the
definition in this Policy Statement specifically includes all securities of any
type.)</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Transaction for a personal account (or personal securities
transaction) </FONT></P>
<P align=left><FONT face=sans-serif size=2
>Securities transactions: (a) for the personal account of any
employee; (b) for the account of a member of the immediate family of any
employee; (c) for the account of a partnership in which a Putnam employee or
immediate family member is a partner with investment discretion; (d) for the
account of a trust in which a Putnam employee or immediate family member is a
trustee with investment discretion; (e) for the account of a closely held
corporation in which a Putnam employee or immediate family member holds shares
and for which he has investment discretion; and (f ) for any account other than
a Putnam client account that receives investment advice of any sort from the
employee or immediate family member, or as to which the employee or immediate
family member has investment discretion. Officers and employees of PIL must also
consult the relevant procedures on compliance with U.K. insider dealing
legislation set forth in PIL&#146;s Compliance Manual (See Rule 3 of Section IV of
the Code of Ethics).</FONT></P>
<P align=left><FONT face=monospace>36</FONT></P>
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<P align=left><FONT face=sans-serif size=5
>APPENDIX A -- SECTION I: Rules Concerning Inside
Information</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 1: Inside Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall purchase or sell any security listed on the Inside
Information List (the Red List) either for his personal account or for a Putnam
client.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2
>When an employee contacts the Code of Ethics Administrator seeking
clearance for a personal securities transaction, the Code of Ethics
Administrator&#146;s response as to whether a security appears on the Restricted List
will include securities on the Red List.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>This Rule is designed to prohibit any employee from trading a
security while Putnam may have inside information concerning that security or
the issuer. Every trade, whether for a personal account or for a Putnam client,
is subject to this rule.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 2: Material Non-public Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=2>No
Putnam employee shall purchase or sell any security, either for a personal
account or for the account of a Putnam client, while in possession of material,
non-public information concerning that security or the issuer, without the prior
written approval of the Code of Ethics Officer.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>IMPLEMENTATION</FONT></P>
<P align=left><FONT face=sans-serif size=2>In
order to obtain prior written approval of the Code of Ethics Officer, a Putnam
employee should follow the reporting steps prescribed in Rule 3.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENTS</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Rule 1 concerns the conduct of an employee when Putnam possesses
material, non-public information. Rule 2 concerns the conduct of an employee who
herself possesses material, non-public information about a security that is not
yet on the Red List.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>If an employee has any question as to whether information she
possesses is material and/or non-public information, she must contact the Code
of Ethics Officer immediately in accordance with Rule 3 prior to purchasing or
selling any security related to the information or communicating the information
to others. The Code of Ethics Officer shall have the sole authority to determine
what constitutes material, non-public information for the purposes of this
Policy Statement.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2
>Rule 3: Reporting of Material Non-public Information</FONT></B></P>
<P align=left><FONT face=sans-serif size=2
>Any Putnam employee who believes he is aware of or has received
material, non-public information concerning a security or an issuer shall
immediately report the information to the Code of Ethics Officer, the Deputy
Code of Ethics Officer, or in their absence, a lawyer in the Putnam Legal and
Compliance Department and to no one else. After reporting the information, the
Putnam employee shall comply strictly with Rule 2 by not trading in the security
without the prior written approval of the Code of Ethics Officer and shall (a)
take precautions to ensure the continued confidentiality of the information and
(b) refrain from communicating the information in question to any
person.</FONT></P>
<P align=left><FONT face=monospace>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>





<P align="left">
<FONT size=2 face="sans-serif">IMPLEMENTATION</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">A. In order to make any use of potential material non-public information, including purchasing or selling a security or communicating the information to others, an employee must
communicate that information to the Code of Ethics Officer in a way designed to prevent the spread of such information. Once the employee has reported potential material non-public information to the Code of Ethics Officer, the Code of Ethics
Officer will evaluate whether information constitutes material non-public information, and whether a duty exists that makes use of such information improper. If the Code of Ethics Officer determines either (a) that the information is not material or
is public, or (b) that use of the information is proper, he will issue a written approval to the employee specifically authorizing trading while in possession of the information, if the employee so requests. If the Code of Ethics Officer determines
(a) that the information may be nonpublic and material, and (b) that use of such information may be improper, he will place the security that is the subject of such information on the Red List.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">B. An employee who reports potential inside information to the Code of Ethics Officer should expect that the Code of Ethics Officer will need significant information, and time to gather
such information, to make the evaluation, including information about (a) the manner in which the employee acquired the information, and (b) the identity of individuals to whom the employee has revealed the information, or who have otherwise learned
the information. In appropriate situations, the Code of Ethics Officer will normally place the affected security or securities on the Red List pending the completion of his evaluation.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">C. If an employee possesses documents, disks, or other materials containing the potential inside information, an employee must take precautions to ensure the confidentiality of the
information in question. Those precautions include (a) putting documents containing such information out of the view of a casual observer, and (b) securing files containing such documents or ensuring that computer files reflecting such information
are secure from viewing by others.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">D. Members of the executive board of directors and members of the Chief Financial Officer&#146;s staff may not trade securities of MMC in the period from the end of each calendar
quarter to the date of announcement of MMC&#146;s earnings for such quarter.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">COMMENT</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">While all employees must pre-clear trades of MMC securities and make sure they are not in possession of material inside information about MMC when trading, certain employees who may
receive information about Putnam&#146;s earnings are subject to the rules above concerning trading blackout periods.</FONT></P>
<P align="left">
<FONT face="monospace">38</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">APPENDIX A -- SECTION II: Overview of Insider Trading</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">Introduction</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">This section of the Policy Statement provides guidelines for employees as to what may constitute inside information. It is possible that in the course of her employment, an employee may
receive inside information. No employee should misuse that information, either by trading for her own account or by communicating the information to others.</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">What constitutes unlawful insider trading?</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The basic definition of unlawful insider trading is trading on material non-public information (also called inside information) by an individual who has a duty not to take advantage of
the information. The following sections help explain the definition.</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">What is material information?</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Trading on inside information is not a basis for liability unless the information is material. Information is material if a reasonable person would attach importance to the information
in determining his course of action with respect to a security. Information that is reasonably likely to affect the price of a company&#146;s securities is material, but effect on price is not the sole criterion for determining materiality.
Information that employees should consider material includes, but is not limited to, dividend changes, earnings estimates, changes in previously released earnings estimates, reorganization, recapitalization, asset sales, plans to commence a tender
offer, merger or acquisition proposals or agreements, major litigation, liquidity problems, significant contracts, and extraordinary management developments.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Material information does not have to relate to a company&#146;s business. For example, a court considered as material certain information about the contents of a forthcoming newspaper
column that was expected to affect the market price of a security. In that case, a reporter for the</FONT><I><FONT size=2 face="sans-serif"> Wall Street Journal</FONT></I><FONT size=2
face="sans-serif"> was found criminally liable for disclosing to others the dates that reports on various companies would appear in the</FONT><I><FONT size=2 face="sans-serif"> Journal&#146;s</FONT></I><FONT
 size=2 face="sans-serif"> &#147;Heard on the Street&#148; column and whether those reports would be favorable or not.</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">What is non-public information?</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Information is non-public until it has been effectively communicated to, and sufficient opportunity has existed for it to be absorbed by, the marketplace. One must be able to point to
some fact to show that the information is generally public. For example, information found in a report filed with the Securities and Exchange Commission, or appearing in </FONT><I><FONT size=2 face="sans-serif">Dow
Jones, Reuters, </FONT></I><FONT size=2 face="sans-serif">the</FONT><I><FONT size=2 face="sans-serif"> Wall Street Journal</FONT></I><FONT size=2
face="sans-serif">, or other publications of general circulation would be considered public.</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">Who has a duty not to &#147;take advantage&#148; of inside information?</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Unlawful insider trading occurs only if there is a duty not to take advantage of material non-public information. When there is no such duty, it is permissible to trade while in
possession of such information. Questions as to whether a duty exists are complex, fact specific, and must be answered by a lawyer. If you have any doubt, err on the side of caution.</FONT></P>
<P align="left">
<FONT face="monospace">39</FONT></P>

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<P align="left">
<FONT size=2 face="sans-serif">Insiders and Temporary Insiders Corporate insiders have a duty not to take advantage of inside information. The concept of insider is broad. It includes officers, directors, and
employees of a corporation. In addition, a person can be a temporary insider if she enters into a special confidential relationship with a corporation and, as a result, is given access to information concerning the corporation&#146;s affairs. A
temporary insider can include, among others, accounting firms, consulting firms, law firms, banks, and the employees of such organizations. Putnam would generally be a temporary insider of a corporation it advises or for which it performs other
services, because typically Putnam clients expect Putnam to keep any information disclosed to it confidential.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">EXAMPLE</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">An investment advisor to the pension fund of a large publicly traded corporation, Acme, Inc., learns from an Acme employee that Acme will not be making the minimum required annual
contribution to the pension fund because of a serious downturn in Acme&#146;s financial situation. The information conveyed is material and non-public.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">COMMENT</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Neither the investment advisor, its employees, nor its clients can trade on the basis of that information, because the investment advisor and its employees could be considered temporary
insiders of Acme.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Misappropriators Certain people who are not insiders (or temporary insiders) also have a duty not to deceptively take advantage of inside information. Included in this category is an
individual who misappropriates (or takes for his own use) material non-public information in violation of a duty owed either to the corporation that is the subject of inside information or some other entity. Such a misappropriator can be held liable
if he trades while in possession of that material non-public information.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">EXAMPLE</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Chief Investment Officer of Acme, Inc., is aware of Acme&#146;s plans to engage in a hostile takeover of Profit, Inc. The proposed hostile takeover is material and
non-public.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">COMMENT</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">The Chief Investment Officer of Acme cannot trade in Profit, Inc.&#146;s stock for his own account. Even though he owes no duty to Profit, Inc., or its shareholders, he owes a duty to
Acme not to take advantage of the information about the proposed hostile takeover by using it for his personal benefit.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Tippers and Tippees A person (the tippee) who receives material non-public information from an insider or misappropriator (the tipper) has a duty not to trade while in possession of
that information if he knew, or should have known, that the information was provided by the tipper for an improper purpose and in breach of a duty owed by the tipper. In this context, it is an improper purpose for a person to provide such
information for personal benefit.</FONT></P>
<P align="left">
<FONT face="monospace">40</FONT></P>

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<P align=left><FONT face=sans-serif size=2
>EXAMPLE</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The Chief Executive Officer of Acme, Inc., tells his daughter that
negotiations concerning a previously announced acquisition of Acme have been
terminated. This news is material and, at the time the father tells his
daughter, non-public. The daughter sells her shares of Acme.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The father is a tipper because he has a duty to Acme and its
shareholders not to take advantage of the information concerning the breakdown
of negotiations, and he has conveyed the information for an improper purpose.
The daughter is a tippee and is liable for trading on inside information because
she knew, or should have known, that her father was conveying the information to
her for his personal benefit, and that her father had a duty not to take
advantage of Acme information. </FONT></P>
<P align=left><FONT face=sans-serif size=2>A
person can be a tippee even if he did not learn the information directly from
the tipper, but learned it from a previous tippee.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>EXAMPLE</FONT></P>
<P align=left><FONT face=sans-serif size=2>An
employee of a law firm that works on mergers and acquisitions learns at work
about impending acquisitions. She tells her friend and her friend&#146;s stockbroker
about the upcoming acquisitions on a regular basis. The stockbroker tells the
brother of a client on a regular basis, who in turn tells two friends, A and B.
A and B buy shares of the companies being acquired before the public
announcement of the acquisition, and regularly profit from such purchases. A and
B do not know the employee of the law firm. They do not, however, ask about the
source of the information.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2>A
and B, although they have never heard of the tipper, are tippees because they
did not ask about the source of the information, even though they were
experienced investors, and were aware that the &#147;tips&#148; they received from this
particular source were accurate.</FONT></P>
<P align=left><FONT face=sans-serif size=5
>Who can be liable for insider trading?</FONT></P>
<P align=left><FONT face=sans-serif size=2
>The categories of individuals discussed above (insiders, temporary
insiders, misappropriators, or tippees) can be liable if they trade while in
possession of material non-public information. </FONT></P>
<P align=left><FONT face=sans-serif size=2>In
addition, individuals other than those who actually trade on inside information
can be liable for trades of others. A tipper can be liable if (a) he provided
the information in exchange for a personal benefit in breach of a duty, and (b)
the recipient of the information (the tippee) traded while in possession of the
information.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Most importantly, a controlling person can be liable if the
controlling person knew or recklessly disregarded the fact that the controlled
person was likely to engage in misuse of inside information and failed to take
appropriate steps to prevent it. Putnam is a controlling person of its
employees. In addition, certain supervisors may be controlling persons of those
employees they supervise.</FONT></P>
<P align=left><FONT face=monospace>41</FONT></P>
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<P align=left><FONT face=sans-serif size=2
>EXAMPLE</FONT></P>
<P align=left><FONT face=sans-serif size=2>A
supervisor of an analyst learns that the analyst has, over a long period of
time, secretly received material inside information from Acme, Inc.&#146;s Chief
Investment Officer. The supervisor learns that the analyst has engaged in a
number of trades for his personal account on the basis of the inside
information. The supervisor takes no action.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>COMMENT</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Even if he is not liable to a private plaintiff, the supervisor can
be liable to the Securities and Exchange Commission for a civil penalty of up to
three times the amount of the analyst&#146;s profit. </FONT></P>
<P align=left><FONT face=sans-serif size=5
>Penalties for insider trading</FONT></P>
<P align=left><FONT face=sans-serif size=2
>Penalties for misuse of inside information are severe, both for
individuals involved in such unlawful conduct and their employers. A person who
violates the insider trading laws can be subject to some or all of the types of
penalties below, even if he does not personally benefit from the violation.
Penalties include:</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Jail sentences, criminal monetary penalties</FONT></P><FONT
face=sans-serif size=2><FONT size=4>
<P>&#149; </FONT>Injunctions permanently preventing an individual from working in the
securities industry</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Injunctions ordering an individual to disgorge profits obtained from
unlawful insider trading</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Civil penalties substantially greater than the profit gained or loss
avoided by the trader, even if the individual paying the penalty did not trade
or did not benefit personally</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Civil penalties for the employer or other controlling
person</FONT></P><FONT face=sans-serif size=2
><FONT size=4>
<P>&#149; </FONT>Damages in the amount of actual losses suffered by other
participants in the market for the security at issue </P>
<P>Regardless of whether penalties or money damages are sought by others, Putnam
will take whatever action it deems appropriate, including dismissal, if Putnam
determines, in its sole discretion, that an employee appears to have committed
any violation of this Policy Statement, or to have engaged in any conduct which
raises significant questions about whether an insider trading violation has
occurred.</FONT></P>
<P align=left><FONT face=monospace>42</FONT></P>
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<P align="left">
<FONT size=5 face="sans-serif">APPENDIX B: Policy Statement Regarding Employee Trades in Shares of Putnam Closed-End Funds</FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">Pre-clearance</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Any purchase or sale of Putnam closed-end fund shares by a Putnam employee must be pre-cleared with the Code of Ethics Administrator. A list of the closed-end funds can be obtained from
the Code of Ethics Administrator. The PTA system is not available for Putnam closed-end fund clearance. </FONT></P>
<P align="left">
<FONT size=5 face="sans-serif">Reporting</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">As with any purchase or sale of a security, duplicate confirmations of all such purchases and sales must be forwarded to the Code of Ethics Officer by the broker-dealer utilized by an
employee. If you are required to file a quarterly report of all personal securities transactions, this report should include all purchases and sales of closed-end fund shares.</FONT></P>
<P align="left">
<FONT face="sans-serif">Special Rules Applicable to Managing Directors of Putnam Investment Management, LLC and officers of the Putnam Funds. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">Please be aware that managing directors of Putnam Investment Management, Inc., the investment manager of the Putnam mutual funds, and officers of the Putnam Funds will not receive
clearance to engage in any combination of purchase and sale, or sale and purchase, of the shares of a given closed-end fund within six months of each other. Therefore, purchases should be made only if you intend to hold the shares more than six
months; no sales of fund shares should be made if you intend to purchase additional shares of that same fund within six months.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">You are also required to file certain forms with the Securities and Exchange Commission in connection with purchases and sales of Putnam closed-end funds. Please contact the Code of
Ethics Officer Administrator for further information. Please contact the Code of Ethics Officer or Deputy Code of Ethics Officer if there are any questions regarding these matters.</FONT></P>
<P align="left">
<FONT face="monospace">43</FONT></P>

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<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">APPENDIX C: Contra-Trading Rule Clearance Form</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">To: Code of Ethics Officer</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">From: _____________________________________________
____________________________<BR></FONT><FONT face=sans-serif size=2
BASEFACE="sans-serif"><BR>Date:&nbsp; __________________________________________
_______________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Re: Personal Securities Transaction of_________________
______________________________<BR><BR>This serves as prior written approval of
the personal securities transaction described below: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Name of portfolio manager contemplating personal trade:
________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Security to be traded: ___________________________
_________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Amount to be traded: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">_____________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Fund holding securities: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">____________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Amount held by fund: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">_____________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Reason for personal trade: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">__________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Specific reason sale of securities is inappropriate for
fund: ________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">__________________________________________________________________________________<BR><BR>__________________________________________________________________________________<BR><BR>__________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">(Please attach additional sheets if necessary.)</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">CIO
approval:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
____________________ Date:</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Legal/compliance approval:&nbsp;&nbsp;&nbsp;
____________________ Date:</FONT></P>
<P align=left><FONT face=monospace>44</FONT></P>
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<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">APPENDIX D: CFA Institute Code of Ethics and Standards of
Professional Conduct</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">The CFA Institute Code of Ethics and Standards of
Professional Conduct (Code and Standards) are fundamental to CFA Institute&#146;s
values and essential to achieving its mission to lead the investment profession
globally by setting high standards of education, integrity, and professional
excellence. High ethical standards are critical to maintaining the public&#146;s
trust in financial markets and in the investment profession.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Since their creation in the 1960s, the Code and Standards
have promoted the integrity of CFA Institute members and served as a model for
measuring the ethics of investment professionals globally, regardless of job
function, cultural differences, or local laws and regulations. All CFA Institute
members (including holders of the Chartered Financial Analyst&reg; (CFA&reg;)
designation) and CFA candidates must abide by the Code and Standards and are
encouraged to notify their employer of this responsibility. Violations may
result in disciplinary sanctions by CFA Institute. Sanctions can include
revocation of membership, candidacy in the CFA Program, and the right to use the
CFA designation.</FONT></P>
<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">The Code of Ethics</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Members of CFA Institute (including Chartered Financial
Analyst&reg; (CFA&reg;) charterholders) and candidates for the CFA designation (&#147;Members
and Candidates&#148;) must:</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Act with integrity, competence, diligence, and respect, and in an
ethical manner with the public, clients, prospective clients, employers,
employees, colleagues in the investment profession, and other participants in
the global capital markets.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Place the integrity of the investment profession and the interests
of clients above their own personal interests.</FONT></P><FONT face=sans-serif
size=2><FONT size=4>
<P>&#149; </FONT>Use reasonable care and exercise independent professional judgment
when conducting investment analysis, making investment recommendations, taking
investment actions, and engaging in other professional
activities.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Practice and encourage others to practice in a professional and
ethical manner that will reflect credit on themselves and the
profession.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Promote the integrity of, and uphold the rules governing, capital
markets.</FONT></P><FONT face=sans-serif size=2
BASEFACE="sans-serif"><FONT size=4>
<P>&#149; </FONT>Maintain and improve their professional competence and strive to
maintain and improve the competence of other investment
professionals.</FONT></P>
<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">Standards of Professional Conduct</FONT></P>
<P align=left><FONT face=sans-serif size=2>I.
PROFESSIONALISM</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Knowledge of the Law. Members and Candidates must understand and comply with all
applicable laws, rules, and regulations (including the CFA Institute Code of
Ethics and Standards of Professional Conduct) of any government, regulatory
organization, licensing agency, or professional association governing their
professional activities. In the event of conflict, Members and Candidates must
comply with the more strict law, rule, or regulation. Members and Candidates
must not knowingly participate or assist in and must dissociate from any
violation of such laws, rules, or regulations.</FONT></P>
<P align=left><FONT face=monospace>45</FONT></P>
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<P align=left><FONT face=sans-serif size=2>B.
Independence and Objectivity. Members and Candidates must use reasonable care
and judgment to achieve and maintain independence and objectivity in their
professional activities. Members and Candidates must not offer, solicit, or
accept any gift, benefit, compensation, or consideration that reasonably could
be expected to compromise their own or another&#146;s independence and
objectivity.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Misrepresentation. Members and Candidates must not knowingly make any
misrepresentations relating to investment analysis, recommendations, actions, or
other professional activities.</FONT></P>
<P align=left><FONT face=sans-serif size=2>D.
Misconduct. Members and Candidates must not engage in any professional conduct
involving dishonesty, fraud, or deceit, or commit any act that reflects
adversely on their professional reputation, integrity, or competence.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">II. INTEGRITY OF CAPITAL MARKETS </FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Material Non-public Information. Members and Candidates who possess material,
non-public information that could affect the value of an investment must not act
or cause others to act on the information.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Market Manipulation. Members and Candidates must not engage in practices that
distort prices or artificially inflate trading volume with the intent to mislead
market participants.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">III.DUTIES TO CLIENTS</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Loyalty, Prudence, and Care. Members and Candidates have a duty of loyalty to
their clients and must act with reasonable care and exercise prudent judgment.
Members and Candidates must act for the benefit of their clients and place their
clients&#146; interests before their employer&#146;s or their own interests. In
relationships with clients, Members and Candidates must determine applicable
fiduciary duty and must comply with such duty to persons and interests to whom
it is owed.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Fair Dealing. Members and Candidates must deal fairly and objectively with all
clients when providing investment analysis, making investment recommendations,
taking investment action, or engaging in other professional
activities.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Suitability. </FONT></P>
<P align=left><FONT face=sans-serif size=2>1.
When Members and Candidates are in an advisory relationship with a client, they
must: </FONT></P>
<P align=left><FONT face=sans-serif size=2>a.
Make a reasonable inquiry into a client&#146;s or prospective clients&#146; investment
experience, risk and return objectives, and financial constraints prior to
making any investment recommendation or taking investment action and must
reassess and update this information regularly. </FONT></P>
<P align=left><FONT face=sans-serif size=2>b.
Determine that an investment is suitable to the client&#146;s financial situation and
consistent with the client&#146;s written objectives, mandates, and constraints
before making an investment recommendation or taking investment action.
</FONT></P>
<P align=left><FONT face=sans-serif size=2>c.
Judge the suitability of investments in the context of the client&#146;s total
portfolio.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2.
When Members and Candidates are responsible for managing a portfolio to a
specific mandate, strategy, or style, they must only make investment
recommendations or take investment actions that are consistent with the stated
objectives and constraints of the portfolio.</FONT></P>
<P align=left><FONT face=monospace>46</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2>D.
Performance Presentation. When communicating investment performance information,
Members or Candidates must make reasonable efforts to ensure that it is fair,
accurate, and complete. </FONT></P>
<P align=left><FONT face=sans-serif size=2>E.
Preservation of Confidentiality. Members and Candidates must keep information
about current, former, and prospective clients confidential unless:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1.
The information concerns illegal activities on the part of the client or
prospective client.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2.
Disclosure is required by law.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3.
The client or prospective client permits disclosure of the
information.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">IV. DUTIES TO EMPLOYERS</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Loyalty. In matters related to their employment, Members and Candidates must act
for the benefit of their employer and not deprive their employer of the
advantage of their skills and abilities, divulge confidential information, or
otherwise cause harm to their employer.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Additional Compensation Arrangements. Members and Candidates must not accept
gifts, benefits, compensation, or consideration that competes with, or might
reasonably be expected to create a conflict of interest with, their employer&#146;s
interest unless they obtain written consent from all parties
involved.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Responsibilities of Supervisors. Members and Candidates must make reasonable
efforts to detect and prevent violations of applicable laws, rules, regulations,
and the Code and Standards by anyone subject to their supervision or
authority.</FONT></P>
<P align=left><FONT face=sans-serif size=2>V.
INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTION</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Diligence and Reasonable Basis. Members and Candidates must:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1.
Exercise diligence, independence, and thoroughness in analyzing investments,
making investment recommendations, and taking investment actions.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2.
Have a reasonable and adequate basis, supported by appropriate research and
investigation, for any investment analysis, recommendation, or action.
</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Communication with Clients and Prospective Clients. Members and Candidates
must:</FONT></P>
<P align=left><FONT face=sans-serif size=2>1.
Disclose to clients and prospective clients the basic format and general
principles of the investment processes used to analyze investments, select
securities, and construct portfolios, and must promptly disclose any changes
that might materially affect those processes.</FONT></P>
<P align=left><FONT face=sans-serif size=2>2.
Use reasonable judgment in identifying which factors are important to their
investment analysis, recommendations, or actions and include those factors in
communications with clients and prospective clients.</FONT></P>
<P align=left><FONT face=sans-serif size=2>3.
Distinguish between fact and opinion in the presentation of investment analysis
and recommendations.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Record Retention. Members and Candidates must develop and maintain appropriate
records to support their investment analysis, recommendations, actions, and
other investment-related communications with clients and prospective
clients.</FONT></P>
<P align=left><FONT face=monospace>47</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
>VI. CONFLICTS OF INTEREST</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Disclosure of Conflicts. Members and Candidates must make full and fair
disclosure of all matters that could reasonably be expected to impair their
independence and objectivity or interfere with respective duties to their
clients, prospective clients, and employer. Members and Candidates must ensure
that such disclosures are prominent, are delivered in plain language, and
communicate the relevant information effectively.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Priority of Transactions. Investment transactions for clients and employers must
have priority over investment transactions in which a Member or Candidate is the
beneficial owner.</FONT></P>
<P align=left><FONT face=sans-serif size=2>C.
Referral Fees. Members and Candidates must disclose to their employer, clients,
and prospective clients, as appropriate, any compensation, consideration, or
benefit received by, or paid to, others for the recommendation of products or
services.</FONT></P>
<P align=left><FONT face=sans-serif size=2
>VII. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA
CANDIDATE</FONT></P>
<P align=left><FONT face=sans-serif size=2>A.
Conduct as Members and Candidates in the CFA Program. Members and Candidates
must not engage in any conduct that compromises the reputation or integrity of
the CFA Institute or the CFA designation or the integrity, validity, or security
of the CFA examinations.</FONT></P>
<P align=left><FONT face=sans-serif size=2>B.
Reference to the CFA Institute, the CFA designation, and the CFA Program. When
referring to the CFA Institute, CFA Institute membership, the CFA designation,
or candidacy in the CFA Program, Members and Candidates must not misrepresent or
exaggerate the meaning or implications of membership in the CFA Institute,
holding the CFA designation, or candidacy in the CFA Program.</FONT></P>
<P align=left><FONT face=monospace>48</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">APPENDIX E: Report of Entertainment Form</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">This form must be filed with the Putnam&#146;s Legal and
Compliance Department and sanctions may apply if received after 10 business days
of attending an event. Planned absences, i.e., vacations, leaves (other than
certain medical leaves), or business trips are not valid excuses for providing
late reports. Failure to meet the deadline violates the Code&#146;s rules and
sanctions may be imposed. </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Send report to:<BR>Jonathan Ramsey<BR>Compliance
Coordinator<BR>COE Mailstop A-16</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">OR</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Attach to an e-mail to: <BR></FONT><FONT face=sans-serif
size=2>Jonathan_Ramsey@putnam.com</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Name of
<BR>employee:_______________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Name of party providing entertainment: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Firm: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">__________________________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Person: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">________________________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Date of entertainment: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">____________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Describe entertainment provided: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">___________________________________________________________<BR>(e.g.,
name and location of restaurant, sporting, or cultural event)</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Value of entertainment (excluding meals):
____________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Signature:
______________________________________________&nbsp;&nbsp; Date:
<BR>___________________________</FONT></P>
<P align=left><FONT face=monospace>49</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">APPENDIX F -- Inducement Policy for Putnam Investments
Limited (PIL) Employees</FONT></P>
<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">Inducements</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Putnam Investments Limited has adopted the following
procedures to enable it to comply with, and demonstrate compliance with, the
requirements in this area: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">All gifts, business meals, entertainment, or other
inducements received by any employee must be reported on the appropriate forms
to the PIL Compliance Officer within ten days of receipt. PIL&#146;s policy limits
gifts or business meals to a value of &pound;100 (150 euros or equivalent) and
entertainment to a value of &pound;150 (225 euros or equivalent). Gifts, business
meals, and entertainment that exceed these limits should be politely declined,
explaining that PIL&#146;s internal policies will not permit a breach of these
limits.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">There may be rare occasions where you are unexpectedly
offered a gift or business meal or are entertained where the value exceeds the
limits and it would be very discourteous (to a prospect/client) to decline, or
difficult to pay part of the bill yourself (such as in a members&#146; dining club).
In these circumstances the gift should be handed in to the PIL Compliance
Officer, who will arrange to give it to charity, or the entertainment reported
immediately to the PIL Compliance Officer with an explanation of the
circumstances.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">The policy regarding gifts, business meals, entertainment,
or other inducements for giving or receiving is as follows. Where the gift or
business meal is below &pound;100 (150 euros or equivalent) or the entertainment is
below &pound;150 (225 euros or equivalent) for any individual, no pre-clearance is
necessary. Above these levels, pre-clearance is required from the PIL Compliance
Officer. If in doubt as to whether limits might be exceeded, please err on the
side of caution and seek pre-clearance.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Anything above &pound;25 (40 euros or equivalent) should be
reported on the appropriate forms to the PIL Compliance Officer within ten days,
who will review these on a monthly basis.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Anything below &pound;25 (40 euros or equivalent), e.g., dealer
gifts, a casual drink, or a snack, etc., need not be reported.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Where a working lunch is provided as part of an Analyst&#146;s
Day or Management Day, report this event and note the value as &pound;0. This ensures
that there is no potential for conflicts of interest and avoids guestimates of
the cost.</FONT></P>
<P align=left><FONT face=sans-serif size=2>No
more than six entertainment events per year and no more than two events may be
accepted from a single source.</FONT></P>
<P align=left><FONT face=monospace>50</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">The record will contain details of:</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">the individuals concerned (from both PIL and the other
party);</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">the nature and circumstances of the inducement;</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">the date; and</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">the approximate cost, if offered by PIL, although if it&#146;s
an in-house lunch/dinner, a statement to that effect will suffice.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">The frequency and nature of any gifts, business meals,
entertainment, or other inducement given or received, together with the names of
those individuals entertained, is monitored periodically by the PIL Compliance
Officer, and that monitoring is evidenced.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Where any deadlines or limits are exceeded, these will be
reported to the Code of Ethics Officer on a monthly basis and sanctions may
apply.</FONT></P>
<P align=left><FONT face=sans-serif size=2>A
template on which to record details of inducements given can be obtained from
the PIL Compliance Officer.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Employees are also required to make an annual declaration
that either they have reported all inducements given and received, or that they
have not given or received any inducements, during the course of the
year.</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Further detailed guidance on PIL&#146;s Inducement Policy is
available in the PIL Compliance Manual.</FONT></P>
<P align=left><FONT face=monospace>51</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<P align=left><FONT face=sans-serif size=5
BASEFACE="sans-serif">APPENDIX G -- Record of Inducement for Putnam Investments
Limited (PIL)Employees</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Director/Employee: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">___________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Inducement Given/Received: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">____________________________________________________________<BR>(Indicate
which it is):</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Nature of Inducement Given/Received:</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">____________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Date of Giving/Receipt: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">_________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Name of Other Party: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">__________________________________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Name(s) of Personnel of Other Party Involved: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">______________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Name(s) of Other Putnam Individuals Involved: </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">______________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Approximate Value of Inducement (if Known): </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">_______________________________________________</FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Signature of PIL Director/Employee </FONT></P>
<P align=left><FONT face=sans-serif size=2
BASEFACE="sans-serif">Giving/Receiving
Inducement&nbsp;________________________________________ Date:
<BR>_______________</FONT></P>
<P align=left><FONT face=monospace>52</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>INDEX</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>407 Letter</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>iv, 28</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>7-Day Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>v, 12-13</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>90-Day Short Term
      Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>v, 12</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Access Persons</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>definition</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>vii</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>reporting requirements
      for</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>reporting
      transactions/holdings</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>special rules for personal
      securities transactions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>12-15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Ad hoc exemption</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>32</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Affiliated entities</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>23</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Analysts, special
      rules</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>12, 13, 15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Annual Holdings
      Report</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Anti-money Laundering
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>25</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Anti-bribery/Kickback
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>18</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Appeals procedures</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>32-33</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Blackout rule, trading by
      portfolio managers,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>analysts, and CIOs</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>v, 13-14</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Boycotts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>anti-trust and other
      laws</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Bribes</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>18</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Broker accounts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>iv, 28</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Confirmations and
      statements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>28</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>C</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>CFA Institute Code of
      Ethics</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>24, 45-48</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Standards of Professional
      Conduct</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>45-48</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Chief Investment
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>special rules on
      trading</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>12-15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Closed-end funds</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>iv, 43</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Code of Ethics
      Administrator</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>vii</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Code of Ethics
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>vii</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Deputy Code of Ethics
      Officer</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>vii</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Code of Ethics Oversight
      Committee</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>viii</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Commodities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>ix</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Compliance and appeal
      procedures</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>32-33</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Computer system
      policies</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>24</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Confidentiality</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>iv, 20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Confirmations and broker
      statements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>iv, 28</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Conflicts of
      interest</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>iii, vi, 16</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Considered List &#150; Limited Sales
      Exemption</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>3</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Contra-trading rule</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>v, 14</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>clearance form</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>44</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Corporate/political
      contributions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>19</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Corporate purchase of goods and
      services</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Currencies</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>ix</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>D</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>Director</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face=sans-serif
      size=2>prohibited to serve for another
      entity</FONT>&nbsp; </TD>
    <TD noWrap align=left width="26%"><FONT face=sans-serif
      size=2>20</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=monospace>53</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Discretionary
      accounts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>3-4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Dividend reinvestment
      program</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>9, 11</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>E</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Education
      requirements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>31</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Employees</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>general rules for</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>16-25</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>personal political
      contributions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>19</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>personal securities rules for
      all</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>1-11</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>(see also Access
      Persons)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Entertainment
      policies</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>16-18</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Report of Entertainment
      Form</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>49</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Excessive trading (over 10
      traders) prohibited</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>iv, 10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Exchange traded index funds
      (ETFs)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>ix, 29</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>F</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Family members
      accounts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Family Members&#146; Conflict
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>22-23</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Fiduciary</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>21</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Fraudulent or irregular
      activities reporting</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>30</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>G</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Gifts and Entertainment
      Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>iii, 16-18, 49</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Gifts donated as a
      security</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Goods and services,
      purchasing</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Good-until-canceled (GTC)
      orders</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>H</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Holdings of
      securities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>disclosure by Access
      Persons</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>I</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Initial Holdings
      Report</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Initial public
      offerings/IPOs</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>5</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Inside information</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>material, non-public
      information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>6, 37</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>reporting material, non-public
      information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>37-38</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>rules concerning</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>37-38</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Inside Information List (Red
      List)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>37-38</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Insider trading</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>definitions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>36</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>explanations of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>39-42</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>liability for</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>41-42</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>penalties for</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>42</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>policy statement</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>35</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>prohibitions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>iii, 35</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>rules concerning</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>37-38</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>sanctions for</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>34, 42</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Investment clubs</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>21</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Involuntary transactions,
      exemptions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>4, 11</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Irregular activity
      reporting</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>30</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>K</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Kickback Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>18</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>L</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Large Cap Exemption</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>3</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Limit Orders</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="69%"><FONT face=sans-serif
      size=2>Linked accounts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="30%"><FONT face=sans-serif
      size=2>8</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=monospace>54</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Lobbying Policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>19-20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>M</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Market timing
      prohibition</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>8</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Marsh &amp; McLennan (MMC)
      securities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iv, 1-2</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Material
      Information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>6, 37, 39-42</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>N</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Naked options</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Negotiations
      prohibition</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Non-public
      information</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iii, 6, 37, 39-42</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Non-Putnam affiliates
      (NPAs)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>23</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>O</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Officer, prohibited to serve for
      another entity</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Ombudsman</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>30</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Options</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>defined as
      securities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>4, 36</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>naked</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>relationship to securities on
      Restricted or Red Lists</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Outside business
      affiliations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>20-21</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>P</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Partner, prohibited to serve for
      another entity</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Partnerships, covered in
      personal securities transactions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>ix, 36</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Personal securities
      transaction</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>ix, 36</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Personal Trading Assistant (PTA)
      system</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iv, viii, 26, 28-30,
      43</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Accessing</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>1, 2</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Political activities,
      contributions, lobbying</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>19-20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Portfolio managers, special
      rules on trading</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>12-15</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Portfolio trading</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>12-15, 22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Pre-clearance</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iv, 1-4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>sanctions for failure to
      pre-clear properly</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>34</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Privacy policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>24-25</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Private offerings and private
      placement pre-approval</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>6</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Prohibited
      transactions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>5-10</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Putnam Investments Limited
      (PIL)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>special rules</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>26-27</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>record of
      inducement</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>52</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Putnam Mutual Funds
      restrictions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iv, 7-9</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>90-day Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iv, 8-9</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>One-year Rule</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iv, 8</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Q</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Quarterly Report of Securities
      Transactions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>v. 29</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>R</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Records</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>accuracy records
      policy</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>22</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>retention policy</FONT>&nbsp;
</TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>25</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Red List</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>37, 38</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Reporting
      requirements</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>v, 28-30</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Restricted List</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>viii, 1-5, 26, 32-34,
      37</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Roles at other
      entities</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>20-21</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>S</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Sanctions</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>34-42</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Securities donated</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Shares by subscription,
      pre-clearance</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>3</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Short selling</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>iv</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face=sans-serif
      size=2>Special rules for Investment
      Professionals</FONT>&nbsp; </TD>
    <TD noWrap align=left width="31%"><FONT face=sans-serif
      size=2>v, 12-15</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=left><FONT face=monospace>55</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<TABLE cellSpacing=1 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>T</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>Tender offers</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>4</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>Trustee, prohibited to serve for
      another entity</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>20</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>Trusts</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>ix, 36</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>U</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>U.S. government
      obligations</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>ix</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>V</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>Violations
      reporting</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>30</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>W</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><FONT face=sans-serif
      size=2>Warrants</FONT>&nbsp; </TD>
    <TD noWrap align=left width="24%"><FONT face=sans-serif
      size=2>36</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=left><FONT face=monospace>56</FONT></P>
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<DOCUMENT>
<TYPE>EX-99.P CODE ETH
<SEQUENCE>16
<FILENAME>a_nf68stixmod4.htm
<TEXT>

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<P align="left">
<TABLE><TR><TD nowrap>
<B><FONT size=5 face="serif">Amendments to Putnam Investments</FONT></B><BR>
<B><FONT size=5 face="serif">Code of Ethics dated December, 2005</FONT></B><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">Effective June 16, 2006 the following amendment was made to the Putnam Investments Code of Ethics:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Section III - Rule 5: Political Activities, Contributions, Solicitations, and Lobbying Policy</FONT></P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="sans-serif">Under Employee Contributions (item #1):</FONT><BR>
<FONT size=2 face="sans-serif">The office of the State Treasurer of Connecticut, Vermont, or West Virginia </FONT><BR>
<FONT size=2 face="sans-serif">(Note: The State of West Virginia was added to this policy).</FONT><BR>
</TD></TR></TABLE>
</P>
<P align="left">
<B><FONT size=2 face="sans-serif">Effective July 17, 2006 the following amendment was made to the Putnam Investments Code of Ethics:</FONT></B></P>
<P align="left">
<FONT size=2 face="sans-serif">Section III - Rule 3: Gifts and Entertainment Policy</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">3. Any employee attending any entertainment event under the provision in sections (B)(1) or (B)(2) above must file a Report of Entertainment Form (attached as Appendix E) with the Code of Ethics Officer within 20
business days following the date of the entertainment event. Failure to file the notice is a violation of the Code of Ethics.</FONT></P>

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<P align=left><B><FONT face=serif size=5>Appendix E</FONT></B></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif size=5>PUTNAM INVESTMENTS CODE OF
      ETHICS</FONT></B><BR><B><FONT face=serif size=5>REPORT OF
      ENTERTAINMENT</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif>This form must be filed with the Putnam
      Legal and Compliance Department within </FONT></B><BR><B><FONT face=serif>20 business days of date of
  entertainment.</FONT></B><BR></TD></TR></TABLE></P>
<P align=left>
<TABLE>

  <TR>
    <TD noWrap><B><FONT face=serif>Please e-mail to
      Putnam_Code_of_Ethics@putnam.com</FONT></B><BR><B><FONT face=serif>Or
      return to Legal and Compliance Department, Mailstop
  A-16</FONT></B><BR></TD></TR></TABLE></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>Name of Employee:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>Name of Party Providing Entertainment
      &#150; firm and person:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>Date of Entertainment:</FONT>&nbsp;
    </TD></TR>
  <TR>
    <TD width="100%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>Describe entertainment provided:
      (e.g., name &amp; location of</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>restaurant, sporting or cultural
      event)</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>Value of entertainment (excluding
      meals):</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">
      <HR noShade SIZE=1>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>Signature:</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=serif size=4>Date:</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="100%">
      <HR noShade SIZE=1>
      &nbsp;</TD></TR></TABLE><BR>
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