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<SEC-DOCUMENT>0000928816-07-001519.txt : 20071030
<SEC-HEADER>0000928816-07-001519.hdr.sgml : 20071030
<ACCEPTANCE-DATETIME>20071030151243
ACCESSION NUMBER:		0000928816-07-001519
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20070831
FILED AS OF DATE:		20071030
DATE AS OF CHANGE:		20071030
EFFECTIVENESS DATE:		20071030

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:		071199269

	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_highincomesecurities.htm
<DESCRIPTION>PUTNAM HIGH INCOME SECURITIES FUND
<TEXT>
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<P align=center><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>UNITED STATES</FONT></U><BR>
<U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT><BR>
<U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Washington, D.C. 20549</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT><BR>
<BR>
<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>FORM N-CSR </FONT></B><BR>
<BR>
<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED </FONT></B><BR>
<B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=2>MANAGEMENT INVESTMENT COMPANIES</FONT></B><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Investment Company Act file number: (811-05133) </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Exact name of registrant as specified in charter: </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Putnam High Income Securities Fund </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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>
<TR>
     <TD width="56%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Name and address of agent for service:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Beth S. Mazor, Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>One Post Office Square</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD background="" colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD background="" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Copy to:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>One International Place</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Boston, Massachusetts 02110</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Registrant&#146;s telephone number, including area code: (617) 292-1000 </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date of fiscal year end: August 31, 2007 </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Date of reporting period: September 1, 2006 - August 31, 2007 </FONT></P>
<P align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 1. Report to Stockholders:</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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="PBDisplay-Book,Times New Roman,Times,serif" size=7>What makes </FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Putnam different? </FONT></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=4>A time-honored tradition in </FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=4>money management</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,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="PBDisplay-Book,Times New Roman,Times,serif" size=4>A prudent approach to investing</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,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="PBDisplay-Book,Times New Roman,Times,serif" size=4>Funds for every investment goal</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,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="PBDisplay-Book,Times New Roman,Times,serif" size=4>A commitment to doing what&#146;s right </FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=4>for investors</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>With a focus on investment performance and in-depth information about our funds, we put the interests of investors first and seek to set the standard for integrity and service.</FONT></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=4>Industry-leading service</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>We help investors, along with their financial representatives, make informed investment decisions with confidence.</FONT></P>
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<BR>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>THE PRUDENT MAN RULE</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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>
<P align=left>
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</P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Putnam </FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>High Income</FONT><BR>
<FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Securities Fund</FONT></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>8</FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>| </FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>31</FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>| </FONT><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>07 </FONT><BR>
<I><FONT face="PBDisplay-BookItalic,Times New Roman,Times,serif" size=5>Annual Report</FONT></I></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="90%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Message from the Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>About the fund</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Performance and portfolio snapshots</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Report from the fund managers</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Performance in depth</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Your fund&#146;s management</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Terms and definitions</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Trustee approval of management contract</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Other information for shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>17</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Financial statements</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Federal tax information</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>39</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Shareholder meeting results</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>40</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Compliance certifications</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>41</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>About the Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>42</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=2>Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>46</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-LightItalic,Arial,Helvetica,sans-serif size=1>Cover photograph: &#169; Richard H. Johnson</FONT></I></P>
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<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>Message from the Trustees</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Dear Fellow Shareholder:</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>We are pleased to announce that Marsh &amp; McLennan Companies, Inc. recently completed the sale of its ownership interest in Putnam Investments Trust, the parent company of Putnam Management and its affiliates, to Great-West Lifeco Inc. Great-West Lifeco is a financial services holding company with operations in Canada, the United States, and Europe and is a member of the Power Financial Corporation group of companies. With this sale, Putnam becomes part of a successful organization with a long-standing commitment to high-quality investment management and financial services. Please know that the change in ownership is not expected to affect the Putnam funds, the way Putnam manages money, or the funds&#146; management teams. Putnam will continue to operate as a separate company headquartered in Boston, and there will be no change in the funds&#146; fees or in the services the funds provide.</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>We would also like to take this opportunity to announce that Putnam President and Chief Executive Officer Ed Haldeman, one of your fund&#146;s Trustees since 2004, was recently named President of the Funds, assuming this role from George Putnam, III. This change, together with the completion of the transaction with Great-West Lifeco, has enabled George Putnam to become an independent Trustee of the funds. Both George and Ed will continue serving on the Board of Trustees in our collective role of overseeing the Putnam funds on your behalf.</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Lastly, we are pleased to inform you that a new independent Trustee, Robert J. Darretta, has joined your fund&#146;s Board of Trustees. Mr. Darretta brings extensive leadership experience in corporate finance and accounting. He is a former Vice Chairman of the Board of Directors of Johnson &amp; Johnson, one of the leading U.S. health-care and consumer products companies, where he also served as Chief Financial Officer, Executive Vice President, and Treasurer. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>In the following pages, members of your fund&#146;s management team discuss the fund&#146;s performance and strategies for </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>the fiscal year ended August 31, 2007, 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=PGText-Bold,Arial,Helvetica,sans-serif size=5>Putnam High Income Securities Fund: opportunities </FONT></B><BR>
<B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=5>from high-yield bonds and convertibles </FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,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 individual companies&#146; fundamentals as well as interest-rate levels. While lower-rated corporate bonds may carry higher </FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>risk, they 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=PGText-Roman,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2>Building a portfolio of high-yield bonds and convertible securities with the appropriate balance of risk and return potential requires intensive research and analysis.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>In the case of Putnam High Income Securities Fund, Putnam&#146;s global equity and credit research analysts conduct rigorous research in an effort 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 face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>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 face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=4>The &#147;busted&#148; convertible</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>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 face=PGText-Roman,Arial,Helvetica,sans-serif size=2>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>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=5>Putnam High Income Securities Fund has held convertible securities </FONT><BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=5>from a variety of sectors and industries.</FONT></P>
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<P align="left">
<I><FONT size=5 face="PBDisplay-BookItalic,Times New Roman,Times,serif">Performance and portfolio snapshots</FONT></I></P>
<P align="left">
<FONT size=7 face="PBDisplay-Book,Times New Roman,Times,serif">Putnam High Income Securities Fund</FONT></P>
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<BR>
<P align="left">
<I><FONT size=2 face="PGTextLH-Italic,Arial,Helvetica,sans-serif">Data is historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value 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. Fund returns in the bar chart are at NAV. See pages 10&#150;11 for additional performance information,
including fund returns at market price.</FONT></I></P>
<P align="left">
<I><FONT size=2 face="PGTextLH-Italic,Arial,Helvetica,sans-serif">Index and Lipper results should be compared to fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for
determining a fund&#146;s monthly reinvestment NAV.</FONT></I></P>
<P align="left">
<I><FONT size=2 face="PGTextLH-Italic,Arial,Helvetica,sans-serif">* The Merrill Lynch All-Convertibles Speculative Quality Index began operations on 12/31/92. The JPMorgan Developed High Yield Index began operations on 12/31/94.</FONT></I></P>
<P align="left">
<FONT size=4 face="PGTextLH-Roman,Arial,Helvetica,sans-serif">&#147;Your fund invests mainly in a combination of</FONT><BR>
<FONT size=4 face="PGTextLH-Roman,Arial,Helvetica,sans-serif">convertible securities and high-yield</FONT><BR>
<FONT size=4 face="PGTextLH-Roman,Arial,Helvetica,sans-serif">corporate bonds. We rely on our in-depth</FONT><BR>
<FONT size=4 face="PGTextLH-Roman,Arial,Helvetica,sans-serif">analysis of individual securities to help us</FONT><BR>
<FONT size=4 face="PGTextLH-Roman,Arial,Helvetica,sans-serif">identify what we consider to be the most</FONT><BR>
<FONT size=4 face="PGTextLH-Roman,Arial,Helvetica,sans-serif">attractive opportunities.&#148;</FONT></P>
<P align="left">
<B><FONT size=1 face="PGTextLH-Bold,Arial,Helvetica,sans-serif">David King, Portfolio Leader, </FONT></B><FONT size=1 face="PGTextLH-Roman,Arial,Helvetica,sans-serif">Putnam High Income Securities Fund</FONT></P>
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<P align="left">
<FONT size=2 face="PGTextLH-Light,Arial,Helvetica,sans-serif">Allocations are represented as a percentage of portfolio value and exclude short-term investments held as collateral for loaned securities. Holdings and allocations may vary over
time.</FONT></P>
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<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">4</FONT></P>

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<P align=left><I><FONT face="PBDisplay-BookItalic,Times New Roman,Times,serif" size=5>Report from the fund managers</FONT></I></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>The year in review</FONT></P>
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<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif">Your fund delivered a solid, double-digit return during its 2007 fiscal year, which ended August 31, 2007. An advancing equity market provided a favorable backdrop for both convertibles and high-yield bonds during most of the period. However, as the summer began, the market environment changed dramatically as concerns about developments in the subprime mortgage market weighed heavily on investor sentiment. Stocks and credit-sensitive sectors of the fixed-income market declined worldwide as market participants pulled in the reins on risky investments. Good overall security selection and a continuing emphasis on prudent risk management enabled your fund&#146;s results before sales </FONT><FONT face="PBText-Book,Times New Roman,Times,serif">charges to deliver stronger results than both its secondary, high-yield bond benchmark and the average for its Lipper peer group. However, two principal factors caused the fund to lag its primary benchmark. F
irst, certain types of convertible securities that are represented in the fund&#146;s primary benchmark but not generally included in the fund&#146;s portfolio performed well during the period. Secondly, the fund had a position in the underperforming floating-rate bank-loan sector. The fund&#146;s greater-than-benchmark exposure to the financial sector also detracted from relative results, while its holdings of transportation, consumer, energy, and basic materials companies helped relative performance. </FONT></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=5>Market overview</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Throughout most of the period, stocks advanced briskly and high-yield bonds and convertibles performed well in an environment of relatively low volatility. Beginning in June, however, the market backdrop changed dramatically as concerns related to subprime mortgages &#151; mortgage loans made to higher-risk borrowers &#151; and their potential impact on the broader financial sector, put investors on edge. Stocks and credit-sensitive sectors of the fixed-income market declined sharply, creating a decidedly unfavorable environment for the fund&#146;s investment style. The &#147;risk rally&#148; that persisted in the high-yield bond market during the past two years, in which low-quality bonds traded at historically tight yield premiums to U.S. Treasuries, came to an abrupt end. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Fueled by a heavy stream of leveraged buyouts, high-yield bond issuance continued at a robust pace until early summer. At that point, leveraged issuers began to retreat en masse as the sharp repricing of risk that occurred in the credit markets created volatile and unfriendly conditions for borrowers. By the end of the period, the market environment showed signs of improvement, as volatility moderated and investors focused once again on corporate business fundamentals and continuing low default rates. </FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Market sector and fund performance</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>This comparison shows your fund&#146;s performance in the context of different market sectors for the 12 months ended 8/31/07. See the previous page and pages 10&#150;11 for additional fund performance information. Index descriptions can be found on page 13.</FONT></P>
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<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=5>Strategy overview</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Your fund invests mainly in a combination of convertible securities and high-yield corporate bonds. We rely on our in-depth analysis of individual securities to help us identify what we consider to be the most attractive opportunities. In the convertibles 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 when its business is slowing &#151; then debt with shorter maturities, including convertibles, will often be retired first as the company restructures its balance sheet. Therefore, keeping the focus on shorter-maturity convertibles may provide the fund with an added layer of security. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>The fund maintains a broadly diversified high-yield bond portfolio, seeking to invest in bonds from a variety of industry sectors and sub-sectors. We believe this is the best way to pursue consistent returns while managing risk effectively. We continued to favor the middle-quality tiers of the market while de-emphasizing the lowest-quality tiers. During the period, we added investments in floating-rate bank loans. Because the interest rates on these securities float, or move in tandem with a benchmark interest rate, they frequently provide a defensive cushion during periods when rates are rising. However, floating-rate securities fell victim to the extraordinary wave of selling that swept </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>through the entire high-yield market during the summer months, and failed to provide the degree of volatility cushioning that they are normally expected to provide. </FONT></P>
<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=5>Your fund&#146;s holdings</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Among the fund&#146;s convertible holdings, the top contributor to results during the period was a sizable position in </FONT><B><FONT face="PBText-Roman,Times New &#13;&#10;Roman,Times,serif" size=2>Pinnacle Airlines</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>, which is not represented in the fund&#146;s primary benchmark. Pinnacle is a regional carrier that provides service primarily for Northwest Airlines. In December, Pinnacle renewed its contract with Northwest and negotiated terms that were better than many observers were expecting. The new contract effectively guaranteed that Pinnacle would continue to play a major role as a feeder airline for Northwest. As a result, the price of Pinnacle&#146;s stock appreciated dramatically toward the end of 2006, driving up the price of the firm&#146;s convertibles accordingly. Because the convertible had a high yield when initially purchased by the fund, the total 
return on the fund&#146;s position &#151; yield plus price appreciation &#151; was outstanding. In many respects, the fund&#146;s investment in Pinnacle provides an ideal example of what is possible when an equity-sensitive, high-yield convertible reflects developments that are highly favorable for its issuer&#146;s business prospects. Given the strong advance in the convertible&#146;s price, we took profits</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Portfolio composition comparison*</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>This chart shows how the fund&#146;s weightings have changed over the</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>last six months. Weightings are shown as a percentage of portfolio</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>value. Holdings will vary over time.</FONT></P>
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<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* Excludes short-term investments held as collateral for loaned securities.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>6</FONT></P>
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<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>and closed out the position during the first half of the fiscal year. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Other notable contributors to performance during the period were the fund&#146;s positions in wholesale food distributor </FONT><B><FONT face="PBText-Roman,Times New &#13;&#10;Roman,Times,serif" size=2>Nash Finch Company</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>; </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Vale Capital, Ltd.</FONT></B><FONT face="PBText-Book,Times &#13;&#10;New Roman,Times,serif" size=2>, the financial holding company for Brazil-based Companhia Vale de Rio Doce, the world&#146;s largest iron ore miner; and electric utility </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Entergy Corporation</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>. Thanks to favorable earnings growth trends, the stock of Nash Finch rallied during most of the period, boosting the price of the firm&#146;s convertible bonds. Believing that the firm&
#146;s securities had reached price levels that fully reflected the company&#146;s near-term business prospects, we took profits and exited the investment before the period closed. Companhia Vale de Rio Doce, meanwhile, posted record earnings due to higher output and rising nickel prices. In addition, because of its strong cash flow, the company continued to reduce its net long-term debt, which helped to strengthen an already exceptional balance sheet. Lastly, Entergy enjoyed improved earnings thanks to higher nuclear and fossil fuel wholesale prices, and fewer plant outages. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>The principal detractor from the fund&#146;s convertible holdings was our position in </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>E*Trade Financial</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>. The firm&#146;s stock declined sharply due to concerns about E*Trade&#146;s mortgage business, which weighed on the company&#146;s </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>convertible securities. However, mortgage origination represents an extremely small portion of the firm&#146;s revenues, and given E*Trade&#146;s position as a leading discount broker, we believe the firm has sustainable franchise value and, for that reason, maintained the fund&#146;s position.</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>On the high-yield bond side of the portfolio, the fund benefited from our exposure to the energy sector, where business fundamentals remained strong due to relatively high demand on a global basis. Positive fundamentals drove up the value of bonds issued by natural gas companies </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>El Paso </FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>and </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Williams</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>. El Paso owns North America&#146;s largest natural gas pipeline system and is one of the biggest independent natural gas producers on the continent. Williams is also in the business of natural gas exploration, production, processing, and transportation. Natural gas demand from both electrical power-generation companies and individual consumers has continued to g
row. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Investments in basic materials and metals companies also contributed to results. Strong earnings resulting primarily from rising copper prices supported the convertible preferred stock issued by </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Freeport-McMoRan</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>, the world&#146;s second-largest copper producer, while robust demand for steel, both domestically and internationally, helped bonds issued by </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Chaparral Steel</FONT></B><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>. Chaparral&#146;s</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Top holdings</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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 represented, as of 8/31/07. The fund&#146;s holdings will change over time.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
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     <TD width="40%"></TD>
     <TD width="34%"></TD>
     <TD width="25%"></TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Holding (percent of fund&#146;s net assets)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Security Information</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sector</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Convertible Securities</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Northrop Grumman Corp. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. B, $7.00 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Capital goods</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Freeport-McMoRan Copper &amp; Gold, Inc. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$6.75 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Basic materials</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Crown Castle International Corp. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3.125 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Communications services</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Ford Motor Co. Capital Trust II </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3.25 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Consumer cyclicals</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>FelCor Lodging Trust, Inc. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, $0.488 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Financial</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Corporate Bonds and Notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>NRG Energy, Inc. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(0.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sr. notes 7.375%, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Utilities and power</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>General Motors Corp. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(0.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Notes 7.2%, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Consumer cyclicals</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>HCA, Inc. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(0.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sec. notes 9.25%, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Health care</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CCH I, LLC/Capital Corp. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sec. notes 11%, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Consumer staples</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Echostar DBS Corp. </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(0.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sr. notes 6.375%, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Consumer staples</FONT>&nbsp; </TD></TR>
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     <TD colSpan=3>
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</TD></TR></TABLE><BR>
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<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>securities received an additional boost late in the period when the company agreed to be acquired by Gerdau Ameristeel, the nation&#146;s second-largest mini-mill operator. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>Principal detractors among high-yield bond holdings included </FONT><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Wimar Opco</FONT></B><FONT face="PBText-Book,Times &#13;&#10;New Roman,Times,serif" size=2>, which is the holding company for Tropicana Entertainment. Results for the New Jersey-based casino and hotel operator suffered due to several factors, including the introduction of gaming in neighboring Pennsylvania, and delays in renovations to the firm&#146;s key resort and casino property in Atlantic City.&nbsp; </FONT><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>As a group, gaming-related securities performed well, but the fund maintained a lower-than-benchmark weighting in the sector, which prevented it from capitalizing on the sector&#146;s performance.</FONT></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=2>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 face="PBDisplay-Book,Times New Roman,Times,serif" size=5>Of special interest</FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>In June 2007, Putnam Investments announced the launch of separate tender offers for shares of eight Putnam closed-end funds, including shares of Putnam High Income Securities Fund. As a result of the tender offer for shares of your fund, in July the fund repurchased approximately 10% of its outstanding common shares, the maximum number of shares covered by the offer. For additional information about share repurchases under the offer, see page 37 of this report. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>In approving the tender offer program for the funds, the Trustees considered that tender offers would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 98% of NAV would help offset the costs that shareholders who retain their shares would otherwise bear in connection with the tender offer.</FONT></P>
<P align=left><B><FONT face="PBText-Roman,Times New Roman,Times,serif" size=2>Fund&#146;s dividend increased</FONT></B></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif" size=2>We are pleased to announce an increase in the fund&#146;s dividend from $0.0443 per share to $0.0459 per share, which occurred in September 2006. This dividend increase was possible because we purchased a number of securities during the prior fiscal year as prices fell and yields, which move inversely to prices, rose. Many of the fund&#146;s newer holdings pay higher yields.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>8</FONT></P>
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<P align=left><FONT face="PBDisplay-Book,Times New Roman,Times,serif" size=7>The outlook for your fund</FONT></P>
<P align=left><B><FONT face="PBText-Roman,Times New Roman,Times,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></B></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif">We believe the increased volatility we saw in the equity and bond markets during the final months of the period is likely to persist for a time as the subprime shakeout ripples through the economy and investors react and reassess their market forecasts accordingly. Such periods of uncertainty create challenges for high-yield investors, but challenges also bring opportunities. In fact, we believe the market sell-off that occurred toward the end of the period actually created an improved environment for making new investments at attractive prices. We have invested selectively among financial companies, which suffered some of the greatest price declines in the high-yield convertibles marketplace, by adding holdings from companies that we believe have sustainable franchise value. We are also currently looking for opportunities among housing-related securities. It is possible that the federal government could introduce one or more fiscal programs 
to assist homeowners who are at high risk of defaulting on their mortgages. If that occurs, stability in the financial markets would likely increase, and the overall housing sector would receive a much-needed boost. </FONT></P>
<P align=left><FONT face="PBText-Book,Times New Roman,Times,serif">While the summer sell-off also made many high-yield bonds available at attractive prices, it will take some time for the market to work off the supply overhang that was created by heavy leveraged buyout issuance. As with high-yield convertibles, we will look to add to the fund&#146;s high-yield bond holdings selectively, while maintaining our risk management discipline. </FONT></P>
<P align=left><I><FONT face="PBText-BookItalic,Times New Roman,Times,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 face="PBText-BookItalic,Times New Roman,Times,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 face=PGText-Roman,Arial,Helvetica,sans-serif size=2>9</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Your fund&#146;s performance</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>This section shows your fund&#146;s performance for periods ended August 31, 2007, 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 </FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>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=PGTextLH-Bold,Arial,Helvetica,sans-serif>Fund performance </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Total return for periods ended 8/31/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Life of fund (since 7/9/87)</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.14%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.21%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>115.40</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>90.09</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7.98</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.63</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>99.16</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>85.29</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>14.77</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>13.13</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>34.01</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>32.56</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.25</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.85</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.62</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>11.64</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></I></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Comparative index returns </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>For periods ended 8/31/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="54%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD>
     <TD width="4%"></TD>
     <TD width="11%"></TD></TR>
<TR>
     <TD></TD>
     <TD align=left colSpan=2></TD>
     <TD align=left colSpan=2></TD>
     <TD align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left colSpan=2>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Lipper</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Merrill Lynch</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>JPMorgan</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Convertible</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>All-Convertibles</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Developed</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Securities Funds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Speculative Quality</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>High Yield</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>(closed-end)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Index</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Index</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>category average&#135;</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2>&nbsp; </TD>
     <TD noWrap align=right colSpan=2>&nbsp; </TD>
     <TD noWrap align=right colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Life of fund (since 7/9/87)</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;*</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.42%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>119.59%</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>80.26%</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>87.84</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8.18</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.07</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.48</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>114.24</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>71.69</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>68.54</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>16.46</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>11.42</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.86</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>35.23</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>22.96</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>33.23</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.58</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7.13</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.03</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>12.22</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7.23</FONT>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.94</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#146;s monthly reinvestment NAV.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* The Merrill Lynch All-Convertibles Speculative Quality Index began operations on 12/31/92. </FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&#134; The JPMorgan Developed High Yield Index began operations on 12/31/94.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&#135; Over the 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 8/31/07, there were 10, 10, 6, 5, and 2 funds, respectively, in this Lipper category.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>10</FONT></P>
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<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Fund price and distribution information </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>For the 12-month period ended 8/31/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="70%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Distributions</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Number</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>12</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Income</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$0.5508</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Capital gains</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$0.5508</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Share value:</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8/31/06</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.82</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$7.87</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8/31/07</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.15</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8.24</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Current dividend rate (end of period)</FONT><SUP><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.02%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.68%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>1 </FONT></I><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Fund performance as of most recent calendar quarter </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Total return for periods ended 9/30/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR>
<TR>
     <TD></TD>
     <TD>&nbsp;</TD>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>NAV</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTextLH-Light,Arial,Helvetica,sans-serif size=1>Market price</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Life of fund (since 7/9/87)</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.24%</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.32%</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>116.69</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>91.95</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8.04</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6.74</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>109.16</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>98.23</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>15.90</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>14.67</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3 years</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>35.74</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>33.11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Annual average</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.72</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1 year</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>12.25</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>12.20</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>11</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Your fund&#146;s management</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Your fund is managed by the members of the Putnam Large-Cap Value and 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=PGText-Roman,Arial,Helvetica,sans-serif size=2>For a complete listing of the members of the Putnam Large-Cap Value and 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=PGTextLH-Bold,Arial,Helvetica,sans-serif>Investment team fund ownership</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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, 2007, and August 31, 2006. </FONT></P>
<IMG src="highincsecx13x1.jpg" border=0>
<BR>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Trustee and Putnam employee fund ownership</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>As of August 31, 2007, 12 of the 13 Trustees 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>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Total assets in</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>Assets in the fund</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>all Putnam funds</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Trustees</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$778,000</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 92,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Putnam employees</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 36,000</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$751,000,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Other Putnam funds managed by the Portfolio Leaders</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Robert Salvin is also a Portfolio Member of Putnam Convertible Income-Growth Trust, Putnam High Yield Advantage Fund, and Putnam High Yield Trust.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGTextLH-Bold,Arial,Helvetica,sans-serif>Changes in your fund&#146;s Portfolio Leaders</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Your fund&#146;s Portfolio Leaders did not change during the year ended August 31, 2007. </FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>12</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Terms and definitions</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Important terms</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Total return</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Net asset value (NAV)</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Market price</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGTextLH-Bold,Arial,Helvetica,sans-serif>Comparative indexes</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>JPMorgan Developed High Yield Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Merrill Lynch All-Convertibles Speculative Quality Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is an unmanaged index of high-yield U.S. convertible securities.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Merrill Lynch 91-Day Treasury Bill Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>S&amp;P 500 Index</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>is an unmanaged index of common stock performance.</FONT></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1><B>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.</B></FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Lipper</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2>13</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Trustee approval</FONT></B> <BR>
<B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>of management contract</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>General conclusions</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 Investment Management (&#147;Putnam Management&#148;) 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 2007, the Contract Committee met several 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. 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, 2007. (Because PIL is an affiliate of Putnam Management and Putnam Management remains 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 should be deemed to include reference to PIL as necessary or appropriate in the context.)</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In addition, in anticipation of the sale of Putnam Investments to Great-West Lifeco, at a series of meetings ending in March 2007, the Trustees reviewed and approved new management and distribution arrangements to take effect upon the change of control. Shareholders of all funds approved the management contracts in May 2007, and the change of control transaction was completed on August 3, 2007. Upon the change of control, the management contracts that were approved by the Trustees in June 2007&nbsp;</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>automatically terminated and were replaced by new contracts that had been approved by shareholders. In connection with their review for the June 2007 continuance of the Putnam funds&#146; management contracts, the Trustees did not identify any facts or circumstances that would alter the substance of the conclusions and recommendations they made in their review of the contracts t
o take effect upon the change of control.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Independent Trustees&#146; approval was based on the following conclusions:</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>&#149;</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>That the fee schedule in effect for your fund represented 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 face=PGText-Light,Arial,Helvetica,sans-serif size=2>&#149;</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>That this fee schedule represented 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 face=PGText-Light,Arial,Helvetica,sans-serif size=2>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><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Management fee schedules and categories; total expenses</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 responsibilities, 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</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 b
elow:</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2><B>&#149; <FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Competitiveness</FONT></B></FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>.</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>14</FONT></P>
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<A name="page_16"></A>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Lipper Inc., your fund ranked in the 1st percentile in management fees and in the 1st percentile in total expenses as of December 31, 2006 (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 face=PGText-Light,Arial,Helvetica,sans-serif size=2><B>&#149; <FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Economies of scale</FONT></B></FONT><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>.</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees considered that most Putnam funds currently have the benefit of breakpoints in their management fees that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size &#151; as has been the case for many Putnam funds in recent years &#151; these breakpoints result in increasing fee levels. In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that </FONT><FONT face=PGText-Light,Ari
al,Helvetica,sans-serif size=2>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, and to consider the potential economies that might be produced under various growth assumptions.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Investment performance</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 Committees of the Trustees, which had met 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 recognized that this does no
t 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 face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 underperformance and actions being taken to improve performance. The Trustees recognized that, in recent </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 contin
ue 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 face=PGText-Light,Arial,Helvetica,sans-serif size=2>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, 2007 (the first percentile being the best-performing funds and the 100th percentile being the worst-performing funds):</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="31%"></TD>
     <TD width="37%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>One-year period</FONT>&nbsp;</B></TD>
     <TD noWrap align=center><B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Three-year period</FONT>&nbsp;</B></TD>
     <TD noWrap align=center><B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Five-year period</FONT>&nbsp;</B></TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>10th</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>46th</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>17th</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(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, 2007, there were 10, 10 and 5 funds,</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>15</FONT></P>
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<A name="page_17"></A>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>respectively, in your fund&#146;s Lipper peer group.* Past performance is no guarantee of future returns.) </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 ass
urance of improved investment performance.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Brokerage and soft-dollar allocations; other benefits</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Trustees&#146; annual review of your fund&#146;s management contract also included the review of your fund&#146;s custodian agreement and investor servicing agreement with Putnam Fiduciary Trust Company (&#147;PFTC&#148;), which provide benefits to affiliates of Putnam Management. In the case of the custodian agreement, the Trustees considered that, effective January 1, 2007, the Putnam funds had engaged State Street Bank and Trust Company as custodian and began to transition the responsibility for providing custody services away from PFTC.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Comparison of retail and institutional fee schedules</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 funds are by no means uniform when examined by individual asset </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 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><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* 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, 2007 were 73%, 29% and 17%, respectively. Over the one-, five- and ten-year periods ended September 30, 2007, the fund ranked 8 out of 10, 2 out of 6 and 1 out of 5, 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 face=PGText-Roman,Arial,Helvetica,sans-serif size=2>16</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Other information for shareholders</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Important notice regarding share repurchase program</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In September 2007, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in&nbsp;</FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>the 12 months beginning October 8, 2007, up to 10% of the fund&#146;s common shares outstanding as of October 5, 2007.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Putnam&#146;s policy on confidentiality</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 representatives. 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 </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>as mailing and proxy solicitati
on. 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 representative, 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=PGTextLH-Bold,Arial,Helvetica,sans-serif>Proxy voting</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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, 2007, are available on the Putnam Individual Investor Web site, www.putnam.com/individual, and on </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Fund portfolio holdings</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 face=PGText-Roman,Arial,Helvetica,sans-serif size=2>17</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Financial statements</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>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.</B></FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>The fund&#146;s portfolio</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Statement of assets and liabilities</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Statement of operations</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Statement of changes in net assets</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Financial highlights</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2>18</FONT></P>
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<P align="left">
<B><FONT size=4 face="PGText-Bold,Arial,Helvetica,sans-serif">Report of Independent Registered Public Accounting Firm</FONT></B></P>
<P align="left">
<FONT face="PBText-Book,Times New Roman,Times,serif">To the Trustees and Shareholders of </FONT><BR>
<FONT face="PBText-Book,Times New Roman,Times,serif">Putnam High Income Securities Fund:</FONT></P>
<P align="left">
<FONT face="PBText-Book,Times New Roman,Times,serif">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, 2007, 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 States). 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, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.</FONT></P>
<P align="left">
<FONT face="PBText-Book,Times New Roman,Times,serif">PricewaterhouseCoopers LLP</FONT><BR>
<FONT face="PBText-Book,Times New Roman,Times,serif">Boston, Massachusetts</FONT><BR>
<FONT face="PBText-Book,Times New Roman,Times,serif">October 11, 2007 </FONT></P>
<P align="left">
<FONT size=2 face="PGText-Roman,Arial,Helvetica,sans-serif">19</FONT></P>

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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>The fund&#146;s portfolio </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>8/31/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)*</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Basic Materials (3.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Abitibi-Consolidated, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>debs. 8.85s, 2030 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AK Steel Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>343,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aleris International, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>167,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aleris International, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9s, 2014 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>152,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Algoma Acquisition Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>unsec. notes 9 7/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>74,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>ARCO Chemical Co. debs.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10 1/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>220,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>236,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Builders FirstSource, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty FRN 9.808s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>72,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Century Aluminum Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>79,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chaparral Steel Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>460,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>522,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Clondalkin Acquisition BV 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sec. FRN 7.359s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Netherlands)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Clondalkin Industries BV 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Netherlands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>170,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>226,612</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freeport-McMoRan Copper &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gold, Inc. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>bonds 8 3/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>481,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freeport-McMoRan Copper &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gold, Inc. sr. unsec. FRN</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8.564s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>82,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freeport-McMoRan Copper &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gold, Inc. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 8 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>238,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Georgia-Pacific Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>debs. 9 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>159,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gerdau Ameristeel Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 10 3/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>221,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hercules, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 3/4s, 2029</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>205,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>199,363</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hexion U.S. Finance Corp./Hexion</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nova Scotia Finance, ULC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Huntsman, LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 11 5/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Jefferson Smurfit Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>119,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>116,323</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lyondell Chemical Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 1/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>106,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lyondell Chemical Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>168,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MacDermid, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 9 1/2s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>255,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>237,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Metals USA, Inc. sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 11 1/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>362,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Momentive Performance</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Materials, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>304,800</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="62%"></TD>
     <TD align=right width="3%">&nbsp;</TD>
     <TD width="15%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Basic Materials </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NewPage Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>108,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NewPage Holding Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes FRN 12.36s, 2013 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>31,294</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,981</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Norske Skog Canada, Ltd. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. D, 8 5/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>96,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Novelis, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rockwood Specialties Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 7 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>326,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Smurfit-Stone Container</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Enterprises, Inc. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>133,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Steel Dynamics, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>295,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>283,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Stone Container Finance company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/8s, 2014 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>135,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>126,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tube City IMS Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>156,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ucar Finance, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>18,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>18,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Wheeling-Pittsburgh Steel Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes Ser. A, 5s, 2011 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>21,458</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>16,630</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Wheeling-Pittsburgh Steel Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes Ser. B, 6s, 2010 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>13,680</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10,602</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6,400,305</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Capital Goods (4.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Alliant Techsystems, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>245,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Allied Waste North America, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 6 7/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>295,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>286,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Allied Waste North America, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sec. notes Ser. B, 5 3/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>29,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>American Railcar Industries, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. unsec. 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>370,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>358,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Baldor Electric Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 5/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>268,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Berry Plastics Holding Corp. sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 8 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>239,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Blount, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 8 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bombardier, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8s, 2014 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>154,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bombardier, Inc. 144A sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FRN 7.631s, 2013 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>159,484</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Crown Americas, LLC/Crown</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Americas Capital Corp. sr. notes</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>310,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>311,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Cable Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>135,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Cable Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty FRN 7.735s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>53,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Greenbrier Cos., Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>318,500</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Capital Goods </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hawker Beechcraft</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Acquisition Co., LLC 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 7/8s, 2015 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>195,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hawker Beechcraft</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Acquisition Co., LLC 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>170,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>169,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hawker Beechcraft</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Acquisition Co., LLC 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 9 3/4s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>29,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hexcel Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>L-3 Communications Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>101,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>L-3 Communications Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>106,425</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>L-3 Communications Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. B, 6 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>208,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>L-3 Communications Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 5 7/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>47,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Legrand SA debs. 8 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2025 (France)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>425,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>488,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Manitowoc Co., Inc. (The)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>194,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Milacron Escrow Corp. sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 11 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>312,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Owens-Brockway Glass</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Container, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>EUR</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>301,423</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Owens-Illinois, Inc. debs.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/2s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>54,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>RBS Global, Inc. / Rexnord Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 9 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>358,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>TD Funding Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>336,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tekni-Plex, Inc. secd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 10 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>345,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Terex Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>215,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Titan International, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>389,312</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>WCA Waste Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>190,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,101,720</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Communication Services (3.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>American Cellular Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,956</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Centennial Cellular</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Operating Co., LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>94,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Centennial Cellular</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Operating Co., LLC sr. unsec</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8 1/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>49,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Centennial Communications Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 10s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>151,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Centennial Communications Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes FRN 11.11s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>41,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Communication Services </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Citizens Communications Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 9 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>171,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cricket Communications, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 9 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>328,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Digicel Group, Ltd. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 7/8s, 2015 (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>146,208</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Digicel, Ltd. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 1/4s, 2012 (Jamaica)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>167,888</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dobson Cellular Systems sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 9 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>172,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Inmarsat Finance PLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty stepped-coupon zero %</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(10 3/8s, 11/15/08), 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(United Kingdom) &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>227,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Intelsat Bermuda, Ltd. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty FRN 8.886s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2015 (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Intelsat Bermuda, Ltd. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>11 1/4s, 2016 (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>430,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,425</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Intelsat Intermediate Holding Co.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ltd. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty stepped-coupon zero %</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(9 1/4s, 2/1/10), 2015 (Bermuda) &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>56,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Intelsat Subsidiary Holding Co.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ltd. sr. notes 8 1/2s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2013 (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>iPCS, Inc. 144A sec. FRN</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7.481s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>72,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Level 3 Financing, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 12 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>109,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Level 3 Financing, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>192,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Level 3 Financing, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 3/4s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>108,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MetroPCS Wireless, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>315,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MetroPCS Wireless, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>49,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PAETEC Holding Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>181,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PanAmSat Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>249,288</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Qwest Communications</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>International, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>442,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Qwest Corp. debs. 7 1/4s, 2025</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>62,888</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Qwest Corp. notes 8 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,988</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Qwest Corp. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>92,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rural Cellular Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 7/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rural Cellular Corp. sr. sub. FRN</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>11.106s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>51,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rural Cellular Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes FRN 8.621s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>107,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Syniverse Technologies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>319,125</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>21</FONT></P>
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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Communication Services </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Time Warner Telecom, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>285,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>294,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>West Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Windstream Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 5/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>295,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>308,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Windstream Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5,920,529</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Cyclicals (7.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>American Media, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>66,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>American Media, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. B, 10 1/4s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>260,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>228,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Asbury Automotive Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Associated Materials, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>304,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Autonation, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>37,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Autonation, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty FRN 7.36s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>56,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Boyd Gaming Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>25,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>24,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Boyd Gaming Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 1/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>197,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Boyd Gaming Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>274,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dex Media, Inc. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes stepped-coupon zero %</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(9s, 11/15/08), 2013 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>92,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dex Media, Inc. notes 8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>54,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FelCor Lodging LP company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 1/2s, 2008 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>104,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ford Motor Co. notes 7.45s, 2031</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>350,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>262,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ford Motor Credit Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 7/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>545,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>511,642</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ford Motor Credit Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 3/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>99,358</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ford Motor Credit Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>550,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>541,868</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ford Motor Credit Corp. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9 3/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>179,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>177,270</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp. debs.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9.4s, 2021</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,388</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7.2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>770,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>681,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Goodman Global Holding Co., Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes FRN Ser. B, 8.36s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>308,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Goodyear Tire &amp; Rubber Co. (The)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>279,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hanesbrands, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty FRN Ser. B, 8.784s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>339,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Harry &amp; David Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 9s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>109,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Harry &amp; David Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty FRN 10.621s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>39,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Cyclicals </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Host Marriott LP sr. notes 7 1/8s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2013 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>119,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Host Marriott LP sr. notes Ser. M,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7s, 2012 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>215,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>208,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>iPayment, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,313</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Jostens IH Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>415,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>416,038</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>K. Hovnanian Enterprises, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 8 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lamar Media Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>130,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>129,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lamar Media Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. B, 6 5/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>76,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Levi Strauss &amp; Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>303,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>313,605</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Levi Strauss &amp; Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Meritage Homes Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>138,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Meritage Homes Corp. sr. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>28,525</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MGM Mirage, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 1/2s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>98,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MGM Mirage, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>277,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MGM Mirage, Inc. sr. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,940</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Michaels Stores, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 11 3/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>306,338</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Neiman-Marcus Group, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>474,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NTK Holdings, Inc. sr. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes zero %, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>225,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Oxford Industries, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pinnacle Entertainment, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 8 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>245,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>246,225</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pinnacle Entertainment, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>184,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>R.H. Donnelley Corp. sr. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes Ser. A-1, 6 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>18,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>R.H. Donnelley Corp. sr. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes Ser. A-2, 6 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>136,663</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>R.H. Donnelley Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>R.H. Donnelley Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes Ser. A-3, 8 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>82,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Reader&#146;s Digest Association, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(The) 144A sr. sub. notes 9s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>305,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Scientific Games Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>166,688</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sealy Mattress Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 8 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>102,638</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Standard Pacific Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>49,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Station Casinos, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>259,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>240,223</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>22</FONT></P>
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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Cyclicals </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tenneco Automotive, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>148,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tenneco Automotive, Inc. sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes Ser. B, 10 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>192,150</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Texas Industries, Inc. sr. unsecd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>310,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>304,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>THL Buildco, Inc. (Nortek</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Holdings, Inc.)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 8 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Trump Entertainment Resorts, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sec. notes 8 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>464,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>378,160</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>UCI Holdco, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes FRN 12.36s, 2013 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>212,196</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>205,830</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>United Components, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 9 3/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Vertis, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. B, 10 7/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>446,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>392,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Vertis, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sub. notes 13 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>51,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Wimar Opco, LLC. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 9 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>525,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>388,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Wynn Las Vegas, LLC/Wynn Las Vegas</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Capital Corp. 1st mtge. 6 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>353,138</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Yankee Acquisition Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. B, 8 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>300,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>12,559,664</FONT>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
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     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Staples (6.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Adelphia Communications Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>escrow zero %, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>235,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>42,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Adelphia Communications Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>escrow bonds zero %, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Affinion Group, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 11 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>135,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>135,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Affinion Group, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>335,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Affinity Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 9s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>360,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>374,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AMC Entertainment, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 11s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>217,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>225,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Atlantic Broadband Finance, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 9 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>285,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Avis Budget Car Rental, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 7 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Avis Budget Car Rental, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 7 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>97,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Buffets, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 12 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>300,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cablevision Systems Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes Ser. B, 8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CCH I, LLC/Capital Corp. sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 11s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>617,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>604,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CCH II, LLC/Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes Ser. B, 10 1/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>505,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>506,263</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CCH, LLC/Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 10 1/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>282,800</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Staples </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chiquita Brands</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>International, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 7/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>25,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chiquita Brands</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>International, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>380,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>311,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Church &amp; Dwight Co., Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>130,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>121,225</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cinemark, Inc. sr. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes stepped-coupon zero %</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(9 3/4s, 3/15/09), 2014 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>152,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CSC Holdings, Inc. debs. Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8 1/8s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,023</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CSC Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>205,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>193,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CSC Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes Ser. B, 7 5/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>172,375</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dean Foods Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>115,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Del Monte Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>99,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Del Monte Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 8 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>272,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>DirecTV Holdings, LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>308,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Echostar DBS Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>153,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Echostar DBS Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>29,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Echostar DBS Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 3/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>570,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>560,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Elizabeth Arden, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hertz Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>191,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Idearc, Inc. company guaranty 8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>535,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>528,313</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ion Media Networks, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sec. notes 11.61s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ion Media Networks, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sec. notes 8.61s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>118,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Jarden Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/2s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Marquee Holdings, Inc. sr. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 12s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nielsen Finance LLC/Nielsen</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Finance Co. company guaranty</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>205,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nielsen Finance LLC/Nielsen</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Finance Co. 144A sr. disc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes stepped-coupon zero %</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(12 1/2s, 8/2/11), 2016 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>310,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>208,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pilgrim&#146;s Pride Corp. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 5/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>54,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pinnacle Foods Finance LLC 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 10 5/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>91,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Playtex Products, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>299,425</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>23</FONT></P>
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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Staples </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Prestige Brands, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 9 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>387,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>384,098</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rainbow National Services, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. notes 8 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>205,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>209,869</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rainbow National Services, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. sub. debs. 10 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>49,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>53,349</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rental Services Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/2s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>310,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>303,413</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rite Aid Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>163,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rite Aid Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>105,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>98,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rite Aid Corp. secd. notes 7 1/2s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sirius Satellite Radio, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. unsecd. notes 9 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>170,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Spectrum Brands, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 11 1/4s, 2013 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>127,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Spectrum Brands, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>198,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>United Rentals NA, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>397,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Universal City Florida Holding Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 3/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>287,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Universal City Florida Holding Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes FRN 10.106s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>107,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>108,070</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Univision Communications, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. notes 9 3/4s, 2015 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>114,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10,857,626</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Energy (4.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Arch Western Finance, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>445,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>421,081</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chaparral Energy, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 7/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>380,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>342,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CHC Helicopter Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 3/8s, 2014 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>223,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chesapeake Energy Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chesapeake Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>190,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>193,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chesapeake Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>248,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Complete Production Services, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>173,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Compton Petroleum Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 5/8s, 2013 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>375,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Comstock Resources, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>111,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Denbury Resources, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 1/2s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>343,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dresser-Rand Group, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>27,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>26,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Encore Acquisition Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6 1/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>54,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Encore Acquisition Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>213,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>187,440</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>EXCO Resources, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>141,050</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="64%"></TD>
     <TD width="3%" background=""></TD>
     <TD width="15%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Energy </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Forest Oil Corp. sr. notes 8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>135,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>137,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hanover Equipment Trust sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes Ser. B, 8 3/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>41,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Harvest Operations Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 7/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>354,963</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hilcorp Energy I LP/Hilcorp</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Finance Co. 144A sr. notes 9s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>324,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Inergy LP/Inergy Finance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>485,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>463,175</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Massey Energy Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 5/8s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=right background="">&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>324,225</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Newfield Exploration Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>201,863</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pacific Energy Partners/Pacific</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Energy Finance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 1/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>97,553</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Peabody Energy Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,713</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Peabody Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 5 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>166,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PetroHawk Energy Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>161,588</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Plains Exploration &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Production Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>160,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>152,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Plains Exploration &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Production Co. company</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>290,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>263,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pogo Producing Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 7/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,713</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pogo Producing Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6 7/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>185,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>186,388</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pride International, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 3/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>305,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>308,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sabine Pass LNG LP sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 1/2s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>97,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Stallion Oilfield</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Services/Stallion Oilfield</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Finance Corp. 144A sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 9 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>332,925</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Targa Resources, Inc. 144A company</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>410,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>393,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Whiting Petroleum Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>344,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,444,790</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Financial (1.8%)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>E*Trade Financial Corp. sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>230,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>219,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Finova Group, Inc. notes 7 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>201,597</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>41,327</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Acceptance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 3/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>555,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>528,251</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Acceptance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>65,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Acceptance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 6 7/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>520,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>459,371</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Acceptance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 6 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>450,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>381,900</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>24</FONT></P>
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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
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     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Financial </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
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     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Acceptance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 5 1/8s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>43,847</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Acceptance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes FRN 7.821s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>101,406</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Acceptance Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. unsub. notes 5.85s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>256,486</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>GMAC LLC unsub. notes 6 5/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>HUB International Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. notes 9s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>HUB International Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. sub. notes 10 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>163,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Leucadia National Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 1/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>132,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Petroplus Finance, Ltd. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 3/4s, 2014 (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>74,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Realogy Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 10 1/2s, 2014 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>315,938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>USI Holdings Corp. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes FRN 9.433s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>32,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3,092,616</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Health Care (3.5%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Accellent, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>296,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AMR Holding Co., Inc./EmCare</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Holding Co., Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 10s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>339,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Community Health Systems, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. notes 8 7/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>440,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>439,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>DaVita, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 6 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>285,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>275,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>HCA, Inc. notes 6 3/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>52,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>HCA, Inc. sr. notes 6.95s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>63,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>HCA, Inc. 144A sec. notes 9 1/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>616,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>HCA, Inc. 144A sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 5/8s, 2016 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>285,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>294,619</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Health Management Associates, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 1/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>360,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>314,616</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>IASIS Healthcare/IASIS Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 8 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>346,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Omnicare, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 6 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>36,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Psychiatric Solutions, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 7 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>375,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>367,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Select Medical Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 5/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>395,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>342,663</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Service Corporation International</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>61,425</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Stewart Enterprises, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>325,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sun Healthcare Group, Inc. 144A sr.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sub. notes 9 1/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>330,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Surgical Care Affiliates, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. notes 8 7/8s, 2015 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>220,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>203,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Surgical Care Affiliates, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. sub. notes 10s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tenet Healthcare Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 3/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>228,250</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="3%"></TD>
     <TD width="15%"></TD>
     <TD align=right width="3%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Health Care </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tenet Healthcare Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>210,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>185,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>US Oncology Holdings, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. unsec. notes FRN 9.797s, 2012 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>83,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>US Oncology, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Vanguard Health Holding Co. II,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>LLC sr. sub. notes 9s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>325,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>303,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ventas Realty LP/Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 9s, 2012 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>69,713</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ventas Realty LP/Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>company guaranty 6 3/4s, 2010 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>74,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ventas Realty LP/Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 5/8s, 2014 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>48,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ventas Realty LP/Capital Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 1/2s, 2016 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>77,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>6,078,362</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Technology (3.1%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Activant Solutions, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/2s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>345,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>305,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Advanced Micro Devices, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>303,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>265,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Amkor Technologies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>364,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>337,610</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Avago Technologies Finance company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 11 7/8s, 2015 (Singapore)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>124,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Avago Technologies Finance company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10 1/8s, 2013 (Singapore)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>125,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Celestica, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 7/8s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>85,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Celestica, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 7 5/8s, 2013 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>256,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CHR Intermediate Holding Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A sr. notes 12.61s, 2013 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>94,644</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Compucom Systems, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 12s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>196,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freescale Semiconductor, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sec. notes 10 1/8s, 2016 (S)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>335,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>291,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freescale Semiconductor, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. unsec. 9 1/8s, 2014 &#135;&#135;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>220,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>196,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freescale Semiconductor, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. unsec. 8 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>390,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>359,775</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Iron Mountain, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 3/4s, 2018</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Iron Mountain, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8 5/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>271,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lucent Technologies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>debs. 6.45s, 2029</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>355,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>298,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lucent Technologies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 5 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>49,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>New ASAT Finance, Ltd. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/4s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>67,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nortel Networks, Ltd. 144A company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10 3/4s, 2016 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>171,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nortel Networks, Ltd. 144A company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty FRN 9.61s, 2011 (Canada)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>180,450</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left background="" colSpan=5>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Technology </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NXP BV/NXP Funding, LLC sec. FRN</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8.11s, 2013 (Netherlands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>170,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>154,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NXP BV/NXP Funding, LLC sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 7/8s, 2014 (Netherlands)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>275,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>248,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Open Solutions, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. sub. notes 9 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>330,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>313,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SunGard Data Systems, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 10 1/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>178,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>183,340</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SunGard Data Systems, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 1/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>506,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>522,445</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Travelport LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 11 7/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>65,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>67,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Travelport LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 9 7/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Xerox Capital Trust I company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 8s, 2027</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>99,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5,432,079</FONT>&nbsp; </TD></TR>
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<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Utilities &amp; Power (2.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AES Corp. (The) sr. notes 8 7/8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>22,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>22,715</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AES Corp. (The) 144A sec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 8 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>240,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>250,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CMS Energy Corp. sr. notes 8 1/2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>74,519</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CMS Energy Corp. sr. notes 7 3/4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>41,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Colorado Interstate Gas Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>debs. 6.85s, 2037</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>95,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>93,341</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Colorado Interstate Gas Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 5.95s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>29,390</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dynegy-Roseton Danskamme company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. A, 7.27s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dynegy-Roseton Danskamme company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty Ser. B, 7.67s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>123,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Edison Mission Energy sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 3/4s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Edison Mission Energy sr. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 1/2s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>90,675</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Edison Mission Energy 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7.2s, 2019</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>146,475</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Edison Mission Energy 144A</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>103,950</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>El Paso Natural Gas Co.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>debs. 8 5/8s, 2022</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>46,463</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ferrellgas LP/Finance</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 3/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>280,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>285,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ferrellgas LP/Finance</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 3/4s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>147,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Mirant Americas Generation, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8.3s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>170,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>167,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Mirant North America, LLC company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/8s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>235,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>233,825</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NRG Energy, Inc. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 3/8s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>98,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NRG Energy, Inc. sr. notes 7 3/8s, 2016</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>730,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>720,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Orion Power Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 12s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>125,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>136,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SEMCO Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>110,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>111,520</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%"></TD>
     <TD align=right width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CORPORATE BONDS AND NOTES (39.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Utilities &amp; Power </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>SEMCO Energy, Inc. 144A</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 7 3/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>145,181</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sierra Pacific Power Co. general</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>ref. mtge. 6 1/4s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,826</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sierra Pacific Resources</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 8 5/8s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>165,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>174,608</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Teco Energy, Inc. notes 7.2s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>36,111</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Teco Energy, Inc. notes 7s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>61,529</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Teco Energy, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 6 3/4s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10,117</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tennessee Gas Pipeline Co.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>debs. 7s, 2028</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>15,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>15,099</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Tennessee Gas Pipeline Co. unsec.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 7 1/2s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>40,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>43,131</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Transcontinental Gas</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pipeline Corp. debs. 7 1/4s, 2026</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>150,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>156,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Utilicorp United, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>sr. notes 9.95s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,399</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Williams Cos., Inc. (The)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 8 1/8s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>37,538</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Williams Partners LP/ Williams</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Partners Finance Corp. company</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 7 1/4s, 2017</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>74,250</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3,886,175</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total corporate bonds and notes (cost $71,166,021)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>68,773,866</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CONVERTIBLE PREFERRED STOCKS (37.1%)*</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Basic Materials (4.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freeport-McMoRan Copper &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Gold, Inc. $6.75 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>22,687</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,994,684</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Huntsman Corp. $2.50 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>17,600</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>860,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Smurfit-Stone Container Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. A, $1.75 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>101,668</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,096,903</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Vale Capital, Ltd. Ser. RIO,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$2.75 cv. pfd. (Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>28,200</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,459,350</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Vale Capital, Ltd. Ser. RIO P,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$2.75 cv. pfd. (Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7,890</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>409,294</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,820,431</FONT>&nbsp; </TD></TR>
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<TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Capital Goods (4.2%)</FONT>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Allied Waste Industries Ser. D,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.25% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,960</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>983,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Northrop Grumman Corp. Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$7.00 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>29,565</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,294,316</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Owens-Illinois, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$2.375 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>49,970</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,198,680</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,476,086</FONT>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
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<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Communication Services (2.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cincinnati Bell, Inc. Ser. B,</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3.378 cum. cv. pfd. (S) (Brazil)</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,300</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,553,200</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Crown Castle International Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3.125 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>46,095</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,581,286</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4,134,486</FONT>&nbsp; </TD></TR>
<TR>
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<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>26</FONT></P>
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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CONVERTIBLE PREFERRED STOCKS (37.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
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     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
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</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Cyclicals (4.9%)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Emmis Communications Corp. Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3.125 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>33,200</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,394,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ford Motor Co. Capital Trust II</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3.25 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,502,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Retail Ventures, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3.312 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>20,201</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,181,759</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Six Flags, Inc. $1.813</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>63,200</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,216,600</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Stanley Works (The) FRN 6.975%</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>units cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,192,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,293,972</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8,589,231</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Staples (3.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bunge, Ltd. 4.875% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10,775</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,284,919</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Newell Financial Trust I $2.625</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,400</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,628,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rite Aid Corp. $1.375 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>36,400</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>971,152</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Universal Corp. 6.75% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,070</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,311,553</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5,196,024</FONT>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Energy (2.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Chesapeake Energy Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.25% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8,620</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,269,215</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Edge Petroleum Ser. A, $2.875</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>cum. cv. pfd</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>32,650</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,632,500</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>3,901,715</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Financial (9.9%)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Affiliated Managers Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A $2.55 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>21,500</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,190,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Alleghany Corp. 5.75% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,800</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,433,075</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aspen Insurance Holdings, Ltd.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. AHL, $2.813 cv. pfd. (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>20,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,045,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>E*Trade Financial Corp. $1.531</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55,500</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,158,563</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Entertainment Properties Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ser. C, $1.437 cum. cv. pfd. (R)</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>74,930</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,545,431</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fannie Mae Ser. 04-1,</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5.375% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>20</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,986,195</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FelCor Lodging Trust, Inc. Ser. A,</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$0.488 cum. cv. pfd. (R)</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>99,200</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,467,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nationwide Health Properties, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$7.75 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>16,100</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,055,004</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Platinum Underwriters Holdings,</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ltd. Ser. A, 6.00% cv. pfd. (Bermuda)</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>34,500</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,112,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sovereign Capital Trust IV</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$2.188 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>46,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,983,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Washington Mutual Capital Trust I</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$2.688 cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>29,200</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,412,404</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>17,390,210</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Technology (1.2%)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Lucent Technologies Capital Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>I 7.75% cum. cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,100</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,052,750</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Utilities &amp; Power (5.0%)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>AES Trust III $3.375 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>33,400</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,599,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>El Paso Corp. 144A 4.99% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=right background=""></TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,300</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,771,088</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="61%"></TD>
     <TD width="3%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD>
     <TD align=right width="3%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CONVERTIBLE PREFERRED STOCKS (37.1%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Utilities &amp; Power </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>El Paso Energy Capital Trust I</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$2.375 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>38,950</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,499,575</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Entergy Corp. $3.813 cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>33,100</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,101,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>NRG Energy, Inc. 5.75% cv. pfd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,200</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,753,700</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8,725,238</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total convertible preferred stocks (cost $61,112,848)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>65,286,171</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CONVERTIBLE BONDS AND NOTES (17.8%)*</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Capital Goods (0.4%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Alliant Techsystems, Inc. cv. sr. sub.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 2 3/4s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>115,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>159,275</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>DRS Technologies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. unsec. notes 2s, 2026</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>365,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>377,319</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Trinity Industries, Inc. cv. sub. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3 7/8s, 2036</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>155,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>157,325</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>693,919</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Cyclicals (2.8%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fleetwood Enterprises, Inc. cv. sr. sub.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 5s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,710,625</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pier 1 Imports, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. sr. unsub. notes stepped-coupon</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 3/8s (6 1/8s, 2/15/11) 2036 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,541,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,286,735</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Rewards Network, Inc. cv. sub. debs.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3 1/4s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,196,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>WCI Communities, Inc. cv. sr. sub. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>900,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>775,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4,968,485</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Consumer Staples (1.3%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sinclair Broadcast</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Group, Inc. cv. bonds 6s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,055,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,941,975</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sinclair Broadcast</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Group, Inc. cv. sr. sub. notes stepped-coupon</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4 7/8s (2s, 1/15/11) 2018 &#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>420,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>389,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,331,525</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Energy (1.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>International Coal Group, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. company guaranty 9s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,930,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,955,090</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>McMoran Exploration Co. cv. sr.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 6s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>690,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>789,188</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,744,278</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Financial (1.7%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Countrywide Financial Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. sr. notes FRN 1.86s, 2037</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,100,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>993,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>KKR Financial Holdings, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. sr. unsec. notes 7s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>507,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>428,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sunstone Hotel Partnership, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. company guaranty</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4.6s, 2027 (R)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,600,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,529,229</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,951,032</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>27</FONT></P>
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     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CONVERTIBLE BONDS AND NOTES (17.8%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR>
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     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Health Care (2.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>CV Therapeutics, Inc. cv. sub. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3 1/4s, 2013</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,950,000</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,603,875</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>EPIX Medical, Inc. cv. sr. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,470,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,146,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Omnicare, Inc. cv. debs. Ser. OCR,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3 1/4s, 2035</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,263,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,773,626</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>4,524,101</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Technology (5.8%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Acquicor Technology, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. notes 8s, 2011</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>532,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>426,930</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Agere Systems, Inc. cv. sub. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 1/2s, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>980,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>980,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cray, Inc. cv. sr. sub. notes 3s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,300,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,126,125</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Credence Systems Corp. cv. sub.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>notes 1 1/2s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,500,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,440,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fairchild Semiconductor</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>International, Inc. cv. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 5s, 2008</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>980,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>965,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>LSI Logic Corp. cv. sub. notes 4s, 2010</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,212,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,162,005</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Mentor Graphics Corp. cv. sub. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FRN 7.01s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,731,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Safeguard Scientifics, Inc. cv. sr. notes</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2 5/8s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>158,750</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Safeguard Scientifics, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. sr. notes 2 5/8s, 2024</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,222,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>10,213,060</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Transportation (1.6%)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>ExpressJet Holdings, Inc. cv. company</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>guaranty 4 1/4s, 2023</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,200,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,156,500</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>JetBlue Airways Corp. cv. sr. bonds</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3 1/2s, 2033</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,750,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,677,813</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,834,313</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total convertible bonds and notes (cost $31,337,109)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>31,260,713</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>UNITS (1.4%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Units</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Elf Special Financing, Ltd.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>144A cv. units FRN Ser. B, 5.71s,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2009 (Cayman Islands)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,133,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Hercules, Inc. cv. units 6.50%, 2009</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,540</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,339,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total units (cost $2,232,591)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,472,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>COMMON STOCKS (0.5%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Adelphia Recovery Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(Ser. ACC-1) &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>248,982</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>19,919</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Bohai Bay Litigation, LLC (Units) (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>406</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,747</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cinemark Holdings, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>125,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Complete Production Services, Inc. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,300</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>117,660</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Contifinancial Corp. Liquidating</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Trust Units (F)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>585,159</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>59</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="47%"></TD>
     <TD width="15%"></TD>
     <TD width="4%"></TD>
     <TD width="15%">&nbsp;</TD>
     <TD align=right width="3%">&nbsp;</TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>COMMON STOCKS (0.5%)* </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Jarden Corp. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,570</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>117,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Pinnacle Entertainment , Inc. &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,700</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>130,754</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Samsonite Corp.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>109,734</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>153,628</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Williams Cos., Inc. (The)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,420</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>199,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>XCL Warranty Escrow (F)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>406</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>57,972</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total common stocks (cost $1,264,513)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>927,679</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>SENIOR LOANS (0.3%)* (c)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>GateHouse Media, Inc. bank term</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>loan FRN 7.36s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>33,967</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>GateHouse Media, Inc. bank term</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>loan FRN Ser. B 7.61s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>91,033</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>82,385</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sandridge Energy bank term loan</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FRN 8.985s, 2014</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>75,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>74,063</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sandridge Energy bank term loan</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>FRN 8 5/8s, 2015</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>315,000</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>307,913</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total senior loans (cost $505,000)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>495,101</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=6><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>FOREIGN GOVERNMENT BONDS AND NOTES (0.1%)* (cost $131,260)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Argentina (Republic of ) FRB</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5.389s, 2012</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>140,625</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>123,775</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>WARRANTS (&#151;%)* &#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right colSpan=4><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Expiration date Strike Price Warrants</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dayton Superior</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Corp. 144A (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6/15/09</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$0.01</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>270</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,548</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>MDP Acquisitions</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>PLC 144A (Ireland)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>10/1/13</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>EUR 0.001</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>119</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,332</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total warrants (cost $9,603)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>5,880</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>SHORT-TERM INVESTMENTS (4.0%)*</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Principal amount/shares</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Putnam Prime Money Market Fund (e)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,243,106</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,243,106</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Short-term investments held as</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>collateral for loaned securities</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>with yields ranging from 4.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>to 5.88% and due dates ranging</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>from September 4, 2007 to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>October 16, 2007 (d)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>761,773</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>760,010</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total short-term investments (cost $7,003,116)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,003,116</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>TOTAL INVESTMENTS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total investments (cost $174,762,061)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>176,349,101</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_30"></A>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* Percentages indicated are based on net assets of $175,988,773. </FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&#134; Non-income-producing security.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&#134; </FONT></I><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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=PGTextLH-Italic,Arial,Helvetica,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=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>(c) Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at August 31, 2007. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown (Notes 1 and 6).</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>(d) See Note 1 to the financial statements.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&nbsp;(F) Is valued at fair value following procedures approved by the Trustees.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>(R) Real Estate Investment Trust.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>(S) Securities on loan, in part or in entirety, at August 31, 2007.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>At August 31, 2007, liquid assets totaling $3,637,439 have been designated as collateral for open forward commitments, swap contracts, and forward contracts.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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, 2007. The dates shown on debt obligations are the original maturity dates.</FONT></I></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="10%" background=""></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=4><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>FORWARD CURRENCY CONTRACTS TO BUY at 8/31/07 (aggregate face value $669,368)</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aggregate</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Delivery</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>face value</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>depreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Euro</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$667,305</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$669,368</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>12/19/07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$(2,063)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8></TD></TR>
<TR>
     <TD colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=6><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>FORWARD CURRENCY CONTRACTS TO SELL at 8/31/07 (aggregate face value $1,693,638)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Aggregate</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Delivery</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>face value</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>depreciation</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Euro</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$1,704,618</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$1,693,638</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/19/07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$(10,980)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8></TD></TR>
<TR>
     <TD colSpan=8>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CREDIT DEFAULT CONTRACTS OUTSTANDING at 8/31/07</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Upfront</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fixed payments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Swap counterparty /</FONT>&nbsp; </TD>
     <TD noWrap align=right colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>premium</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Notional</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Termination</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>received (paid) by</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>appreciation/</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Referenced debt*</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(paid)**</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>amount</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>fund per annum</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(depreciation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Bank of America, N.A.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nalco, Co. 7.75%,11/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$</FONT>&nbsp; &#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>350 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ (103)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Citibank, N.A.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Freescale Semiconductor,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8 7/8%, 12/15/14</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>495 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1,888)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Credit Suisse International</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Advanced Micro Devices,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 3/4%, 11/1/12</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>60,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6/20/09</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(165 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,578)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dynegy Holdings Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 7/8%, 4/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6/20/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>297 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(6,599)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nalco, Co. 7.75%, 11/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>320bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(655)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Goldman Sachs International</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Any one of the underlying securities</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>in the basket of BB CMBS securities (F)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>108,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(a)</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2.461%</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5,834</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>620 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,825</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>175,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(427.5 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(1,522)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>620 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>565</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(425 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(302)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nalco, Co. 7.75%, 11/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>370 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>262</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,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 colSpan=3><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>CREDIT DEFAULT CONTRACTS OUTSTANDING at 8/31/07 </FONT><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>continued</FONT></I>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
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<TR>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Upfront</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fixed payments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Swap counterparty /</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>premium</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Notional</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Termination</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>received (paid) by</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>appreciation/</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Referenced debt*</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(paid)**</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>amount</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>date</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>fund per annum</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(depreciation)</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>JPMorgan Chase Bank, N.A.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ &#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(350 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ (201)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Lehman Brothers Special Financing, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>DJ CDX NA HY Series 8 Index</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,550)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(275 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>12,565</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>DJ CDX NA HY Series 8</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Index 35-60% tranche</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,270,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>88,844</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nalco, Co. 7.75%, 11/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(288)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Solectron Global</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Finance Ltd, 8%, 3/15/16</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>35,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>390 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,668</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Sungard Data Systems,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Inc., 9 1/8%, 8/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>100,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>395 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,125</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Merrill Lynch Capital Services, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(335 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(755)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>120,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>221</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nalco, Co. 7.75%, 11/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>340 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(443)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Merrill Lynch International</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dynegy Holdings Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 7/8%, 4/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6/20/17</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>295 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(6,705)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Morgan Stanley Capital Services, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dynegy Holdings Inc.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6 7/8%, 4/1/11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>80,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>225 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(3,930)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/07</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(335 bp)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(189)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>General Motors Corp.,</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7 1/8%, 7/15/13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/08</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>500 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>55</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Nalco, Co. 7.75%, 11/15/11</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>45,000</FONT>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9/20/12</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>330 bp</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(470)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$90,391</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>** Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&nbsp;(F) Is valued at fair value following procedures approved by Trustees.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_32"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Statement of assets and liabilities </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>8/31/07</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Investment in securities, at value, including $736,941 of securities on loan (Note 1):</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unaffiliated issuers (identified cost $168,518,955)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$170,105,995</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Affiliated issuers (identified cost $6,243,106) (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,243,106</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cash</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>28,697</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dividends, interest and other receivables</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,053,957</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Receivable for securities sold</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>109,839</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized appreciation on swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>117,019</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Receivable for closed swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>87,646</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Premiums paid on swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,550</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total assets</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>178,748,809</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>LIABILITIES</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Distributions payable to shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>880,158</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for securities purchased</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>360,557</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for shares of the fund repurchased (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>235,238</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for compensation of Manager (Notes 2 and 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>342,049</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for investor servicing fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7,979</FONT>&nbsp; </TD></TR>
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<HR noShade SIZE=1>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for custodian fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,126</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>94,355</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for administrative services (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>3,328</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for open forward currency contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>13,043</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Payable for closed forward currency contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>2,049</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized depreciation on swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>26,628</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Collateral on securities loaned, at value (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>760,010</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Other accrued expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>30,516</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total liabilities</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>2,760,036</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net assets</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$175,988,773</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>REPRESENTED BY</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Paid-in capital (Unlimited shares authorized) (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$190,137,381</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Undistributed net investment income (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>896,337</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Accumulated net realized loss on investments and foreign currency transactions (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(16,706,362)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation of investments and assets and liabilities in foreign currencies</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,661,417</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total &#151; Representing net assets applicable to capital shares outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$175,988,773</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>COMPUTATION OF NET ASSET VALUE</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net asset value per share </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>($175,988,773 divided by 19,235,900 shares)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$9.15</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>31</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Statement of operations </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Year ended 8/31/07</FONT></P>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>INVESTMENT INCOME</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Interest (including interest income of $334,622 from investments in affiliated issuers) (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 9,155,237</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Dividends</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>4,371,636</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Securities lending</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>72,318</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>13,599,191</FONT>&nbsp; </TD></TR>
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<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>EXPENSES</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Compensation of Manager (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,378,606</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Investor servicing fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>99,122</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Custodian fees (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>70,849</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Trustee compensation and expenses (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>37,332</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Administrative services (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>19,329</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Auditing fees</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>109,481</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Other</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>188,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Fees waived and reimbursed by Manager (Note 5)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(5,582)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,897,137</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
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</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Expense reduction (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(11,107)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net expenses</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1,886,030</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
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</TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>11,713,161</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized gain on investments (Notes 1 and 3)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9,573,993</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net increase from payments by affiliates (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,055</FONT>&nbsp; </TD></TR>
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     <TD colSpan=2>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized loss on swap contracts (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(9,845)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized loss on foreign currency transactions (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(58,493)</FONT>&nbsp; </TD></TR>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation of assets and liabilities in foreign currencies during the year</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(55,698)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation of investments and swap contracts during the year</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,234,572)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net gain on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>7,221,440</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$18,934,601</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_34"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Statement of changes in net assets </FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="69%"></TD>
     <TD width="15%"></TD>
     <TD width="15%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>DECREASE IN NET ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Year ended</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Year ended</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/31/07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/31/06</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>Operations:</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 11,713,161</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 11,892,110</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized gain on investments and foreign currency transactions</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>9,511,710</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7,421,921</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation of investments and assets and liabilities in foreign currencies</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,290,270)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(6,018,739)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net increase in net assets resulting from operations</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>18,934,601</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>13,295,292</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Distributions to shareholders: (Note 1)</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>From ordinary income</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD align=left colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(11,667,047)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(11,792,306)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Decrease from capital shares repurchased (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(21,860,569)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(6,969,459)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Increase from payments by affiliates (Note 2)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>404,272</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total decrease in net assets</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(14,593,015)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(5,062,201)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>NET ASSETS</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Beginning of year</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>190,581,788</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>195,643,989</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>End of year </FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(including undistributed net investment income of $896,337 and $326,956, respectively)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$175,988,773</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$190,581,788</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>NUMBER OF FUND SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares outstanding at beginning of year</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>21,616,241</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>22,519,551</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares repurchased (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,378,016)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(903,310)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Retirement of shares held by the fund (Note 4)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(2,325)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Shares outstanding at end of year</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>19,235,900</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>21,616,241</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_35"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Financial highlights </FONT></B><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(For a common share outstanding throughout the period)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>PER-SHARE OPERATING PERFORMANCE</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=5>&nbsp; &nbsp; <FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Year ended</FONT>&nbsp; &nbsp; &nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/31/07</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/31/06</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/31/05</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/31/04</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8/31/03</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.82</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.69</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.37</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$7.73</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$6.56</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>Investment operations:</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net investment income (loss) (a)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.55(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.54(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.52(d,f )</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.57(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.58</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net realized and unrealized</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>gain (loss) on investments</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.30</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.06</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.36</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.63</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.15</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total from investment operations</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.85</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.60</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>.88</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.20</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>1.73</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGTable-Italic,Arial,Helvetica,sans-serif size=1>Less distributions:</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>From net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.55)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.53)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(.56)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total distributions</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.55)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.53)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.56)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(.56)</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Increase from repurchase of shares</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.03</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.04</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Increase from payments by affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.02(e)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$9.15</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.82</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.69</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.37</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$7.73</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$8.24</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$7.87</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$7.80</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$7.62</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$7.31</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Total return at market price (%)</FONT><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(b)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>11.64</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>8.05</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>9.89</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>12.06</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>24.73</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>RATIOS AND SUPPLEMENTAL DATA</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>Net assets, end of period</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>(in thousands)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$175,989</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$190,582</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$195,644</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$115,776</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=1>$106,934</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ratio of expenses to</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>average net assets (%)(c)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>.96(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.05(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.06(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.09(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1.13</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Ratio of net investment income</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>to average net assets (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>5.96(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.18(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.13(d,f )</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6.88(d)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>8.20</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Portfolio turnover (%)</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>44.22</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>47.76</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>46.13</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>61.92</FONT>&nbsp; </TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>69.94</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(a) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Per share net investment income (loss) 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=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(b) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Total return assumes dividend reinvestment.</FONT></I></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(c) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>Includes amounts paid through expense offset and brokerage service arrangements (Note 2).</FONT></I></P>
<P align=left><FONT face=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(d) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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, 2007, 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=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(e) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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=PGTextLH-Roman,Arial,Helvetica,sans-serif size=1>(f) </FONT><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The accompanying notes are an integral part of these financial statements.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>34</FONT></P>
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<A name="page_36"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Notes to financial statements</FONT></B> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>8/31/07</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 1: Significant accounting policies</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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 may invest in higher yielding, lower rated bonds that may have a higher rate of default.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>&nbsp;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=PGText-Light,Arial,Helvetica,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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>A) Security valuation</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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 approved by the Trustees or dealers selected by Putnam Investment Management, LLC (&#147;Putnam Management&#148;), the fund&#146;s manager, a 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 fo
r comparable securities 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 and derivatives, are also valued at fair value following procedures appro
ved by the Trustees. Such valuations and 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</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>B) Joint trading account</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Pursuant to an exemptive order from the Securities and Exchange Commission (the &#147;SEC&#148;), 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. 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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>C) Security transactions and related investment income</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>All premiums/discounts are amortized/accreted on a yield-to-maturity basis.<BR>
<BR>
The fund earned certain fees in connection with its senior loan purchasing activities. These fees are treated as market discount and are recorded as income in the Statement of operations.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>D) Foreign currency translation</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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 is 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 re
present 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 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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>E) Forward currency contracts</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund may buy and sell forward currency contracts, which are agreements between two parties to buy and</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>35</FONT></P>
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<A name="page_37"></A>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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 cl
osed. 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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>F) Credit default contracts</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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. Payments are made upon a credit default event of the disclosed primary referenced obligation or all other equally ranked obligations of the reference entity. 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 losse
s. 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=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>G) Securities lending</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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 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, 2007, the value of securities loaned amounted to $736,941. The fund received cash</FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>collateral of $760,010 which is pooled with collatera
l of other Putnam funds into 42 issues of short-term investments.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>H) Federal taxes</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>At August 31, 2007, the fund had a capital loss carryover of $16,686,575 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>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Loss Carryover</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Expiration</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$3,039,504</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>August 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>6,606,338</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>August 31, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>7,040,733</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>August 31, 2011</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR>
     <TD colSpan=2>
<HR noShade SIZE=1>
</TD>
     <TD background=""></TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>I) Distributions to shareholders</FONT> <FONT face=PGText-Light,Arial,Helvetica,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 nontaxable dividends, dividends payable, income on swap contracts and amortization and accretion. Reclassifications are made to the fund&#146;s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. For the year ended August 31, 2007, the fund reclassified $523,267 to increase undistributed net investm
ent income and $24,386 to decrease paid-in-capital, with an increase to accumulated net realized losses of $498,881.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The tax basis components of distributable earnings and the federal tax cost as of August 31, 2007 were as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized appreciation</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 9,357,901</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Unrealized depreciation</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(7,613,099)</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,744,802</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Undistributed ordinary income</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>1,946,230</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Capital loss carryforward</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>(16,686,575)</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>Cost for federal income tax purposes</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT face=PGTable-Light,Arial,Helvetica,sans-serif size=1>$ 174,604,299</FONT>&nbsp;</TD>
     <TD noWrap align=right background=""></TD></TR></TABLE><BR>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 2: Management fee, administrative services and</FONT></B> <BR>
<B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>other transactions</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Management is paid for management and investment advisory services quarterly based on the average net assets (including assets, but excluding liabilities, attributable to leverage for investment purposes) of the fund. This fee is based on the following annual rates: 0.70% of the first $500 million of average net 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=PGText-Light,Arial,Helvetica,sans-serif size=2>Effective August 3, 2007, Marsh &amp; McLennan Companies, Inc. sold its ownership interest in Putnam Management, its parent companies and affiliates to a wholly-owned subsidiary of Great-West Lifeco, Inc. The</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>36</FONT></P>
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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>fund&#146;s shareholders have approved a new management contract for the fund that became effective upon the sale.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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 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 net assets (including assets, but excluding liabilities, attributable to leverage for investment purposes) of the portion of the fund managed by PIL. A new sub-management contract between Putnam Management and PIL was approved effective upon the change of control of Putnam Management described in the previous paragraph.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Management voluntarily reimbursed the fund $6,055 for a trading error which occurred during the period. The effect of the loss incurred and the reimbursement by Putnam Management of such amounts had no impact on total return.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Custodial functions for the fund&#146;s assets were provided by Putnam Fiduciary Trust Company (&#147;PFTC&#148;), an affiliate of Putnam Management, and by State Street Bank and Trust Company. Custody fees are based on the fund&#146;s asset level, the number of its security holdings and transaction volumes. Putnam Investor Services, a division of PFTC, provided investor servicing agent functions to the fund. Putnam Investor Services was 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, 2007, the fund incurred $159,487 for custody and investor servicing agent functions provided by PFTC.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund has entered into arrangements with PFTC and State Street Bank and Trust Company whereby PFTC&#146;s and State Street Bank and Trust Company&#146;s fees are reduced by credits allowed on cash balances. The fund also reduced expenses through brokerage service arrangements. For the year ended August 31, 2007, the fund&#146;s expenses were reduced by $11,107 under these arrangements.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Each independent Trustee of the fund receives an annual Trustee fee, of which $292, 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 and industry seminars and for certain compliance-related matters. Trustees also are reimbursed for expenses they incur relating to their services as Trustees. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund has adopted an unfunded noncontributory 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 </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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. The retirement benefit is payable during a Trustee&#146;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. 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=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 3: Purchases and sales of securities</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>During the year ended August 31, 2007, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $83,345,202 and $106,757,982, respectively. There were no purchases or sales of U.S. government securities.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 4: Share repurchased</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In October 2005, the Trustees of the fund authorized Putnam Investments to implement a repurchase program, which would allow the fund to repurchase up to 5% of its outstanding common shares over the 12 months ending October 6, 2006 (based on shares outstanding as of October 7, 2005). In March 2006, the Trustees approved an increase in this repurchase program to allow the fund to repurchase a total of up to 10% of its outstanding common shares over the same period. In September 2006, the Trustees extended the program on its existing terms through October 6, 2007.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>For the year ended August 31, 2007, the fund repurchased 223,319 common shares for an aggregate purchase price of $1,800,339, which reflects a weighted-average discount from net asset value per share of 10.7% .</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In September 2007, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12 month ending October 7, 2008 (based on shares outstanding as of October 5, 2007).</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Repurchases are 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=PGText-Light,Arial,Helvetica,sans-serif size=2>In July 2007, the fund repurchased 2,154,697 common shares pursuant to an issuer tender offer commenced on June 4, 2007, at $9.31 per share, for an aggregate purchase price of $20,060,230. The tender offer purchase price represented a discount of 2% from the net asset value of the fund&#146;s common shares as of July 10, 2007.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>During the period, the fund retired 2,325 shares held by the fund in a control account. No monies were paid by the fund as a result of the retirement of shares.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 5: Investment in Putnam Prime Money Market Fund</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund invests in Putnam Prime Money Market Fund, an open-end management investment company managed by Putnam Management. Investments in Putnam Prime Money Market Fund are valued at its closing net asset value each business day. Management fees paid by the fund are reduced by an amount equal to the management and administrative</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>37</FONT></P>
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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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, 2007, management fees paid were reduced by $5,582 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 $334,622 for the year ended August 31, 2007. During the year ended August 31, 2007, cost of purchases and proceeds of sales of investments in Putnam Prime Money Market Fund aggregated $101,493,049 and $97,550,572, respectively.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 6: Senior loan commitments</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder&#146;s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 7: Regulatory matters and litigation</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In late 2003 and 2004, Putnam Management settled charges brought by the SEC and the Massachusetts Securities Division in connection with excessive short-term trading in Putnam funds. Payments from Putnam Management will be distributed to certain open-end Putnam funds and their shareholders. These allegations and related matters have served as the general basis for certain lawsuits, including purported class action lawsuits against Putnam Management and, in a limited number of cases, some Putnam funds. Putnam Management believes that these lawsuits will have no material adverse effect on the funds or on Putnam Management&#146;s ability to provide investment management services. In addition, Putnam Management has agreed to bear any costs incurred by the Putnam funds as a result of these matters.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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 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=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Note 8: New accounting pronouncements</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In June 2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Interpretation No. 48, </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Accounting for Uncertainty in Income Taxes </FONT></I><FONT face=PGText-Light,Arial,Helvetica,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 is </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>not expected to have a material effect on the fund&#146;s financial statements. However, the conclusions regarding the Interpretation may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance expected from the FASB, and on-going analysis of tax laws, regulations and int
erpretations thereof.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Fair Value Measurements </FONT></I><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(the &#147;Standard&#148;). The Standard defines fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. The Standard applies to fair value measurements already required or permitted by existing standards. The Standard is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Putnam Management is currently evaluating what impact the adoption of the Standard will have on the fund&#146;s financial statements.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>38</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Federal tax information </FONT></B><BR>
<B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>(unaudited)</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The fund designated 32.10% of ordinary income distributions as qualifying for the dividends received deduction for corporations.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>For its tax year ended August 31, 2007, the fund hereby designates 33.24%, or the maximum amount allowable, of its taxable ordinary </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>income distributions as qualified dividends taxed at the individual net capital gain rates.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Form 1099 you receive in January 2008 will show the tax status of all distributions paid to your account in calendar 2007.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>39</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Shareholder meeting results (unaudited)</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>May 15, 2007 meeting</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>A proposal to approve a new management contract between the fund and Putnam Investment Management, LLC was approved as follows:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="27%"></TD>
     <TD width="46%"></TD>
     <TD width="26%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes for</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Votes against</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=1>Abstentions</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=center background="" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>13,384,245</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>591,497</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=PGTable-Roman,Arial,Helvetica,sans-serif size=2>496,626</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=3></TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>All tabulations are rounded to the nearest whole number.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>40</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Compliance certifications</FONT></B><BR>
<B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>(unaudited)</FONT></B></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>On February 6, 2007, 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 face=PGText-Roman,Arial,Helvetica,sans-serif size=2>41</FONT></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>About the Trustees</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Jameson A. Baxter </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1943), Trustee since 1994, Vice Chairman since 2005</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., Ryerson, Inc. (a metals service corporation), the Mutual Fund Directors Forum, and Advocate Health Care. She is Chairman Emeritus of the Board of Trustees, Mount Holyoke College, having served as Chairman for five years. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company). Until 2004, she was a Director of BoardSource (formerly the National Center for Nonprofit Boards), and until 2002, she was a Director of Intermatic Corporation (a manufacturer of energy control products).</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>&nbsp;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=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Charles B. Curtis </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1940), Trustee since 2001</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Curtis is a member of the Council on Foreign Relations and serves as a Director of Edison International and Southern California Edison. Until 2006, Mr. Curtis served as a member of 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=PGText-Light,Arial,Helvetica,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><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Robert J. Darretta </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1946), Trustee since 2007</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Darretta serves as Director of UnitedHealth Group, a diversified health-care conglomerate. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Until April 2007, Mr. Darretta was Vice Chairman of the Board of Directors of Johnson &amp; Johnson, a diversified health-care conglomerate. Prior to 2007, Mr. Darretta held several accounting and finance positions with Johnson &amp; Johnson, including Chief Financial Officer, Executive Vice President, and Treasurer. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Darretta received a B.S. in Economics from Villanova University.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Myra R. Drucker </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1948), Trustee since 2004</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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., a director of Interactive Data Corporation (a provider of financial market data, analytics, and related services to financial institutions and individual investors), and an advisor to RCM Capital Management (an investment management firm).</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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. </FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,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 products, 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>
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<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>John A. Hill </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1942), Trustee since 1985 and Chairman since 2000</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Hill is a Director of Devon Energy Corporation 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=PGText-Light,Arial,Helvetica,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 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=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Paul L. Joskow </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1947), Trustee since 1997</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Dr. Joskow serves as a Director of TransCanada Corporation (an energy company focused on natural gas transmission and power services) and Exelon Corporation (an energy company focused on power services), and a Member of the Board of Overseers of the Boston Symphony Orchestra. Prior to July 2006, he served as President of the Yale University Council and continues to serve as a Member of the Council. Prior to February 2005, he served on the board of the Whitehead Institute for Biomedical Research (a non-profit research institution). 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=PGText-Light,Arial,Helvetica,sans-serif size=2>Dr. Joskow has published six 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 </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Elizabeth T. Kennan </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1938), Trustee since 1992</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Dr. Kennan served as Chairman and is now Lead Director of Northeast Utilities. 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. Prior to 2001, Dr. Kennan served on the oversight committee of the Folger Shakespeare Library. Prior to June 2005, she was a Director of Talbots, Inc., and 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. Dr. Kennan has also served as President of Five Colleges Incorporated and as a Trustee of Notre Dame University, and is active in various educational and civic associations.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Kenneth R. Leibler </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1949), Trustee since 2006</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Leibler is a founding partner and former Chairman of the Boston Options Exchange, an electronic marketplace for the trading of listed derivative securities.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Leibler currently serves as a Trustee of Beth Israel Deaconess Hospital in Boston. He is also lead director of Ruder Finn Group, a global communications and advertising firm, and a director of Northeast Utilities, which operates New England&#146;s largest energy delivery system. Prior to December 2006, he served as a director of the Optimum Funds group. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Prior to October 2006, he served as a director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, Mr. Leibler was a director of the Investment Company Institute in Washington, D.C.</FONT></P>
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<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a publicly traded diversified asset management organization. Prior to June 1990, he served as President and Chief Operating Officer of the American Stock Exchange (AMEX), and at the time was the youngest person in AMEX history to hold the title of President. Prior to serving as Amex President, he held the position of Chief Financial Officer and headed its management and marketing operations. Mr. Leibler graduated magna cum laude with a degree in economics from Syracuse University, where he was elected Phi Beta Kappa.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Robert E. Patterson </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1945), Trustee since 1984</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Patterson serves as Chairman Emeritus and Trustee of the Joslin Diabetes Center. 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=PGText-Light,Arial,Helvetica,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=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>George Putnam, III </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1951), Trustee since 1984</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Putnam is Chairman of New Generation Research, Inc. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(a publisher of financial advisory and other research services), and President 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=PGText-Light,Arial,Helvetica,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. Until 2006, he was a Trustee of Shore Country Day School, and until 2002 was a Trustee of the Sea Education Association.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>W. Thomas Stephens </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1942), Trustee since 1997</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Stephens is a Director of TransCanadaPipelines, Ltd.&nbsp;</FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>(an energy infrastructure company). 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=PGText-Light,Arial,Helvetica,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><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Richard B. Worley </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1945), Trustee since 2004</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Worley serves as a Trustee of the University of Pennsylvania Medical Center, The Robert Wood Johnson Foundation (a philanthropic organization devoted to health care issues), and the National Constitution Center. He is also a Director of The Colonial Williamsburg Foundation (a historical preservation organization) and the Philadelphia Orchestra Association. </FONT><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>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=PGText-Light,Arial,Helvetica,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=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Worley holds a B.S. degree from the University of Tennessee and pursued graduate studies in economics at the University of Texas.</FONT></P>
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<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif size=2>Charles E. Haldeman, Jr.* </FONT></B><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1948), Trustee since 2004 and President of the Funds since 2007</FONT></I></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Haldeman is President and Chief Executive Officer of Putnam, LLC (&#147;Putnam Investments&#148;) and President of the Putnam Funds. 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=PGText-Light,Arial,Helvetica,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 and 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=PGText-Light,Arial,Helvetica,sans-serif size=2>Mr. Haldeman currently serves on the Board of Governors of the Investment Company Institute and as Chair of the Board of Trustees of Dartmouth College. He also serves on the Partners HealthCare Investment Committee, the Tuck School of Business and Dartmouth College Board of Overseers, and the Harvard Business School Board of Dean&#146;s Advisors. 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><I><FONT face=PGTextLH-Italic,Arial,Helvetica,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=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>As of August 31, 2007, there were 104 Putnam Funds. All Trustees serve as Trustees of all Putnam funds. 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=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* Trustee who is or may be deemed to be an "interested person" (as defined in the Investment Company Act of 1940) of the fund, Putnam Management, and/or Putnam Retail Management. Mr. Haldeman is the President of your fund and each of the other Putnam funds, and is President and Chief Executive Officer of Putnam Investments. </FONT></I></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Officers</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>In addition to Charles E. Haldeman, Jr., the other officers of the fund are shown below:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="49%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Charles E. Porter </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1938)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Richard S. Robie, III </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1960)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Executive Vice President, Principal Executive Officer, Associate</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Treasurer, and Compliance Liaison</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background=""><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 1989</FONT></I>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Senior Managing Director, Putnam Investments, Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Jonathan S. Horwitz </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1955)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>and Putnam Retail Management. Prior to 2003, Senior Vice President,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Senior Vice President and Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>United Asset Management Corporation</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background=""><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Francis J. McNamara, III </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1955)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Prior to 2004, Managing Director,</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President and Chief Legal Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Steven D. Krichmar </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1958)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Senior Managing Director, Putnam Investments, Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President and Principal Financial Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>and Putnam Retail Management. Prior to 2004, General Counsel,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2002</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>State Street Research &amp; Management Company</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Senior Managing Director, Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Robert R. Leveille </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1969)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President and Chief Compliance Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Janet C. Smith </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1965)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2007</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President, Principal Accounting Officer and Assistant Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2007</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Managing Director, Putnam Investments, Putnam Management,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>and Putnam Retail Management. Prior to 2004, member of Bell</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Managing Director, Putnam Investments and Putnam Management</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Boyd &amp; Lloyd LLC. Prior to 2003, Vice President and Senior Counsel,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Liberty Funds Group LLC</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Susan G. Malloy </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1957)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President and Assistant Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Mark C. Trenchard </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1962)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2007</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President and BSA Compliance Officer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2002</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Beth S. Mazor </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1958)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Judith Cohen </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1945)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2002</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President, Clerk and Assistant Treasurer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 1993</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Wanda M. McManus </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1947)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>James P. Pappas </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1953)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President, Senior Associate Treasurer and Assistant Clerk</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2005</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2004</FONT></I>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Nancy E. Florek </FONT><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>(Born 1957)</FONT></I>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Managing Director, Putnam Investments and Putnam Management.</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vice President, Assistant Clerk, Assistant Treasurer</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>During 2002, Chief Operating Officer, Atalanta/Sosnoff</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>and Proxy Manager</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Management Corporation</FONT>&nbsp; </TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Since 2005</FONT></I>&nbsp; </TD></TR></TABLE><BR>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>The address of each Officer is One Post Office Square, Boston, MA 02109.</FONT></I></P>
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<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>The Putnam Family of Funds</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>The following is a list of Putnam&#146;s open-end mutual funds offered to the public.</FONT> <I><FONT face=PGText-Italic,Arial,Helvetica,sans-serif size=2>Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information&nbsp;</FONT></I><I><FONT face=PGText-Italic,Arial,Helvetica,sans-serif size=2>for any Putnam fund or product, call your financial advisor at 1-800-225-1581 and ask for a prospectus. Please read the prospectus carefully before investing.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Growth funds</B></FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Discovery Growth Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Growth Opportunities Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Health Sciences Trust</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>International New Opportunities Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>New Opportunities Fund</FONT> <BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>OTC &amp; Emerging Growth Fund</FONT> <BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Small Cap Growth Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Vista Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Voyager Fund</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Blend funds</B></FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Capital Appreciation Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Capital Opportunities Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Europe Equity Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Global Equity Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Global Natural Resources Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>International Capital Opportunities Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>International Equity Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Investors Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Research Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Tax Smart Equity Fund&#174;</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Utilities Growth and Income Fund</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Value funds</B></FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Classic Equity Fund</FONT> <BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Convertible Income-Growth Trust</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Equity Income Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The George Putnam Fund of Boston</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>The Putnam Fund for Growth and Income</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>International Growth and Income Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mid Cap Value Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>New Value Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Small Cap Value Fund*</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Income funds</B></FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>American Government Income Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Diversified Income Trust</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Floating Rate Income Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Global Income Trust*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>High Yield Advantage Fund*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>High Yield Trust*</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Income Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Limited Duration Government Income Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Money Market Fund&#134;</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>U.S. Government Income Trust</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Tax-free income funds</B></FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>AMT-Free Insured Municipal Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Tax Exempt Income Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Tax Exempt Money Market Fund&#167;</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Tax-Free High Yield Fund</FONT><BR>
<BR>
<I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>State tax-free income funds:</FONT></I> <BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Arizona, California, Massachusetts, Michigan, Minnesota,</FONT> <BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>New Jersey, New York, Ohio, and Pennsylvania</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Asset allocation funds</B></FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Income Strategies Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Asset Allocation Funds &#151; three investment portfolios that</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>spread your money across a variety of stocks, bonds, and money</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>market investments.</FONT><BR>
<BR>
<I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>The three portfolios:</FONT></I><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Asset Allocation: Balanced Portfolio</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Asset Allocation: Conservative Portfolio</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Asset Allocation: Growth Portfolio</FONT><BR>
<BR>
<FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Putnam RetirementReady&#174; Funds</B></FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady Funds &#151; ten investment portfolios that</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>offer diversification among stocks, bonds, and money market instru-</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>ments and adjust to become more conservative over time based on a</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>target date for withdrawing assets.</FONT><BR>
<BR>
<I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>The ten funds:</FONT></I><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2050 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2045 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2040 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2035 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2030 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2025 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2020 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2015 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady 2010 Fund</FONT><BR>
<FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam RetirementReady Maturity Fund</FONT></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>* A 1% redemption fee on total assets redeemed or exchanged within 90 days of purchase may be imposed for all share classes of these funds.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>&#134; An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve your investment at $1.00 per share, it is possible to lose money by investing in the fund.</FONT></I></P>
<P align=left><I><FONT face=PGTextLH-Italic,Arial,Helvetica,sans-serif size=1>With the exception of money market funds, a 1% redemption fee may be applied to shares exchanged or sold within 7 days of purchase (90 days, for certain funds). <BR>
<BR>
Check your account balances and the most recent month-end performance at www.putnam.com.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>47</FONT></P>
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<A name="page_49"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Services for shareholders</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>Investor services</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Help your investment grow</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Set up a program for systematic investing from a Putnam fund or from your own savings or checking account. (Regular investing does not guarantee a profit or protect against loss in a declining market.)</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Switch funds easily</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>You can move money from one Putnam fund to another within the same class of shares without a service charge.</FONT></P>
<P align=left><I><FONT face=PGTextLH-LightItalic,Arial,Helvetica,sans-serif size=1>This privilege is subject to change or termination. An exchange of funds may result in a taxable event. In addition, a 1% redemption fee will be applied to shares exchanged or sold within 7 days of purchase, and, for certain funds, this fee applies on total assets redeemed or exchanged within 90 days of purchase.</FONT></I></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Access your money easily</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>You can have checks sent regularly or redeem shares any business day at the then-current net asset value, which may be more or less than the original cost of the shares. Class B and class C shares carry a sales charge that is applied to certain withdrawals.</FONT></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>How to buy additional shares</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>You may buy shares through your financial advisor or directly from Putnam. To open an account by mail, send a check made payable to the name of the fund along with a completed fund application. To add to an existing account, complete the investment slip found at the top of your Confirmation of Activity statement and return it with a check payable to your fund.</FONT></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>For more information</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Visit www.putnam.com</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>A secure section of our Web site contains complete information on your account, including balances and transactions, updated daily. You may also conduct transactions, such as exchanges, additional investments, and address changes. Log on today to get your password.</FONT></P>
<P align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Call us toll free at</FONT> <FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>1-800-225-1581</B></FONT> <FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Ask a helpful Putnam representative or your financial advisor for details about any of these or other services, or see your prospectus.</FONT></P>
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<A name="page_50"></A>
<P align=left><B><FONT face=PGText-Bold,Arial,Helvetica,sans-serif size=4>Fund information</FONT></B></P>
<P align=left><B><FONT face=PGTextLH-Bold,Arial,Helvetica,sans-serif>About Putnam Investments</FONT></B></P>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Founded nearly 70 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>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Investment Manager&nbsp;</B></FONT></TD>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Officers&nbsp;</B></FONT></TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Judith Cohen</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Investment</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President, Clerk and Assistant Treasurer</FONT></I>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Management, LLC</FONT>&nbsp;</TD>
     <TD noWrap align=left background=""><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Wanda M. McManus</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Boston, MA 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Charles E. Porter</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President, Senior Associate Treasurer</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Executive Vice President, Principal</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>and Assistant Clerk</FONT></I>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Investment Sub-Manager&nbsp;</B></FONT></TD>
     <TD noWrap align=left background=""><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Executive Officer, Associate Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Investments Limited</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>and Compliance Liaison</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Nancy E. Florek</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>57&#150;59 St James&#146;s Street</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President, Assistant Clerk,</FONT></I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>London, England SW1A 1LD</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Jonathan S. Horwitz</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Assistant Treasurer and Proxy Manager</FONT></I>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Senior Vice President and Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Marketing Services&nbsp;</B></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Putnam Retail Management</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Steven D. Krichmar</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President and Principal Financial Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Boston, MA 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Janet C. Smith</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Custodian&nbsp;</B></FONT></TD>
     <TD align=left background=""><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President, Principal Accounting Officer</FONT></I></TD>
     <TD align=center background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>State Street Bank and Trust Company</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>and Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Legal Counsel&nbsp;</B></FONT></TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Susan G. Malloy</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President and Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Independent Registered Public</FONT>&nbsp;</B></TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Beth S. Mazor</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Accounting Firm</FONT>&nbsp;</B></TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>PricewaterhouseCoopers LLP</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>James P. Pappas</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2><B>Trustees&nbsp;</B></FONT></TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>John A. Hill,</FONT> <I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Jameson Adkins Baxter,</FONT> <I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice Chairman</FONT></I>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Richard S. Robie, III</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Francis J. McNamara, III</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President and Chief Legal Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD noWrap align=left background=""><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=left background="">&nbsp;</TD>
     <TD noWrap align=left background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Robert R. Leveille</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President and Chief Compliance Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Robert E. Patterson</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>George Putnam, III</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Mark C. Trenchard</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=left><I><FONT face=PGText-LightItalic,Arial,Helvetica,sans-serif size=2>Vice President and BSA Compliance Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=PGText-Light,Arial,Helvetica,sans-serif size=2>Richard B. Worley</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face=PGText-Roman,Arial,Helvetica,sans-serif size=2>Call 1-800-225-1581 weekdays between 8:30 a.m. and 8:00 p.m. or on Saturday 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=ArialMT,Arial,Helvetica,sans-serif size=2>Item 2. Code of Ethics:</FONT></U></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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=ArialMT,Arial,Helvetica,sans-serif size=2>(c) In August 2007, the Code of Ethics of Putnam Investment Management, LLC was amended to reflect the change in ownership of Putnam Investments Trust, the parent company of Putnam Investment Management, LLC, from Marsh &amp; McLennan Companies, Inc. (&#147;MMC&#148;) to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation. In addition to administrative and non-substantive changes, the Code of Ethics was amended to remove a prohibition, which applied to members of Putnam Investments&#146; Executive Board and senior members of the staff of the Chief Financial Officer of Putnam Investments, on transactions in MMC securities during the period between the end of a calendar quarter and the public announcement of MMC&#146;s earnings for that quarter.</FONT></P>
<P align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 3. Audit Committee Financial Expert:</FONT></U></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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, Mr. Leibler, Mr. Hill</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>and Mr Darretta 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=ArialMT,Arial,Helvetica,sans-serif size=2>Item 4. Principal Accountant Fees and Services:</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,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>
     <TD width="24%"></TD>
     <TD width="22%"></TD>
     <TD width="19%"></TD>
     <TD width="17%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fiscal</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Audit-</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>year</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Audit</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Related</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>All Other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>ended</FONT></U>&nbsp; </TD>
     <TD noWrap align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fees</FONT></U>&nbsp; </TD>
     <TD noWrap align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Fees</FONT></U>&nbsp; </TD></TR>
<TR>
     <TD colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>August 31, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$98,764</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$2</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$9,879</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$1,042</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$100,437</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$51</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$9,504</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$215</FONT>&nbsp; </TD></TR></TABLE><BR>
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<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">For the fiscal years ended August 31, 2007 and August 31, 2006, the fund&#146;s independent auditor billed aggregate non-audit fees in the amounts of </FONT><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;126,139</FONT><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> and </FONT><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;279,442</FONT><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> 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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">Audit Fees represent fees billed for the fund&#146;s last two fiscal years. </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">All Other Fees represent fees billed for services relating to valuation of derivative securities.</FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">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. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the
audit firm are compatible with the independence of the audit firm. </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 border=0 width=80% cellspacing=1 cellpadding=0>
<TR>
     <TD width=17%></TD>
     <TD width=19%></TD>
     <TD width=23%></TD>
     <TD width=19%></TD>
     <TD width=19%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Fiscal</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Audit-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">All</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">year</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Related</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Tax</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Other</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Non-Audit</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">ended</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Fees</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Fees</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Fees</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Fees</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">August 31</FONT><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 26,129</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; -</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">August 31,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2006</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; 153,160</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36; -</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Item 5. Audit Committee of Listed Registrants</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">(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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">Robert E. Patterson (Chairperson)</FONT></P>

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<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Robert J. Darretta </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Myra R. Drucker </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>John A. Hill </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Kenneth R. Leibler </FONT><BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>W. Thomas Stephens </FONT><BR>
<BR>
<FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>(b) Not applicable </FONT><BR>
<BR>
<U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 6. Schedule of Investments:</FONT></U></P>
<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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 face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</FONT></U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2> </FONT></P>
<P align=center><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif size=4>Proxy voting guidelines of the Putnam funds</FONT></B></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,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 face=TimesNewRomanPSMT,Arial,Helvetica,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 face=TimesNewRomanPSMT,Arial,Helvetica,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 v
oted. 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>
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<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,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 face=TimesNewRomanPSMT,Arial,Helvetica,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>
<P align=left><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>I. BOARD-APPROVED PROPOSALS</FONT></B></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>for</FONT></U></B> <FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>for</FONT></U></B> <FONT face=TimesNewRomanPSMT,Ari
al,Helvetica,sans-serif>board-approved proposals, except as follows:</FONT></P>
<P align=left><B><U><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Matters relating to the Board of Directors</FONT></U></B><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif></FONT></B></P>
<P align=left><I><FONT face=TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif>Uncontested Election of Directors</FONT></I></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>The funds&#146; proxies will be voted</FONT> <B><U><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>for</FONT></U></B> <FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>the election of a company&#146;s nominees for the board of directors, except as follows:</FONT></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif></FONT> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will</FONT> <B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>withhold votes</FONT></U></B> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>for the entire board of directors if</FONT><FONT face=Symbol,Symbol><BR>
<BR>
<FONT size=2>*</FONT></FONT> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board does not have a majority of independent directors,</FONT></P>
<P align=left><FONT face=Symbol,Symbol><FONT size=2>*</FONT></FONT>&nbsp; <FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board has not established independent nominating, audit, and compensation committees,</FONT><BR>
<BR>
<FONT face=Symbol><FONT size=2>*</FONT></FONT> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board has more than</FONT> <U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>19</FONT></U> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>members or fewer than</FONT> <U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>five</FONT></U> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>members, absent special circumstances,</FONT></P>
<P align=left><FONT size=2>*</FONT> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>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 size=2>*</FONT> <FONT face=Times-Roman,Arial,Helvetica,sans-serif>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>
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<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will on a </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>case-by-case basis withhold votes</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> 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=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>withhold votes</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> for any nominee for director who: </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>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=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>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=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>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>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>serves on more than </FONT><U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>five</FONT></U><FONT face=Times-Roman,Arial,Helvetica,sans-serif> 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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>Commentary</FONT></U><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>:</FONT></P>
<P align=left><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Board independence</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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 significant independence issues. </FONT></P>
<P align=left><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Board size</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Time commitment</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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 </FONT></P>
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<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Interlocking directorships</FONT></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Corporate governance practices</FONT></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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="TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif">Contested Elections of Directors</FONT></I></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> in contested elections of directors.</FONT></P>
<P align="left">
<I><FONT face="TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif">Classified Boards</FONT></I></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">against</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> proposals to classify a board, absent special circumstances indicating that shareholder interests would be better served by this
structure. </FONT></P>
<P align="left">
<U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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="TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif">Other Board-Related Proposals</FONT></I></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">The funds will generally vote </FONT><B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">
board-approved proposals that have been approved by a majority independent board, and on a </FONT><B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif"> on board-approved proposals where the board fails to meet the guidelines&#146; basic independence standards (i.e., majority </FONT></P>

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<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">of independent directors and independent nominating, audit, and compensation committees). </FONT></P>
<P align="left">
<B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Executive Compensation</FONT></U></B></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif"> on board-approved proposals relating to executive compensation, except as follows: </FONT></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">Except where the funds are otherwise withholding votes for the entire board of directors, the
funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> stock option and restricted stock plans that will result in an average </FONT><U><FONT face="Times-Roman,Arial,Helvetica,sans-serif">annual</FONT></U><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">against</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> stock option and restricted stock plans that will result in an average </FONT><U><FONT face="Times-Roman,Arial,Helvetica,sans-serif">annual</FONT></U><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">against</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">against</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">against</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">Except where the funds are otherwise withholding votes for the entire board of directors, the
funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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 executive compensation. In </FONT></P>

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<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Capitalization</FONT></U></B></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif"> 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> proposals to effect stock splits (excluding reverse stock splits). </FONT></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> proposals authorizing share repurchase programs. </FONT></P>
<P align="left">
<U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Acquisitions, Mergers, Reincorporations, Reorganizations and Other Transactions</FONT></U></B></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif"> on board-approved proposals to effect these types of transactions, except as follows: </FONT></P>
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<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> mergers and reorganizations involving business combinations designed solely to reincorporate a company in Delaware. </FONT></P>
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<U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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</FONT></P>

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<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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>
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<B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Anti-Takeover Measures</FONT></U></B></P>
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<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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.
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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">against</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif"> board-approved proposals to adopt such anti-takeover measures, except as follows: </FONT></P>
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<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> on proposals to ratify or approve shareholder rights plans; and </FONT></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> on proposals to adopt fair price provisions. </FONT></P>
<P align="left">
<U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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>
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<B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Other Business Matters</FONT></U></B></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif"> board-approved proposals approving such matters, except as follows: </FONT></P>
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<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> on proposals to amend a company&#146;s charter or bylaws (except for charter amendments necessary 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="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">against</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> authorization to transact other unidentified, substantive business at the meeting. </FONT></P>
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<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> on other business matters where the funds are otherwise withholding votes for the entire board of directors.
</FONT></P>

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<P align=left><U><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>Commentary</FONT></U><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>II. SHAREHOLDER PROPOSALS</FONT></B></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>in accordance with the recommendation of the company&#146;s board of directors</FONT></U></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif> on all shareholder proposals, except as follows: </FONT></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will vote </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>for</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> 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>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will vote </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>for</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> shareholder proposals to require shareholder approval of shareholder rights plans. </FONT></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will vote </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>on a case-by-case basis</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> on shareholder proposals requiring companies to make payments under management severance agreements only if both of the following conditions are met: </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the company undergoes a change in control, and </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the change in control results in a loss of employment for the person receiving the severance payment. </FONT></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will vote </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>on a case-by-case basis</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> on shareholder proposals requesting that the board adopt a policy to recoup, in the event of a significant restatement of financial results or significant extraordinary write-off, to the fullest extent practicable, for the benefit of the company, all performance-based bonuses or awards that were paid to senior executives based on the company having met or exceeded specific performance targets to the extent that the specific performance targets were not, in fact, met. </FONT></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will vote </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>for</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> shareholder proposals requiring a company to report on its executive retirement benefits (e.g., deferred compensation, split-dollar life insurance, SERPs and pension benefits). </FONT></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will vote </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>for</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> shareholder proposals requiring a company to disclose its relationships with executive compensation consultants (e.g., whether the company, the board or the compensation committee retained the consultant, the types of </FONT></P>
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<FONT face="Times-Roman,Arial,Helvetica,sans-serif">services provided by the consultant over the past five years, and a list of the consultant&#146;s clients on which any of the company&#146;s executives serve as a director). </FONT></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> shareholder proposals that are consistent with the funds&#146; proxy voting guidelines for board-approved proposals. </FONT></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">However, the funds generally support shareholder proposals to declassify a board or to require shareholder approval of shareholder rights plans The funds&#146; Trustees believe that these
shareholder proposals further the goals of reducing management entrenchment and conflicts of interest, and aligning management&#146;s interests with shareholders&#146; interests in evaluating proposed acquisitions of the company. The Trustees also
believe that shareholder proposals to limit severance payments to appropriate situations may further these goals in some instances, and the funds will consider supporting these shareholder proposals on a case by case basis. (The funds&#146; Trustees
will also consider whether the severance payments, taking all of the pertinent circumstances into account, constitute excessive compensation.) </FONT></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">The funds&#146; Trustees believe that performance-based compensation can be an effective tool for aligning management and shareholder interests. However, to fulfill its purpose, performance
compensation should only be paid to executives if the performance targets are actually met. A significant restatement of financial results or a significant extraordinary write-off may reveal that executives who were previously paid performance
compensation did not actually deliver the required business performance to earn that compensation. In these circumstances, it may be appropriate for the company to recoup this performance compensation. The fund will consider on a case by case basis
shareholder proposals requesting that the board adopt a policy to recoup, in the event of a significant restatement of financial results or significant extraordinary write-off, performance-based bonuses or awards paid to senior executives based on
the company having met or exceeded specific performance targets to the extent that the specific </FONT></P>

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<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>performance targets were not, in fact, met. The fund does not believe that such a policy should necessarily disadvantage a company in recruiting executives, as executives should understand that they are only entitled to performance compensation based on the actual performance they deliver. </FONT></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>The funds&#146; Trustees also believe that shareholder proposals that are intended to increase transparency, particularly with respect to executive compensation, without establishing rigid restrictions upon a company&#146;s ability to attract and motivate talented executives, are generally beneficial to sound corporate governance without imposing undue burdens. The funds will generally support shareholder proposals calling for reasonable disclosure. </FONT></P>
<P align=left><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>III. VOTING SHARES OF NON-U.S. ISSUERS </FONT></B></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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 reregistered 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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>The funds will vote proxies of non-U.S. issuers </FONT><B><U><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>in accordance with the foregoing</FONT></U></B><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif> </FONT></B><B><U><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>guidelines where applicable</FONT></U></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>, except as follows: </FONT></P>
<P align=left><B><U><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Uncontested Election of Directors</FONT></U></B></P>
<P align=left><I><FONT face=TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif>Japan</FONT></I></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>For companies that have established a U.S.-style corporate structure, the funds will </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>withhold votes</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> for the entire board of directors if </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board does not have a majority of </FONT><U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>outside directors</FONT></U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>, </FONT></P>
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<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board has not established nominating and compensation committees composed of a majority of </FONT><U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>outside directors</FONT></U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>, or </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board has not established an audit committee composed of a majority of </FONT><U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>independent directors</FONT></U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>. </FONT></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>withhold votes</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> 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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>Commentary</FONT></U><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>:</FONT></P>
<P align=left><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Board structure</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>for</FONT></U></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif> 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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Definition of outside director and independent director</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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=TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif>Korea</FONT></I></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>withhold votes</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> for the entire board of directors if </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board does not have a majority of outside directors, </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>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=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>Commentary</FONT></U><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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 </FONT></P>
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<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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=TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif>United Kingdom</FONT></I></P>
<P align=left><FONT face=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>withhold votes</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> for the entire board of directors if </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board does not have at least a majority of independent non-executive directors, </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>the board has not established nomination committees composed of a majority of independent non-executive directors, or </FONT></P>
<P align=left><FONT face=Symbol,Symbol>*</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>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=Wingdings,WingDings>&#216;</FONT><FONT face=ArialMT,Arial,Helvetica,sans-serif> </FONT><FONT face=Times-Roman,Arial,Helvetica,sans-serif>The funds will </FONT><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif>withhold votes</FONT></U></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> 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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>Commentary</FONT></U><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>:</FONT></P>
<P align=left><B><FONT face=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Application of guidelines</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Definition of independence</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif>Smaller companies</FONT></B><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>: 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=TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif>Canada</FONT></I></P>
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<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">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="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">in accordance with the</FONT></U></B><B><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif"> </FONT></B><B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">guidelines applicable to U.S. issuers</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">. </FONT></P>
<P align="left">
<U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: 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">
<I><FONT face="TimesNewRomanPS-ItalicMT,Arial,Helvetica,sans-serif">Russia</FONT></I></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> for the election of nominees to the board of directors. </FONT></P>
<P align="left">
<U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">Commentary</FONT></U><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">: In Russia, director elections are typically handled through a cumulative voting process. Cumulative voting
allows shareholders to cast all of their votes for a single nominee for the board of directors, or to allocate their votes among nominees in any other way. In contrast, in &#147;regular,&#148; voting, shareholders may not give more than one vote per
share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director. </FONT></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">In Russia, as in other emerging markets, standards of corporate governance are usually behind those in developed markets. Rather than vote against the entire board of directors, as the funds
generally would in the case of a company whose board fails to meet the funds&#146; standards for independence, the funds may, on a case by case basis, cast all of their votes for one or more independent director nominees. The funds believe that it
is important to increase the number of independent directors on the boards of Russian companies to mitigate the risks associated with dominant shareholders. </FONT></P>
<P align="left">
<B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Other Matters</FONT></U></B></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> shareholder proposals calling for a majority of a company&#146;s directors to be independent of management. </FONT></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> shareholder proposals seeking to increase the independence of board nominating, audit, and compensation committees. </FONT></P>
<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="Times-Roman,Arial,Helvetica,sans-serif">The funds will vote </FONT><B><U><FONT face="Times-Bold,Arial,Helvetica,sans-serif">for</FONT></U></B><FONT face="Times-Roman,Arial,Helvetica,sans-serif"> 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>

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<P align="left">
<FONT face="Wingdings,WingDings">&Oslash;</FONT><FONT face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">The funds will vote on a </FONT><B><U><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">case-by-case basis</FONT></U></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,sans-serif"> 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="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">As adopted February 9, 2007</FONT></P>
<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Proxy Voting Procedures of the Putnam Funds</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">The role of the funds&#146; Trustees</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">The role of the proxy voting service</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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, appear 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>
<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">The role of the Proxy Coordinator</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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 </FONT></P>

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<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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="ArialMT,Arial,Helvetica,sans-serif">Voting procedures for referral items</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">Conflicts of interest</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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 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 </FONT></P>

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<P align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>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=ArialMT,Arial,Helvetica,sans-serif size=2>As adopted March 11, 2005</FONT></P>
<P align=left><U><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></U></P>
<P align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>(a)(1) </FONT><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Investment management teams. </FONT></B><FONT face=Times-Roman,Arial,Helvetica,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=Times-Roman,Arial,Helvetica,sans-serif>www.putnam.com</FONT></U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>. </FONT></P>
<P align=left><FONT face=Times-Roman,Arial,Helvetica,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>
     <TD width="19%"></TD>
     <TD width="13%"></TD>
     <TD width="21%"></TD>
     <TD width="46%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Portfolio</FONT></B>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Joined</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Leaders</FONT></B>&nbsp; </TD>
     <TD noWrap align=center><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Employer</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Positions Over Past Five Years</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>David King</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif>2002</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Sr. Portfolio Manager</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>1983 &#150; Present</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Robert Salvin</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Portfolio Manager</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Previously, Convertible Specialist and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>2000 &#150; Present</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Analyst</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>(a)(2) </FONT><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Other Accounts Managed by the Fund&#146;s Portfolio Managers.</FONT></B><FONT face=Times-Roman,Arial,Helvetica,sans-serif> </FONT></P>
<P align=left><FONT face=Times-Roman,Arial,Helvetica,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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<P align=left><U><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Potential conflicts of interest in managing multiple accounts. </FONT></U><FONT face=Times-Roman,Arial,Helvetica,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 </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="16%"></TD>
     <TD width="10%"></TD>
     <TD width="18%"></TD>
     <TD width="10%"></TD>
     <TD width="17%"></TD>
     <TD width="8%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><STRONG><FONT face=Arial size=2>Other accounts (including</FONT></STRONG>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center colSpan=2></TD>
     <TD noWrap align=center colSpan=2>&nbsp;&nbsp;&nbsp; <STRONG><FONT face=Arial size=2>separate accounts,</FONT></STRONG>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center colSpan=2></TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><STRONG><FONT face=Arial size=2>managed account</FONT></STRONG>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center></TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center colSpan=2></TD>
     <TD noWrap align=center colSpan=2>&nbsp;&nbsp;&nbsp; <STRONG><FONT face=Arial size=2>programs and single-</FONT></STRONG>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center colSpan=2></TD>
     <TD noWrap align=center colSpan=2>&nbsp;&nbsp;&nbsp; <STRONG><FONT face=Arial size=2>Other accounts that pool</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center colSpan=2><STRONG><FONT face=Arial size=2>sponsor defined</FONT></STRONG></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><STRONG><FONT face=Arial size=2>Portfolio Leader</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center colSpan=2>&nbsp;&nbsp;&nbsp; <STRONG><FONT face=Arial size=2>Other SEC-registered open-</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center colSpan=2>&nbsp; <STRONG><FONT face=Arial size=2>assets from more than one</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center colSpan=2>&nbsp;&nbsp;&nbsp; <STRONG><FONT face=Arial size=2>contribution plan</FONT></STRONG>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center>&nbsp; <STRONG><FONT face=Arial size=2>or Member</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center colSpan=2>&nbsp;&nbsp;&nbsp; <STRONG><FONT face=Arial size=2>end and closed-end funds</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center colSpan=2>&nbsp;&nbsp;&nbsp; <STRONG><FONT face=Arial size=2>client</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center colSpan=2>&nbsp; <B><FONT face=Times-Bold,Arial,Helvetica,sans-serif size=2>o</FONT></B><B><U><FONT face=Times-Bold,Arial,Helvetica,sans-serif size=2>f</FONT></U></B><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif size=2>ferings)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Number</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Assets</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Number</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Assets</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Number</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>of</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>of</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>of</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>accounts</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>accounts</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>accounts</FONT>&nbsp; </TD>
     <TD noWrap align=center>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left background="" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>David King</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$8,804,400,000</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>8</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$320,800,000</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$381,100,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=7>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Robert Salvin</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$4,337,700,000</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$78,900,000</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD noWrap align=center><FONT face=ArialMT,Arial,Helvetica,sans-serif size=2>$391,100,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,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=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>&#149; Front running is strictly prohibited.</FONT></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,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=Times-Roman,Arial,Helvetica,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=Times-Roman,Arial,Helvetica,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=Times-Roman,Arial,Helvetica,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 seek to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or </FONT></P>
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<P align="left">
<FONT face="Times-Roman,Arial,Helvetica,sans-serif">another account if one account is favored over another in allocating the securities purchased or 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="Times-Roman,Arial,Helvetica,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="Times-Roman,Arial,Helvetica,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="Times-Roman,Arial,Helvetica,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="TimesNewRomanPSMT,Arial,Helvetica,sans-serif">(a)(3) </FONT><B><FONT face="TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif">Compensation of investment professionals.</FONT></B><FONT face="TimesNewRomanPSMT,Arial,Helvetica,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 </FONT></P>

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<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,sans-serif>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 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=Times-Roman,Arial,Helvetica,sans-serif><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>&#183;</FONT></B> Consistent performance means being above median over one year. </FONT></P>
<P align=left><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>&#183;</FONT></B><FONT face=Times-Roman,Arial,Helvetica,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=Times-Bold,Arial,Helvetica,sans-serif>&#183;</FONT></B><FONT face=Times-Roman,Arial,Helvetica,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=Times-Bold,Arial,Helvetica,sans-serif> </FONT></B></P>
<P align=left><FONT face=TimesNewRomanPSMT,Arial,Helvetica,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 t
ypically 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=TimesNewRomanPS-BoldMT,Arial,Helvetica,sans-serif> </FONT></B></P>
<P align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>(a)(4) </FONT><B><FONT face=Times-Bold,Arial,Helvetica,sans-serif>Fund ownership. </FONT></B><FONT face=Times-Roman,Arial,Helvetica,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="itemtwox22x1.jpg" border=0>
<BR>
<P align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>(b) Not applicable</FONT></P>
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<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR>
     <TD width=17%></TD>
     <TD width=20%></TD>
     <TD width=18%></TD>
     <TD width=21%></TD>
     <TD width=21%></TD></TR>
<TR valign="bottom">
	<TD align=left nowrap colspan=3>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Registrant Purchase of Equity Securities</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Maximum</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Total Number</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Number (or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of Shares</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Approximate</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Purchased</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Dollar Value )</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">as Part</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of Shares</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of Publicly</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">that May Yet Be</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Total Number</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Average</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Announced</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Purchased</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">of Shares</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Price Paid</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Plans or</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">under the Plans</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Period</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Purchased</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">per Share</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Programs*</FONT></U>&nbsp;
	</TD>
	<TD align=left nowrap>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">or Programs**</FONT></U>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">September 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">September 30,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2006</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">60,874</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;7.99</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">60,874</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,287,771</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">October 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">October 31,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2006</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8,400</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;8.13</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">8,400</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">November 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">November 30,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2006</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">December 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">December 31,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2006</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">January 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">January 31,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">February 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">February 28,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">March 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">March 31,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">April 1 - April</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">30, 2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">May 1 - May</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">31, 2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">June 1 - June</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">30, 2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">-</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">July 1 - July</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">31, 2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2,154,697</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;9.31</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2,154,697***</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,279,371</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">August 1 -</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">August 31,</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
	<TD align=left nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">2007</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">154,045</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">&#36;8.09</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">154,045</FONT>&nbsp;
	</TD>
	<TD align=left nowrap>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">1,125,326</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">*The Board of Trustees announced a repurchase plan on October 7, 2005 for which </FONT><B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">1,125,978</FONT></B><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> shares were approved for repurchase by the fund. The repurchase plan was approved through </FONT><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">October 6, 2006</FONT><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">. 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</FONT></P>

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<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">See note *** below for information about repurchases made by the fund in July 2007 pursuant to an issuer tender offer.</FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">**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">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">***Includes 2,154,697 shares repurchased by the fund pursuant to an issuer tender offer that concluded during the period. Shares repurchased as part of this tender offer were repurchased at
&#36;9.31 per share, which represented approximately 98% of the fund&#146;s per-share net asset value on the expiration date of the tender offer.</FONT></P>
<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Item 10. Submission of Matters to a Vote of Security Holders:</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Not applicable</FONT></P>
<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Item 11. Controls and Procedures:</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">(b) Changes in internal control over financial reporting: </FONT><FONT size=2 face="Helvetica,Arial,Helvetica,sans-serif">During the period, Putnam Fiduciary Trust Company, the fund's transfer
agent, began utilizing shareholder systems and systems support provided by DST Systems, Inc. and certain of its affiliates.</FONT></P>
<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Item 12. Exhibits:</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">SIGNATURES</FONT></U></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">Putnam High Income Securities Fund</FONT></U><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By (Signature and Title): </FONT></P>
<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">/s/Janet C. Smith</FONT></U></P>

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<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Janet C. Smith </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Accounting Officer</FONT><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: October 30, 2007 </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">By (Signature and Title): </FONT><BR>
<BR>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">/s/Charles E. Porter</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Executive Officer</FONT><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: October 30, 2007 </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">By (Signature and Title): </FONT><BR>
<BR>
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">/s/Steven D. Krichmar</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Financial Officer</FONT><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: October 30, 2007 </FONT></P>

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<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Certifications</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">Date: October 29, 2007 </FONT><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">/s/ Charles E. Porter </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">_______________________</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Executive Officer </FONT></P>

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

<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Certifications</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,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="ArialMT,Arial,Helvetica,sans-serif">Date: October 29, 2007 </FONT><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">/s/ Steven D. Krichmar </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">_______________________</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Financial Officer </FONT></P>

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<P align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Attachment A </FONT><BR>
<FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>N-CSR </FONT><BR>
<FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Period (s) ended August 31, 2007 </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="93%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>021</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam Health Sciences Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>014</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam High Yield Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>274</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam New Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>2AZ</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam International Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>061</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>018</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam Global Natural Resources Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>29X</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam Floating Rate Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>7BF</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam Income Strategies Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>2MF</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Putnam Small Cap Value Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

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

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<HEAD>
   <TITLE>c_061certnos.htm</TITLE>
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<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 906 Certifications</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2007 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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2007 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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: October 29, 2007 </FONT><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">/s/ Charles E. Porter </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">______________________</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Charles E. Porter </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Executive Officer </FONT></P>

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<!--$$/page=-->
<A name="page_2"></A>

<P align="left">
<U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Section 906 Certifications</FONT></U><FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif"> </FONT></P>
<P align="left">
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">1. The form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2007 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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended August 31, 2007 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 size=2 face="ArialMT,Arial,Helvetica,sans-serif">Date: October 29, 2007 </FONT><BR>
<BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">/s/ Steven D. Krichmar </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">______________________</FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Steven D. Krichmar </FONT><BR>
<FONT size=2 face="ArialMT,Arial,Helvetica,sans-serif">Principal Financial Officer </FONT></P>

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<P align=center><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Attachment A </FONT><BR>
<FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>N-CSR </FONT><BR>
<FONT face=Times-Roman,Arial,Helvetica,sans-serif size=2>Period (s) ended August 31, 2007 </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="6%"></TD>
     <TD width="93%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>021</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam Health Sciences Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>014</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam High Yield Trust</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>274</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam New Value Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>2AZ</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam International Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>061</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam High Income Securities Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>018</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam Global Natural Resources Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>29X</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam Floating Rate Income Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>7BF</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam Income Strategies Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>2MF</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face=Times-Roman,Arial,Helvetica,sans-serif>Putnam Small Cap Value Fund</FONT>&nbsp; </TD></TR></TABLE><BR>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.P CODE ETH
<SEQUENCE>17
<FILENAME>a_nf69mod5.htm
<TEXT>

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<P align=right><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit A</FONT></U></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE PUTNAM FUNDS</FONT></B><BR>
<BR>
<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Code of Ethics</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Each of The Putnam Funds (the &#147;Funds&#148;) has determined to adopt this Code of Ethics with respect to certain types of personal securities transactions by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such transactions.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">I. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"> </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Its Subsidiaries</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">A. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Incorporation of Adviser&#146;s Code of Ethics</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The provisions of the Code of Ethics for employees of Putnam Investments Trust and its subsidiaries (the &#147;Putnam Investments Code of Ethics&#148;), which is attached as Appendix A hereto, are hereby incorporated herein as the Funds&#146; Code of Ethics applicable to officers and Trustees of the Funds who are employees of the Funds or officers, directors or employees of Putnam Investments Trust or its subsidiaries. A violation of the Putnam Investments&#146; Code of Ethics shall constitute a violation of the Funds&#146; Code.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">B. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Reports</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments&#146; Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments&#146; Code of Ethics with the Code of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of the Funds of which the reporting individual is an officer or Trustee.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">C. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Review and Reporting</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an opportunity to supply additional explanatory material.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit and Compliance Committee of the Funds at its next meeting when Code of Ethics matters are discussed.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">D. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sanctions</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. In addition to reporting violations of this Code to the Audit and Compliance Committee of the Funds as provided in Section I-C(2), the Code of Ethics Officer shall also report to such Committee any sanctions imposed with </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=right><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit A</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">respect to such violations. The Committee reserves the right to impose such additional sanctions as it deems appropriate.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">II. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Rules Applicable to Unaffiliated Trustees</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">A. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Definitions</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1) &#147;Beneficial ownership&#148; shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2) &#147;Control&#148; means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3) &#147;Interested Trustee&#148; means a Trustee of a Fund who is an &#147;interested person&#148; of the Fund within the meaning of the Investment Company Act.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4) &#147;Purchase or sale of a security&#148; includes, among other things, the writing of an option to purchase or sell a security.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(5) &#147;Security&#148; shall have the same meaning as that set forth in Section 2(a)(36) of the Investment Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an agency thereof, bankers&#146; acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments, including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into or exchangeable for a security.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(6) &#147;Unaffiliated Trustee&#148; means a Trustee who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">B. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prohibited Purchases and Sales</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. No Unaffiliated Trustee of any of the Funds shall purchase or sell, directly or indirectly, any security in which he has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which to his </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">actual knowledge </FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">at the time of such purchase or sale: </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1) is being considered for purchase or sale by the Fund;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2) is being purchased or sold by the Fund; or</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3) was purchased or sold by the Fund within the most recent five days if such person participated in the recommendation to, or the decision by, Putnam Investment Management to purchase or sell such security for the Fund.</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 2 -</FONT></P>
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<P align=right><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit A</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">C. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exempted Transactions</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The prohibitions of Section II-B of this Code shall not apply to:</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1) purchases or sales of securities effected in any account over which the Unaffiliated Trustee has no direct or indirect influence or control;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2) purchases or sales of securities which are non-volitional on the part of either the Unaffiliated Trustee or the Fund;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3) purchases of securities which are part of an automatic dividend reinvestment plan;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4) purchases of securities effected upon the exercise of rights issued by an issuer </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">pro rata</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"> to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(5) purchases or sales of securities other than those exempted in (1) through (4) above which do not cause the Unaffiliated Trustee to gain improperly a personal benefit through his relationship with the Fund and are only remotely potentially harmful to a Fund because they would be very unlikely to affect a highly institutional market, and are previously approved by the Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer, which approval shall be confirmed in writing.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">D. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Reporting</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1) Whether or not one of the exemptions listed in Section II-C applies, every Unaffiliated Trustee of a Fund shall file with the Funds&#146; Compliance Liaison a report containing the information described in Section II-D(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee:</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) such security was or is to be purchased or sold by the Fund or</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) such security was or is being considered for purchase or sale by the Fund;</FONT></P>
<P align=left><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">provided</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">, </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">however</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 3 -</FONT></P>
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<!--$$/page=-->
<P align=right><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit A</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if applicable) and the principal amount of each security involved;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c) The price at which the transaction was effected; </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e) the date that the report is submitted by each Unaffiliated Trustee.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3) Every report concerning a purchase or sale prohibited under Section II-B hereof with respect to which the reporting person relies upon one of the exemptions provided in Section II-C shall contain a brief statement of the exemption relied upon and the circumstances of the transaction.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(5) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an &#147;interested person&#148; of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act of 1940 with the Code of Ethics Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-C(1) and any related violations shall be reported by him to the Audit and Compliance Committee as provided in Section I-C(2). The Committee may impose such additional sanctions as it deems appropriate.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">E. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Review and Reporting</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments, shall cause the reported personal securities transactions that he receives pursuant to Section II-D(1) to be compared with completed and contemplated portfolio transactions of the Funds to determine whether any transaction (&#147;Reviewable Transactions&#148;) listed in Section II-B (disregarding exemptions provided by Section II-C(1) through (5)) may have occurred.</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 4 -</FONT></P>
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<P align=right><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit A</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2) If the Compliance Liaison determines that a Reviewable Transaction may have occurred, he shall then determine whether a violation of this Code may have occurred, taking into account all the exemptions provided under Section II-C. Before making any determination that a violation has occurred, the Compliance Liaison shall give the person involved an opportunity to supply additional information regarding the transaction in question.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">F. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sanctions</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. If the Compliance Liaison determines that a violation of this Code has occurred, he shall so advise the Funds&#146; Audit and Compliance Committee, and provide the Committee with a report of the matter, including any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">III. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Miscellaneous</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">A. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amendments to the Putnam Investments&#146; Code of Ethics</FONT></U><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">. Any amendment to the Putnam Investments&#146; Code of Ethics shall be deemed an amendment to Section I-A of this Code effective 30 days after written notice of such amendment shall have been received by the Chairman of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective at an earlier or later date or shall not be adopted.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">B. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Records</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Funds shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place; and</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place.</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 5 -</FONT></P>
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<P align=right><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit A</FONT></U></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">To the extent any record required to be kept by this section is also required to be kept by Putnam Investments pursuant to the Putnam Investments&#146; Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">C. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Confidentiality</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. All reports of securities transactions and any other information filed with any Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities and Exchange Commission.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">D. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Interpretation of Provisions</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Trustees may from time to time adopt such interpretations of this Code as they deem appropriate.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">E. </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Delegation by Chairman</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Chairman of the Funds may from time to time delegate any or all of his responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he may designate.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">As revised</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">[July 13, 2007]</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 6 -</FONT></P>
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<P align="left">
<FONT face="serif">working@PUTNAM</FONT></P>
<P align="left">
<FONT face="serif">DECEMBER 2006</FONT></P><BR>
<P align="left">
<FONT face="serif">Putnam's Code of Ethics</FONT></P>
<P align="left">
<FONT face="serif">Graphic Omitted: Portrait of Justice Samuel Putnam</FONT></P>
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<P align="left">
<FONT face="serif">Dear Putnam Employee,</FONT></P>
<P align="left">
<FONT face="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="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. 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="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="serif">Graphic Omitted: Signature of Ed Haldeman</FONT></P><BR>
<P align="left">
<FONT face="serif">Ed Haldeman</FONT><BR>
<FONT face="serif">President and Chief Executive Officer</FONT></P>

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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=5 face="sans-serif">Table of Contents</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">Code of Ethics Overview</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">1</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">Putnam&#146;s Code Of Ethics</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">Definitions</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">Section I &#151; Personal Securities Rules for All Employees</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">A. Pre-clearance</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Pre-clearance Requirements</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: Personal Trading Assistant (PTA) System and Restricted List</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 3: Marsh &amp; McLennan (MMC) Securities</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">11</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">B. Prohibited Transactions</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Short-Selling Prohibition</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">12</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: Initial Public Offerings Prohibition</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 3: Private Placement Pre-approval Requirements</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">13</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 4: Trading with Material Non-public Information</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 5: No Personal Trading with Client Portfolios</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">14</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 6: Holding Putnam Mutual Fund Shares</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">15</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 7: Putnam Mutual Fund Employee Restrictions</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 8: Special Orders</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">17</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 9: Excessive Trading</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">17</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 10: Spread Betting</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">18</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">C. Discouraged Transaction</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">18</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Naked Options</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">18</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">D. Exempted Transactions</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">19</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Involuntary Transactions</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">19</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: Special Exemptions</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">19</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">Section II &#151; Additional Special Rules for Personal Securities Transactions</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">20</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">A. Access Persons and Certain Investment Professionals</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">20</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: 90-Day Short-Term Rule</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">20</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">B. Certain Investment Professionals</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">20</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: 7-Day Rule</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">20</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 3: Blackout Rule</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">21</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 4: Contra-Trading Rule</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">22</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 5: No Personal Benefit</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">23</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<FONT size=2 face="sans-serif">Section III &#151; General Rules for All Employees</FONT>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Compliance with All Laws, Regulations, and Policies</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: Conflicts of Interest</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 3: Gifts and Entertainment Policy</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 4: Anti-bribery/Kickback Policy</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">27</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 5: Political Activities, Contributions, Solicitations, and Lobbying Policy</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">27</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 6: Confidentiality of Putnam Business Information</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">29</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 7: Outside Business Affiliations</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">29</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 8: Role as Trustee or Fiduciary Outside of Putnam Investments</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">30</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 9: Investment Clubs</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">30</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 10: Business Negotiations for Putnam Investments</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">30</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 11: Accurate Records</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">31</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% nowrap>
<I><FONT size=2 face="sans-serif">Rule 12: Family Members&#146; Conflict Policy</FONT></I>&nbsp;
	</TD>
	<TD align=left width=16% nowrap>
<FONT size=2 face="sans-serif">31</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 13: Affiliated Entities</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">32</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 14: Computer and Network Use Policy</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">32</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 15: CFA Institute Code of Ethics and Standards of Professional Conduct</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">33</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 16: Privacy Policy</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">33</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 17: Anti-money Laundering Policy</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">34</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 18: Record Retention</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">34</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Section IV &#151; Reporting Requirements</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">35</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Reporting of Personal Securities Transactions</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">35</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Broker Confirmations and Statements</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">35</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: Access Person &#151; Quarterly Transaction Report</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">36</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 3: Access Person &#151; Initial/Annual Holdings Report</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">36</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 4: Certifications</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">36</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 5: Outside Business Affiliations</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">36</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 6: Reporting of Irregular Activity</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">37</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 7: Ombudsman</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">37</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Section V &#151; Education Requirements</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Distribution of Code</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: Annual Training Requirement</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Section VI &#151; Compliance and Appeal Procedures</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">39</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Section VII &#151; Sanctions</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">41</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix A: Insider Trading Prohibitions Policy Statement</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">43</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix A: Definitions: Insider Trading</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">44</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix A &#151; Section I: Rules Concerning Inside Information</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 1: Inside Information</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 2: Material Non-public Information</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<I><FONT size=2 face="sans-serif">Rule 3: Reporting of Material Non-public Information</FONT></I>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">45</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix A &#151; Section II: Overview of Insider Trading</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">47</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix B: Policy Statement Regarding Employee Trades in Shares of Putnam Closed-End Funds</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">51</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix C: Contra-Trading Rule Clearance Form</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">52</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix D: CFA Institute Code of Ethics and Standards of Professional Conduct</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">53</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=91% nowrap>
<FONT size=2 face="sans-serif">Appendix E: Inducement Policy for Putnam Investments Limited (PIL) Employees</FONT>&nbsp;
	</TD>
	<TD align=left width=8% nowrap>
<FONT size=2 face="sans-serif">57</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<P align="left">
<FONT size=5 face="sans-serif">Code of Ethics Overview</FONT></P>
<P align="left">
<B><FONT size=2 face="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 at www.ibenefitcenter.com.
</FONT></B></P>
<P align="left">
<B><FONT size=2 face="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="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="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">
<FONT size=4 face="sans-serif">Insider trading</FONT></P>
<P align="left">
<FONT size=2 face="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: Insider Trading Prohibitions Policy Statement.)</FONT></P>
<P align="left">
<FONT size=4 face="sans-serif">Conflicts of interest</FONT></P>
<P align="left">
<FONT size=2 face="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">
<FONT size=2 face="sans-serif">1</FONT></P>

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<P align=left><FONT face=sans-serif size=4>Confidentiality</FONT></P>
<P align=left><FONT face=serif size=2>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=sans-serif size=4>Putnam mutual funds</FONT></P>
<P align=left><FONT face=serif size=2>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 Stable Value or 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 face=serif size=2>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><FONT face=sans-serif size=4>Personal securities trading</FONT></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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 face=serif size=2>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><FONT face=sans-serif size=4>Short selling</FONT></P>
<P align=left><FONT face=serif size=2>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 face=sans-serif size=4>Confirmations of trading and periodic account statements</FONT></P>
<P align=left><FONT face=serif size=2>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><FONT face=sans-serif size=2>2</FONT></P>
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<P align=left><FONT face=sans-serif size=4>Quarterly and annual reporting</FONT></P>
<P align=left><FONT face=serif size=2>Employees will be notified if the following requirements apply. Upon commencement of employment and thereafter on an annual basis, Access Persons must disclose in the PTA system all personal securities holdings (even those to which pre-clearance may not apply). On a quarterly basis, Access Persons must disclose all their securities transactions in Personal Trading Assistant (PTA) within 15 days after the end of the quarter.</FONT></P>
<P align=left><FONT face=sans-serif size=4>Personal securities transactions by Access Persons<BR>
and certain investment professionals</FONT></P>
<P align=left><FONT face=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>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>90-Day Short-Term Rule</FONT></B><FONT face=sans-serif size=2>. </FONT><FONT face=serif size=2>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.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>7-Day Rule.</FONT></B><FONT face=serif size=2> 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.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Blackout Rule.</FONT></B><FONT face=serif size=2> 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 her personal account until seven calendar days after the most recent sale of that security or related derivative security by any portfolio she manages.</FONT></P>
<P align=left><FONT face=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>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Contra-Trading Rule.</FONT></B><FONT face=serif size=2> 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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=sans-serif size=2>3</FONT></P>
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<P align="left">
<FONT size=5 face="sans-serif">Putnam&#146;s Code Of Ethics</FONT></P>
<P align="left">
<FONT size=2 face="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="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="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="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 VI of the Code.</FONT></P>
<P align="left">
<B><FONT size=2 face="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></B></P>
<P align="left">
<B><FONT size=2 face="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></B></P>
<P align="left">
<FONT size=2 face="sans-serif">4</FONT></P>

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<P align=left><FONT face=sans-serif size=5>Definitions</FONT></P>
<P align=left><FONT face=serif size=2>The words below are defined specifically for the purpose of Putnam&#146;s Code of Ethics.</FONT></P>
<P align=left><B><FONT face=serif size=2>Access Persons</FONT></B></P>
<P align=left><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>All employees of Putnam&#146;s Investment Division</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>All employees of Global Operations Services </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>All employees of Putnam Investments Limited (PIL) and those based in Europe</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>All employees who have access to My Putnam (unless access is limited to the</FONT><I><FONT face=serif size=2> Wall Street Journal</FONT></I><FONT face=serif size=2> via </FONT><I><FONT face=serif size=2>Factiva</FONT></I><FONT face=serif size=2>) </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>All members of Putnam&#146;s Executive Board</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Senior Managing Directors and Managing Directors of the Transfer Agency</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Senior Managing Directors and Managing Directors of Enterprise Services </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Senior Managing Directors and Managing Directors of Putnam Retail Management (PRM) and Putnam Global Investment Management (PGIM) </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>All directors and officers 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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Employees who have systems 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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Employees who have access to non-public information regarding the portfolio holdings of any Putnam-advised or sub-advised mutual fund</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Others as defined by the Legal and Compliance Department </FONT></P>
<P align=left><B><FONT face=serif size=2>Closed-end fund </FONT></B><FONT face=serif size=2>A fund with a fixed number of shares outstanding, and that does not redeem shares the way a typical mutual fund does. Closed-end funds typically trade like stocks on exchange.</FONT></P>
<P align=left><B><FONT face=serif size=2>Code of Ethics Administrator </FONT></B><FONT face=serif size=2>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><B><FONT face=serif size=2>Code of Ethics Officer </FONT></B><FONT face=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><B><FONT face=serif size=2>Code of Ethics Oversight Committee </FONT></B><FONT face=serif size=2>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>5</FONT></P>
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<P align=left><B><FONT face=serif size=2>Considered Securities Limited Sale Rule </FONT></B><FONT face=serif size=2>This rule permits a sale (but not a purchase) of a security up to 250 shares per day if the market capitalization of the security is $500 million to $5 billion.</FONT></P>
<P align=left><B><FONT face=serif size=2>Discretionary Account </FONT></B><FONT face=serif size=2>An account for which the holder gives his/her broker or investment advisor (but not an immediate family member) complete authority to make management decisions to buy and sell securities (also called controlled account or managed account).</FONT></P>
<P align=left><B><FONT face=serif size=2>Exchange Traded Fund (ETF) </FONT></B><FONT face=serif size=2>A fund that tracks an index, but can be traded like a stock. ETFs always bundle together the securities that are in an index. Examples include (but are not limited to): SPDRs, WEBs, QQQQs, iShares, and HLDRs.</FONT></P>
<P align=left><B><FONT face=serif size=2>NOTE:</FONT></B></P>
<P align=left><FONT face=serif size=2>Excluded from pre-clearance but not from reporting requirements are: exchange-traded </FONT><I><FONT face=serif size=2>index</FONT></I><FONT face=serif size=2> funds (ETFs) containing a portfolio of securities of 25 or more issuers (e.g., SPDRs, WEBs, QQQQs, iShares, and HLDRs), and any option on a broad-based market index or an exchange-traded futures contract or option. Country funds, as well as other funds that are not tied to an index, are considered closed-end funds and are subject to pre-clearance and reporting requirements. (See Section I.A, Rule 1: Pre-clearance Requirements for more information.) </FONT></P>
<P align=left><B><FONT face=serif size=2>Immediate family </FONT></B><FONT face=serif size=2>Spouse, domestic partner, minor children, or other relatives living in the same household as the Putnam employee. All pre-clearance and reporting rules apply to &#147;immediate family members.&#148; </FONT></P>
<P align=left><B><FONT face=serif size=2>Narrow-based derivative </FONT></B><FONT face=serif size=2>A future, swap, put or call option, or similar derivative instrument whose return is determined by reference to fewer than 25 underlying issuers. Single stock futures and ETFs based on less than 25 issuers are included.</FONT></P>
<P align=left><B><FONT face=serif size=2>Personal Trading Assistant (PTA)</FONT></B><FONT face=serif size=2> 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><B><FONT face=serif size=2>Policy statements </FONT></B><FONT face=serif size=2>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><B><FONT face=serif size=2>Private placement </FONT></B><FONT face=serif size=2>Any offering of a security not offered to the public and not requiring registration with the relevant securities authorities.</FONT></P>
<P align=left><B><FONT face=serif size=2>Purchase or sale of a security </FONT></B><FONT face=serif size=2>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><B><FONT face=serif size=2>Putnam </FONT></B><FONT face=serif size=2>Any or all of Putnam, LLC and its subsidiaries, any one of which shall be a Putnam company.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam client </FONT></B><FONT face=serif size=2>Any of the Putnam mutual funds, or any advisor, trust, or other client for whom Putnam manages money.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam employee (or employee) </FONT></B><FONT face=serif size=2>Any employee of Putnam.</FONT></P>
<P align=left><B><FONT face=serif size=2>Restricted list </FONT></B><FONT face=serif size=2>The list established in accordance with Rule 1 of Section I.A.</FONT></P>
<P align=left><FONT face=sans-serif size=2>6</FONT></P>
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<P align=left><B><FONT face=serif size=2>Security </FONT></B><FONT face=serif size=2>The following instruments are defined as &#147;securities&#148; and require pre-clearance:</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any type or class of equity or debt security, e.g., corporate or municipal bonds.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any rights relating to a security, such as warrants and convertible securities</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Closed-end funds</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any narrow-based derivative, e.g., a put or call option on a single security Pre-clearance and reporting is not required (unless otherwise noted) for:</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Currencies, Treasuries (T-bills), and direct and indirect obligations of the U.S. government and its agencies</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Direct and indirect obligations of any member country in the Organization for Economic Co-Operation and Development (OECD), commercial paper, certificates of deposit (CDs), repurchase agreements, bankers&#146; acceptances, and other money market instruments</FONT></P>
<P align=left><B><FONT face=serif size=2>Selling Short </FONT></B><FONT face=serif size=2>The sale of a security that the investor does not own in order to take advantage of an anticipated decline in the price of the security. In order to sell short, the investor must borrow the security from his broker in order to make delivery to the buyer. </FONT><B><FONT face=serif size=2></FONT></B></P>
<P align=left><B><FONT face=serif size=2>Selling Short Against the Box </FONT></B><FONT face=serif size=2>A short sale where the investor owns the security, but does not want to use the shares for delivery, so he borrows them from the brokerage firm. </FONT></P>
<P align=left><B><FONT face=serif size=2>Transaction for a personal account </FONT></B><FONT face=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 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><B><FONT face=serif size=2>Rule of construction regarding time periods </FONT></B><FONT face=serif size=2>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><B><FONT face=serif size=2>EXCEPTIONS</FONT></B></P>
<P align=left><FONT face=serif size=2>Unless the context indicates otherwise, there will be no exceptions to the rules.</FONT></P>
<P align=left><FONT face=sans-serif size=2>7</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Section I &#151; Personal Securities Rules for All Employees</FONT></P>
<P align=left><FONT face=sans-serif size=4>A. Pre-clearance</FONT></P>
<P align=left><FONT face=sans-serif>Rule 1: Pre-clearance Requirements</FONT></P>
<P align=left><B><FONT face=serif size=2>Pre-clearance is required for the following securities: </FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>MMC Stock</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any type or class of equity or debt security, including corporate and municipal bonds</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any rights relating to a security, such as warrants and convertible securities</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Closed-end funds &#150; including Putnam closed-end funds. Country funds as well as other funds that are not tied to an index are considered closed-end funds and are subject to pre-clearance and reporting requirements, e.g., India Fund (INF), Morgan Stanley Asia Pacific Fund (APF), Central Europe and Russia Fund (CEE). Certain closed-end funds which sometimes are referred to as closed-end ETFs, such as Blackrock (BKK), Western Asset Emerging (ESD), or Eaton Vance Muni Trust (EVN), are also subject to pre-clearance and reporting requirements.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any narrow-based derivative, e.g., a put or call option on a single security</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any security donated as a gift to an individual or a charity</FONT></P>
<P align=left><B><FONT face=serif size=2>Pre-clearance is </FONT></B><B><U><FONT face=serif size=2>not</FONT></U></B><B><FONT face=serif size=2> required for: </FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Open-end mutual funds</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Currencies, Treasuries (T-bills), and direct and indirect obligations of the U.S. government and its agencies</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Direct and indirect obligations of any member of the country of the Organization for Economic Co-Operation and Development (OECD), commercial paper, certificates of deposit (CDs), repurchase agreements, bankers&#146; acceptances, and other money market instruments</FONT></P>
<P align=left><B><FONT face=serif size=2>The following are excluded from pre-clearance but not from reporting requirements: </FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Exchange-traded index funds (ETFs) containing a portfolio of securities of 25 or more issuers (e.g., SPDRs, WEBs, QQQQs, iShares, and HLDRs), and any option on a broad-based market index or an exchange-traded futures contract or option thereon.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 2: Personal Trading Assistant (PTA) System and Restricted List</FONT></P>
<P align=left><FONT face=serif size=2>No Putnam employee shall purchase or sell for his personal account any security requiring pre-clearance under Rule 1 without prior clearance obtained through procedures set forth by the Code of Ethics Officer. Equity securities are pre-cleared through the PTA pre-clearance system (under the @Putnam tab at 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>8</FONT></P>
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<P align=left><FONT face=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=serif size=2>(b) When such a security is a voting security of a corporation in the banking, savings and loan, communications, public utilities, or gaming (i.e., casinos) industries, if holdings of Putnam clients in that corporation exceed 7%; </FONT></P>
<P align=left><FONT face=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=serif size=2>(d) When required under the Policy Statement Concerning Insider Trading Prohibitions. (See Appendix A.)</FONT></P>
<P align=left><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=serif size=2>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;Access PTA,&#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=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).</FONT></P>
<P align=left><FONT face=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 VI, regarding the request to trade a particular security.</FONT></P>
<P align=left><B><FONT face=serif size=2>A clearance is only valid for trading on the day it is obtained. Trades in any security by employees in Asian or European offices of Putnam or trades by any employee in securities listed on Asian or European stock exchanges, however, may be executed within one business day after pre-clearance is obtained. </FONT></B></P>
<P align=left><FONT face=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=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 VI, regarding the request to trade a particular security.</FONT></P>
<P align=left><FONT face=sans-serif size=2>9</FONT></P>
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<P align=left><B><FONT face=serif size=2>EXCEPTIONS</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Large Cap Exemption.</FONT></B><FONT face=serif size=2> 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=serif size=2>B. </FONT><B><FONT face=serif size=2>Considered List &#150; Limited Sale Rule.</FONT></B><FONT face=serif size=2> As the Putnam list of considered securities is broad and inclusive, employees will be permitted to make limited sales (250 shares) 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=serif size=2>C. </FONT><B><FONT face=serif size=2>Pre-clearing Transactions Effected by Share Subscription.</FONT></B><FONT face=serif size=2> 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 Rules 1 and 2 when effecting a purchase or sale of shares by subscription:</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=serif size=2>D.</FONT><B><FONT face=serif size=2> Trades in Approved Discretionary Brokerage Accounts. </FONT></B><FONT face=serif size=2>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). Employees wishing to seek such an exemption must send a written request to the Code of Ethics Administrator and meet the following conditions: (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 emp
loyee&#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. </FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Pre-clearance. </FONT></B><FONT face=serif size=2>Subpart (a) of Rule 2 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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>10</FONT></P>
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<P align=left><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Regulatory Limits. </FONT></B><FONT face=serif size=2>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 (7% 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>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Options. </FONT></B><FONT face=serif size=2>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 or assignment of an options contract (the purchase or writing of which was previously pre-cleared) does not have to be pre-cleared. </FONT><FONT face=serif size=2>Note, however, that the purchase or sale of securities obtained through the exercise of options must be pre-cleared.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Involuntary Transactions. </FONT></B><FONT face=serif size=2>Involuntary personal securities transactions are exempted from the Code. Special attention should be paid to this exemption. (See Section I.D.)</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Tender Offers.</FONT></B><FONT face=serif size=2> 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>
<P align=left><FONT face=serif size=2>&#183; </FONT><B><FONT face=serif size=2>Gifts of Securities. </FONT></B><FONT face=serif size=2>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 and Access Persons must disclose this holding in PTA.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 3: Marsh &amp; McLennan (MMC) Securities </FONT></P>
<P align=left><FONT face=serif size=2>All employees trading in MMC securities must be pre-cleared in the PTA 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><B><FONT face=serif size=2>Pre-clearance of MMC is required when, for example, you:</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Sell MMC out of the Stock Purchase Plan</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Exchange MMC shares into or out of your 401(k)/Profit Sharing/Bonus Plan</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Reallocate your Putnam fund choices, which results in a buy or sell of MMC from your 401(k)/Profit Sharing/Bonus Plan</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Trade in MMC securities in other accounts held outside Putnam</FONT></P>
<P align=left><FONT face=sans-serif size=2>11</FONT></P>
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<P align=left><B><FONT face=serif size=2>Pre-clearance is not required when you:</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Apply for a loan and/or make withdrawals of the stock from your 401(k)/Profit Sharing Plan</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=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 Citigroup 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=serif size=2>Additional MMC-related policies:</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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 period between the calendar quarter-end and the public announcement of MMC&#146;s earnings for the quarter.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Transactions in MMC securities that are held in Putnam&#146;s internal plans are not subject to the 90-Day Short-Term Rule </FONT><I><FONT face=serif size=2>(applicable to Access Persons only) </FONT></I><FONT face=serif size=2>or to the holding periods that apply to Putnam mutual funds.</FONT></P>
<P align=left><FONT face=sans-serif size=4>B. Prohibited Transactions</FONT></P>
<P align=left><FONT face=sans-serif>Rule 1: Short-Selling Prohibition</FONT></P>
<P align=left><FONT face=serif size=2>Putnam employees are prohibited from short selling any security in their own account, 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><B><FONT face=serif size=2>EXCEPTION</FONT></B></P>
<P align=left><FONT face=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><FONT face=sans-serif size=2>12</FONT></P>
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<P align=left><FONT face=sans-serif>Rule 2: Initial Public Offerings Prohibition</FONT></P>
<P align=left><FONT face=serif size=2>No Putnam employee shall purchase any security for her personal account in an initial public offering. Employees are also restricted from participating in Initial Public Offerings via a Discretionary Account.</FONT></P>
<P align=left><B><FONT face=serif size=2>EXCEPTION</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Pre-existing Status Exception. </FONT></B><FONT face=serif size=2>A Putnam employee shall not be barred by this Rule or by Rule 2(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 th
e Restricted List in the circumstances set forth in subparts (b), (c), or (d) of Section I.A., Rule 2.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=sans-serif>Rule 3: Private Placement Pre-approval Requirements</FONT></P>
<P align=left><FONT face=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 and funds such as private equity or hedge funds are specifically included in this Rule.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=sans-serif size=2>13</FONT></P>
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<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>An exemption may be granted, subject to reviewing all the facts and circumstances, for investments in: </FONT></P>
<P align=left><FONT face=serif size=2>(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=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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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><FONT face=sans-serif>Rule 4: Trading with Material Non-public Information</FONT></P>
<P align=left><FONT face=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><FONT face=sans-serif>Rule 5: No Personal Trading with Client Portfolios</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=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><FONT face=sans-serif size=2>14</FONT></P>
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<P align=left><FONT face=sans-serif>Rule 6: Holding Putnam Mutual Fund Shares</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>REMINDER</FONT></B></P>
<P align=left><FONT face=serif size=2>For purposes of this Rule, &#147;employee&#148; includes:</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>These requirements also apply to:</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Self-directed IRA accounts holding Putnam fund shares;</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Variable insurance accounts that 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><B><FONT face=serif size=2>NOTE:</FONT></B></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>EXCEPTION</FONT></B></P>
<P align=left><FONT face=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 transactions in such account to be sent to the Code of Ethics Administrator.</FONT></P>
<P align=left><FONT face=sans-serif size=2>15</FONT></P>
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<P align=left><FONT face=sans-serif>Rule 7: Putnam Mutual Fund Employee Restrictions</FONT></P>
<P align=left><FONT face=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=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=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 delink accounts that you or your family members have closed. </FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>This Rule applies to transactions by a Putnam employee and family members as defined in the Code in any type of account including retail, IRA, variable annuity, and 401(k)/Profit Sharing Plan, as well as any deferred compensation accounts, and the restrictions apply across all accounts maintained by an employee and family members: </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=serif size=2>&#183; </FONT><FONT face=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=serif size=2>&#183; </FONT><FONT face=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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=serif size=2>&#183; </FONT><FONT face=serif size=2>This Rule applies to transactions by a Putnam employee and his or her family members as defined in the Code in any type of account including retail, IRA, variable annuity, and 401(k)/Profit Sharing Plan, as well as any deferred compensation accounts.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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><B><FONT face=serif size=2>EXCEPTIONS</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>The restrictions do not apply to Putnam&#146;s money market funds and Putnam Stable Value Fund.</FONT></B></P>
<P align=left><FONT face=serif size=2>B. </FONT><B><FONT face=serif size=2>401(k)/Profit Sharing Plan Contributions and Payroll Deductions:</FONT></B><FONT face=serif size=2> 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</FONT></P>
<P align=left><FONT face=sans-serif size=2>16</FONT></P>
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<P align=left><FONT face=serif size=2>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=serif size=2>C. </FONT><B><FONT face=serif size=2>Systematic Programs:</FONT></B><FONT face=serif size=2> The restrictions do 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 are not 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=serif size=2>D. </FONT><B><FONT face=serif size=2>Employee Benefit Plan Withdrawals and Distributions: </FONT></B><FONT face=serif size=2>No restriction applies 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=serif size=2>E. </FONT><B><FONT face=serif size=2>Dividends, Distributions, Mergers, and Share Class Conversions:</FONT></B><FONT face=serif size=2> No restriction applies 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=serif size=2>F. </FONT><B><FONT face=serif size=2>College Savings Program:</FONT></B><FONT face=serif size=2> 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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Tuition</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>School fees</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Books</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Supplies and equipment required for enrollment</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Room and board</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Death </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Disability </FONT></P>
<P align=left><FONT face=serif size=2>G. </FONT><B><FONT face=serif size=2>Special Situations:</FONT></B><FONT face=serif size=2> In special situations as determined from time to time by Putnam&#146;s Code of Ethics Oversight Committee, exceptions may by granted to the blackout periods as a result of death, disability, or special circumstances (such as personal hardship). </FONT></P>
<P align=left><FONT face=serif size=2>Employees may request an exception by submitting a written request to the Code of Ethics Officer.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 8: Special Orders</FONT></P>
<P align=left><FONT face=serif size=2>Good Until Canceled (GTC) Limit Orders are prohibited. </FONT></P>
<P align=left><FONT face=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 limit&#148; orders are prohibited because of the potential failure to pre-clear.</FONT></P>
<P align=left><B><FONT face=serif size=2>EXCEPTION</FONT></B></P>
<P align=left><FONT face=serif size=2>Same-day limit orders are permitted.</FONT><BR>
<BR>
<FONT face=sans-serif>Rule 9: Excessive Trading</FONT></P>
<P align=left><FONT face=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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>17</FONT></P>
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<P align=left><FONT face=serif size=2>individual securities in any given quarter. For the purpose of this rule, an employee is prohibited from engaging in more than a total of 10 trades in all accounts the employee may hold (including those accounts held by his immediate family members), not 10 trades per individual account. </FONT></P>
<P align=left><B><FONT face=serif size=2>EXCEPTION</FONT></B></P>
<P align=left><FONT face=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=serif size=2>Trades in ETFs containing 25 or more issuers and trades of MMC stock in Putnam internal plans are not counted towards the 10 trade limit.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=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>Rule 10: Spread Betting</FONT></P>
<P align=left><FONT face=serif size=2>PIL employees may not enter into any spread betting contracts on financial instruments.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=serif size=2>Spread betting provides exposure to the movement of an index or security price without holding any form of certificate.</FONT></P>
<P align=left><FONT face=serif size=2>This Rule guards against the danger that a Putnam employee may be in violation of the Code of Ethics by virtue of his spread betting transactions. 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 2.)</FONT></P>
<P align=left><FONT face=sans-serif size=4>C. Discouraged Transaction</FONT><BR>
<BR>
<FONT face=sans-serif>Rule 1: Naked Options</FONT></P>
<P align=left><FONT face=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=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. </FONT></P>
<P align=left><FONT face=sans-serif size=2>18</FONT></P>
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<P align=left><FONT face=serif size=2>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=sans-serif size=4>D. Exempted Transactions</FONT></P>
<P align=left><FONT face=sans-serif>Rule 1: Involuntary Transactions</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Examples of involuntary personal securities transactions include: </FONT></P>
<P align=left><FONT face=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=serif size=2>(b) Purchases arising out of an automatic dividend reinvestment program of an issuer of a publicly traded security.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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 Appendix A, Definitions.)</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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 VI.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 2: Special Exemptions</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=serif size=2>An employee may seek an ad hoc exemption under this Rule by following the procedures in Section VI.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>This exemption is also based upon categories of conduct that the Securities and Exchange Commission does not consider &#147;abusive.&#148;</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=sans-serif size=2>19</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Section II &#151; Additional Special Rules for Personal Securities<BR>
Transactions</FONT></P>
<P align=left><FONT face=sans-serif size=4>A. Access Persons and Certain Investment Professionals</FONT></P>
<P align=left><FONT face=serif size=2>Access Persons include all investment professionals and other employees as defined on page 1.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 1: 90-Day Short-Term Rule</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>EXCEPTION</FONT></B></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=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=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=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=4>B. Certain Investment Professionals</FONT></P>
<P align=left><FONT face=sans-serif>Rule 2: 7-Day Rule</FONT></P>
<P align=left><FONT face=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>20</FONT></P>
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<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>&#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><FONT face=sans-serif>Rule 3: Blackout Rule</FONT></P>
<P align=left><FONT face=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=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=sans-serif size=2>21</FONT></P>
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<P align="left">
<B><FONT size=2 face="serif">COMMENTS</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><FONT size=2 face="serif">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>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><FONT size=2 face="serif">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">
<FONT face="sans-serif">Rule 4: Contra-Trading Rule</FONT></P>
<P align="left">
<FONT size=2 face="serif">(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 size=2 face="serif">(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">
<B><FONT size=2 face="serif">IMPLEMENTATION</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">B. Contents of Written Approval. In every instance, use either the attached form of written approval known as &#145;Appendix C&#146; in this Booklet or such other form as the Code of Ethics Officer shall designate. 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">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="sans-serif">22</FONT></P>

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<P align="left">
<FONT face="sans-serif">Rule 5: No Personal Benefit</FONT></P>
<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">COMMENTS</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><FONT size=2 face="serif">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>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><FONT size=2 face="serif">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 VI.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">23</FONT></P>

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<P align=left><FONT face=sans-serif size=5>Section III &#151; General Rules for All Employees</FONT></P>
<P align=left><FONT face=sans-serif>Rule 1: Compliance with All Laws, Regulations, and Policies</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Putnam may report to the appropriate legal authorities conduct by Putnam employees that violates this Rule.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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><FONT face=sans-serif>Rule 2: Conflicts of Interest</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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><FONT face=sans-serif>Rule 3: Gifts and Entertainment Policy</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=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=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=sans-serif size=2>24</FONT></P>
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<P align=left><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=serif size=2>A.</FONT><B><FONT face=serif size=2> Gifts. </FONT></B><FONT face=serif size=2>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=serif size=2>B. </FONT><B><FONT face=serif size=2>Entertainment.</FONT></B><FONT face=serif size=2> 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=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=serif size=2>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=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=serif size=2>(i) The host must be present for the event.</FONT></P>
<P align=left><FONT face=serif size=2>(ii) The location of the event must be in the metropolitan area in which the office of the </FONT><FONT face=serif size=2>employee is located.</FONT></P>
<P align=left><FONT face=serif size=2>(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=serif size=2>(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=serif size=2>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=serif size=2>(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=serif size=2>(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=serif size=2>3. Any employee attending any entertainment event under the provision in sections (B)(1) or (B)(2) above must disclose a meal or entertainment in the PTA system within 20 business days of the event. Failure to report will be treated as a violation of the Code. </FONT></P>
<P align=left><FONT face=serif size=2>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>25</FONT></P>
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<P align="left">
<FONT size=2 face="serif">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. Meals that are part of a meeting and/or a
conference do not require reporting. An employee is required to disclose a meal outside of a business meeting or conference setting. </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">26</FONT></P>

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<P align=left><FONT face=serif size=2>C. The following items are prohibited:</FONT></P>
<P align=left><FONT face=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=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=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=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=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 VI.C.</FONT></P>
<P align=left><FONT face=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=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=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><FONT face=sans-serif>Rule 4: Anti-bribery/Kickback Policy</FONT></P>
<P align=left><FONT face=serif size=2>No Putnam employee shall pay, offer, or commit to pay any amount of consideration that might be, or appear to be, a bribe or kickback in connection with Putnam&#146;s business.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=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=sans-serif>Rule 5: Political Activities, Contributions, Solicitations, and Lobbying Policy</FONT></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Corporate Contributions.</FONT></B><FONT face=serif size=2> Political activities of corporations such as Putnam are highly regulated, and corporate political contributions are prohibited. No corporate assets, funds, facilities, or personnel may be used to benefit any candidate, campaign, political party, or political committee, including contributions made in connection with fundraisers.</FONT></P>
<P align=left><FONT face=sans-serif size=2>27</FONT></P>
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<P align=left><FONT face=serif size=2>1. If employees anticipate that any corporate funds or assets (such as corporate facilities or personnel) may be used in connection with any political volunteer activity, they must obtain pre-approval from the Chief Compliance Officer.</FONT></P>
<P align=left><FONT face=serif size=2>2. Employees should not seek or approve reimbursement from Putnam for any political contribution expenses. Any contributions for which employees seek reimbursement from Putnam are considered contributions by Putnam and are subject to the corporate political contribution requirements.</FONT></P>
<P align=left><FONT face=serif size=2>B.</FONT><B><FONT face=serif size=2> Personal Contributions. </FONT></B><FONT face=serif size=2>Employees have the right to make personal contributions. However, if employees choose to participate in the political process, they must do so as individuals, not as representatives of Putnam.</FONT></P>
<P align=left><FONT face=serif size=2>In certain limited circumstances, individual contributions may raise issues under applicable laws regulating political contributions to public officials, or candidates for official positions, who could be in a position to hire Putnam. As a result, the following rules apply to individual contributions by employees.</FONT></P>
<P align=left><FONT face=serif size=2>1. Prior to making any political contribution to a person or entity with whom Putnam has a current or proposed business relationship, or who can make or influence decisions to engage Putnam to provide services, employees must pre-clear the proposed contribution with the Chief Compliance Officer.</FONT></P>
<P align=left><FONT face=serif size=2>2. Employees may not make contributions to candidates or elected officials for the following offices without prior written approval from the Chief Compliance Officer: </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>State or local offices in California, New Jersey, Ohio, or West Virginia </FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>State Treasurer in Connecticut or Vermont</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Any public office in the City of Houston</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Contributions by certain PRM employees to Ohio officials and candidates are also subject to Putnam&#146;s Municipal Securities Rulemaking Board (MSRB) Political Contribution Policy.</FONT></P>
<P align=left><FONT face=serif size=2>C. </FONT><B><FONT face=serif size=2>Government Official.</FONT></B><FONT face=serif size=2> 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=serif size=2>D. </FONT><B><FONT face=serif size=2>Lobbying. </FONT></B><FONT face=serif size=2>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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>This Rule prohibits solicitation on personal letterhead by Putnam employees except as approved by the Code of Ethics Officer.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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 Director of Compliance for PRM.</FONT></P>
<P align=left><FONT face=sans-serif size=2>28</FONT></P>
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<P align=left><FONT face=sans-serif>Rule 6: Confidentiality of Putnam Business Information</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=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><FONT face=sans-serif>Rule 7: Outside Business Affiliations</FONT></P>
<P align=left><FONT face=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. [See also Section IV, Rule 5.]</FONT></P>
<P align=left><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=serif size=2>A. All employees must provide a written request seeking approval from the Code of Ethics Officer if they wish to serve as an employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam. The details of the outside business affiliation must be disclosed in PTA. Click on Certifications/Disclosures/Outside Business Affiliation/start/complete each question/click Submit. A determination will be sent via e-mail.</FONT></P>
<P align=left><FONT face=serif size=2>B. NASD-licensed employees under PRM also have an obligation to disclose outside business affiliations, new or terminated, in PTA as well.</FONT></P>
<P align=left><FONT face=serif size=2>C. Upon hire, all employees who also hold an outside position must complete an Outside Business Affiliation Disclosure in PTA.</FONT></P>
<P align=left><B><FONT face=serif size=2>EXCEPTION</FONT></B></P>
<P align=left><B><FONT face=serif size=2>Charitable or Non-profit Exception. </FONT></B><FONT face=serif size=2>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-to-day portfolio management of the account.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Positions with public companies are especially problematic and will normally not be approved.</FONT></P>
<P align=left><FONT face=sans-serif size=2>29</FONT></P>
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<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Certain charitable or not-for-profit institutions have assets (such as endowment funds or employee benefit plans) that 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><FONT face=sans-serif>Rule 8: Role as Trustee or Fiduciary Outside of Putnam Investments</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>EXCEPTIONS</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Charitable or Religious Exception.</FONT></B><FONT face=serif size=2> 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=serif size=2>B. </FONT><B><FONT face=serif size=2>Family Trust or Estate Exception.</FONT></B><FONT face=serif size=2> 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><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=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><FONT face=sans-serif>Rule 9: Investment Clubs</FONT></P>
<P align=left><FONT face=serif size=2>No Putnam employee may be a member of any investment club.</FONT></P>
<P align=left><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=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 2.)</FONT></P>
<P align=left><FONT face=sans-serif>Rule 10: Business Negotiations for Putnam Investments</FONT></P>
<P align=left><FONT face=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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>30</FONT></P>
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<P align=left><FONT face=serif size=2>connection with these activities without obtaining the prior written permission of the Chief Executive Officer of Putnam Investments.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 11: Accurate Records</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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><FONT face=sans-serif>Rule 12: Family Members&#146; Conflict Policy</FONT></P>
<P align=left><FONT face=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><B><FONT face=serif size=2>Corporate Purchase of Goods and Services </FONT></B><FONT face=serif size=2>&#151; 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><B><FONT face=serif size=2>Portfolio Trading </FONT></B><FONT face=serif size=2>&#151; 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><B><FONT face=serif size=2>Definition of Immediate Family (specific to Rule 12) </FONT></B><FONT face=serif size=2>&#151; &#147;Immediate family&#148; of an employee means (1) spouse or domestic 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>
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<P align=left><FONT face=sans-serif>Rule 13: Affiliated Entities</FONT></P>
<P align=left><FONT face=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=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=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=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=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=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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 rul
es apply.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Entities that are currently non-Putnam affiliates within the scope of this Rule are: Nissay Asset Management Co., Ltd., LP and PanAgora Asset Management, Inc. (&#147;PanAgora&#148;).</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Putnam and PanAgora also maintain an information barrier between the investment professionals of each organization regarding investment and trading information.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 14: Computer and Network Use Policy</FONT></P>
<P align=left><FONT face=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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>32</FONT></P>
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<P align=left><FONT face=serif size=2>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><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=serif size=2>Putnam&#146;s policy statements relating to these matters are contained in the Computer and Network Use Policy section within the Employee Handbook. The online Employee Handbook is also available directly on the Intranet site at: http://intranet/employee_handbook.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 15: CFA Institute Code of Ethics and Standards of Professional Conduct</FONT></P>
<P align=left><FONT face=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><FONT face=sans-serif>Rule 16: Privacy Policy</FONT></P>
<P align=left><FONT face=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=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><B><FONT face=serif size=2>EXCEPTIONS</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Putnam Employees.</FONT></B><FONT face=serif size=2> 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=serif size=2>B. </FONT><B><FONT face=serif size=2>Shareholder Consent Exception.</FONT></B><FONT face=serif size=2> 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=serif size=2>C. </FONT><B><FONT face=serif size=2>Broker or Advisor Exception. </FONT></B><FONT face=serif size=2>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=serif size=2>D. </FONT><B><FONT face=serif size=2>Third-Party Service Provider Exception. </FONT></B><FONT face=serif size=2>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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>33</FONT></P>
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<P align=left><FONT face=serif size=2>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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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><FONT face=sans-serif>Rule 17: Anti-money Laundering Policy</FONT></P>
<P align=left><FONT face=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><FONT face=sans-serif>Rule 18: Record Retention</FONT></P>
<P align=left><FONT face=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=serif size=2>For PIL employees, The Code of Ethics incorporates any relevant requirements of the U.K. regulator, 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>
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<P align=left><FONT face=sans-serif size=5>Section IV &#151; Reporting Requirements</FONT></P>
<P align=left><FONT face=sans-serif size=4>Reporting of Personal Securities Transactions</FONT></P>
<P align=left><FONT face=sans-serif>Rule 1: Broker Confirmations and Statements</FONT></P>
<P align=left><FONT face=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 Legal and 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=serif size=2>Putnam employees must disclose their brokerage accounts in the PTA system and complete all required information, which will facilitate the instructions to the broker.</FONT></P>
<P align=left><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=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 directly 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=serif size=2>B. Upon hire and within a designated time frame, Putnam employees are required to establish their broker profiles in PTA.</FONT></P>
<P align=left><FONT face=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=serif size=2>D. Failure of a broker-dealer to comply with the instructions of a Putnam employee to send confirmations and statements 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=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=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><B><FONT face=serif size=2>COMMENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Statements and confirmations are required for all personal securities transactions, whether or not exempted or excepted by this Code.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
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<P align=left><FONT face=sans-serif>Rule 2: Access Person &#151; Quarterly Transaction Report</FONT></P>
<P align=left><FONT face=serif size=2>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, reportable &#147;securities&#148; also 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 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><B><FONT face=serif size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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 face=serif size=2>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><B><FONT face=serif size=2>COMMENT</FONT></B></P>
<P align=left><FONT face=serif size=2>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><FONT face=sans-serif>Rule 3: Access Person &#151; Initial/Annual Holdings Report</FONT></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>Non-Access Persons must disclose their brokerage accounts within 30 days of hire.</FONT></P>
<P align=left><FONT face=sans-serif>Rule 4: Certifications</FONT></P>
<P align=left><FONT face=serif size=2>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><FONT face=sans-serif>Rule 5: Outside Business Affiliations</FONT></P>
<P align=left><FONT face=serif size=2>The details of an outside business affiliation must be disclosed in PTA under Certifications/Disclosures/Outside Business Affiliations. (See Section III, Rule 7.)</FONT></P>
<P align=left><FONT face=sans-serif size=2>36</FONT></P>
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<P align=left><FONT face=sans-serif>Rule 6: Reporting of Irregular Activity</FONT></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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 face=serif size=2>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><FONT face=sans-serif>Rule 7: Ombudsman</FONT></P>
<P align=left><FONT face=serif size=2>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=sans-serif size=2>37</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Section V &#151; Education Requirements</FONT></P>
<P align=left><FONT face=serif size=2>Every Putnam employee has an obligation to fully understand the rules and requirements of the Code of Ethics. </FONT></P>
<P align=left><FONT face=sans-serif>Rule 1: Distribution of Code</FONT></P>
<P align=left><FONT face=serif size=2>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><FONT face=sans-serif>Rule 2: Annual Training Requirement</FONT></P>
<P align=left><FONT face=serif size=2>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=sans-serif size=2>38</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Section VI &#151; Compliance and Appeal Procedures</FONT></P>
<P align=left><FONT face=sans-serif size=4>A. Restricted List</FONT></P>
<P align=left><FONT face=serif size=2>No employee may engage in a personal securities transaction without prior clearance.</FONT></P>
<P align=left><FONT face=sans-serif size=4>B. Consultation of Restricted List</FONT></P>
<P align=left><FONT face=serif size=2>It is the responsibility of each employee to pre-clear through PTA 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. </FONT></P>
<P align=left><FONT face=sans-serif size=4>C. Request for Determination</FONT></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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 face=serif size=2>The Code of Ethics Officer shall make every effort to render a determination promptly. </FONT></P>
<P align=left><FONT face=serif size=2>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=sans-serif size=4>D. Request for Ad Hoc Exemption</FONT></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>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 face=sans-serif size=2>39</FONT></P>
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<P align="left">
<FONT size=4 face="sans-serif">E. Appeal to Code of Ethics Officer with Respect to Restricted List</FONT></P>
<P align="left">
<FONT size=2 face="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=4 face="sans-serif">F. Information Concerning Identity of Compliance Personnel</FONT></P>
<P align="left">
<FONT size=2 face="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 size=2 face="sans-serif">40</FONT></P>

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<P align=left><FONT face=sans-serif size=5>Section VII &#151; Sanctions</FONT></P>
<P align=left><FONT face=sans-serif size=4>Sanction Guidelines</FONT></P>
<P align=left><FONT face=serif size=2>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 face=sans-serif size=4>A. The minimum sanction per violation of the following Rules is disgorgement of <BR>
any profits or payment of avoided losses and the following payments:</FONT></P>
<P align=left><FONT face=serif size=2>Section I.A., Rule 1 (Pre-clearance and Restricted List) </FONT></P>
<P align=left><FONT face=serif size=2>Section I.B., Rule 1 (Short selling) </FONT></P>
<P align=left><FONT face=serif size=2>Section I.B., Rule 2 (IPOs) </FONT></P>
<P align=left><FONT face=serif size=2>Section I.B., Rule 3 (Private Placements) </FONT></P>
<P align=left><FONT face=serif size=2>Section I.B., Rule 4 (Trading with Inside Information) </FONT></P>
<P align=left><FONT face=serif size=2>Section I.B., Rules 6-8 (Holding and Trading of Putnam Funds) </FONT></P>
<P align=left><FONT face=serif size=2>Section II, Rule 2 (7-Day Rule) </FONT></P>
<P align=left><FONT face=serif size=2>Section II, Rule 3 (Blackout Rule) </FONT></P>
<P align=left><FONT face=serif size=2>Section II, Rule 4 (Contra-Trading Rule) </FONT></P>
<P align=left><FONT face=serif size=2>Section II, Rule 5 (Trading for Personal Benefit)</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=serif size=2>Officer Level</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%"><B><FONT face=serif size=2>SMD/MD</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%"><B><FONT face=serif size=2>SVP/VP</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="44%"><B><FONT face=serif size=2>AVP/non-officer</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>1st violation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$ 500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$250</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=serif size=2>$ 50</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>2</FONT><SUP><FONT face=serif size=2>nd</FONT></SUP>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$1,000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=serif size=2>$100</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>3rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="78%" colSpan=3><FONT face=serif size=2>Minimum monetary sanction as above with ban on all new personal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="34%" colSpan=2><FONT face=serif size=2>individual investments.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp;&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%" colSpan=3><FONT face=sans-serif size=4>B. The minimum sanction for violations of all other</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="37%" colSpan=2><FONT face=sans-serif size=4>Rules in the Code is as follows:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" background="" colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=serif size=2>Officer Level</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%"><B><FONT face=serif size=2>SMD/M</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%"><B><FONT face=serif size=2>SVP/VP</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="44%"><B><FONT face=serif size=2>AVP/non-officer</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><B><FONT face=serif size=2>D</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>1st violation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$100</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$ 50</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=serif size=2>$25</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=serif size=2>Subsequent</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$200</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=serif size=2>$100</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=serif size=2>$50</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>The reference period for determining whether a violation is initial or subsequent will be five years. </FONT></P>
<P align=left><B><FONT face=serif size=2>NOTE</FONT></B></P>
<P align=left><FONT face=serif size=2>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 </FONT></P>
<P align=left><FONT face=sans-serif size=2>41</FONT></P>
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<P align="left">
<FONT size=2 face="serif">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 size=2 face="sans-serif">42</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">Appendix A: Insider Trading Prohibitions Policy Statement</FONT></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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 size=2 face="serif">Section I. of this Policy Statement contains rules concerning inside information. Section II. contains a discussion of what constitutes unlawful insider trading.</FONT></P>
<P align="left">
<FONT size=2 face="serif">Neither material, non-public information nor unlawful insider trading is easy to define. Section II. 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 size=2 face="serif">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 size=2 face="serif">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 size=2 face="serif">There are no exceptions to this policy statement, and no one is exempt.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">43</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">Appendix A: Definitions: Insider Trading</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Code of Ethics Administrator </FONT></B><FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">Code of Ethics Officer </FONT></B><FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">Immediate family </FONT></B><FONT size=2 face="serif">Spouse, domestic partner, minor children, or other relatives living in the same household as the Putnam employee.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Purchase or sale of a security </FONT></B><FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">Putnam </FONT></B><FONT size=2 face="serif">Any or all of Putnam Investments Trust, and its subsidiaries, any one of which shall be a Putnam company. </FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam client </FONT></B><FONT size=2 face="serif">Any client of the Putnam mutual funds, or any advisory, trust, or other client for whom Putnam manages money.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Putnam employee (or employee) </FONT></B><FONT size=2 face="serif">Any employee of Putnam.</FONT></P>
<P align="left">
<B><FONT size=2 face="serif">Security </FONT></B><FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">Transaction for a personal account (or personal securities transaction) </FONT></B><FONT size=2 face="serif">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 domestic 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.</FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">44</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">Appendix A &#151; Section I: Rules Concerning Inside Information</FONT></P>
<P align="left">
<FONT face="sans-serif">Rule 1: Inside Information</FONT></P>
<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">IMPLEMENTATION</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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">
<FONT face="sans-serif">Rule 2: Material Non-public Information</FONT></P>
<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">IMPLEMENTATION</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">COMMENTS</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><FONT size=2 face="serif">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>
<P align="left">
<FONT size=2 face="serif">&middot; </FONT><FONT size=2 face="serif">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">
<FONT face="sans-serif">Rule 3: Reporting of Material Non-public Information</FONT></P>
<P align="left">
<FONT size=2 face="serif">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 </FONT></P>
<P align="left">
<FONT size=2 face="sans-serif">45</FONT></P>

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<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">IMPLEMENTATION</FONT></B></P>
<P align="left">
<FONT size=2 face="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="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="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="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">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="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 size=2 face="sans-serif">46</FONT></P>

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<P align="left">
<FONT size=5 face="sans-serif">Appendix A &#151; Section II: Overview of Insider Trading</FONT></P>
<P align="left">
<FONT size=4 face="sans-serif">Introduction</FONT></P>
<P align="left">
<FONT size=2 face="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=4 face="sans-serif">What constitutes unlawful insider trading?</FONT></P>
<P align="left">
<FONT size=2 face="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=4 face="sans-serif">What is material information?</FONT></P>
<P align="left">
<FONT size=2 face="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="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="serif"> Wall Street Journal</FONT></I><FONT size=2 face="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="serif"> Journal&#146;s</FONT></I><FONT size=2 face="serif"> &#147;Heard on the Street&#148; column and whether those reports would be favorable or not.</FONT></P>
<P align="left">
<FONT size=4 face="sans-serif">What is non-public information?</FONT></P>
<P align="left">
<FONT size=2 face="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="serif">Dow Jones, Reuters, </FONT></I><FONT size=2 face="serif">the</FONT><I><FONT size=2 face="serif"> Wall Street Journal</FONT></I><FONT size=2 face="serif">, or other publications of general circulation would be considered public.</FONT></P>
<P align="left">
<FONT size=4 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="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, are 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">
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<P align="left">
<B><FONT size=2 face="serif">Insiders and Temporary Insiders </FONT></B><FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">EXAMPLE</FONT></B></P>
<P align="left">
<FONT size=2 face="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">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="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">
<B><FONT size=2 face="serif">Misappropriators </FONT></B><FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">EXAMPLE</FONT></B></P>
<P align="left">
<FONT size=2 face="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">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="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">
<B><FONT size=2 face="serif">Tippers and Tippees </FONT></B><FONT size=2 face="serif"> 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">
<B><FONT size=2 face="serif">EXAMPLE</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="sans-serif">48</FONT></P>

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<P align="left">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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">
<B><FONT size=2 face="serif">EXAMPLE</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=4 face="sans-serif">Who can be liable for insider trading?</FONT></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="serif">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 size=2 face="serif">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">
<B><FONT size=2 face="serif">EXAMPLE</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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">
<B><FONT size=2 face="serif">COMMENT</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">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 size=2 face="sans-serif">49</FONT></P>

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<P align=left><FONT face=sans-serif size=4>Penalties for insider trading</FONT></P>
<P align=left><FONT face=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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Jail sentences, criminal monetary penalties</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Injunctions permanently preventing an individual from working in the securities industry</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Injunctions ordering an individual to disgorge profits obtained from unlawful insider trading</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Civil penalties for the employer or other controlling person</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Damages in the amount of actual losses suffered by other participants in the market for the security at issue </FONT></P>
<P align=left><FONT face=serif size=2>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 that raises significant questions about whether an insider trading violation has occurred.</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=5>Appendix B: Policy Statement Regarding Employee Trades in <BR>
Shares of Putnam Closed-End Funds</FONT></P>
<P align=left><FONT face=sans-serif size=4>Pre-clearance</FONT></P>
<P align=left><FONT face=serif size=2>Any purchase or sale of Putnam closed-end fund shares by a Putnam employee must be pre-cleared. A list of the closed-end funds can be obtained from the Code of Ethics Administrator. </FONT></P>
<P align=left><FONT face=sans-serif size=4>Reporting</FONT></P>
<P align=left><FONT face=serif size=2>As with any purchase or sale of a security, duplicate confirmations and statements of all such purchases and sales must be forwarded to the Code of Ethics Administrator 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 size=4>Special Rules Applicable to Managing Directors of Putnam Investment <BR>
Management, LLC and officers of the Putnam Funds</FONT></P>
<P align=left><FONT face=serif size=2>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 face=serif size=2>Certain forms are also required to be filed with the Securities and Exchange Commission in connection with purchases and sales of Putnam closed-end funds. You will be notified by the Code of Ethics Administrator if this applies to you. Please contact the Code of Ethics Officer Administrator for further information. </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=5>Appendix C: Contra-Trading Rule Clearance Form</FONT></P>
<P align=left><FONT face=sans-serif size=2>To: Code of Ethics Officer</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>From:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Re: Personal Securities Transaction of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><I><FONT face=sans-serif size=2>This serves as prior written approval of the personal securities transaction described below:</FONT></I>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="71%" background="">&nbsp;</TD>
     <TD noWrap align=left width="28%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Name of portfolio manager contemplating personal trade:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Security to be traded:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Amount to be traded:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Fund holding securities:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Amount held by fund:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Reason for personal trade:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Specific reason sale of securities is inappropriate for fund:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><I><FONT face=sans-serif size=2>(Please attach additional sheets if necessary.)</FONT></I>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="71%" background="">&nbsp;</TD>
     <TD noWrap align=left width="28%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>CIO approval:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=sans-serif size=2>Date:</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="71%"><FONT face=sans-serif size=2>Legal/compliance approval:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=sans-serif size=2>Date:</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>52</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Appendix D: CFA Institute Code of Ethics and Standards of<BR>
Professional Conduct</FONT></P>
<P align=left><FONT face=serif size=2>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=serif size=2>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&#174; (CFA&#174;) 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=4>The Code of Ethics</FONT></P>
<P align=left><FONT face=serif size=2>Members of CFA Institute (including Chartered Financial Analyst&#174; (CFA&#174;) charterholders) and candidates for the CFA designation (&#147;Members and Candidates&#148;) must:</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Place the integrity of the investment profession and the interests of clients above their own personal interests.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Practice and encourage others to practice in a professional and ethical manner that will reflect credit on themselves and the profession.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>Promote the integrity of, and uphold the rules governing, capital markets.</FONT></P>
<P align=left><FONT face=serif size=2>&#183; </FONT><FONT face=serif size=2>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=4>Standards of Professional Conduct</FONT></P>
<P align=left><B><FONT face=serif size=2>I. PROFESSIONALISM</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Knowledge of the Law.</FONT></B><FONT face=serif size=2> Members and Candidates must understand and comply with all </FONT><FONT face=serif size=2>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=sans-serif size=2>53</FONT></P>
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<P align=left><FONT face=serif size=2>B. </FONT><B><FONT face=serif size=2>Independence and Objectivity. </FONT></B><FONT face=serif size=2>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=serif size=2>C. </FONT><B><FONT face=serif size=2>Misrepresentation.</FONT></B><FONT face=serif size=2> 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=serif size=2>D. </FONT><B><FONT face=serif size=2>Misconduct.</FONT></B><FONT face=serif size=2> 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><B><FONT face=serif size=2>II. INTEGRITY OF CAPITAL MARKETS </FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Material Non-public Information.</FONT></B><FONT face=serif size=2> Members and Candidates who possess material, </FONT><FONT face=serif size=2>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=serif size=2>B. </FONT><B><FONT face=serif size=2>Market Manipulation.</FONT></B><FONT face=serif size=2> 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><B><FONT face=serif size=2>III. DUTIES TO CLIENTS</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Loyalty, Prudence, and Care.</FONT></B><FONT face=serif size=2> Members and Candidates have a duty of loyalty to their </FONT><FONT face=serif size=2>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=serif size=2>B. </FONT><B><FONT face=serif size=2>Fair Dealing.</FONT></B><FONT face=serif size=2> 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=serif size=2>C. </FONT><B><FONT face=serif size=2>Suitability.</FONT></B></P>
<P align=left><FONT face=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=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=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=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=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=sans-serif size=2>54</FONT></P>
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<P align=left><FONT face=serif size=2>D. </FONT><B><FONT face=serif size=2>Performance Presentation.</FONT></B><FONT face=serif size=2> 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=serif size=2>E. </FONT><B><FONT face=serif size=2>Preservation of Confidentiality.</FONT></B><FONT face=serif size=2> Members and Candidates must keep information about current, former, and prospective clients confidential unless:</FONT></P>
<P align=left><FONT face=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=serif size=2>2. Disclosure is required by law.</FONT></P>
<P align=left><FONT face=serif size=2>3. The client or prospective client permits disclosure of the information.</FONT></P>
<P align=left><B><FONT face=serif size=2>IV. DUTIES TO EMPLOYERS</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Loyalty.</FONT></B><FONT face=serif size=2> 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=serif size=2>B. </FONT><B><FONT face=serif size=2>Additional Compensation Arrangements.</FONT></B><FONT face=serif size=2> 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=serif size=2>C. </FONT><B><FONT face=serif size=2>Responsibilities of Supervisors.</FONT></B><FONT face=serif size=2> 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><B><FONT face=serif size=2>V. INVESTMENT ANALYSIS, RECOMMENDATIONS, AND ACTION</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Diligence and Reasonable Basis.</FONT></B><FONT face=serif size=2> Members and Candidates must:</FONT></P>
<P align=left><FONT face=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=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=serif size=2>B. </FONT><B><FONT face=serif size=2>Communication with Clients and Prospective Clients.</FONT></B><FONT face=serif size=2> Members and Candidates must: </FONT></P>
<P align=left><FONT face=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=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=serif size=2>3. Distinguish between fact and opinion in the presentation of investment analysis and recommendations.</FONT></P>
<P align=left><FONT face=serif size=2>C. </FONT><B><FONT face=serif size=2>Record Retention.</FONT></B><FONT face=serif size=2> 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><B><FONT face=serif size=2>VI. CONFLICTS OF INTEREST</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Disclosure of Conflicts.</FONT></B><FONT face=serif size=2> 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. </FONT></P>
<P align=left><FONT face=sans-serif size=2>55</FONT></P>
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<P align=left><FONT face=serif size=2>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=serif size=2>B. </FONT><B><FONT face=serif size=2>Priority of Transactions.</FONT></B><FONT face=serif size=2> 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=serif size=2>C. </FONT><B><FONT face=serif size=2>Referral Fees.</FONT></B><FONT face=serif size=2> 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><B><FONT face=serif size=2>VII. RESPONSIBILITIES AS A CFA INSTITUTE MEMBER OR CFA CANDIDATE</FONT></B></P>
<P align=left><FONT face=serif size=2>A. </FONT><B><FONT face=serif size=2>Conduct as Members and Candidates in the CFA Program.</FONT></B><FONT face=serif size=2> 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=serif size=2>B. </FONT><B><FONT face=serif size=2>Reference to the CFA Institute, the CFA designation, and the CFA Program.</FONT></B><FONT face=serif size=2> 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=sans-serif size=2>56</FONT></P>
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<P align=left><FONT face=sans-serif size=5>Appendix E: Inducement Policy for Putnam Investments <BR>
Limited (PIL) Employees</FONT></P>
<P align=left><FONT face=sans-serif size=4>Inducements</FONT></P>
<P align=left><FONT face=serif size=2>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=serif size=2>Gifts, business meals, or entertainment events that are given or received (&#147;inducements&#148;) and that exceed a value of &#163;25 (40 euros or equivalent) must be reported through the PTA system within 20 days. </FONT></P>
<P align=left><FONT face=serif size=2>PIL&#146;s policy limits gifts to a value of &#163;100 (150 euros or equivalent) per item.</FONT></P>
<P align=left><FONT face=serif size=2>No limit is applied to meals provided such meals are for business purposes, reasonable, and not lavish. </FONT></P>
<P align=left><FONT face=serif size=2>Entertainment provided to, or received from, suppliers (including brokers) is limited to a value of &#163;150 (225 euros or equivalent). When receiving or providing entertainment to clients or potential clients, the limit of &#163;150 (150 euros or equivalent) may be exceeded provided that such event is for business purposes, reasonable, and not lavish. Pre-clearance must be obtained from the PIL Compliance Officer.</FONT></P>
<P align=left><FONT face=serif size=2>Inducements exceeding these limits should be politely declined, explaining that PIL&#146;s internal policies will not permit their acceptance.</FONT></P>
<P align=left><FONT face=serif size=2>There may be rare occasions where you are unexpectedly offered a gift or are entertained where the value exceeds the limits and it would be very discourteous 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=serif size=2>Where the gift is below &#163;100 (150 euros or equivalent) or the entertainment is below &#163;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 you are 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=serif size=2>Employees must disclose inducements in PTA where the value is above &#163;25 (40 euros or equivalent).</FONT></P>
<P align=left><FONT face=serif size=2>Inducements below &#163;25 (40 euros or equivalent), e.g., an umbrella, a casual drink, or a snack, need not be reported.</FONT></P>
<P align=left><FONT face=serif size=2>No more than six entertainment events per year, and no more than two events may be accepted from a single source. Meals are not included in this limit.</FONT></P>
<P align=left><FONT face=serif size=2>Where breaches of the inducement policy occur, sanctions may apply. </FONT></P>
<P align=left><FONT face=serif size=2>Employees are required to make an annual declaration that 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=serif size=2>Further detailed guidance on PIL&#146;s Inducement Policy is available in the PIL Compliance Manual.</FONT></P>
<P align=left><FONT face=sans-serif size=2>57</FONT></P>
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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">407 Letter</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">2, 34</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">7-Day Rule</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">3, 20, 21</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">90-Day Short-Term Rule</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">3, 12, 20</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Access Person</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">definition</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">reporting requirements for</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">35</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">reporting transactions/holdings</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">35</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Ad Hoc Exemption</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">38</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Affiliated Entities</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">30</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Analysts</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">special rules</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">20, 21, 22</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Annual Holdings Report</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">11, 35</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Anti-bribery/Kickback Policy</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">26</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Anti-money Laundering Policy</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">33</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Anti-trust and other laws</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Appeal Procedures</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">38-39</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Blackout Rule</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">trading by portfolio managers,</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">analysts, and CIOs</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">3, 22</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Boycott laws</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">24</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Bribes</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">26</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Broker accounts</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">2, 34</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">CFA Institute Code of Ethics</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">32</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Standards of Professional Conduct</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">51-54</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Chief Investment Officer</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">special rules on trading</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">22</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Closed-end fund</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">2, 5, 6, 7, 8, 49</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Code of Ethics Administrator</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Code of Ethics Officer</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Deputy Code of Ethics Officer</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Code of Ethics</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Oversight Committee</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">5, 13, 16, 40</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">College Savings 529 Plan</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">16</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Compliance and Appeal Procedures</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">38-39</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Computer and Network Use Policy</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">31</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Confidentiality</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">1, 28</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Confirmations and broker statements</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">2, 34</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Conflicts of interest</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">1, 4, 24, 57</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Considered List &#150; Limited Sale Rule</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">10</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Contra-Trading Rule</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">3, 22</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">clearance form</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">50</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=69% nowrap>
<FONT size=2 face="sans-serif">Corporate/political contributions</FONT>&nbsp;
	</TD>
	<TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">26-27</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">58</FONT></P>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=2><FONT face=sans-serif size=2>Corporate purchase of goods and services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>30</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Currencies</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=2><FONT face=sans-serif size=2>Director, prohibited to serve for another entity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>28</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Discretionary account</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>6, 10, 12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Dividend reinvestment program</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Education Requirements</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>37</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Employees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>general rules for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>24-33</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>personal political contributions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>27</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Entertainment Policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>24-26</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Excessive trading</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>(over 10 trades) prohibited</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>2, 17</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Exchange traded index funds</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>(ETFs)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"></TD>
     <TD noWrap align=left width="17%" background=""><FONT face=sans-serif size=2>6, 7, 8, 17, 34, 35</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Exempted transactions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Family member accounts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Family Members&#146; Conflict Policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>30</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Fiduciary</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>29</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=2><FONT face=sans-serif size=2>Fraudulent or irregular activities reporting</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>35-36</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Gifts and Entertainment Policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>24-26</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Gifts donated as securities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=2><FONT face=sans-serif size=2>Good Until Canceled (GTC) Limit orders</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>16-17</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Goods and services, purchasing</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>30</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Initial holdings report</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>35</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Initial Public Offerings (IPOs)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>12-13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Inside Information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>43-44</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>material, non-public information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"></TD>
     <TD noWrap align=left width="17%" background=""><FONT face=sans-serif size=2>14, 43, 44, 52</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>policy statement</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>41</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=2><FONT face=sans-serif size=2>reporting of material non-public Information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>44</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>rules concerning</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>43-44</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>sanctions for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>40, 47</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Inside Information List (Red List)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>43-44</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Insider Trading</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>definitions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>42</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>explanations of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>45-48</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>liability for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>47</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>penalties for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>47-48</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>policy statement</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>41</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>prohibitions policy statement</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>41</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Investment clubs</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>29</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Involuntary transactions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>11, 18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Irregular activity reporting</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>35-36</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Kickback Policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>26</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Large Cap Exemption</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Limit Orders</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>16-17</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Linked accounts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Lobbying Policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>27</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=sans-serif size=2>Market timing prohibition</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="17%"><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>59</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="47%"><FONT face=sans-serif size=2>Marsh &amp; McLennan (MMC)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>securities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="20%" background=""><FONT face=sans-serif size=2>2, 8, 11, 12, 34, 44</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Material information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="20%" background=""><FONT face=sans-serif size=2>1, 14, 18, 41, 43-47, 52</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Naked options</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Negotiations prohibition</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>29</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Non-public information</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="20%" background=""><FONT face=sans-serif size=2>1, 5, 14, 18, 41, 43-47, 52</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Non-Putnam affiliates (NPAs)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>30</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Officer, prohibited to serve for another entity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>28</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Ombudsman</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>36</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Options</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>defined as securities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>11, 42</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>naked</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>relationship to securities on</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Restricted or Red Lists</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Outside business affiliations</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>28, 35</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Partner, prohibited to serve for another entity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>28</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Personal securities transactions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>partnerships, covered in</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7, 42</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Personal Trading Assistant (PTA)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=sans-serif size=2>2, 6, 8, 9, 11, 15, 25, 28, 34, 35, 36, 38, 55</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Political activities, contributions, lobbying</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>26-27</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Portfolio managers, special rules on trading</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>20-23</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Portfolio Trading</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>20-23, 30</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Pre-clearance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2, 8-12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>sanctions for failure to pre-clear properly</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>40</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Privacy Policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>32-33</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Private offerings and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>private placement pre-approval</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Prohibited transactions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>12-17</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam mutual fund restrictions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2, 15-16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>90-Day Rule</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>One-Year Rule</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>15-16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Quarterly Report of Securities Transactions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2, 35</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Records</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>accurate records policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>29</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>retention policy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>33</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Red List</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>43-44</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Reporting Requirements</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>34-35</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Restricted List</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="20%" background=""><FONT face=sans-serif size=2>6, 8, 9, 11, 12, 38, 39, 40, 43</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Sanctions</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="20%" background=""><FONT face=sans-serif size=2>1, 16, 25, 33, 35, 40, 55</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Securities, donated</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Shares by subscription, pre-clearance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Short selling</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Special rules for investment professionals</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>3, 20-23</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Spread betting</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>17</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Tender Offers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%"></TD>
     <TD noWrap align=left width="20%" background=""><FONT face=sans-serif size=2>7, 14, 28, 29, 42</FONT>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=sans-serif size=2>Trusts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="32%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7, 42</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>60</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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<TABLE border=0 width=80% cellspacing=1 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="sans-serif">U.S. government obligations</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="sans-serif">6</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="sans-serif">Violations reporting</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="sans-serif">35</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="sans-serif">Warrants</FONT>&nbsp;
	</TD>
	<TD align=left width=28% nowrap>
<FONT size=2 face="sans-serif">42</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=2 face="sans-serif">61</FONT></P>

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


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<P align=left><FONT face=serif size=2>One Post Office Square Boston, Massachusetts 02109 1-617-292-1000 </FONT><BR>
<B><FONT face=serif size=2>www.putnam.com</FONT></B><FONT face=serif size=1>23917312/06</FONT></P>
<P align=left><FONT face=serif size=7>l</FONT></P>
<P align=left><FONT face=sans-serif size=2>62</FONT></P>
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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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<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=5>Amendments to Putnam&#146;s Code of Ethics &#150; August 2007</FONT><BR>
<BR>
<B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=4>The following sections are rewritten in their entirety to read as follows:</FONT></I></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=5>Code of Ethics Overview</FONT></P>
<P align=left><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=4>Short selling (page 2)</FONT></I></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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; is permitted. Note, however, that short selling &#147;against the box&#148; or otherwise hedging an investment in shares of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>. </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>stock is prohibited. </FONT></P>
<P align=left><B><I><FONT face="CourierNewPS-BoldItalicMT,Courier New,Courier,monospace" size=4>Section 1- Personal Securities Rules for All Employees</FONT></I></B></P>
<P align=left><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=4>A. Pre-Clearance (page 8)</FONT></I></B></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rule 1: Pre-Clearance Requirements </FONT></B></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Pre-clearance is required for the following securities:</FONT></B></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Stock of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc. </FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>MMC stock</FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif" size=2>Any type or class of equity or debt security, including corporate and municipal bonds</FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Any rights relating to a security, such as warrants and convertible securities</FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Closed-end funds &#150; including Putnam closed-end funds. Country funds, as well as other funds that are not tied to an index, are considered closed-end funds and are subject to pre-clearance and reporting requirements, e.g., India Fund (INF), Morgan Stanley Asia Pacific Fund (APF), and Central Europe and Russia Fund (CEE). Certain closed-end funds which sometimes are referred to as closed-end ETFs, such as Blackrock (BKK), Western Asset Emerging (ESD), or Eaton Vance Muni Trust (EVN), are also subject to pre-clearance and reporting requirements.</FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Any narrow-based derivative, e.g., a put-or-call option on a single security</FONT></P>
<P align=left><FONT face="SymbolMT,Times &#13;&#10;New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Any security donated as a gift to an individual or a charity</FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Pre-clearance is </FONT></B><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>not</FONT></U></B><B><FONT face="TimesNewRomanPS-BoldMT,Times &#13;&#10;New Roman,Times,serif" size=2> required for: </FONT></B></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Open-end mutual funds</FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Currencies, Treasuries (T-bills), and direct and indirect obligations of the U.S. government and its agencies</FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Direct and indirect obligations of any member of the country of 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><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>The following are excluded from pre-clearance but not from reporting requirements: </FONT></B></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Exchange-traded index funds (ETFs) containing a portfolio of securities of 25 or more issuers (e.g., SPDRs, WEBs, QQQQs, iShares, and HLDRs), and any option on a broad-based market index or an exchange-traded futures contract or option thereon.</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT></P>
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<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Rule 3: Marsh &amp; McLennan (MMC) Securities (page 11)</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>All employees trading MMC securities must pre-clear the trades in the PTA system. MMC securities include stock, options, and any other securities such as debt. Sales out of the MMC Employee Stock Purchase Plan and transactions in all Putnam and MMC employee benefit and bonus plans, i.e., rebalancing or exchanging out of the 401(k)/Profit Sharing//Bonus Plan, are included in this requirement.</FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Pre-clearance of MMC is required when, for example, you:</FONT></B><BR>
<FONT face="SymbolMT,Times New Roman,Times,serif" size=2><BR>
&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Sell MMC out of the Stock Purchase Plan</FONT><BR>
<FONT face="SymbolMT,Times New Roman,Times,serif" size=2><BR>
&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Exchange MMC shares out of your 401(k)/Profit Sharing/Bonus Plan</FONT><BR>
<FONT face="SymbolMT,Times New Roman,Times,serif" size=2><BR>
&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Rebalance your Putnam fund choices, which results in a buy or sell of MMC from your 401(k)/Profit </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Sharing/Bonus Plan</FONT><BR>
<FONT face="SymbolMT,Times New Roman,Times,serif" size=2><BR>
&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Trade in MMC securities in other accounts held outside Putnam Investments</FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Pre-clearance is not required when you:</FONT></B><BR>
<FONT face="SymbolMT,Times New Roman,Times,serif" size=2><BR>
&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>COMMENTS</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,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 Citigroup 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 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="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Additional MMC-related policies:</FONT></P>
<P align=left><FONT face="SymbolMT,Times New Roman,Times,serif" size=2>&#9679; </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Transactions in MMC securities that are held in Putnam&#146;s internal plans are not subject to the 90-Day </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Short-Term Rule (applicable to Access Persons only) or to the holding periods that apply to Putnam </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>mutual funds.</FONT></P>
<P align=left><B><I><FONT face="TimesNewRomanPS-BoldItalicMT,Times New Roman,Times,serif" size=4>B. Prohibited Transactions (page 12)</FONT></I></B></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rule 1: Short-Selling Prohibition</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam employees are prohibited from short selling any security in their own account, whether or not the security is held in a Putnam client portfolio. Employees are prohibited from hedging investments made in securities of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc.</FONT></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>EXCEPTION</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,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 Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco Inc. against the box is not permitted).</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT></P>
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<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Section IV &#150; Reporting Requirements <BR>
<BR>
Reporting of Personal Securities Transactions</FONT></B></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rule 6: Reporting of Irregular Activity (pages 35 and 36)</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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 face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>An employee who does not feel comfortable reporting this activity to the managing director may instead contact the Chief Compliance Officer, the Putnam Ethics hotline, or Putnam&#146;s Ombudsman. </FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT></P>
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<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>Appendix A &#151; Section I: Rules Concerning Inside Information (pages 43 and 44)</FONT></B></P>
<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Rule 3: Reporting of Material Non-Public Information</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,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><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>IMPLEMENTATION</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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 such 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 infor
mation may be non-public 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 face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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 face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>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=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT></P>
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