-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Dq9+XrSH+P9BiqWLB/sxnjQaQE+z3VbC8yAflbqgR1S5osvbRXMzkWUFHfFQiW5b
 5OUrLAH4wpoTDmLfDNqWRg==

<SEC-DOCUMENT>0001193125-07-194819.txt : 20070904
<SEC-HEADER>0001193125-07-194819.hdr.sgml : 20070903
<ACCEPTANCE-DATETIME>20070904154312
ACCESSION NUMBER:		0001193125-07-194819
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20070904
DATE AS OF CHANGE:		20070904
EFFECTIVENESS DATE:		20070904

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PCM FUND, INC.
		CENTRAL INDEX KEY:			0000908187
		IRS NUMBER:				521834031
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07816
		FILM NUMBER:		071096965

	BUSINESS ADDRESS:	
		STREET 1:		840 NEWPORT CENTER DR
		STREET 2:		STE 360
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-720-4723

	MAIL ADDRESS:	
		STREET 1:		840 NEWPORT CENTER DR
		STREET 2:		STE 360
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO COMMERCIAL MORTGAGE SECURITIES TRUST INC
		DATE OF NAME CHANGE:	19930624
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>dncsrs.htm
<DESCRIPTION>PCM FUND, INC.
<TEXT>
<HTML><HEAD>
<TITLE>PCM Fund, Inc.</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>UNITED STATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="4"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM N-CSRS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>INVESTMENT COMPANIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3">Investment Company Act file number: 811-07816 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="5"><B>PCM Fund, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in charter) </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>840 Newport Center Drive, Newport Beach, CA 92660 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>John P. Hardaway </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Treasurer </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>PIMCO Funds
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>840 Newport Center Drive </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Newport Beach, CA 92660 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Name and address of agent for service) </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Copies to: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Brendan C. Fox </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Dechert LLP </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1775 I Street, N.W. </B>
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Washington, D.C. 20006 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Registrant&#146;s telephone number, including area code: (866) 746-2606 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Date of fiscal
year end: December 31 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Date of reporting period: January 1, 2007 to June 30, 2007 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10&nbsp;days after the
transmission to stockholders of any report that is required to be transmitted to stockholders under Rule&nbsp;30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the
Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary,
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &#167; 3507. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Item 1. Reports to Shareholders. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px">

<IMG SRC="g75346ofc.jpg" ALT="LOGO"> </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="toc"></A>Table of Contents </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>Page</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_1">Chairman&#146;s Letter</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_2">Important Information About the Fund</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_3">Fund Summary</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_4">Financial Highlights</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">6</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_5">Statement of Assets and Liabilities</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_6">Statement of Operations</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">8</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_7">Statements of Changes in Net Assets</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">9</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_8">Statement of Cash Flows</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">10</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_9">Schedule of Investments</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">11</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_10">Notes to Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">16</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_11">Privacy Policy</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">23</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_12">Dividend Reinvestment Plan</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">24</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.38em"><FONT FACE="ARIAL" SIZE="1">
<A HREF="#ifc75346_13">2007 Shareholder Meeting Results</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">26</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"><I>Pacific Investment Management Company LLC (&#147;PIMCO&#148;), an investment adviser with in excess of $692 billion of assets under management as of June 30, 2007, is
responsible for the management and administration of PCM Fund, Inc. (formerly known as PIMCO Commercial Mortgage Securities Trust, Inc.) (the &#147;Fund&#148;). Founded in 1971, PIMCO manages assets on behalf of mutual fund and institutional clients
located around the world. Renowned for its fixed-income management expertise, PIMCO manages assets for many of the largest corporations, foundations, endowments and governmental bodies in the United States and the world. </I></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75436_1"></A>Chairman&#146;s Letter </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Dear PCM Fund
Shareholder: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">It is our pleasure to present to you the semiannual report for PCM
Fund, Inc. (the &#147;Fund&#148;), covering the six-month period ended June&nbsp;30, 2007, the Fund&#146;s fiscal half-year end. At the end of the reporting period, the Fund&#146;s net assets stood at $130 million. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">In response to a difficult market environment, the Fund announced on February&nbsp;27, 2007, a
decrease in the Fund&#146;s monthly dividend from 9.375 cents per common share to 7.00 cents per common share. Certain factors contributed to this environment, including the dramatic increase in short-term interest rates and the prolonged inversion
of the U.S. yield curve, which increased borrowing costs for the Fund, and the narrowing of risk premiums offered by the bond market, which led to lower reinvestment yields. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">On June&nbsp;1, 2007, the Fund changed its name from PIMCO Commercial Mortgage Securities Trust, Inc. to PCM Fund, Inc. Additionally, on June&nbsp;1,
2007, the Fund eliminated its non-fundamental investment policy of investing at least 80% of its net assets and amounts borrowed for investment purposes in commercial mortgage-backed securities (&#147;CMBS&#148;). Instead, effective June&nbsp;1,
2007, the Fund adopted a non-fundamental policy requiring the Fund to invest at least 65% of its total assets in CMBS (as more fully described in this semiannual report), which expands the Fund&#146;s available universe of permitted investments.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Highlights of the financial markets during the period include: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="Times New Roman" SIZE="1"><FONT FACE="WINGDINGS">&#110;</FONT></FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">Economic data during the first quarter of 2007 pointed to slower growth, which heightened market expectations for a decrease in the Federal Funds Rate. By the second quarter,
economic data, such as employment statistics, provided little indication of economic weakness, causing expectations of a decrease in the Federal Funds Rate to unwind and U.S. interest rates to move higher. Interest rates in Europe and the U.K. also
rose over the period as central banks raised their key lending rates due to inflation concerns. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="Times New Roman" SIZE="1"><FONT FACE="WINGDINGS">&#110;</FONT></FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">Returns of mortgage-backed bonds lagged U.S. Treasuries on a like-duration basis during the period, with the majority of the underperformance occurring in June. The sector
was negatively impacted by an increase in volatility as the ten-year U.S. Treasury yield broke out of its trading range in June, reaching a five-year high. On June&nbsp;30, 2007, the ten-year U.S. Treasury yielded 5.03%, or 0.32% higher than at the
beginning of the year. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="Times New Roman" SIZE="1"><FONT FACE="WINGDINGS">&#110;</FONT></FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">Returns of commercial mortgage-backed securities also lagged U.S. Treasuries during the period as spreads widened amid increasing concerns over weaker underwriting standards
and declining credit enhancement levels in recent deals. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="Times New Roman" SIZE="1"><FONT FACE="WINGDINGS">&#110;</FONT></FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">Continued weakness in the subprime mortgage market led investors to avoid spread products and move into U.S. Treasuries during the period. The Fund&#146;s exposure to the
subprime mortgage market was limited due to a focus on CMBS. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">In these
pages please find a more complete Fund review as it relates to financial-market activities, as well as details about total return investment performance for the six-month reporting period. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">If you have any questions regarding your Fund investment, please contact us at 1-866-746-2606.
Additionally, you can visit the Fund&#146;s website at www.pcmfund.com. Thank you for the trust you have placed in us. We will continue to work diligently to serve your investment needs. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Sincerely, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">

<IMG SRC="g75346g34y11.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Brent R. Harris </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Chairman, PCM Fund, Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">July 31, 2007 </FONT></P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>1</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_2"></A>Important Information About the Fund </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Background and
Investment Objectives </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">The Fund is a non-diversified, closed-end bond fund that
trades on the New York Stock Exchange under the symbol &#147;PCM.&#148; Formed in 1993, the Fund&#146;s primary investment objective is to achieve high current income by investing in a portfolio comprised primarily of commercial mortgage-backed
securities. These securities are fixed income instruments representing an interest in mortgage loans on commercial real estate properties such as office buildings, shopping malls, hotels, apartment buildings, nursing homes and industrial properties.
Capital gains from the disposition of investments is a secondary objective of the Fund. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2"
COLOR="#334a73"><B>Primary Investments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">Effective June 1, 2007, the Fund seeks to
achieve its investment objective by investing under normal circumstances at least 65% of its total assets in commercial mortgage-backed securities (&#147;CMBS&#148;), which may be represented by forwards or derivatives, such as options, futures
contracts or swap agreements. For purposes of applying the Fund&#146;s investment policies and restrictions, swap agreements are generally valued by the Fund at market value. In the case of credit default swaps sold by the Fund (i.e. where the Fund
is selling credit default protection), the Fund will value the swap at its notional amount. Prior to June 1, 2007, the Fund sought to achieve its investment objective by investing under normal circumstances at least 80% of its net assets plus the
amount of borrowings for investment purposes in CMBS. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">Effective February&nbsp;27, 2007,
the Fund changed its investment policies to permit investment in credit derivatives. This change permits the use of credit derivatives, such as credit default swaps, and other derivative instruments for gaining synthetic exposures. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">Effective February&nbsp;27, 2007, the Fund changed its policies so that it is permitted to use Fitch
Ratings as a rating agency for purposes of credit quality investment restrictions. The Fund may now use Moody&#146;s, S&amp;P or Fitch ratings, or, if an issue is unrated, PIMCO&#146;s assessment of the issue&#146;s credit quality. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Summary of Risks </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in an
environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities held by a fund are likely to decrease in value. The price volatility of fixed-income securities
can also increase during periods of rising interest rates resulting in increased losses to a fund. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest
rates, usually making them more volatile than securities or funds with shorter durations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL"
SIZE="2">The Fund may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, the following: mortgage risk, prepayment risk, real rate risk, real estate risk, derivative risk, small
company risk, non-U.S. security risk, high yield security risk, leverage risk and specific sector investment risks. The Fund may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these </FONT>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="ARIAL" SIZE="2">instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk, leveraging risk and the risk
that the Fund could not close out a position when it would be most advantageous to do so. The Fund&#146;s investments in derivatives could result in losses greater than the principal amount. Investing in non-U.S. securities may entail risk due to
non-U.S. economic and political developments; this risk may be enhanced when investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than
higher rated bonds. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors, such as the real estate sector, may add additional risk and volatility compared to a
diversified portfolio. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">An investment in the Fund is not a deposit of a bank and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to
lose money on an investment in the Fund. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Sarbanes-Oxley Act and
Other Information Available to Shareholders </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">PIMCO has adopted written proxy voting
policies and procedures (&#147;Proxy Policy&#148;) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Fund as the policies and procedures that PIMCO will use when voting
proxies on behalf of the Fund. Copies of the written Proxy Policy and the factors that PIMCO may consider in determining how to vote proxies for the Fund, and information about how the Fund voted proxies relating to portfolio securities held during
the most recent twelve-month period ended June&nbsp;30, are available without charge, upon request, by calling the Fund at 1-866-746-2606 and on the Fund&#146;s website at http://www.pcmfund.com. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">The Fund files a complete schedule of its portfolio holdings with the SEC on Form N-Q for the first
and third quarters of each fiscal year, which are available on the SEC&#146;s website at http://www.sec.gov. A copy of the Fund&#146;s Form N-Q is also available without charge, upon request, by calling the Fund at 1-866-746-2606 or visiting our
website at http://www.pcmfund.com. In addition, the Fund&#146;s Form N-Q may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330. Holdings are subject to change daily. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">On May 8, 2007, the Fund
submitted a CEO annual certification to the New York Stock Exchange (NYSE) 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&nbsp;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, as applicable. </FONT></P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>3</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_3"></A>Fund Summary&nbsp;&nbsp;PCM Fund, Inc. </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT FACE="ARIAL" SIZE="1"><B>Objectives:</B> The
Fund&#146;s primary investment objective is to achieve high current income, with capital gains from the disposition of investments as a secondary objective. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT FACE="ARIAL" SIZE="1"><B>Primary Investments:</B> Commercial mortgage-backed securities </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT FACE="ARIAL" SIZE="1"><B>Inception Date:</B> September&nbsp;2, 1993 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT FACE="ARIAL" SIZE="1"><B>Total Net Assets:</B> $130 million </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:0%"><FONT FACE="ARIAL" SIZE="1"><B>Portfolio Manager:</B> Dan Ivascyn </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:0%"><FONT FACE="ARIAL" SIZE="1"><B>Cumulative Returns Through June 30, 2007 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g75346g52q14.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"><B>Past performance is no guarantee of future results. The
line graph depicts the value of a net $10,000 investment made at the Fund&#146;s inception on September&nbsp;2, 1993 and held through June 30, 2007, compared to the Lehman Brothers Aggregate Bond Index, an unmanaged market index. Investment
performance assumes the reinvestment of dividends and capital gains distribution, if any. The Fund&#146;s NYSE Share Price performance does not reflect the effect of sales loads or broker commissions. The performance data quoted represents past
performance. Investment return and share value will fluctuate so that Fund shares, when sold, may be worth more or less than their original cost. Returns shown do not reflect the deduction of taxes that a shareholder would pay on the sale of Fund
shares. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="13"><FONT FACE="ARIAL" SIZE="1"><B>Average Annual Total Return for the period ended June 30, 2007</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT FACE="ARIAL" SIZE="1">6&nbsp;Months<SUP>(a)</SUP></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT FACE="ARIAL" SIZE="1">1&nbsp;Year</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT FACE="ARIAL" SIZE="1">5&nbsp;Years</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT FACE="ARIAL" SIZE="1">10&nbsp;Years</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><FONT FACE="ARIAL" SIZE="1">Fund<BR>Inception<SUP>(b)</SUP></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="middle" NOWRAP><HR WIDTH="65%" SIZE="2" NOSHADE COLOR="#334a73" ALIGN="left"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">PCM Based on NYSE Share Price</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">-20.81%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">-13.22%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2.82%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">6.92%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7.45%</FONT></TD></TR>
<TR>
<TD VALIGN="middle" NOWRAP><HR WIDTH="65%" SIZE="1" NOSHADE COLOR="#4c4c4c" ALIGN="left"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">PCM Based on Net Asset Value</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.56%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8.28%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7.15%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7.79%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8.02%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #334a73"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="ARIAL" SIZE="2">- - -</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">Lehman Brothers Aggregate Bond Index<SUP>(c)</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">0.98%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">6.12%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">4.48%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">6.02%</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">5.91%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"><I>All Fund returns are net of fees and
expenses. </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:4px; margin-top:-3px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"> <P STYLE="line-Height:80%; vertical-align:top"><FONT FACE="ARIAL" SIZE="1"><I><SUP>(a)</SUP></I></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:80%; vertical-align:top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>Cumulative return. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:4px; margin-top:-3px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"> <P STYLE="line-Height:80%; vertical-align:top"><FONT FACE="ARIAL" SIZE="1"><I><SUP>(b)</SUP></I></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:80%; vertical-align:top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>The Fund began operations on 09/02/93. Index comparisons began on 08/31/93. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:4px; margin-top:-3px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"> <P STYLE="line-Height:80%; vertical-align:top"><FONT FACE="ARIAL" SIZE="1"><I><SUP>(c)</SUP></I></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:80%; vertical-align:top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>Lehman Brothers Aggregate Bond Index represents securities that are SEC-registered, taxable, and U.S. dollar-denominated. The
index covers the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific
indices that are calculated and reported on a regular basis. It is not possible to invest directly in this index. </I></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"><B>Past performance is no guarantee of future results. Performance data current to the most recent month-end is available at www.pcmfund.com or by calling 1-866-746-2606.
</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>4</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD WIDTH="6%"></TD></TR>
<TR>
<TD HEIGHT="49"></TD>
<TD HEIGHT="49" COLSPAN="2"></TD>
<TD HEIGHT="49" COLSPAN="2"></TD></TR>
<TR>
<TD ROWSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">NYSE&nbsp;Symbol</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2"><B>PCM</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Allocation Breakdown % of Total Investments as of June 30, 2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Commercial Mortgage-Backed Securities</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">78.8%</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Real Estate Asset-Backed Securities</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14.3%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Corporate Bonds &amp; Notes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">6.3%</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Short-Term Instruments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.5%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">Purchased Options</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">0.1%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:0%"><FONT FACE="ARIAL" SIZE="1"><B>Portfolio Insights
</B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV
STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden"> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">&raquo;</FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">Duration positioning above that of the index for most of the period detracted from returns as the ten-year Treasury yield rose during the period.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">&raquo;</FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">A curve steepening bias added to returns as the 30-year Treasury yield rose more than the two-year Treasury yield. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">&raquo;</FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">An emphasis on BBB-rated commercial mortgage-backed securities (&#147;CMBS&#148;) detracted from returns as these issues lagged higher-rated CMBS.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">&raquo;</FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">Exposure to below-investment grade CMBS added to returns as below-investment grade CMBS outperformed investment grade issues. </FONT></P></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">&raquo;</FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">An allocation to high-yield corporate debt benefited performance as high-yield corporate debt significantly outperformed the investment grade market.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">&raquo;</FONT><FONT FACE="ARIAL" SIZE="1"></FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="ARIAL" SIZE="1">An underweight to emerging market debt detracted from returns as the sector outperformed Treasuries during the period. </FONT></P></TD></TR></TABLE></DIV><br clear="All">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>5</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_4"></A>Financial Highlights</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#b2b2b2"></FONT><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B> </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Selected per Share Data for<BR>the Year or Period Ended:</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>06/30/2007&#043;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>12/31/2006</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>12/31/2005</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>12/31/2004</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>12/31/2003</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>12/31/2002</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net Asset Value Beginning of Year or Period</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net&nbsp;Investment&nbsp;Income&nbsp;(a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net Realized/Unrealized Gain (Loss) on investments (a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(0.34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(0.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.08</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(0.23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Total Income from Investment Operations</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.86</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Dividends from Net Investment Income</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(0.47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1.13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net Asset Value End of Year or Period</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12.80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">NYSE Share Price End of Year or Period</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">10.99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">13.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14.32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Total Investment Return</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.50em"><FONT FACE="ARIAL" SIZE="1">Per Share NYSE Share Price&nbsp;(b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(20.81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">15.40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">9.76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Total Investment Return</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.50em"><FONT FACE="ARIAL" SIZE="1">Per Share Net Asset Value&nbsp;(c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">9.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">9.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">10.97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net Assets End of Year or Period (000s)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">130,021</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">134,259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">134,792</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">140,267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">139,891</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">142,063</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Ratio of Expenses to Average Net Assets</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3.88</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3.69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2.77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.75</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Ratio of Expenses to Average Net Assets Excluding Interest Expense</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.07</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.05</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.08</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Ratio of Net Investment Income to Average Net Assets</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%*</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7.64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8.09</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">9.34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Amount of Borrowings Outstanding End of Year or Period (000s)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">68,975</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">69,574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">67,880</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">67,702</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">71,025</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">50,993</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Portfolio Turnover Rate</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>&#043;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><I>Unaudited </I></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>*</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><I>Annualized </I></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>(a)</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><I>Per share amounts based on average number of shares outstanding during the period. </I></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>(b)</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><I>Total investment return on market value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in market price per share. Total
investment returns exclude the effects of sales loads. </I></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>(c)</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><I>Total investment return on net asset value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. </I>
</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>6</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>See&nbsp;accompanying&nbsp;notes</B></FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR>
<TD HEIGHT="57"></TD>
<TD HEIGHT="57" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_5"></A>Statement of Assets and Liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">June&nbsp;30,&nbsp;2007&nbsp;(Unaudited)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Amounts in thousands, except per share and share amounts)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Assets:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Investments, at value</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">199,241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Receivable for investments sold</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,787</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Interest and dividends receivable</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,555</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Swap premiums paid</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5,255</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Unrealized appreciation on swap agreements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Other assets</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">210,296</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Liabilities:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Payable for the reverse repurchase agreement</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">68,975</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Overdraft due to custodian</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,790</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Dividends payable</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">795</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Accrued investment advisory fee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Accrued administration fee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Accrued custodian expense</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Accrued audit fee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Accrued printing expense</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Variation margin payable</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Swap premiums received</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Unrealized depreciation on swap agreements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">6,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">80,275</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Assets</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">130,021</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Assets Consist of:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Capital stock&#150;authorized 300 million shares, $.001 par value; outstanding 11,355,683 shares</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Paid in capital</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">155,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">(Overdistributed) net investment income</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1,412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Accumulated undistributed net realized (loss)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(12,441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net unrealized (depreciation)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(11,337</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">130,021</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Asset Value Per Share Outstanding</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11.45</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Cost of Investments Owned</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">204,926</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>See&nbsp;Accompanying&nbsp;Notes</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>7</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_6"></A>Statement of Operations</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Six&nbsp;Months&nbsp;Ended<BR>June&nbsp;30,&nbsp;2007&nbsp;(Unaudited)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Amounts in thousands)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Investment Income:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Interest</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7,133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Miscellaneous income</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.50em"><FONT FACE="ARIAL" SIZE="1">Total Income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7,241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Expenses:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Investment advisory fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">476</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Administration fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Transfer agent fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Directors&#146; fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Printing expense</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Proxy expense</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Legal fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Audit fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Custodian fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Interest expense</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,861</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Miscellaneous expense</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"> <P STYLE="margin-left:0.50em"><FONT FACE="ARIAL" SIZE="1">Total Expenses</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,556</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Investment Income</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4,685</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Realized and Unrealized Gain (Loss):</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net realized (loss) on investments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net realized gain on futures contracts, written options and swaps</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,026</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net change in unrealized (depreciation) on investments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(3,894</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net change in unrealized (depreciation) on futures contracts, written options and swaps</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:0.50em"><FONT FACE="ARIAL" SIZE="1">Net (Loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(3,883</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Increase in Net Assets Resulting from Operations</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">802</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>8</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>See&nbsp;accompanying&nbsp;notes</B></FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_7"></A>Statement of Changes in Net Assets </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Amounts in thousands, except share amounts)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Increase (Decrease) in Net Assets from:</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">Six Months Ended<BR>June 30, 2007<BR><I></I><I>(Unaudited)</I></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">Year Ended<BR>December&nbsp;31,&nbsp;2006</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Operations:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net investment income</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4,685</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">10,218</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net realized gain</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,697</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net change in unrealized (depreciation)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(4,783</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1,373</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">Net increase resulting from operations</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">802</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11,542</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Distributions to Shareholders:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">From net investment income</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(5,305</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(12,726</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">Total Distributions</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(5,305</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(12,726</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Fund Share Transactions:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Issued as reinvestment of distributions<BR>(21,409 and 48,723 shares, respectively)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">265</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">651</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net increase resulting from Fund share transactions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">265</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">651</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Total (Decrease) in Net Assets</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(4,238</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(533</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Assets:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Beginning of period</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">134,259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">134,792</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">End of period*</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">$130,021</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">$134,259</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #99a4b9"><FONT FACE="ARIAL" SIZE="1">*Including (overdistributed) net investment income of:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1,412</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(792</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #99a4b9"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
</TABLE>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>9</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD WIDTH="21%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_8"></A>Statement of Cash Flows</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Six&nbsp;Months&nbsp;ended<BR>June&nbsp;30,&nbsp;2007&nbsp;(Unaudited)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Amounts in thousands)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(Decrease) in Cash from:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="2" VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Cash flows provided by operating activities:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net increase in net assets resulting from operations</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">802</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Adjustments to reconcile net increase in net assets from operations to net cash used for operating activities:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Purchases of long-term securities</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(14,346</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Proceeds from sales of long-term securities</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">14,428</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Sale of short-term portfolio investments, net</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Decrease in interest receivable</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Increase in receivable for investments sold</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(3,786</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Increase in other assets</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Decrease in swap premiums paid</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,750</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Proceeds from futures contracts transactions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Decrease in payable to advisor</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Decrease in administration fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Increase in printing fee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Decrease in custodian fee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Decrease in audit fee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Decrease in other fees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Unrealized (depreciation) on investments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4,783</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net realized gain on investments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(900</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net amortization on investments</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">Net cash used for operating activities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Cash flows received from financing activities*:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Net borrowing from reverse repurchase agreements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Cash dividend paid</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(5,308</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">Net cash received from financing activities</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(5,907</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Decrease in Cash</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(3,807</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD HEIGHT="12"></TD>
<TD HEIGHT="12" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Cash:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Beginning of period</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">End of period</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(3,790</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>*</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Includes reinvestment of dividends of $265. </B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>10</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>See&nbsp;accompanying&nbsp;notes</B></FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75436_9"></A>Schedule of Investments</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#b2b2b2"></FONT><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">(Unaudited)</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="ARIAL" SIZE="1">June&nbsp;30,&nbsp;2007</FONT></P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">PRINCIPAL<BR>AMOUNT<BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">VALUE<BR>(000<SMALL>S</SMALL>)</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>COMMERCIAL MORTGAGE-BACKED SECURITIES 120.8%</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>HEALTHCARE 2.1%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>RMF Commercial Mortgage Pass-Through Certificates</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.072% due 01/15/2019 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,992</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,937</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.471% due 01/15/2019 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">295</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.926% due 01/15/2019 (a)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">275</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">45</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.150% due 11/28/2027 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">479</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">473</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>2,750</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>HOSPITALITY 8.7%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Bear Stearns Commercial Mortgage Securities</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.817% due 05/14/2016 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,513</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Commercial Mortgage Pass-Through Certificates</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.570% due 02/05/2019 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,946</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Hilton Hotel Pool Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">0.604% due 10/03/2015 (b)(d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">31,462</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">647</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Host Marriot Pool Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.310% due 08/03/2015 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,106</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Office Portfolio Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.778% due 02/03/2016 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,003</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Times Square Hotel Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.528% due 08/01/2026 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,647</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4,103</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>11,318</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>MULTI-CLASS 98.1%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Asset Securitization Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.384% due 08/13/2029 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">750</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">752</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">10.115% due 02/14/2043</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4,502</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4,541</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Banc of America Commercial Mortgage, Inc.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.436% due 03/11/2041 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,932</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.918% due 04/11/2036 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">932</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">936</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.290% due 06/11/2035 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">700</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">698</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.224% due 04/15/2036</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,640</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.928% due 11/15/2031 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,800</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,933</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Bear Stearns Commercial Mortgage Securities</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.060% due 11/15/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.709% due 02/11/2041 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">941</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.978% due 05/11/2039 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,002</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.500% due 02/15/2032 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,332</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,317</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.625% due 10/15/2032 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,258</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,097</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.000% due 05/20/2030 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,556</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,662</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Carey Commercial Mortgage Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.970% due 09/20/2019 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,337</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,335</FONT></TD></TR>
</TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">PRINCIPAL<BR>AMOUNT<BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">VALUE<BR>(000<SMALL>S</SMALL>)</FONT></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Chase Commercial Mortgage Securities Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.484% due 02/12/2016 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,026</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.650% due 07/15/2032 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,600</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,638</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.887% due 10/15/2032 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,522</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Commercial Mortgage Asset Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.975% due 01/17/2032 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,644</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Commercial Mortgage Pass-Through Certificates</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.586% due 07/16/2034 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,562</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.830% due 02/14/2034 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,893</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,006</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.937% due 07/16/2034 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,588</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.444% due 08/15/2033 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,607</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>CS First Boston Mortgage Securities Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">0.422% due 12/15/2035 (b)(d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">25,595</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">952</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">4.918% due 04/15/2037 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,879</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.322% due 08/15/2036 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,906</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.557% due 12/15/2036 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,600</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,533</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.170% due 05/17/2040 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,134</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.460% due 01/17/2035 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,147</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>CVS Lease Pass-Through</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.880% due 01/10/2028 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,936</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,855</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>DLJ Commercial Mortgage Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.273% due 11/12/2031</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">135</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">138</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Federal Housing Administration</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.380% due 04/01/2041</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,406</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,413</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>FFCA Secured Lending Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">1.362% due 09/18/2027 (b)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">6,347</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">268</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>First Union National Bank-Bank of America</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.000% due 01/15/2011 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,003</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>First Union-Lehman Brothers-Bank of America</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.778% due 11/18/2035 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,094</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>GE Capital Commercial Mortgage Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.275% due 07/10/2045 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">922</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.309% due 05/10/2043 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">945</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>GMAC Commercial Mortgage Securities, Inc.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.349% due 11/10/2045</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,895</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,823</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.500% due 05/15/2035</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">20</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.500% due 05/15/2035 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,532</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.500% due 05/15/2035 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,036</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.206% due 05/15/2030 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,360</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.347% due 09/15/2035 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,604</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Greenwich Capital Commercial Funding Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">4.859% due 08/10/2042 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,409</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.419% due 01/05/2036 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,458</FONT></TD></TR>
</TABLE></DIV><br clear="All">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>See Accompanying Notes</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>11</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>Schedule of
Investments</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#b2b2b2">&nbsp;&nbsp;(Cont.)</FONT><FONT FACE="ARIAL" SIZE="2" COLOR="#ffffff"><B> </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">PRINCIPAL<BR>AMOUNT<BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">VALUE<BR>(000<SMALL>S</SMALL>)</FONT></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>GS Mortgage Securities Corp. II</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.370% due 03/06/2020 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,002</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.615% due 02/14/2016 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,630</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.644% due 08/05/2018 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,480</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,626</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>GSMPS Mortgage Loan Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.000% due 09/19/2027 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,377</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,443</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>JPMorgan Chase Commercial Mortgage Securities Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">0.813% due 03/12/2039 (b)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12,148</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">438</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.437% due 05/15/2041 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,438</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.466% due 12/15/2044 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5,325</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5,148</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.489% due 12/12/2043 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">967</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.162% due 05/12/2034 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,043</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.465% due 11/15/2035 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,091</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>LB-UBS Commercial Mortgage Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.683% due 07/15/2035 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,428</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.950% due 03/15/2034 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,572</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,645</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.290% due 09/15/2034 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,106</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Merrill Lynch Mortgage Investors, Inc.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">4.924% due 08/25/2033 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">801</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">749</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.114% due 12/15/2030</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,586</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.300% due 02/15/2030 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,054</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Morgan Stanley Capital I, Inc.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.373% due 11/14/2042 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">475</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.379% due 08/13/2042 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">100</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">95</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.220% due 12/15/2031 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">204</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.555% due 04/30/2039 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,083</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.695% due 10/03/2030 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,923</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Nationslink Funding Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.050% due 03/20/2030 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,002</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.105% due 08/20/2030 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,573</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Prudential Securities Secured Financing Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.755% due 06/16/2031 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,055</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Trizec Hahn Office Properties</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.604% due 05/15/2016 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,172</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Wachovia Bank Commercial Mortgage&nbsp;Trust</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">0.194% due 10/15/2041 (b)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">47,601</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,016</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">4.982% due 02/15/2035 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,020</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">925</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.188% due 02/15/2041 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,346</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.518% due 01/15/2041 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,434</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.290% due 04/15/2034 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,003</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>127,518</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>MULTI-FAMILY 5.1%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Commercial Capital Access One, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.692% due 11/15/2028 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">3,069</FONT></TD></TR>
</TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="53%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">PRINCIPAL<BR>AMOUNT<BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">VALUE<BR>(000<SMALL>S</SMALL>)</FONT></TD></TR>

<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Fannie Mae</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.333% due 12/25/2015 (k)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,084</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,081</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Federal Housing Administration</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.360% due 01/01/2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">145</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">147</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Multi-Family Capital Access One, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.400% due 01/15/2024 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">285</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">286</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.256% due 01/15/2024</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,063</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>6,646</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>OTHER MORTGAGED-BACKED SECURITIES 6.8%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Denver Arena Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.940% due 11/15/2019 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,835</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,839</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Dickinson County, Iowa Revenue Notes,<BR>Series 2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.750% due 12/01/2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">345</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">338</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Iowa State Finance Authority Revenue Notes, Series 2006</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.500% due 11/01/2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">40</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">40</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>LB Commercial Conduit Mortgage Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.000% due 10/15/2035 (d)(g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5,019</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Lexington, Virginia Industrial Development Authority Revenue Notes, Series 2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.000% due 01/01/2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">620</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">624</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Little Rock, Arkansas Municipal Property Owners Multipurpose Improvement District Special Tax Bonds, (GO OF DIST Insured), Series&nbsp;2007</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.200% due 03/01/2032</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">964</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>8,824</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Total Commercial Mortgage-Backed Securities (Cost $160,503)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>157,056</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>CORPORATE BONDS &amp; NOTES 9.7%</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>BANKING &amp; FINANCE 1.1%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Ford Motor Credit Co.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.000% due 12/15/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">480</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>GMAC LLC</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.000% due 09/15/2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">180</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">176</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Tenneco, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.625% due 11/15/2014 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">750</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">776</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>1,432</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE></DIV><br clear="All">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>12</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>See&nbsp;accompanying&nbsp;notes</B></FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">(Unaudited)</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="ARIAL" SIZE="1">June&nbsp;30,&nbsp;2007</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>PRINCIPAL</SMALL><BR><SMALL>AMOUNT</SMALL><BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>VALUE<BR></SMALL>(000<SMALL>S</SMALL>)</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>INDUSTRIALS 7.8%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Bon-Ton Stores, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">10.250% due 03/15/2014 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">509</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>CCO Holdings LLC</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.750% due 11/15/2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">511</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>CSC Holdings, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.875% due 02/15/2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">485</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Dynegy Holdings, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.125% due 05/15/2018 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">447</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>EchoStar DBS Corp.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.125% due 02/01/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">491</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>HCA, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.750% due 07/15/2013 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,250</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,141</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.250% due 11/15/2016 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">600</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">640</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Intelsat Bermuda Ltd.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.250% due 06/15/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,068</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Lyondell Chemical Co.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.250% due 09/15/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">525</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Primedia, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.875% due 05/15/2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">516</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>RH Donnelley Corp.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.875% due 01/15/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">950</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">993</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>SemGroup LP</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.750% due 11/15/2015 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">505</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Sungard Data Systems, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.125% due 08/15/2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">514</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>U.S. Airways Group, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.330% due 01/01/2049 (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">633</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>United AirLines, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.636% due 07/02/2022 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">994</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Verso Paper Holdings LLC</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.125% due 08/01/2014 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">800</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">830</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>10,174</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>UTILITIES 0.8%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Cincinnati Bell, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.375% due 01/15/2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">507</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>NRG Energy, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.250% due 02/01/2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">350</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">352</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.375% due 02/01/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">150</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">151</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>1,010</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Total Corporate Bonds &amp; Notes<BR>(Cost $12,535)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>12,616</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>PRINCIPAL</SMALL><BR><SMALL>AMOUNT</SMALL><BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>VALUE<BR></SMALL>(000<SMALL>S</SMALL>)</FONT></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>REAL ESTATE ASSET-BACKED SECURITIES 21.9%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Access Financial Manufactured Housing Contract Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.650% due 05/15/2021</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,104</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Asset-Backed Securities Corp. Home&nbsp;Equity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.070% due 06/21/2029</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">369</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">188</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Bear Stearns Second Lien Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.820% due 12/25/2036 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,316</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">801</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>CCCA LLC</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.800% due 10/15/2008 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">642</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">649</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>CDC Mortgage Capital Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.984% due 03/25/2033</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">368</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">65</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Conseco Finance Securitizations Corp.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.960% due 02/01/2032</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,675</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.970% due 05/01/2032</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">927</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">750</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>CS First Boston Mortgage Securities&nbsp;Corp.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.000% due 02/25/2033 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">506</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">506</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Fannie Mae</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.000% due 11/25/2035 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">435</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">329</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.237% due 06/01/2023 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,437</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,387</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.113% due 07/01/2012 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5,753</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5,917</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.494% due 09/25/2023</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">47</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">48</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.000% due 08/01/2033- 10/01/2033 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">755</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">774</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.875% due 11/01/2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">19</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">19</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.000% due 07/01/2009- 08/01/2015 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">161</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">164</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.000% due 10/01/2010- 07/25/2022</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">197</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">207</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.500% due 07/01/2008- 03/01/2029</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">129</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">138</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.500% due 09/01/2022- 04/01/2032 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">605</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">648</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.000% due 03/25/2020 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">306</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">332</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.375% due 04/01/2016 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">167</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">168</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1"><B>Federal Housing Administration</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.430% due 07/01/2018</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">234</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">236</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1"><B>First International Bank N.A.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">11.070% due 04/15/2026 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,856</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">158</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1"><B>Freddie Mac</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.000% due 02/15/2036 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">347</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">266</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.000% due 08/01/2007- 06/01/2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">207</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">214</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.000% due 03/01/2031- 08/01/2032 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">888</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">916</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.000% due 07/01/2010- 06/01/2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">26</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.500% due 11/15/2021 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">587</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">620</FONT></TD></TR>
</TABLE></DIV><br clear="All">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>13</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>Schedule of
Investments&nbsp;&nbsp;</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#b2b2b2">(Cont.)</FONT><FONT FACE="ARIAL" SIZE="2" COLOR="#ffffff"><B> </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>PRINCIPAL</SMALL><BR><SMALL>AMOUNT</SMALL><BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>VALUE<BR></SMALL>(000<SMALL>S</SMALL>)</FONT></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1"><B>Green Tree Financial Corp.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.180% due 04/01/2030</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">140</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">138</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.220% due 03/01/2030 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">557</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">553</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.530% due 02/01/2031</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">786</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">725</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.760% due 03/01/2030</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">428</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">434</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.810% due 12/01/2027 (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">476</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">485</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.050% due 01/15/2027</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">922</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">790</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.070% due 01/15/2029</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">136</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">139</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Greenpoint Manufactured Housing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.590% due 11/15/2028</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">96</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">98</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.300% due 10/15/2026</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,967</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>Keystone Owner Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">9.000% due 01/25/2029 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">469</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">455</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Oakwood Mortgage Investors, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">5.550% due 05/15/2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">130</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">116</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.890% due 11/15/2032</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">495</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Ocwen Residential Mortgage-Backed Securities Corp.</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.854% due 06/25/2039 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">604</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">474</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.000% due 10/25/2040 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,293</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">997</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>PPM America High Yield CBO Ltd.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">6.235% due 06/01/2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">219</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">166</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1"><B>Saxon Asset Securities Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.640% due 12/25/2032</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">547</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">297</FONT></TD></TR>
</TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:4px;overflow:hidden">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>PRINCIPAL</SMALL><BR><SMALL>AMOUNT</SMALL><BR>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><SMALL>VALUE<BR></SMALL>(000<SMALL>S</SMALL>)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>

<TR>
<TD VALIGN="bottom" COLSPAN="7"><FONT FACE="ARIAL" SIZE="1"><B>Structured Asset Investment Loan Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.320% due 10/25/2033</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">68</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>UCFC Manufactured Housing Contract</B></FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">7.900% due 01/15/2028</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">468</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>Wilshire Mortgage Loan Trust</B></FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">8.990% due 05/25/2028 (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">337</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">335</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Total Real Estate Asset-Backed Securities (Cost $30,774)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>28,440</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>SHORT-TERM INSTRUMENTS 0.7%</B></FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1"><B>U.S. TREASURY BILLS 0.7%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">4.552% due 09/01/2007 (c)(e)(h)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,020</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">1,009</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Total Short-Term Instruments (Cost $1,010)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>1,009</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9"><FONT FACE="ARIAL" SIZE="1"><B>PURCHASED OPTIONS </B>(j)<B> 0.1%</B></FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1"><B></B><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(Cost $104)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>120</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD COLSPAN="9" VALIGN="bottom"><HR SIZE="5" NOSHADE COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="5" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Total Investments (f) 153.2%<BR>(Cost $204,926)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>199,241</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Other Assets and Liabilities<BR>(Net) (53.2%)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(69,220</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net Assets 100.0%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>130,021</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
</TABLE></DIV><br clear="All"> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:0%"><FONT FACE="ARIAL" SIZE="1"><B>Notes to Schedule of Investments (amounts in thousands, except number of contracts):
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(a)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Security is in default. </B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(b)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Interest only security. </B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(c)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Coupon represents a weighted average rate. </B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(d)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>On June 30, 2007, securities valued at $73,868 were pledged as collateral for reverse repurchase agreements. </B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(e)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Securities with an aggregate market value of $989 have been pledged as collateral for swap and swaption contracts on June 30, 2007. </B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(f)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>As of June 30, 2007, portfolio securities with an aggregate value of $6,454 were valued in good faith and pursuant to the guidelines established by the Board of Directors.
</B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(g)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Securities purchased under Rule 144A of the 1933 Securities Act and, unless registered under the Act or exempt from registration, may only be sold to qualified institutional investors.
</B></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(h)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Securities with an aggregate market value of $20 have been segregated with the custodian to cover margin requirements for the following open futures contracts on June 30, 2007:
</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Description</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Type</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Expiration<BR>Month</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B># of<BR>Contracts</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Unrealized<BR>(Depreciation)</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">U.S. Treasury 10-Year Note September Futures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Short</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">09/2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>14</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>See&nbsp;accompanying&nbsp;notes</B></FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Unaudited)<BR>June&nbsp;30,&nbsp;2007</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(i)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Swap agreements outstanding on June 30, 2007: </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Credit Default Swaps </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Counterparty</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Reference&nbsp;Entity</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Buy/Sell<BR>Protection<SUP>(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(Pay)/<BR>Receive<BR>Fixed<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Expiration<BR>Date</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Notional<BR>Amount</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Unrealized<BR>(Depreciation)</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Lehman Brothers, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Windstream&nbsp;Corp. 8.125%&nbsp;due&nbsp;08/01/2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Sell</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1.050%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">06/20/2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">2,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:4px; margin-top:-3px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"> <P STYLE="line-Height:80%; vertical-align:top"><FONT FACE="ARIAL" SIZE="1"><I><SUP>(1)</SUP></I></FONT></P></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="line-height:80%; vertical-align:top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><I>If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement,
the Fund will pay to the buyer of the protection an amount up to the notional value of the swap and in certain instances, take delivery of the security. </I></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Interest Rate Swaps </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Counterparty</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Floating Rate Index</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Pay/<BR>Receive<BR>Floating<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Fixed<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Expiration<BR>Date</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Notional<BR>Amount</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Unrealized<BR>Appreciation/<BR>(Depreciation)</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Barclays Bank PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Receive</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.700%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">06/19/2025</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">242,800</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(1,124</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Barclays Bank PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Pay</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.600%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">06/21/2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">28,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(707</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Barclays Bank PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Pay</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.650%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">06/21/2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">165,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(3,324</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Barclays Bank PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Receive</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.000%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12/20/2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,300</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Royal Bank of Scotland Group PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Receive</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4.660%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">02/25/2017</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">62,900</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">410</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Royal Bank of Scotland Group PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Pay</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.840%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">02/25/2017</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">62,900</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">UBS Warburg LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Pay</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.700%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">06/21/2025</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">40,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">UBS Warburg LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">3-Month USD-LIBOR</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">Receive</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.000%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12/20/2026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4,200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">(5,616</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">)</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(j)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Purchased options outstanding on June 30, 2007: </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Interest Rate Swaptions </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Description</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Counterparty</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Floating&nbsp;Rate<BR>Index</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Pay/<BR>Receive<BR>Floating<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Exercise<BR>Rate</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Expiration<BR>Date</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Notional<BR>Amount</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Cost</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Value</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Call - OTC 9-Year<BR>Interest&nbsp;Rate&nbsp;Swap</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Royal Bank of Scotland Group&nbsp;PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT FACE="ARIAL" SIZE="1">3-Month<BR>USD-LIBOR</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Pay</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">4.660%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">02/21/2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">9,400</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">62</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">11</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Put - OTC 9-Year<BR>Interest&nbsp;Rate&nbsp;Swap</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Royal Bank of Scotland Group&nbsp;PLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT FACE="ARIAL" SIZE="1">3-Month<BR>USD-LIBOR</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Receive</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">5.840%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">02/21/2008</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">9,400</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">42</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">109</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD COLSPAN="3" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">&nbsp;&nbsp;104</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">120</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD COLSPAN="3" VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="ARIAL" SIZE="1"><B>(k)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="ARIAL" SIZE="1"><B>Restricted securities as of June 30, 2007: </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Issuer Description</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Coupon</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Maturity<BR>Date</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Acquisition<BR>Date</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Cost</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Market<BR>Value</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Market<BR>Value as<BR>Percentage<BR>of Net<BR>Assets</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Fannie Mae</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">8.333%</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12/25/2015</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">12/08/1995</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">&nbsp;&nbsp;1,084</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">&nbsp;&nbsp;1,081</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.83%</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#334a73"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#334a73"></TD></TR>
</TABLE>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>15</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_10"></A>Notes to Financial Statements </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>1. ORGANIZATION </B>
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Effective June&nbsp;1, 2007, the Fund&#146;s name changed from the PIMCO Commercial Mortgage Securities Trust, Inc. to the PCM Fund, Inc. The PCM Fund, Inc. (the
&#147;Fund&#148;) commenced operations on September&nbsp;2, 1993. The Fund is registered under the Investment Company Act of 1940 (the &#147;Act&#148;), as amended, as a closed-end, non-diversified, management investment company organized as a
Maryland corporation. The stock exchange symbol of the Fund is PCM. Shares are traded on the New York Stock Exchange (&#147;NYSE&#148;). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>2. SIGNIFICANT ACCOUNTING POLICIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The following is a summary of
significant accounting policies consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;). The preparation of
financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures on the financial statements. Actual results could differ from those estimates. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(a) Security Valuation</B></FONT><FONT
FACE="ARIAL" SIZE="1" COLOR="#000000"> Fund securities are valued as of the close of regular trading (normally 4:00 p.m., Eastern Time) on each day that the NYSE is open. Fund securities and other assets for which market quotes are readily available
are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services.
Fixed-income securities and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services. Prices obtained from independent pricing services use information provided by market makers
or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the
forward settlement date. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant
exchange. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Investments initially valued in currencies other than the U.S. dollar are
converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of a Fund&#146;s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in
markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Securities and other assets for which market quotes are not readily available are valued at fair value
as determined in good faith by the Board of Directors or persons acting at their direction. The Board of Directors has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has
delegated to Pacific Investment Management Company LLC (&#147;PIMCO&#148;) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one
of the valuation methods, the value of the security or asset will be determined in good faith by the Valuation Committee of the Board of Directors, generally based upon recommendations provided by PIMCO. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Market quotes are considered not readily available in circumstances where there is an absence of
current or reliable market-based data (e.g., trade information, bid/asked information, broker quotes), including where events occur after the close of the relevant market, but prior to the close of regular trading, that materially affect the values
of the Fund&#146;s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade, do not open for trading for the entire day and
no other market prices are available. The Board has delegated to PIMCO the responsibility for monitoring significant events that may materially affect the values of the Fund&#146;s securities or assets and for determining whether the value of the
applicable securities or assets should be re-evaluated in light of such significant events. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL"
SIZE="1">When the Fund uses fair value pricing to determine its NAV, securities will not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Board of Directors or
persons acting at their direction believe accurately reflects fair value. The Trust&#146;s policy is intended to result in a calculation of the Fund&#146;s NAV that fairly reflects security values as of the time of pricing. However, fair values
determined by the Board of Directors or persons acting at their direction may not accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing. Because </FONT>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>16</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Unaudited)<BR>June&nbsp;30,&nbsp;2007</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="ARIAL" SIZE="1">foreign securities can trade on non-business days of the Fund, the NAV of the Fund&#146;s portfolio may change on days when shareholders will not be able to purchase
or redeem fund shares. The prices used by the Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(b) Securities Transactions and Investment
Income</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month
or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date
may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis. Paydown gains and losses on
mortgage-related and other asset-backed securities are recorded as components of interest income on the Statement of Operations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(c) Dividends and Distributions to Shareholders</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> The Fund intends to
distribute all its net investment income monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than once each&nbsp;year. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from GAAP. Differences between tax
regulations and GAAP may change the fiscal year when income and capital items are recognized for tax and GAAP purposes. Examples of events that give rise to timing differences include wash sales, straddles, net operating losses and capital loss
carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of characterization differences include the treatment of mortgage paydowns, swaps,
foreign currency transactions and contingent debt instruments. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income and realized capital gain reported on
the Fund&#146;s annual financial statements presented under GAAP. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT
FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(d) Futures Contracts</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> The Fund may enter into futures contracts. The Fund may use futures contracts to manage its exposure to the securities markets or
to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures
contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker, an
amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value
(&#147;variation margin&#148;) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation
margin disclosed on the Statement of Assets and Liabilities. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL"
SIZE="1" COLOR="#334a73"><B>(e) Options Contracts</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> The Fund may write call and put options on futures, swaps, securities or currencies it owns or in which it may invest. Writing put options tends
to increase the Fund&#146;s exposure to the underlying instrument. Writing call options tends to decrease the Fund&#146;s exposure to the underlying instrument. When the Fund writes a call or put option, an amount equal to the premium received is
recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statement of Assets and Liabilities. Certain options may be written
with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received from writing options which expire are treated as realized gains. Premiums received
from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option
has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the future, swap, security or currency underlying the
written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. </FONT></P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>17</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>Notes to Financial Statements&nbsp;&nbsp;</B></FONT><FONT FACE="ARIAL" SIZE="1"
COLOR="#b2b2b2">(Cont.)</FONT><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B> </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Fund may also purchase put and call
options. Purchasing call options tends to increase the Fund&#146;s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund&#146;s exposure to the underlying instrument. The Fund pays a premium which is included on
the Fund&#146;s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may
be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid.
Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(f) Reverse Repurchase
Agreements</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> The Fund may enter into reverse repurchase agreements. Reverse repurchase agreements involve the sale of a portfolio-eligible security by the Fund, coupled with an agreement to
repurchase the security at a specified date and price. Reverse repurchase agreements involve the risk that the market value of securities retained by the Fund may decline below the repurchase price of the securities sold by the Fund, which it is
obligated to repurchase. Reverse repurchase agreements are considered to be borrowing by the Fund. To the extent the Fund collateralizes its obligations under reverse repurchase agreements, such transactions will not be deemed subject to the 300%
asset coverage requirements imposed by the Act. The Fund will segregate assets determined to be liquid by PIMCO or otherwise cover its obligations under reverse repurchase agreements. The average amount of borrowings outstanding during the period
ended June&nbsp;30, 2007 was $68,603,055 at a weighted average interest rate of 5.38%. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">
</FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(g) Restricted Securities</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price
may be difficult. Securities acquired under the provisions of Rule 144A can only be traded between qualified institutional investors. The Board of Directors considers 144A securities to be liquid. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(h) Swap Agreements</B></FONT><FONT FACE="ARIAL"
SIZE="1" COLOR="#000000"> The Fund may invest in swap agreements. Swap transactions are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, or market-linked returns at specified,
future intervals. The Fund may enter into interest rate, credit default and other forms of swap agreements to manage its exposure to interest rates and credit risk. In connection with these agreements, securities may be identified as collateral in
accordance with the terms of the respective swap agreements. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Interest rate swap
agreements involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate payments with respect to the notional amount of principal. Certain
forms of interest rate swap agreements may include: (i)&nbsp;interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or &#147;cap&#148;,
(ii)&nbsp;interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or &#147;floor&#148;, or (iii)&nbsp;interest rate collars, under
which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of
a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of the issuers (i.e., to reduce risk
where the Fund owns or has exposure to the sovereign issuer) or to take an active long or short position with respect to the likelihood of a particular issuer&#146;s default. As a seller of protection, the Fund generally receives an upfront payment
or a fixed rate of income throughout the term of the swap provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the
buyer of the protection an amount up to the notional value of the swap and in certain instances take delivery of the security. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the
Fund would be subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs. The treatment of credit default swaps and
other swap agreements that provide for contingent, non-periodic, bullet-type payments as &#147;notional principal contracts&#148; for U.S. federal income tax purposes is uncertain. Were the U.S. Internal Revenue </FONT>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>18</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Unaudited)<BR>June&nbsp;30,&nbsp;2007</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="ARIAL" SIZE="1">Service (&#147;IRS&#148;) to take the position that a credit default swap or other bullet-type swap is not a &#147;notional principal contract&#148; for U.S. federal
income tax purposes, payments received by the Trust from such investments might be subject to U.S. excise or income taxes. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss on the Statement of Operations.
Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities. These upfront payments are recorded as realized gain or loss on the Statement of Operations upon termination or
maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain
or loss on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve
the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be
unfavorable changes in interest rates. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">(</FONT><FONT FACE="ARIAL" SIZE="1"
COLOR="#334a73"><B>i) Mortgage-Related and Other Asset-Backed Securities</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> The Fund may invest in mortgage-related or other asset-backed securities. These securities include mortgage pass-through
securities, collateralized mortgage obligations (&#147;CMOs&#148;), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (&#147;SMBSs&#148;) and other securities that directly or indirectly
represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment
of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market&#146;s perception of the creditworthiness of the
issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their
obligations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">One type of SMBS has one class receiving all or a portion of the interest
from the mortgage assets (the interest-only, or &#147;IO&#148; and/or the high coupon rate with relatively low principal amount, or &#147;IOette&#148; class), while the other class will receive all of the principal (the principal-only, or
&#147;PO&#148; class). Payments received for IOs and IOettes are included in interest income on the Statement of Operations. Because little to no principal will be received at the maturity of an IO or IOettes, adjustments are made to the book value
of the security on a daily basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(j) U.S. Government Agencies or
Government-Sponsored Enterprises</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage
Association (&#147;GNMA&#148; or &#147;Ginnie Mae&#148;), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities
issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors (i.e., not backed by the full faith and credit
of the U.S. Government) include the Federal National Mortgage Association (&#147;FNMA&#148; or &#147;Fannie Mae&#148;) and the Federal Home Loan Mortgage Corporation (&#147;FHLMC&#148; or &#147;Freddie Mac&#148;). Pass-through securities issued by
FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its
participation certificates are not backed by the full faith and credit of the U.S. Government. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL"
SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(k) New Accounting Policies</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> In July 2006, the Financial Accounting Standards Board (&#147;FASB&#148;) issued Interpretation
No.&nbsp;48, &#147;Accounting for Uncertainty in Income Taxes&#151;an Interpretation of FASB Statement No.&nbsp;109&#148; (the &#147;Interpretation&#148;). The Interpretation became effective for the Fund on June&nbsp;29, 2007. Management has
evaluated the application of the Interpretation in relation to the Fund and has concluded that no single filing position or combination of filing positions identified as uncertain tax positions required the accrual of a tax liability in the
accounting records of the Fund for the period ending June&nbsp;30, 2007. Management will monitor all existing filing positions and future filing positions in light of the Interpretation and evaluate the need for any future tax accruals and financial
statement disclosures as warranted. </FONT></P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>19</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>Notes to Financial Statements&nbsp;&nbsp;</B></FONT><FONT FACE="ARIAL" SIZE="1"
COLOR="#b2b2b2">(Cont.)</FONT><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B> </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">In September 2006, the FASB issued
Statement of Financial Accounting Standards No.&nbsp;157, &#147;Fair Value Measurements&#148; (the &#147;Statement&#148;). The Statement is effective for fiscal years beginning after November&nbsp;15, 2007 and will require expanded disclosure about
fair value measurements, separately for each major category of assets and liabilities, that enables shareholders to assess the inputs used to develop those measurements, and for recurring fair value measurements using significant unobservable inputs
the effect of the measurements on changes in net assets for the reporting period. Management is currently evaluating the application of the Statement to the Fund and will provide additional information in relation to the Statement on the Fund&#146;s
annual financial statements for the period ending December&nbsp;31, 2007. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"
COLOR="#334a73"><B>3. FEES AND EXPENSES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(a) Investment Manager Fee</B></FONT><FONT FACE="ARIAL" SIZE="1"
COLOR="#000000"> PIMCO is a majority-owned subsidiary of Allianz Global Investors of America L.P. (&#147;AGI&#148;), and serves as investment manager (the &#147;Manager&#148;) to the Fund, pursuant to an investment advisory contract. The Manager
receives a quarterly fee from the Fund at an annual rate of 0.725% based on average weekly net assets of the Fund. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(b) Administration Fee</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> PIMCO serves as administrator (the
&#147;Administrator&#148;), and provides administrative services to the Fund for which it receives from the Fund a quarterly administrative fee at an annual rate of 0.10% based on average weekly net assets of the Fund. As the Administrator, PIMCO
bears the cost of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1"></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(c) Fund Expenses</B></FONT><FONT FACE="ARIAL" SIZE="1" COLOR="#000000"> The Fund is responsible for the following expenses:
(i)&nbsp;independent auditors&#146; fees; (ii)&nbsp;printing fees; (iii)&nbsp;transfer agent fees; (iv)&nbsp;custody and accounting fees; (v)&nbsp;taxes and governmental fees, (vi)&nbsp;brokerage fees and commissions and other portfolio transaction
expenses (vii)&nbsp;the costs of borrowing money, including interest expenses and bank overdraft charges; (viii)&nbsp;fees and expenses of the Directors who are not &#147;interested persons&#148;, as defined in the Act, of PIMCO or the Fund (each an
&#147;Independent Director&#148;), and any counsel retained exclusively for their benefit; (ix)&nbsp;legal fees; (x)&nbsp;extraordinary expenses, including costs of litigation and indemnification expenses. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Each Director, other than those affiliated with PIMCO or its affiliates, will receive an annual
retainer of $6,000, plus $1,000 for each Board of Directors meeting attended in person, $250 for each committee meeting attended and $500 for each Board of Directors meeting attended telephonically, plus reimbursement of related expenses. In
addition, the audit committee chair will receive an additional annual retainer of $1,000 and each other committee chair will receive an additional annual retainer of $500. The Fund pays no compensation directly to any Director or any other officer
who is affiliated with the Administrator, all of whom receive remuneration for their services to the Fund from the Administrator or its affiliates. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>4. RELATED PARTY TRANSACTIONS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Adviser and Administrator are related
parties as defined by FAS 57, <I>Related Party Disclosures</I>. Fees payable to these parties are disclosed in Note 3. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>5. GUARANTEES AND INDEMNIFICATIONS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Under the Fund&#146;s organizational
documents, each Director, officer, employee or other agent of the Fund (including the Fund&#146;s investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties
to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund&#146;s maximum exposure under these arrangements is unknown as this would involve future claims
that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>6. PURCHASES AND SALES OF SECURITIES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The
length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Fund is known as &#147;portfolio turnover.&#148; The Fund may engage in frequent and active
trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover (e.g., over 100%) involves correspondingly greater expenses to the Fund, </FONT>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>20</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR>
<TD HEIGHT="40"></TD>
<TD HEIGHT="40" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1">(Unaudited)<BR>June&nbsp;30,&nbsp;2007</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="ARIAL" SIZE="1">including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also
result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates). The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund&#146;s
performance. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Purchases and sales of securities (excluding short-term investments) for
the period ended June&nbsp;30, 2007, were as follows (amounts in thousands): </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="70%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="24%"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>U.S. Government/Agency</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>All Other</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Purchases</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Sales</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Purchases</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Sales</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,346</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,589</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>7. REGULATORY AND LITIGATION
MATTERS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Since February 2004, PIMCO, Allianz Global Investors of America L.P. (PIMCO&#146;s parent company), and certain of their affiliates, including the PIMCO
Funds (a series of funds managed by PIMCO), the Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series (another series of funds managed by affiliates of PIMCO)), certain Directors of the Fund (in their capacity as Trustees of the PIMCO
Funds or the Allianz Funds) and certain employees of PIMCO, have been named as defendants in fifteen lawsuits filed in various jurisdictions. Eleven of those lawsuits concern &#147;market timing,&#148; and they have been transferred to and
consolidated for pre-trial proceedings in a multi-district litigation proceeding in the U.S. District Court for the District of Maryland; the other four lawsuits concern &#147;revenue sharing&#148; and have been consolidated into a single action in
the U.S. District Court for the District of Connecticut. The lawsuits have been commenced as putative class actions on behalf of investors who purchased, held or redeemed shares of the various series of the PIMCO Funds and the Allianz Funds during
specified periods, or as derivative actions on behalf of the PIMCO Funds and the Allianz Funds. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL"
SIZE="1">The market timing actions in the District of Maryland generally allege that certain hedge funds were allowed to engage in &#147;market timing&#148; in certain of the PIMCO Funds and the Allianz Funds and this alleged activity was not
disclosed. Pursuant to tolling agreements entered into with the derivative and class action plaintiffs, PIMCO, certain Directors of the Fund (in their capacity as Trustees of PIMCO Funds or the Allianz Funds), and certain employees of PIMCO who were
previously named as defendants have all been dropped as defendants in the market timing actions; the plaintiffs continue to assert claims on behalf of the shareholders of the PIMCO Funds or on behalf of the PIMCO Funds themselves against other
defendants. By order dated November&nbsp;3, 2005, the U.S. District Court for the District of Maryland granted the PIMCO Funds&#146; motion to dismiss claims asserted against it in a consolidated amended complaint where the PIMCO Funds were named,
in the complaint, as a nominal defendant. The revenue sharing action in the District of Connecticut generally alleges that fund assets were inappropriately used to pay brokers to promote the PIMCO Funds and the Allianz Funds, including directing
fund brokerage transactions to such brokers, and that such alleged arrangements were not fully disclosed to shareholders. On August&nbsp;11, 2005, the U.S. District Court for the District of Connecticut conducted a hearing on defendants&#146; motion
to dismiss the consolidated amended complaint in the revenue sharing action but has not yet ruled on the motion to dismiss. The market timing and revenue sharing lawsuits seek, among other things, unspecified compensatory damages plus interest and,
in some cases, punitive damages, the rescission of investment advisory contracts, the return of fees paid under those contracts and restitution. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Two nearly identical class action civil complaints have been filed in August 2005, in the Northern District of Illinois Eastern Division, alleging that the plaintiffs each
purchased and sold a 10-year Treasury note futures contract and suffered damages from an alleged shortage when PIMCO held both physical and futures positions in 10-year Treasury notes for its client accounts. The two actions have been consolidated
into one action, and the two separate complaints have been replaced by a consolidated complaint. PIMCO is a named defendant, and the PIMCO Funds have been added as a defendant, to the consolidated action. PIMCO strongly believes the complaint is
without merit and intends to vigorously defend itself. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">In April 2006, the Fund and
certain other funds managed by PIMCO were served in an adversary proceeding brought by the Official Committee of Asbestos Claimants of G-I Holdings, Inc. in G-I Holdings, Inc.&#146;s bankruptcy in the District of New Jersey. In July 2004, PIMCO was
named in this lawsuit and remains a defendant. The plaintiff seeks </FONT>
</P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>21</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>Notes to Financial Statements&nbsp;&nbsp;</B></FONT><FONT FACE="ARIAL" SIZE="1"
COLOR="#b2b2b2">(Cont.)</FONT><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B> </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="ARIAL" SIZE="1">to recover for the bankruptcy estate assets that were transferred by the predecessor entity of G-I Holdings, Inc. to a wholly-owned subsidiary in 1994. The subsidiary
has since issued notes, of which the Fund and certain other funds managed by PIMCO are alleged to be holders. The complaint alleges that in 2000, more than two hundred noteholders&#151;including the Fund and certain other funds managed by
PIMCO&#151;were granted a second priority lien on the assets of the subsidiary in exchange for their consent to a refinancing transaction and the granting of a first priority lien to the lending banks. The plaintiff is seeking invalidation of the
lien in favor of the noteholders and/or the value of the lien. On June&nbsp;21, 2006, the District of New Jersey overturned the Bankruptcy Court&#146;s decision granting permission to file the adversary proceeding and remanded the matter to the
Bankruptcy Court for further proceedings. Following a motion to reconsider, the District Court upheld its remand on August&nbsp;7, 2006, and instructed the Bankruptcy Court to conduct a &#147;cost-benefit&#148; analysis of the Committee&#146;s
claims, including claims against the noteholders. The Bankruptcy Court held a status conference on October&nbsp;25, 2006 and set a briefing schedule relating to this cost-benefit analysis. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The foregoing speaks only as of the date of this report. It is possible that these matters and/or
other developments resulting from these matters could lead to a decrease in the market value of the Fund&#146;s Shares or other adverse consequences to the Fund. However, PIMCO believes that these matters are not likely to have a material adverse
effect on the Fund or on PIMCO&#146;s ability to perform its investment advisory services relating to the Fund. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>8. FEDERAL INCOME TAX MATTERS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Fund intends to qualify as a regulated
investment company under sub-chapter M of the Internal Revenue Code (the &#147;Code&#148;) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been
made. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">At June 30, 2007, the aggregate cost of investments was the same for federal
income tax and financial statement purposes. The net unrealized appreciation/(depreciation) of investment securities for federal income tax purposes is as follows (amounts in thousands): </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="70%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Aggregate&nbsp;Gross</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Unrealized</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Appreciation</B>
</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Aggregate&nbsp;Gross</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Unrealized</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1"
COLOR="#334a73"><B>(Depreciation)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Net&nbsp;Unrealized</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>(Depreciation)</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,632</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,317)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #334a73"><FONT FACE="ARIAL" SIZE="1">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,685)</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>22</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR>
<TD HEIGHT="59"></TD>
<TD HEIGHT="59" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_11"></A>Privacy Policy*</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">(Unaudited)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Funds consider customer privacy to
be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders&#146; personal information. To ensure their
shareholders&#146; privacy, the Funds have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Obtaining Personal Information </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">In the course of providing shareholders
with products and services, the Funds and certain service providers to the Funds, such as the Funds&#146; investment advisers (&#147;Advisers&#148;), may obtain non-public personal information about shareholders, which may come from sources such as
account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder&#146;s brokerage or financial advisory firm, financial adviser or consultant, and/or from information
captured on the Funds&#146; internet web sites. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Respecting Your
Privacy </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">As a matter of policy, the Funds do not disclose any personal or account information provided by shareholders or gathered by the Funds to non-affiliated
third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Funds. As is common in the industry, non-affiliated companies may from time to time be used to provide
certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. A Fund&#146;s Distributor may also retain
non-affiliated companies to market the Fund&#146;s shares or products which use the Fund&#146;s shares and enter into joint marketing agreements with other companies. These companies may have access to a shareholder&#146;s personal and account
information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Funds may also provide a shareholder&#146;s
personal and account information to the shareholder&#146;s respective brokerage or financial advisory firm. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Sharing Information with Third Parties </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Funds reserve the right to disclose or report personal information to
non-affiliated third parties, in limited circumstances, where the Funds believe in good faith that disclosure is required under law to cooperate with regulators or law enforcement authorities, to protect their rights or property or upon reasonable
request by any Fund in which a shareholder has chosen to invest. In addition, the Funds may disclose information about a shareholder&#146;s accounts to a non-affiliated third party with the consent of the shareholder. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Sharing Information with Affiliates </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Funds may share shareholder information with their affiliates in connection with servicing their shareholders&#146; accounts or to provide shareholders with information about
products and services that the Funds or their Advisers, principal underwriters or their affiliates (&#147;Service Affiliates&#148;) believe may be of interest to such shareholders. The information that the Funds share may include, for example, a
shareholder&#146;s participation in one of the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder&#146;s ownership of certain types of accounts (such as IRAs), or other data about a shareholder&#146;s accounts. The
Funds&#146; Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Procedures to Safeguard Private Information </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL"
SIZE="1">The Funds take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Funds have also implemented procedures that are designed to restrict access to a shareholder&#146;s non-public
personal information only to internal personnel who need to know that information in order to provide products or services to such shareholders. In order to guard a shareholder&#146;s non-public personal information, physical, electronic and
procedural safeguards are in place. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">* <I>This Privacy Policy applies to the following
entities: PIMCO Funds, PIMCO Variable Insurance Trust, PCM Fund, Inc. and PIMCO Strategic Global Government Fund, Inc. (collectively, the &#147;Funds&#148;).</I> </FONT></P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>23</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR>
<TD HEIGHT="59"></TD>
<TD HEIGHT="59" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_12"></A>Dividend Reinvestment Plan</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">(Unaudited)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>What is the Dividend
Reinvestment Plan for PCM Fund, Inc.? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Dividend Reinvestment Plan offers shareholders in the Fund an efficient and simple way to reinvest dividends and
capital gains distributions, if any, in additional shares of the Fund. Each month the Fund will distribute to shareholders substantially all of its net investment income. The Fund expects to distribute at least annually any net realized long-term or
short-term capital gains. Computershare Trust Co., N.A. acts as Plan Agent for shareholders in administering the Plan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Who can participate in the Plan? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">All shareholders in the Fund may
participate in the Plan by following the instructions for enrollment provided later in this section. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>What does the Plan offer? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Plan offers shareholders a simple and convenient means to reinvest dividends and capital
gains distributions in additional shares of the Fund. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>How is the
reinvestment of income dividends and capital gains distributions accomplished? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">If you are a participant in the Plan, your dividends and capital gains
distributions will be reinvested automatically for you, increasing your holding in the Fund. If the Fund declares a dividend or capital gains distribution payable either in cash or in shares of the Fund, you will automatically receive shares of the
Fund. If the market price of shares is equal to or exceeds the net asset value per share on the Valuation Date (as defined below), Plan participants will be issued shares valued at the net asset value most recently determined or, if net asset value
is less than 95% of the then-current market price, then at 95% of the market price. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:3%"><FONT
FACE="ARIAL" SIZE="1">If the market price is less than the net asset value on the Valuation Date, the Plan Agent will buy shares in the open market, on the New York Stock Exchange (&#147;NYSE&#148;) or elsewhere, for the participants&#146; accounts.
If, following the commencement of the purchase and before the Plan Agent has completed its purchases, the market price exceeds the net asset value, the average per share purchase price paid by the Plan Agent may exceed the net asset value, resulting
in the acquisition of fewer shares than if the dividend or capital gains distribution had been paid in shares issued by the Fund at net asset value. Additionally, if the market price exceeds the net asset value before the Plan Agent has completed
its purchases, the Plan Agent is permitted to cease purchasing shares and the Fund may issue the remaining shares at a price equal to the greater of net asset value or 95% of the then-current market price. In a case where the Plan Agent has
terminated open market purchases and the Fund has issued the remaining shares, the number of shares received by the participant will be based on the weighted average of prices paid for shares purchased in the open market and the price at which the
Fund issues the remaining shares. The Plan Agent will apply all cash received to purchase shares as soon as practicable after the payment date of the dividend or capital gains distribution, but in no event later than 30 days after that date, except
when necessary to comply with applicable provisions of the federal securities laws. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:3%"><FONT
FACE="ARIAL" SIZE="1">The Valuation Date is the dividend or capital gains distribution payment date or, if that date is not a NYSE trading day, the immediately preceding trading day. All reinvestments are in full and fractional shares, carried to
three decimal places. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Is there a cost to participate? </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">There is no direct charge to participants for reinvesting dividends and capital gains distributions, since the Plan Agent&#146;s fees are paid by the Fund. There are no
brokerage charges for shares issued directly by the Fund. Whenever shares are purchased on the NYSE or elsewhere in connection with the reinvestment of dividends or capital gains distributions, each participant will pay a pro rata portion of
brokerage commissions. Brokerage charges for purchasing shares through the Plan are expected to be less than the usual brokerage charges for individual transactions, because the Plan Agent will purchase shares for all participants in blocks,
resulting in lower commissions for each individual participant. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>What
are the tax implications for participants? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">You will receive tax information annually for your personal records to help you prepare your federal income tax
return. The automatic reinvestment of dividends and capital gains distributions does not affect the tax characterization of the dividends and capital gains. Other questions should be directed to your tax adviser. </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR>
<TD HEIGHT="59"></TD>
<TD HEIGHT="59" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">(Unaudited)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>How do participating
shareholders benefit? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">You will build holdings in the Fund easily and automatically at reduced costs. You will receive a detailed account statement from the Plan
Agent, showing total dividends and distributions, dates of investments, shares acquired and price per share, and total shares of record held by you and by the Plan Agent for you. The proxy you receive in connection with the Fund&#146;s shareholder
meetings will include shares purchased for you by the Plan Agent according to the Plan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL"
SIZE="1">As long as you participate in the Plan, shares acquired through the Plan will be held for you in safekeeping in non-certificated form by Computershare Trust Co., N.A., the Plan Agent. This convenience provides added protection against loss,
theft or inadvertent destruction of certificates. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Whom should I
contact for additional information? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">If you hold shares in your own name, please address all notices, correspondence, questions or other communications regarding
the Plan to: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3%"><FONT FACE="ARIAL" SIZE="1">PCM Fund, Inc. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:3%"><FONT FACE="ARIAL" SIZE="1">c/o Computershare Trust Co., N.A. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3%"><FONT FACE="ARIAL" SIZE="1">250 Royall Street </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3%"><FONT FACE="ARIAL" SIZE="1">Canton, MA 02021 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:3%"><FONT FACE="ARIAL" SIZE="1">Telephone: 1-800-213-3606 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">If your shares are not held in your name, you should contact your brokerage firm, bank or other
nominee for more&nbsp;information. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>How do I enroll in the Plan? </B>
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">If you hold shares of the Fund in your own name, you are already enrolled in this Plan. Your reinvestments will begin with the first dividend after you purchase your
shares. If your shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If your nominee is unable to participate in the Plan on your behalf,
you may want to request that your shares be registered in your name with the Plan Agent so that you can participate in the Plan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Once enrolled in the Plan, may I withdraw from it? </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">You may withdraw from
the Plan without penalty at any time by providing written notice to Computershare Trust Co., N.A. Elections to withdraw from the Plan will be effective for distributions with a Record Date of at least ten days after such elections are received by
the Plan Agent. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">If you withdraw, you will receive, without charge, a share certificate
issued in your name for all full shares accumulated in your account from dividend and capital gains distributions, plus a check for any fractional shares based on market price. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Experience under the Plan may indicate that changes are desirable. Accordingly, either the Fund or the Plan Agent may amend or terminate the Plan.
Participants will receive written notice at least 30 days before the effective date of any amendment. In the case of termination, participants will receive written notice at least 30 days before the record date of any dividend or capital gains
distribution by the Fund. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">Semiannual&nbsp;Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73">June&nbsp;30,&nbsp;2007</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>25</B></FONT></TD></TR>
</TABLE></DIV>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD WIDTH="9%"></TD></TR>
<TR>
<TD HEIGHT="59"></TD>
<TD HEIGHT="59" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>
<A NAME="ifc75346_13"></A>2007 Shareholder Meeting Results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">(Unaudited)</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The Fund&#146;s annual shareholders
meeting was held on April 13, 2007. The results of votes taken among shareholders on the proposals presented at the meeting are listed below. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Proposal 1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">To liquidate the Fund in an orderly manner. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B># of<BR>Shares&nbsp;Voted</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">For</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Against</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">33,857</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Abstain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Broker Non-Votes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7,598,498</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">The proposal to liquidate the Fund did not
pass. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#334a73"><B>Proposal 2 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">To elect the Nominees listed below to serve as members of the Fund&#146;s Board of Directors for the terms expiring in 2010, and until their successors are elected and qualify.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B># of<BR>Shares&nbsp;Voted</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>% of<BR>Shares&nbsp;Voted</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>E. Philip Cannon</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">For</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7,632,355</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">99.99%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Withheld</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.01%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7,633,355</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">100.00%</FONT></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>William J. Popejoy</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">For</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7,632,355</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">99.99%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Withheld</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">1,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">0.01%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="ARIAL" SIZE="1">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">7,633,355</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="ARIAL" SIZE="1">100.00%</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>26</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>PCM Fund, Inc.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2" COLOR="#ccd1dc"><B>Other Information </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Investment Manager
and Administrator </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Pacific Investment Management Company LLC </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">840 Newport
Center Drive </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Newport Beach, California 92660 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Transfer Agent </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Computershare Trust Co., N.A. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">250 Royall Street </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Canton, Massachusetts 02021 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Custodian </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="ARIAL" SIZE="1">State Street Bank&nbsp;&amp; Trust Co. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">801 Pennsylvania </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL"
SIZE="1">Kansas City, Missouri 64105 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Legal Counsel </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Dechert LLP </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">1775 I Street, N.W. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="ARIAL" SIZE="1">Washington, D.C. 20006 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1" COLOR="#334a73"><B>Independent Registered
Public Accounting Firm </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">PricewaterhouseCoopers LLP </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">1055 Broadway </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="1">Kansas City, Missouri 64105 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">PIMCO Commercial Mortgage Securities Trust, Inc.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">This report, including the financial statements herein, is provided to the shareholders
of PIMCO Commercial Mortgage Securities Trust, Inc. for their information. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="ARIAL" SIZE="2">3674-AR-0207 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;2.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Code of Ethics.</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">The information required by this Item 2 is only required in an annual report on this Form N-CSR.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item 3.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2"><B>Audit Committee Financial Expert.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">The information required by this Item 3 is only required in an annual report on this Form N-CSR.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2"><B>Principal Accountant Fees and Services.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">The information required by this Item 4 is only required in an annual report on this Form N-CSR.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;5.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2"><B>Audit Committee of Listed Registrants.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">The information required by this Item 5 is only required in an annual report on this Form N-CSR.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;6.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2"><B>Schedule of Investments.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">The schedule of investments is included as part of the report to shareholders under Item 1.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;7.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2"><B>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">The information required by this Item 7 is only required in an annual report on this Form N-CSR.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item 8.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2"><B>Portfolio Managers of Closed-End Management Investment Companies.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">The information required by this Item 8 is only required in an annual report on this Form N-CSR.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;9.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2"><B>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">None.</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;10.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="11"><FONT FACE="Times New Roman" SIZE="2"><B>Submission of Matters to a Vote of Security Holders.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="11"><FONT FACE="Times New Roman" SIZE="2">Not applicable.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;11.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="11"><FONT FACE="Times New Roman" SIZE="2"><B>Controls and Procedures</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">The principal executive officer and principal financial officer of PCM Fund, Inc. (the &#147;Fund&#148;) have concluded that the Fund&#146;s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (&#147;1940 Act&#148;)) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons, based on their
evaluation of these controls and procedures as of a date within 90 days of the filing of this report.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="10"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="9"><FONT FACE="Times New Roman" SIZE="2">There were no changes in the Fund&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of
the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting.</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;12.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="11"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibits</B></FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(a)(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Code of Ethics&#151;Not applicable for semiannual reports.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(a)(2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exhibit 99.CERT&#151;Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exhibit 99.906CERT&#151;Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Signatures </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3" NOWRAP><FONT FACE="Times New Roman" SIZE="2">PCM Fund, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>RNEST</SMALL> L. S<SMALL>CHMIDER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1"
NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ernest L. Schmider</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">President, Principal Executive Officer</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 4, 2007</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;E<SMALL>RNEST</SMALL> L. S<SMALL>CHMIDER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1"
NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ernest L. Schmider</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">President, Principal Executive Officer</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 4, 2007</FONT></P></TD></TR>
<TR>
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">/s/&nbsp;&nbsp;&nbsp;&nbsp;J<SMALL>OHN</SMALL> P. H<SMALL>ARDAWAY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SMALL></FONT></P><HR SIZE="1"
NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">John P. Hardaway</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Treasurer, Principal Financial Officer</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 4, 2007</FONT></P></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>dex99cert.htm
<DESCRIPTION>CERTIFICATIONS UNDER RULE 30-A-2(A)
<TEXT>
<HTML><HEAD>
<TITLE>Certifications Under Rule 30-a-2(a)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EX.-99.CERT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Certification Under Rule 30a-2(a)</U> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CERTIFICATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I, Ernest L. Schmider, certify that: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">I have reviewed this report on Form N-CSR of PCM Fund, Inc. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;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) for the registrant and have: </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">d)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions): </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 4, 2007</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Signature:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ Ernest L. Schmider</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">President, Principal Executive Officer</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">H-1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EX.-99.CERT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Certification Under Rule 30a-2(a) </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CERTIFICATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I, John P. Hardaway, certify that: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">I have reviewed this report on Form N-CSR of PCM Fund, Inc. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;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) for the registrant and have: </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">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></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">d)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The registrant&#146;s other certifying officer and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions): </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant&#146;s ability to record, process, summarize, and report financial information; and </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">September 4, 2007</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Signature:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ John P. Hardaway</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Treasurer, Principal Financial Officer</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">H-2 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.909CERT
<SEQUENCE>3
<FILENAME>dex99909cert.htm
<DESCRIPTION>CERTIFICATIONS UNDER RULE 30A-2(B)
<TEXT>
<HTML><HEAD>
<TITLE>Certifications Under Rule 30a-2(b)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EX. -99.906CERT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>Certification Under Rule 30a-2(b)</U> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the &#147;Report&#148;), the undersigned officers of the PCM Fund, Inc. (the &#147;Registrant&#148;) each certify
that to his knowledge: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ Ernest L. Schmider</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ John P. Hardaway </FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Ernest L. Schmider</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">John P. Hardaway </FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">President, Principal Executive Officer</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Treasurer, Principal Financial Officer </FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 4, 2007</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 4, 2007</FONT></P><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>A signed original of this written
statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to
the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the &#147;Commission&#148;) or its staff upon request.</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Reports.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">J-1 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g75346g34y11.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g75346g34y11.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0B$4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````(0```-8````&`&<`,P`T
M`'D`,0`Q`````0`````````````````````````!``````````````#6````
M(0`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````!><````!````<````!$`
M``%0```64```!<L`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``1`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#INN==ZGT_JOV"WJ^-C6W,==B8M6!;DVOKW^E37[,O?;DO_P"!HV?H
MK[/T;*UL_5G)Z[D]-];KE+:,AUCO1:UOIO=1#?1MR:/5R6X^39[O5H9?9Z2Y
M+K'2:G_6_JN1D="S>IWY5=#>GVXSGXU!#:MF0,KJ-5^.QGJ6;:G^HVS]'57^
MC0:LSZVXN)33B'*S.F8O4(S<G$:[(N?!<Y_3>D_;'>O?TO"NI^R9'4<JWU+;
M;?3J_5L>[>E/I*2YIN=]>Q]HR/V7B/K?%F-BNRMES&M`:[&L<W'LHLR;G?I-
M_K_9ZOYOU4V7C?6_J.)?TWJ&'TRS'S!M=9ZM^VNIQ;OJLQVULMRKF>[9=5EX
M/J?]UTE.AC]=^T]6RL.FC]1P/T>5U!U@:QN1#+/LC*B/TFRJQGJV[_T?\VM4
M$.`<T@@B01P0N.^J?U"Z5B](H/7.F47]6#[CD67!M^\NML]-[MYM8[=1Z3O_
M`%*NJRZLD8%U73BRK)%+FXA>/T;;-I;1O:T']$Q^WZ+4E.)UKZ[=/Z5;=6*G
MY(PW-;F6-LIJ96YS77>@Q^;=C_:LSTF>I]EQO5?_`%%M]/S:^H8./G5,?77D
MUMM8RUNQX#ANVV,_>7(=*^K.1]5K?4=TJCKS`76?M*EK&]1#CZEECKF9UGIY
M&YS_`$]^-ETV?]U[%U5/4;;L&C,&#DL=>YH.,\5MNK#G;/4O9ZWIM:QOZ6S;
M8^W9_@_4]B2FZL3-^M6%A]2S,-[2^KIF([,ZAD-(BHG:<;%V_GY&57ZMM;-[
M/H?\*M7+Q:,S%NQ,EN^C(8ZJUDD2QXV/;N86O;[7?F+SRO\`Q:9[:>G=.MS,
ML8^6^RWKAQLB*&NK;OPFTTY`LLL>VQN/2RU_J?T?U/\`1I*>YZ#E=1S.D8V7
MU.IN/E9#3:ZAF[]&UY+Z*G^IM?ZU=#JV7_\`#>HM!<9T:K_&5CVMMSC1EM:Q
MU%E&1=76TO#YIS:'X6%99Z7H-V/9>_UK;;+/T-/Z)77X/^,')W56]3Z?A5V5
MAQOQ<=[[:[>/0J9E6.ILQOS_`+1;^G_X&G_!I3OYN3]DQ+LKTK,CT6.L]&AN
M^U^T;ME-<MWV._,8C-<'-#A,$2)!!U_DN]RP:*OKS8QOKY'3<5U;&@[*[LGU
M;`TMM>]QLZ;]GJ>_WLKK9=L_TJGBL^NXR*CF7=+=C;AZ[:JLAMFS\_TG69#V
M;_Z[$E/_T/54E\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22GZJ27
MRJDDI^JDE\JI)*?_V0`X0DE-!"$``````%4````!`0````\`00!D`&\`8@!E
M`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`
M;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@``````!P`(``$``0$`_^X`
M#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$!
M`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#_\``$0@`(0#6`P$1``(1`0,1`?_=``0`&__$`'0``0`"
M`P$!`0`````````````("08'"@0%"P$!`````````````````````!```00#
M``(`!@$!`@\`````!`(#!08!!P@`"1$2$Q05"A8A(QHQ02(R)-56EM875Y?7
M6)@1`0````````````````````#_V@`,`P$``A$#$0`_`.E#N;]@/UE^OO9T
MYI#=>W;%9=VUT&-*F-4:?I$ML2U1ADLZ/D&OS)0BP:M7+,_&EM'I!DY()]8+
MS3J,*^JUA81J_O.7&W_J+[/_`/XV/_X[\"P#@KV^<3>QBR777F@[C;H/<6MX
MD2;OFCMQT>7U;MNM1Q)*0WRGJI._,F6%B2GQVSGXY\T<1PP=+KB5/(QD+/?`
M>`\!X#P'@/`>`\!X#P'@/`>`\!X$,*!WQSILWLS=G!U/F[1*[_Y_H]1O^QQA
MZ=.%46,A[DP,0"#B_P`>.96Q+`"W("X(!-=#?4LCY!\/K8*2.$S_``'@/`>`
M\!X#P/_0ZD?<+U[I#U]\2]!=&3JM+QN^EZWMH?.T/>!]<JM.P=V$1PT%2U0%
M<MQL9)[%'I,U,@S$T"#DDI$&$^O",XPG&0H5YP]XOMG]HO->K-4^O'B.P"[E
MEZ_&:]Z2]A.W0HRJ<WZUV.BNJ1?)34T$*@RM3,Y#+DA)@=DF1+-!8RT,N`)<
M.%>0%JOJ"])!'`.R]N=C=.[XDNL._>B`90/:FWC1%MUBNA3D^//SD11%2XK=
MA*5-$Q8"2CGT@HR.$T,,$(,CZ:@O\\!X#P'@?!EK36($:=-G+'`PP=7A7K)9
M2Y:7CXX:NUT9@LHB>G7S"&6HF%'&`?<641EMA"&7%95C"%9P'#?Z_HNG_L`]
M9;B]L/:F_KEIKGKD;=413.%N>0]R1VN"M22^N$5+;YFT+#80%PD<#+!CR$00
M<:&EPDXI]UD@[[6(`^H'7OJ?O[A#?5WC=9Z,[7Y(W/L>8'D2XC7^I^D-.;%N
M\J+#@OR<L3&U2GW.8GCAXN-%<((6T.I+##:G%Y2A.<X"6_@:&Z?Z3U+R!H/:
M/26\K&S5M7ZDJI]JL\DOZ:S"&A$80'#0H2G&W):Q3T@XT''A-?%\LQ]MIM.5
MJQCP.#?8OMGG/8A7K?U/TS[GIKU2<QXMT^)SWQ!Q'93+EVE/CT:(4`S9-O67
M4DO!W&L"VMV>=='#G5#1$L6G/R#,-QP9C@3/_7%[?]E7476^Q*E7]O[VZP]5
M>OX&UUW/1/9U#!B=NQMY@(F".K5(K.QZQ/VURZ;-(D+B`9)#S<L<XNJNJ+?;
M!*R".X';EX#P'@5Q>T7V(Z_];G$&Y^M9@0&^25&4#3Z-0X^Q@Q95SVI8IX2K
MP]5Q*9!FVXY4,88X?*9R(0Z+'@$J^BM:<-J#GL]8=TVIZE/25V)[1.R)&R#]
M#=?;`V%TW'ZXV0S(@2S^Q;S(RE9U&++0=AS%3/YC:]E*_DA32C'77H$P9>%H
M?PZA(2]_5]X<NFD>1+KV[T:#)2/6WL,NTAN^YV:VUP"'MP.K90MZ2H<6IQ"E
MEMBWD\\VVOX;:C!W&Y<)C`>$@,D/!TY^`\!X#P*VN_6?9&/>>*;!P-G7,O1X
M7I&(9[(I-V>KX$E8=`S(2(Z4EH*2L14:C#-3$6>0X+'E(EWY-V.6PV\RP4CP
M+)?`>!__T9X_MG\[UCJ!7J)TBZAF$V!NWO6(YWJVQ7LNN)IE8WKFG5&WH6(W
MA[!#)LVS`'+S])Q>,1&$I_S\X4&P+5^L1Z_>?-:F66X>S+V@Z;U+KZ%PHN5F
M>Q=.T:BU&"CF?E:92Z_SY&PT2".RW\C3*/DQ_@0A/Q^&/`AEZ:/<)M;6<GWW
MLGI/I[=_1GJ;T)4VKEK'L'K&B&0&ZK/M`NQQ=4A=9:T*S.GJN#FP4L261:X^
M^6<R1',N-IC%OF#/!-/TB>YGNCW"=V=.V(*@:OUCZ[=&4]45$P&:X0]LM^SW
M:T2CNGR)RY$V\DJ2V')UFM2C\RW'`_QL$(9+*F&C'Q#"PL3I?O7X]O?LQVSZ
MW8B2CPSM-:_D+1;.BYO85!B=-%7"&34%3NM8$\F8^M)6"">MZ0RUY<:RS)QY
MPV6LY'RM0;QM_NF]3U&7:!K![!>5FI.GJFV)N#!V_4I2=;/K^26Y**#B8^1(
M,D99!`BV6QV$N.//8PA&%*SC&0T]Q![]_6=WQ-;A@M2;K_@A>F_LC9)>_&8+
M3K5SK)Y<L&S<M?-V6QX,G:^P[%8R4A]H.0!P8+@D5E3Z$^!QW?LL]'>JCH.Y
M[3W3QQO[I3;784[2]4TG:=EY^N[DMQ(3K#!(<2Q$;8F'8LQJ3E$P6/M`HZOR
M#$2N6.4H[#AB2&5!=]P?^K'ZC[SQER]L;;6MML;2V3M+1&J=IW6X3&ZKS6%%
M638]&@KG,`1,!K^0J=?BJW$'S3@T:QD=XQL)IM)11;^'"'`Z(N5O7?Q-Q+%X
MC.7N;-7ZE<R1]Z].0<`T9:R#UP@M>*.=MDRN2L*2)&)$0T3\A*$/_%65ISE:
MLY"9_@?GE_L;W_>7L$]B,ES71=4]-[AX8]:T/JF;[0K/.A$<-<46/:2\V>U7
M6J1%A@9L.6LE>UO*!QL80[#S8P#[!KRTMC$+6H+=_2GS%^MMN2.$N'"VL*/?
MMSTPATN:K/3[IUHZ/I<A_'V824-D:#L&1DP!H\MC#_SDPHCT)@M1/VRT_*M*
M0ZM1!!0!1@01AP@0AV1`PQ&6QA1!1FTLCC##LI0RP.PRC"$(1C"4IQC&,8QC
MP/1X#P,5O5.AMBTBXZ^L>9+%>O55L-.GLPTM(P$OB&L\09"2F8J=B"`Y:%DL
M`G+^@6*ZT0,[\KC:TK2E6`_+YN'HBVYO[V^=#^MCCKJO85UT_P`Q*BMZ;)VO
MTTY*3H&N+W>X86UA!SL%'BB5_9NPIV8LH@;\L)&`?EOJ'%+8PP.\A0>WL72/
MOB]E/<[_`*4M^=4:GZ)O'-D6SOPZ'KM-J6H]&ZR%QKV*(JUEN<QJ_G?7SSTI
MF@[1B`X_*A)>.C2+6W'LDMDOF-H"T?4GOR]T=9JW0'*E5YRXHZ#W7P,1;XKH
M3K-4JO7G*E.U[KYJF047B::C+UIFI2FP"[$!8XEN-@5UQ)+^`&8V$6H,U+X6
M_>JG]C7EOJ#D"M;3[UZ2XXY@Z-(N%T@;%K`+8.*(!B#A9-#5;L8-6V#<K19X
MP>:CGL9^#T@4AQ;:EH5A*L(2&%;+_;@]8]/O5'BZ1#[^VKI^4O0E'V7T9!:M
ML$'J[5Q4A]PZ&[EJ?"&M5V._'1Y4@L&.`P4Y'#J=$P6OYFD!#OK3]H[IJT46
M_;T]67!EBVURCH-($OO'J3I.AW>*H+L#(6N!I8K5'A:E=Z@<V458I=;65O&'
M'!BLN&$1B!QS<BA;/:/V5?4E1=`:OW78>F(&Q6#95-J\^G1^JQD[*W57;+8J
M4W;%42UT>KFR&:?8@#<JB"%2A8H`TM\H[Q2/C\_@1J)_:TXMJ,)9[-M_DSV'
MZHK<+:"XF+L%@YR8;A).O+?%%K\_)RTK<H`"O2$\21EO$<XX^IIS"4X><RO&
M,!@_]\D]1_\`LYU__P!FJ3_Y>\"?>O?V$?79M+A7H#V"TN<VY):;YAG*#6]R
MU5W6R@=JUF:V=<:Y2*4&/73)QFO33<S+6@5>"`Y=X5MC#N5N)<:6W@/_TNE+
MW(>O3K#N2)Y4NG%?1%#YOZ!Y2W!8MHTVZ;`KI,]%Y>LU,*I93@66J_<!@I2.
M"-=6SE^),0I2_BG+*T)<P%:5&_76ZGZKV+2]C>Z_V.WKMBMT=G"H?G#72[#0
M--8-9D)%U+Q[T=FF`D*E&6(Q\XD"N1,D5]#(CY3[3`SR0P?5?KAD?:EVBR[N
MC0-BY:]0/K`MTUS?S=PK.1<S2H/HO;&NBEE2^\K#4"`1P[%K6Q#V`?/Y;+CW
MYL4=@9!#SKD^X\&M*W^L+W%K&W]'Z0YW]GJN9O7AT-MZ<O\`8M5ZDI\[&;@E
M:+-S144WJ>QV8$J!=-BHC5!JH93F9MZ%E'4JR3"8:?=1X%RU5_7*].4'JBBZ
MKL/%]!V`NE)>**V/:I.W,;7N\_(1L2!-3UZO]9L-?L%B5)N1""41[KWXF/)>
M?<"%'40_EP/'</UO_3M<]NZOVT9R#381O5--C:7%ZNI[KM2U%;Q8@NT'`S^T
M*E`H"*V7<ONK1G[F5F#2C)!F/"8,60./AI02?Z4].?K"Z[L<%;^@.+M,W*U5
MR)_`QMBB(N5US,NPK;8C(<7,R&L9>FDV0&(9"0W'MR*BDQS:G$"X92Z[A8?%
MZ&]0/$VZ.%MH\"4+3VO^;]1[)CX?*2]*T2N5>2A+97).#F("]D(CAX_^76@*
M0K@CCY,LZ4\=EK'W"W,_U\"PO5FN*SIW6.N=1TMHQBG:LH=0UQ4V9$M9\@S6
M:17X^LP+1QSB4+-,;BXQK#KRL8RXO&59QCX^!GG@/`Q>%I%+K<[;K17:A5X"
MR[`D(V6OEBA8")BYV[2L+#!UV'D[=+`B,'V20B:_'#@#/&./.,!L-LHREM"4
MX"H/K_T(^O'K&W3.Y(S7$MS'TT8\?.171_+=@D]-W\"]K'DWH>]RH51)C:[8
M[%%64]J6=+>%;D9`P1G[@M248Q@-7\=^K'V1<U;MKDAL3W:=)=#<O4B>;L,3
MI[8VN*G9]F7S+DD)*EUG:&\]B2VPK@=5775%#+;`4.3]JMI(KH"6\-^!9[W#
MS9L#K3G.Y:.UCU!N/CZW6@B'(`WCH@[$7L.`3$'MR"HX*18-AY@2+EW&4-F?
MCI&,-=8PII)*$+<2L)!ZWJ9M"UW0J+)6VR7Z0I=+JU3/O=R,Q(6^ZFUR#!AR
MK;:C\83@ZR6-\-1ASV,8^J4\M7^/P,T\#2>N.<=':CV1N_<&N-:UNJ;1Z2L%
M7L^\[W'L$.679,O2*ZFJ4Y=@DS""G\Q]7@OJ-`!,Y9"%642\VREXHEQT(V:1
M]?M&TGWQVSWY&W:P3U[[5K^@ZW8:;(Q4./`T&/T1KN*UZ&FN2K"%3!_\K'A1
MBS$OJ0A#S>,)PK&$Y2$*-F_KA>J+;G0-ZZ%NFDK8_*[0M!-TV1K.%VG=JQIJ
M[VDY+[\C-3U%KTE&_5,D)PE<J[EDIE/Y-67DX3\<IR&Y!/0KZ<PMDL;69]>?
M.:[..0DEN++JYI^ME.)BOPV$OZ:.E2-0$CY#_P`O++D$MK)?^E93DG^V\"=4
MSR'R=8M2"Z!L','.\[H@'\']EI29TIK:3U('_&,836_M=<&UI^G#_P`>2G&`
M?D"Q]IC']E\G@9Y6-+:<I.L6=)4S4VLZCID:#/K`^HZQ1*M`:Q'K<JDA$G7F
M:#%10E5:@Y%!CN'Q$B8'>PZO"T9^97Q#16MO7GP'IFT,7C3_``YQ]JFZBBD@
MC6_6W,^EJ+:!PC4I28&Q8*O2HN69%+2A.'6TO80YC&/FQGX>!*^6AH>?!<C)
MV*C9J->4VMZ/E@19$%U;+B765."&-/,+4TZG"DYRG.4JQC./Z^!B/_*;5?\`
MTTU__N;7/]6^!]9BBT@:(-@!J=51X&2>:(D81BO1#40>0RMAQE\V-;#2&4\T
MX,VI*EH4I.6TYQGXIQ\`_]/OX\!X#P'@/`>`\!X#P'@/`>`\!X#P'@/`>`\!
- -X#P'@/`>`\!X#P/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g75346g52q14.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g75346g52q14.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[0JL4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````K0```4X````&`&<`-0`R
M`'$`,0`T`````0`````````````````````````!``````````````%.````
MK0`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````"`\````!````<````#H`
M``%0``!,(```!_,`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"``Z`'`#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#TFC/JRP6-9;7N#M7#;&T['#<T_206,QVU-K%V0=NH<7^[\W_R*M&[
M)^TNJ-$4!LB_<-3'T?3^DJ0X"=$`H)9,94UP=]IR70'0TN$>Z-3I[MFWV(V-
M;3CL+`^VR3,V'<1I&V?W=$!).X0BVY]MI\'?<E]MI\'?<J:27"%6W/MM/@[[
MDOMM/@[[E322X0JVY]MI\'?<E]MI\'?<J:!;G8=3[:[+FM?CL;9<S4N:UYVU
M>U@<YS[7?S=+/TS_`-'^C_25I<`495OHZ?VVGP=]R!E=:P,0L;<YP?9&UC6E
MSMLACKG-9.RBMSOTEK_8LFC,RNJ%QZ:11B5N+'Y5C/4=;(]KL"L.]/9L>RYF
M3?\`\5]F_G4LK">_%R\:E]F9FY5+6&RUS&@;-[L9K_29332SU7VNVUU>HC[<
M0?5]BTS)'I'U>D:=P!XGQ3KFLOI_4NL/IZEAW-91?CU[:+7O:6.W>J[=]G+F
M.L]WI6JN_P"K'77,<UN14PNW$/%N02-V[1ON_P`%N_1_U%&13);_`/_0].V9
M7KN>;&^A!#:XUX;KN_K;U1'`5WT/UEUWK./M(]&?;P/S%2'`3X=4%=)))/0I
M)*#M+OS6ZEW81XN56SJO2JK159F4-L+MFWU&Z.C?ML@_HO;^=9[/S/YQ("]M
M4$@;FFT@96;CX@;ZI<ZRP.-./4TOMLVB7>C2S<[^O;_,U?X6Q5LCK6&UWV?#
MMKR<U[VTU5C<:Q:\[:VY5U;7,J;I9;LW>M951=Z2GB]/]`.L?=9=E6@"_)9^
MB=81][ZV?Z.JKTZJ*_T=3$JK4WX(NS0KQ/9JO=G9=CZ,^UN'746.]+#(N>]P
M/VC](_;=91]ALKJ9ZNRNG)?ZWZ'TT1O3GFS&.,35BU%S[77$NNNL+ZLFO)LW
MM_[D4>I[WU6?S?\`-8WZ%:+&AC0Q@%;&Z!K1``">/$D^*/$?+P"N`==?$HAB
M4[0VP&T`0`XPT"((955Z=+&N_J(@#&#:T!HYVM`'_1:GVM'`"?CA-7.1UCIO
MUDOS&W=)N<,5]#`ZMM_H@7!Q]5VS8_\`G*=K?Z_Z14']'^OA80S(L:\EQ#CE
MSH9]-I;Z/^#_`.FNDR.E693F7LL:R:FL(<"=6G=OT<W^H@_\W[]?T[-9_-=I
M,\?I/S91&<@5PQ-=PQRP1D2>*0OL7__1]+<[!;F.DM;E[-SM2#L.FYWYO^#_
M`/`UFXV?T_)J;;CY5-M;B&AS;&_2/T:]KB'-L=_HW>]:SW-%[!Z9+G,?%H&C
M0"S]&YWTF^I_Z+63?T_I^4XVY.+3=:YNPVO8TV;?^.CU6[?S7M?O8GPK6ULK
MZ5]4%G6<;>ZK$JNSK6NV?H&$U;QJ:G9A'V9CV;OTF]_Z/\].;.LY#R*:JNGT
MC3U,C]/<3_P>-2^JBIK?W[K[?4_T2N5L976VJMH96P;6,:(:`.P:I)]CH/M6
MT3N?L:9Z3A6$.RFG-L``#\IQM(C]UCOU>O<[Z7I45JPRBBNGT*ZV5T;2STFM
M#6;727LV-&W8_<[<B))$D]4B(&P#"JJJFMM5+&UU,T96P!K6_P!1C?:WZ2FD
MDDI222225))))*=#'_F&?U0B(>/_`##/ZH1%"=US_]+U"Q]K;0-H]#8XOL)B
M"(VZ+.:^IP:&W5'=HV+&F3(;#=?WGL6CD_T>WZ'T'?SGT./\+_P?[ZY_$_F\
M3_D_^?\`\%]'Z6/_`#'_``_[W\M.C?1!=;[+?^Z/O"7V6_\`='WA7TD[U>"-
M&A]EO_='WA+[+?\`NC[PKZ27J\%:.47U-W;KJAL,/FQH@ZB':_R7(HQKG`$`
M$'4$$00LW(_H67_0OYZSZ?\`-?2?_/\`_"_Z=;N+_1JOH?0;_-?S?`_FO^#_
M`'$O5X*T:OV6_P#='WA+[+?^Z/O"OI)>KP5HT/LM_P"Z/O"$=C7%KK*PX&"T
MO:""=(6HN?R?^47_`-#^E^?_`#W/_4?^B_M27J\%:.YCD&BLM(<TM!#FF001
MRUP1$/'_`)BOZ/T&_0^CQ^9_(1%&5S__V0`X0DE-!"$``````%4````!`0``
M``\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`
M90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-@`N`#`````!`#A"24T$!@``````
M!P`(``$``0$`_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#
M`P,#`P$!`0$!`0$!`0$!`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#_\``$0@`K0%.`P$1``(1`0,1`?_=
M``0`*O_$`+0``0`!!0$!`0$````````````(!08'"0H$`P(!`0$``04!`0$`
M`````````````0,$!08'`@@)$```!@(!`08#!P0!`P,%```!`@,$!08`!P@1
M$A,4%187U!@)(2)TM)4V5C$C)28D46$R0B<94D,U-QH1``$#`P("!0D'`P$(
M`P````$``@,1!`42!B$3,4$B%`?P47&1L=&24U1A@3(C,S050E(6)*'!\6*"
M0P@8HB87_]H`#`,!``(1`Q$`/P#OXPB818'Y+3$Y!:>G7T'(R$*"ECUK%6:?
MB7CF.DZSKF>V=3H/:EICY-D)7L4\J^M)&6D$W:(E6:G;`J00,0!`I"B=+\@.
M1D(TEG54J]5+%564Y/6N?C;-4-H6R9MD-K7E]-ZUKM9K$XXV0U/59&VZW$T@
MU<';RT>T4[H6$82,(DS3A30*I<I;QO6,VXPI5'N9J_7IAGQ5E:E'-Z;8%EW5
ME6YHZWKFS7CNT0-BA'4S6&FOI-NC8H;MI$5A7IRG4037644E0.A>8G)WD$A_
MBI*M4Y"R1=AMD+$LR:TV`">_'U9Y4;-TJXK&LD1OJJ5"FX_6U&B[&^=2+J?;
M-VMC))&3)%1SQ7"4"HE@YE;E083#2#JE)0LU2:V=&\$M%9NT)!UN;A^1$%KN
M/C%IJ7L$'5T7DCJN4&71+(3$;&JKKM':\BRCER&-"FBLJV\Z]^1C&-<5O6'?
MR3K1<Y=7=<N6F[M69I"[L>*.P=\14FFE%[4LZ+BIOKY5&=:7C4C+=A^LY9M)
MM\X;&5PE%=.Z]_\`)"NU7?5'E'])JTA5B;O@8#<<'J[9I(NP.XW0.F-D:SI=
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MR'`2G`W9$!Z],]-:Y[@UC27'J'$J"0T5<:!4_P!55C^20/ZQ'_$96[I=?32?
M"?<O'.B^:WUA/558_DD#^L1_Q&.Z77TTGPGW)SHOFM]83U56/Y)`_K$?\1CN
MEU]-)\)]R<Z+YK?6$]55C^20/ZQ'_$8[I=?32?"?<G.B^:WUA/558_DD#^L1
M_P`1CNEU]-)\)]R<Z+YK?6$]55C^20/ZQ'_$8[I=?32?"?<G.B^:WUA>=S/T
MUZF5%Y-5EVB1PT=D2<R44NF1TP=(OF+DI%5CE*X9/6R:R1P#M)JIE.40,4!!
MW2Z^FD^$^Y.=%\UOK"]'JJL?R2!_6(_XC'=+KZ:3X3[DYT7S6^L)ZJK'\D@?
MUB/^(QW2Z^FD^$^Y.=%\UOK">JJQ_)(']8C_`(C'=+KZ:3X3[DYT7S6^L)ZJ
MK'\D@?UB/^(QW2Z^FD^$^Y.=%\UOK">JJQ_)(']8C_B,=TNOII/A/N3G1?-;
MZPGJJL?R2!_6(_XC'=+KZ:3X3[DYT7S6^L)ZJK'\D@?UB/\`B,=TNOII/A/N
M3G1?-;ZPGJJL?R2!_6(_XC'=+KZ:3X3[DYT7S6^L)ZJK'\D@?UB/^(QW2Z^F
MD^$^Y.=%\UOK">JJQ_)(']8C_B,=TNOII/A/N3G1?-;ZPGJJL?R2!_6(_P"(
MQW2Z^FD^$^Y.=%\UOK">JJQ_)(']8C_B,=TNOII/A/N3G1?-;ZPGJJL?R2!_
M6(_XC'=+KZ:3X3[DYT7S6^L)ZJK'\D@?UB/^(QW2Z^FD^$^Y.=%\UOK">JJQ
M_)(']8C_`(C'=+KZ:3X3[DYT7S6^L)ZJK'\D@?UB/^(QW2Z^FD^$^Y.=%\UO
MK">JJQ_)(']8C_B,=TNOII/A/N3G1?-;ZPGJJL?R2!_6(_XC'=+KZ:3X3[DY
MT7S6^L)ZJK'\D@?UB/\`B,=TNOII/A/N3G1?-;ZPGJJL?R2!_6(_XC'=+KZ:
M3X3[DYT7S6^L)ZJK'\D@?UB/^(QW2Z^FD^$^Y.=%\UOK">JJQ_)(']8C_B,=
MTNOII/A/N3G1?-;ZPGJJL?R2!_6(_P"(QW2Z^FD^$^Y.=%\UOK">JJQ_)(']
M8C_B,=TNOII/A/N3G1?-;ZPGJJL?R2!_6(_XC'=+KZ:3X3[DYT7S6^L)ZJK'
M\D@?UB/^(QW2Z^FD^$^Y.=%\UOK"J[9RV>(IN6CA!TW5`12<-E4UT5``PE$4
MU4C&(<`,40^P1^T,HN:YCBU[2'#J/`KV"'"K34+[YY4IA$PB81,(O__1Z5='
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MHHIG5665.5-))),HG4444.($(F0@"(B(@``'4<D`N(:T5<5#G!H+G$!H%23U
M+2>OOKES]0]A*Z^T'0'FD.,EEV9.0;WEZRO*#2QV74%0L!H6<:T*L%:)3L=:
M[4X9+$2=)G,V(D!FZAD^BR@=J;@=H^'LD60SV0;?;FBMFN%@8B6,N)&:FF5]
M=)C8"*M/$FC@#P"^>';FWUXJQ3XO;&+=CMGS7CV'*"8"22UB?H>(8Z![9)"#
M1P.D"K"1VBLM?3?JK346T.<W'N#DK&\I^HMQT;T:SL$Z^L1XN!M]`0DT4$9*
M264=BX<*,C*N4P*1$JI^I`^\;IB?$>Z?E\7L;<,\<8O+NSEYA8T,U.CE(K1H
MI05H#Q-.E9SPELH\%F?$C:UM+*ZPL+^'E![S)I9+`'`!SC6II5PX"IX=)70M
MKO\`9<%^'7_.N<^>,E^^N/2/8%]#6OZ$?EUJ]<L573")A$PB81?_TN_C")A%
M96Q/V7._AT/SK;+[&_OK?TGV%4+K]"3RZU$+-R6%3")A$PB81,(F$3")A$PB
M81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBH\G8H"%>P,=,347%R%JE%
M82M,I!\V:.I^90B9.>6BX=!=0BLC()0L,[=F22`QP;ME%!#LD,(5HK>>9D\D
M,+G1Q-U/(!(8TN:T.<1T#4YK:GA4@=)5O-=VMO):Q3W#&2S/+(PX@%[PUSRU
MH/XG!C'.H*G2TGH!4+>1_P!17C%Q?NE%HVPKDF_F+58'<1925$6UF4U=&LD$
MRK6+83"*7<R4,R\T?-&Y6_<F>JD645214*@<H[IMSP[W/N>ROK['V1;#%&',
MYE6<]Q/X(BX`..D.-:Z10`D:@N?;M\5]G;-R&-QN5R`=//*6R<JDG=F@<9)V
MM)<P:G-;IH7D$N#3I(4.]P_4:D>0&E=J:ZXW\9.5UAM&V("PZ^TSL(=3NX[7
M%KC;.W=5A?8#.VO'R*4-$L$E'2R1W21.[,DF*XHCWQ4-PP_AU'@,UB\CN/<V
M*CM;21DMQ%SP9F%A#Q$8P.TX]D'2>-3IU<-6@Y[Q8EW1M[-8G:6S\W+>7T3X
M+2?NQ;!(V0&,SB4D!C6U<07`4H-6GM!NTGCOJ=GHK16I-/LNY,77=`K-8>.$
M"@5.0F(^+;EGI7H4I2]Y+S9G#HX@`=3K"/3.7;ARS\[G<MF'UK<7#W@'J:7'
M2W_I;1OW+L^U,''MK;6"P,=*6EK'&2/ZGM:-;O\`J?J<?M*ACQV#R+ZEGU$H
M@P`0+I3N)UU:IJ)F;F%."U[,59XLR)_X.VZCM;JNL`?8N/8'[0'-SW%^?X:^
M'DWR9K^,]?XI6O%?,:#@/-Q7/]J?Z;Q>\5H.CO%OC9AU?@@=&2/.*GB?/P6U
MO?VW8S1O#/9.Q7\PY@WD;KVR1E7>,'`MI0;K80?P5.2BE2F!9-[ZBD&Y^\(!
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M:BO_T^ZC<4O<(>BOUJ!-56"N+E]#LX5W;8M6?;.`4DVRLO%P5:1LE/&R725@
M4';>$9GDV:!Y11`ZYCH$424(M8&L><^_[D=.Q3".NFD)KS=>A]$;`I#:@61C
M=+K+;TY67#CBXL**SS8CU+64YJZ-:QCZ>@P0L*+":A[)'^/=MTFCU&%Z("VM
M;$_9<[^'0_.MLO\`&_OK?TGV%6UU^A)Y=:B%FY+"IA$PB81,(F$3")A$PB81
M,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBBW>N9G'G7&PM@:QMM\9Q]JU
M;J*0W7?D0("K2MT]C(0\:BU=N2J`*MHEEIYJ9G&(E4=+)K)CV0[Y`%=IL=F[
MAR6/Q^3M+$NM;J[%M%YWR$.=4#^QH:[4\T:"#YG4TO)>(&U<3E<IA[[)M9>V
M5BZ[F'2(X@YC0"?F.+VEL8JX@CAVFUU86[37);ZH$X7D?#2MPXJT;64=5)3A
M/'6PI&%@FK._F(&Q6/<=U80KB868LW\"Q\+&$;BH18JC<Z:AD4G!GO4K3,[:
M\,(/\<FBARM]<ND;DC'Q8U@:]C+>,N#02''4^M*4<"*ENCBU]M_=_C)<_P"6
MV\\^$QMFR-V(;+V7OD<]DDEU*&%Y`+&Z8PVH-6D$M:XR;*N.G!3CYQUJ0Q,9
M3(:]7>=B';#9.UKW$,;#>=F.Y>4;3\^XLLC*$?JGC9.?:).2L`.=!,R"0F%5
M4@K'YKN+?6X-Q7?-EO7P64;P88(G%D4(:TM8&!M.+6DC5TFII0&@Z]M/PUVM
MM2QY$./CN<C(PMN+F9H?-<%S@]YD<[5V7/`=HJ0*-K5PU&8Y"$2(1-,A4TTR
ME(FF0H$(0A``I2$*4`*4I2AT``^P`S3R2223Q6_````"@"M2WW^AZ^:-']]N
MU1I#%^X,S8O;?9(:M-'CLJ1EC-6CF9>LD7#@J)!.)"&$P%`1Z=`RF^2.,`R/
M#1]I`]J]!KG?A!*TDVOF%K_0_P!0:Y<@K-4=IFX[;8TA2-8H;CBJ4O(:^=6Z
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M7CMIHY9:KU9O2(T!C]/%;NZ@TBV4,TK=E9DH16ERAV;*.1%%"8(^(DNF"Y`!
M?JH+6S[4TN1/Z<WU'6T@VFV$+I-G8R%=*OK&HZU_)R\A)J2I)*,FDUIBL2"4
M'*55!JU:0BD81F,*V;`5CW`JK"HUL^U3I<K(DOI4?4%EJC&49['ZJ]-Q3IH]
M1;M)ZF1TB]<QR,HVBE9VP1U>:V&RC#-9MVBQ"1=.@9(N5$T`3(82Y.MG2HT.
M7\_^*GZA7N)[K]UKKU_ZT]P_/_6%<_>'GGJ3S?ROR?R7_P#-?WO#^&\+_P"C
MN^[^[C6RE.I-#NE?_]3O.NM%IFQZZ\J-^JT#<:R_59.'4'8XMI+1JCN,>(24
M6_(V>)*D0D8F3:I.FCE/LKM722:R1R*$*8"*P6/'+0,9.T>SQNE]81]BUI&)
M0U`FF5)KS61J$6W5F7#1E`ND&":L>BQ<6.25;]@0%NK)O#I"0SMP*A34^=7G
ML3]ESOX=#\ZVR^QO[ZW])]A5O=?H2>76HA9N2PJ81,(F$3")A$PB81,(F$3"
M)A$PB81,(F$3")A$PB81,(F$3"+R-9!@^4?),GS-XK&/!CY))JY1<*1[\&S9
MZ+%\1$YS-'@,WJ*O=*`4_=*D-T[)BB/MT<C`PO80'"HJ"*BI%1YQ4$5'"H(Z
ME39+%(9&QR-<YCM+J$'2Z@-#3H-"#0\:$'H(44>8'*F(XST-J2&C37G>6Q5U
M:MHG446DO(6"_7AV!&[(?+&(@])685PY37DG0BDF1+HD50%UD2FVO:&UIMRW
M[C-)R,';C7=7#J!D40XGM'AK<`0QO$D\::05I._-ZP;0QC!;Q=YW)=DQV=JT
M%SYICP'9''EL)!D=P`'9!U.:#B;@#O+D#LSW\UIR<<TYWMO0]_KU5F'--C21
M3)5I8J?'V%'Q#=-847:B#\[I%-VBBW;.4TP,F4>@F'*[^P>W\9_`9+;+9AB;
M^W>]HD.HU9(6<#3A4:26DDM)X^98/POW)NC,?Y/B-XOMW9W&73(WF)ND$21-
M>*BM#1VH!P#6N`X#K4/-_P#([F/?+QR-WAQUL+2O:"^G_>DZY8M<N(]!5QR(
MM-%$CO>T?-3#7OW<5`TNL/E3$1`Q@%,J+@J97@@9MN&`VYLZPL=NX3<5N9,_
MGX-;)@32T9+PM2UIH'.D>!Q\]6DZ/Q:%NC=N_LGD=V;CVI=-BVQM>YY<D!:"
M;Z2'C>->\5+611DT'FTO`YG%D#*!P[F>:#O1O*(D1*-H?E5S<WI);91657.0
M^C&\NTN\16I$Z!O!DC89?3D^Q;JF$R9I-ZW)U,<$2YOF0WA#LQF<VN96F;%8
M2U$%*?N2TQ.>*\:N%Q$XCIT-<>`J5S/%[!N/$%^V]Y"!XM\WN*\=<@U_9APF
M;&ZG#2PVLS&GHYCV#B=(76*DDD@DF@@FFBBBF1)%%(A4TDDDR@1---,@`0B9
M"````````=`SY1)+B7.-7%?;S6AH#6@!H%`!U+QRDK%P<>[EIJ280\4P2%=]
M)RCQO'Q[-`!`HK.WKM1%LW2`3`':.8`ZCGDD-!+C0*0">`Z5AR_<@=?U*JFF
M8"<@M@6&3<,86DTZIV&(DI>Y6F:5!K`PL>+)P[[E!XZ,!EW8E,DT:D47,`E3
M$!HR7$;&:FN#G'H`/$D]`7ML;B:$4'6J3K/1Q(]TCL7;KA#8&YI5F\"4F'SB
M0D:Q3FLNNF\<4[6\!*.7$97:[&=V1OXA%!)[(]T*SDXBH)"Q%!0\R;M3'KZA
M]C1U#_:>M2Y]>RS@SRZ52^8VJD]N\3M^ZO91Q7+J?U3:TZY&MFW;`UEAHQ6=
MJ*3=JB4!,8EDBV@D*0.O4`Z!UZ9MNS<F,-NK;^2+],<5U'J/11CG:9/_`(.<
MM+\0,/\`Y!LG=.($>N6:RET"E:R-:7Q<//S&MHID?3XM\Y>N$O&*RVB.E8JT
MO-05!K:&,VR>1LHG8XF/)$S:[IC($3>MROY%DHY2!0.T9!8ANI@,!ATSQ"LX
M+'>VY[:UD8^U%Y(6%I!;H<=30".!H"`:=8(6<\.;^YR6Q-IWE[$]EZZQB$@>
M"UW,:T->2'<1J<"X5ZB"IC9IJW5,(F$3")A%_]7O)O=^INL:P_N=]L,?6*S&
MK1K1S*2)S@0\A-RC.#@XIDW036>2<S/3DBW8L&39-5T]>N$D$$U%5"$$BQS"
M\EM(66Q5.JUJ]MK+-7>LP5QKB5=AK).L7%:LLC9(B#E9"9B89Y"P"+^5ITJU
M*60<-5".(]=,Y2G3,`%-"L@;$_9<[^'0_.MLOL;^^M_2?85;W7Z$GEUJ(6;D
ML*F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%"NR_4&XKTKD+
M+\:+GL1&J7^$81;E]+3K465"1DI2(=V`M;=W(53QD1/-()L1RJ1_X1N8'":2
M2RCCO$4]TMO#[=-[MZ'<MGCC+CWN<`UIK+1K@S6(_P`3FEQTC3J/`D@-H3SR
M\\4ME8[=4^T,AE1!E(VM+G/%(0YS2_EF6NEKPP!Q#]+>T&M<7U:-,G&GZA6P
MM&M>2^U]FZ_ODM4^6]AV!O7B4,=6)V:@)V_M+!;:&;7+V18HJFCEUF%/BA%(
M0[UO&1HN#=?$M^WV7<OA]C\X[;6*QF0@9=XB.*UOZO:U[8BR.7G`'I%9'\>@
MO?I'X74^?]H>*>5VVS=^;S&+N7V.=EGO,9IC>]CYP^6'D%P!TDMBCX=+8X]9
M_&VNROAEQCWRXV;+<N>;4C4[5OR5HM/INM(F!;')&:JIRM>9R5E2"+<1K)G!
MWV5FY)PTDS,@.DD=-V5!8[9X)`YMO+<V!;C(MI;)CEBP+)Y))G./:GDUEK.T
M"2Z)K0',U<2"S4T.95==\/\`9VYGYB??7B)+!/N=]M%%;M8.S;1<L.D[):`R
M9SW.;)HJ`0_2XLDHL11_(/6G$'FO]2FV[9E7$/4;#%\2[C78Y@V7?3M@G75!
MDZJ[AZI"&["M@F9R8,90P)*E303;*&/V4DE3I9>3;^2W?LKPVM,3$'W<;[^-
MY)`:QHE:\.D=_0UK>'$5)(I4D`X*+=.'V)XA^+M]G)S'8RLQDL;6@E[WF!T9
M;$S^M[W<>!H`TDT#7$9AX`QL/J/AS$/.1ZL+KJW;YMNY=KWVI;-4:UM\\<7*
MPSCM['O(6S"Q?2)E:)&M7#E`[?M@@<0,3LAU'6?$S,6DF[W_`,9?,=964,$$
M,C'@BD,;22QS33LO+J%I/15;=X082\MMAQ'-V#V9#(W%S<W$4C"#6>5PTO:X
M`]J(,J'`<#0A9@J.U%JUKZN4GCCQ:O%:KTH46>GEI"L0M5U&WCI9\O(*VFPM
MH6<7LE-K11=N),$7D>R<R1#%(B(+.2=.?7V7O\K<RWUVZ::]E(K)(:EU``"X
MU)H`!2O4``NFXW$X[#V<&-QMO%;V$((;'&`UK:DN(:T"G%Q)-.LDJ\#Z%W).
MR#!]<.4M_,G'(GEH]M1:W4Z0#&Y*E;M_$*=TQE65@I31@DHFE#2C9YVU%U%5
MG"ANP"=IW>9Q!?=.X>8`<?\`>/L/K5[K8!PC'W^;WJY([C=!O7C"6VA?-D;E
ME&<@UEA9W>R"VHBDDQ$RD>X#5E7;P.O#!&N1[YN*\>X536*4_>")"=GT+9I(
M,LCGFO6>'PB@_P!BCF'H:T#T=/KZ5E6)UEK:`E2ST%KVCPLX0RYBS,34X&-E
M2F=%,5R8LBS8(O`,X*<P'$#_`'P$>O7KE811M.IL;0[ST"\ESB*%QHKWSVO*
M8180YE[AV1PXU-5>:6N:TI>ZW3(&0H>^]?`NLDG,4J;?R@:VV"AW8F42D-7;
M+DDDG'=%**T%/R(J&ZH(*(YG9V'QN\<O=[+R5R(+F:02VLM!V9&AO.B/V3P@
MD5Z)8HZ?B<#H?B'G,IL;&V^^\7:&XM8&&&\AJ>U$\GD3#[;>=P#J=,4TM?PM
M+=2VL?K\\QMNU;8%SI?$[0JE>UJUAUK`]L.XCT\7;Z>D"L(F`K2-JEH=2T61
MZ;MG(Q8@NN8"%3`HKN&J+CK.3\`=G8BZQ]E>[LOQ<7)<&!EOS*!@JY[]#7:&
M#@"YU!U_A:\MXCB?_)#?&;L\E?6&S<<;:U#2\ON>74O=I:R,2.;S'GB0QE3P
M`_$YC754?KM\X@-2P-P\T(5.^Q<I,PSHV^((D?$L(2H1%^ESWZ2-;08:L<QM
M.GFD@LWLZD0X3;K@(D`0,`4?_P`)V/\`ZW_[A?U@<UKAW5U7%TCHF\H<NLX=
M(US`81("1TJM_P"P_B!6PKL?'4N&.<T][91H;&V9W.=S*6Y;$]KR)S&0#T=*
MI%8^OMS3N5OLU$K?#S24C9:B[;1LNV]XD&<<M+R,BG$0D'7["_GVM=MT_9Y)
M4J4.PB7;UY,FZ^!2<``B%:Z\`MEV=G:W]SO"^;;3`EI[N20T#4YSV!A?&Q@X
MR.D:UL?]9:J-I_Y'[\OKV[QUKL>P==0.#7#O(#=3G:6,8\O#)'R.X1,C<YTO
M_;#EZ4/KW\SW$?KF03XG\<R^ZZS8E*BUN0U8;65TT=+S[<L[/5)S<DK32:HW
M4K#X7$Q-LXZ*:D1`ZSA,BB9C^7>`FS&R9&,[LR/^D!YCA:/+`0&'2R01Z))#
MK;2.)SWN)HUI(-/3?_(S?;H\7(-FXO\`UA'*:;V,2$$O&M\9EYD48Y;]4LK6
M1M`JYP!%:1__`$$\P_<[V@^4;1OKCR[SONO>1'TMZ<]&>XOJWW$\_P#;ST9Z
M!_S/G/FOE?EG_)\1W7W\K?\`K[L[^,_F/\NONXZM/[?MZ^9R>7R='.YG-_+Y
M>C7K[.FO!4?_`&4WO_+?PG^%X_\`D-.NG>1R]'*Y_,YVOD\KD_F\WF<OE]K5
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MN4XYL6`!V=9PVK,6LU,C%+I"G%O3-TT$2JH%,7L$,.S]TW>X]D;=P=D)H<>!
M:W8:.9-+!RJG72@+W:JO!J]NHN<0Y<$N+C?NR[':7B-NS<F0,%QE";RP<YW*
MMX;GG:1HK4B-I;2-PI&_2&M#FBDIN&O#K7V_^%Y97E#04+#8^36W9SE/<V[H
M\C%3#>:G;*\>5`6DRU59S;)FXIO9#L(J(]&DNZ2+T!8YS:MO'>&0P&\^5MB_
M,=OC+1MC&11S2UK`)*M-6DB3S@]J-IZ@%NFP-@XO='A\)]Y8P2W>8OGY&4'4
MUP>^0F*CP0\`Q=0([,KVC\1)VW5RMP%/@(>K56%C*[6Z_'-8F#@H9DWCHJ)C
M&*14&C%@Q:D3;M6S=$@%*0A0``#.37-S<7EQ-=74SI+F1Q<YSB2YSCQ))/$D
MKN=I:6MA;065E;LBM(F!K&,`:UK0*`-`X``=05C;-VW7]9HQ+-PSE;1<[0X5
M94O7M601?VVV/4"E.Y%@S67;MV41&)&!5](NU4&+%'[RJI1$I36<LK8J"A+S
MT`=)\NL]`5TUA=7J`Z2M0ELX<;ZG>=-=YB[4UHTVN$?26LI2-:TV2I36NU/9
M<0K*,:/`7JPVB>@'3N-I#!R22/,M6#TZLH1($DQ33[&=`Q_B'D,7L"^V=;V3
M^^7$[G<UKVAK87ANN*G!U7%M''B"USNNBY3D_"VQS'B?CM_7EW&ZRMK9@$!8
M277$9<(Y2>+2U@=J:*`A[&]55LXHW&JE)1#Z5V_7ZMM;9UR`S[8-KLT(WG&S
MIXY>$DBU^MM)PCXL'3:ZJDBWCVB!4B@DT254**W4V<[9;,H3,T/E=TDBOW"O
M0!U+K#I'5HPD-'0I+``%`"E````````Z``!]@``!]@``9<JFF$3")A$PB817
M9R$AVL_P2Y"PSR-1F$)#CCNUN,8NU*](\5&D6LS=(K4Q%.^6\04@I@`"8%``
M2_>`,L=OS.M]^;>F9(6.;DK8Z@:4_-CKQ]'3]BQ^[X&7.P]U021![78RZ&DB
MM?R9*<.LUZ/M7`7Q:VP]T-4MUURVZ<V[=VNS82L,TZFT4!#65H/7K(SE#0NT
M*58J98F4JR59"X*TF&/AYR(*JX3CU6KAX218??>Z<2S/7>$N;3,6D#[5[SS#
MQF9K86ZH)&2,+36FJ-U8I*-,@<UACD_-G:&9DV[99ZUO<'>W#+N.,<L<()-#
MP[3<1/B>'`C5ID926.KA&6.>)8[W@-]I4-IJZ#UMI??-*K-5UM:Z?:VT!*,(
MNS+WJ\Q-;5LVZJG;PUT^?,-@+7"L,'"*CE)06D)&,XQDJR42"0"RN,`Z_?E)
M\EFK">YEN8Y&%[2Y@BB<_1;21\X`Q"-[@0"-4CWRO#P>6K^VW&,<S$6^*P.1
MM[2&UDBD#'!LAEE:SF74<G))$QEC8X%P.F*-D49C(YJ_5*WJEKS:LENB)TQM
M1]-W*5+<)VD$B*BYK$1/5:ZM92C(/U;IIFW,IRS.64.:0D[-&Q\+)H24JHM&
MBR,"Z*D7N"=D<5'A9<S:M@A9RVRZI`]S'QELI'+N(RU@+M#(7OD86,`DU]DB
M;#<(QF8ESL."O'7$[^:^+3&8VOCE#H@>;:R!\A#=<D[&12!\A=%R^TTVZUW6
MM8Z1J^@[BT?NO9->JEXK%DM<0YL1H^OGA:_*[#EIF"UK%,-<,I2@J;)/=FB$
M^Y\S=N%T(A,"'#JR\LN7806U]E+_``^<LK:XE@>QC@RK]3VPM:Z9QF+9>3RG
M&)NAH!D-1^/FVK,\ZZL,3CLYM^_NK:&XC?(TOTLTL=,YS(&B`.AY_-:)G:W$
MB,4/Z?)LOW%L_P`TGOSZ!VSZ=\3W?ISTO7_%>E_0GHGVX\E]%^W_`+9>1?X#
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MVSYW68<62O8ZC;6K@0YO.>'4/#^@`UUZ?GC<_BSF,CN>38>Q;,B_ENX[9E^6
MB2&.1E7WA#7`M>;>,L)''^LD4T:L_:JX,;>9<AZ5NKDUR>D.3K+3M?F2Z6BI
M>@PU#/5;I;@0:62Q249`.W<1)G:QC(I6*IQ.X!54AA$@LT!/@,KOG$/V]>X7
M;.V&XQ]Y(WO+FRNEUQQU+&`N`<VKCVAP%`>G6ZFSX3PWSL>ZL?N'>&\79F.P
MB?W1KH60\N66@DD<UA+74:.P35U2#PY;:YTW%LS1&Q6LWK"UZXMV^:U6YZ+D
M[ZTJ-!E+I4:E-T2PL+!'HV5ZB=HSDW\;.0Q#.(EB,BY53150=-3(G43/SJPS
M=WB+LW6+N)8[MK'L+XQQ:'M+'BOG+7$<.TT]H4<`1U+*83'9VR[AF+..>R+X
MWZ).+2Z-[9&$CK`<T$@]EPJUP+20:C&;&W=N`[%SJ2I1^J]=+-G+IKLK;M?/
M,R5J:`]\+%J4[6,/<:W/Q+%VU0.Z!S.G9&4;J)=VV'MB<F/$L\YK$W3&?ZG"
MI/H%0?MXT]"R6B.,4<:GS#J^_P!RH4IJODO454YNB;?#8MIM4;;(.Y);$=NJ
MW1JX_FQ([JUWH54B6=D+"$I*K;PXQ0J.!DD5_P"XX*<!5#R8KEG:CFU/((->
M`%>@@<:4\W6O0=&>#F4'V=/WK,VL='T[6*QYILM/6R]OX=A#SVQ;S89RWW&8
M:LDT>TV"6L,C)N(F)7=I=_X!F9%F500$$^I2B%:*!D7$5,A'$DDD^OV="\.>
MYW#H;Y@LQY67A,(F$7R[]'O3(]\EWQ2B<R7>$[TI`['4YD^O:`H=X7[>G3[0
M_P"N*CHKQ1?-5XS060;+NVR+AT(@V057236<"7IV@02.8#JB7J'7L@/3(+@"
M`2*E*'IIP7RDI./AV:TA)NT&3-``[Q=<X$+VC"!4TR!]IU5UCB!4TR`8ZAQ`
MI0$P@&0YS6-+G&C5(!)H!Q7F.O-G6?D08,$FZ22?EKIT_6,H]<&`IU0<,T6(
M^#:I@/9`_>G4,<!_M@4`$T5?5U&BG5QZ?NIP\N"=GAQ7Z3:2"KA@\=2*R'AV
MPE=13(K48QT[4(8IUE%W#(TF<B`F_M%(JD7J'4Y3#TZ*.):XNZN@='LJE1Q`
M"E7KFR-FD?5*C)G[J4D*ZYE(EX<"HMYXT=(KH3J#-,!-W+V*[]NLHB)A$R#D
MIDQ.":W=ZAD0>^3U/&H]@68MC^3']_M67,L5<)A$PB81,(O_T.Y+D#8E:IJF
MQSR6SRZ>*R<0`.KRA3D-@3[5BXL44U>P5'I[DCQ&=V/<&JQHBN(#'S1C3;YK
MV(J4/V6#@BUO0O)#E3"6.N--HV5E6;91K?PGH<]I9:M4-25VG#\KMV3>O9V]
M6R0CU'3V)M%(UZ<DF*-5<MX)I/56?2'S)D9(K&%ZH%M2V)^RYW\.A^=;9?XW
M]];^D^PJVNOT)/+K40LW)85,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%9^
MPKY6=742X[(N;\(RJ46M3-KL+[L@<Z$3!,%Y%Z*"(F(+EV=%N)44BCVUE3%(
M7J8P!EYC["YRE_9XVSCU7<\K8V#SN<0!7S"IXGJ'$JPRN3L\-C+_`"V0ET6-
MM"^5Y\S6-+C0=9H.`Z2:`<2M0);'MCZBKRV;"G[_`+6XD<!M>$@YB'!FT-K7
M;.[W+6OI69W;I.VK+.U*]0855Z@LU%IXQE(%*F8H&<D[UKU>Z_@O"^TBB?:V
M>3WI(U_,<\\VVM&AQ;H#.`=*X`AVK2YG$?A-'\.M#N3QDO9[D7M_AO#N%T?*
M8QI@N[U^@/YADJ2R%I<TMTZV/X$5>-3)(\>$H[C]JNF4S5'%/9LAIN$0?/==
M6A9U49#;%HL[])9!]>;O5Y,];<U@;TE)*E1D14(H1IVBK-6;0Z*0<MSNZLQN
M3)WF8R+7&2<`49P:&M(TL#">S&V@+0234:G=HU78=L[0P>TL-C\%B8@+>V)(
M<^CGE[@0^1SP!61U2'$!HH=+0&@`9RDGW)C9RB=0&F-N/M?=$[^R;$;7>O7J
MTGB5`*'D%%CXUHDC#VEQ]XKB1?)J-6"?WFOB5A`R6$)N9>QHY;>LU!/H'F/V
MGHZJK9!RV\:ZCYJ4]:D!1Z36]<U.#I51CB1=?K[(K)@U`YUE3?>.LY>/72HF
M7?24@[5.NY<*F,JX<*'4.(F,(C78QL;&L8*-"IN<7$D]*N-P[;-2*J.%B)E1
M;KNU`$>IP;-@`RZP)EZJ'(D!@ZB`#T$0#^HAGHD"M3U*`"51E;/&(%36<E?-
M&2D.^FP?NV#IJW39QIT"NR+IKIIO6SLJ;@JA4E$B'4)U$G:$I@#P96CB:AM"
M:TZ@O6D]735>M.4474:I(1<F'BX\C_Q#E`C1JS%4AC(M'XK+%=)O!.7LG232
M5.EUZG`H"`Y.LD@!IXBOH]*BG3Q"^31S,HJ,F<DQ%\JNFLHZEXI)FSAV)@%0
MR;55L_FUYA13L@4@*))*%.8>T()`(E*!>"UKFU/G%`!ZS7RZD-.)!7\(PDW:
M+121D5&;Q!X9V*<(<$V@I=YU2CUQ>H+&?H%;_P!M0YB)"H81.4B0]@"-+B!J
M=1U>KV<>GRZ%-0*T'!?U6O1JQ)1)89)5*9424?(J3DT=(11.)P(U3-("6.;J
M_P#BHDW[I)5,.P<IB?=P8VG6#6CNGB??P^Y1J/#[%]S04(?O1/#Q1A7C0AUA
M-'M#=]$``E"*5ZHCWD:`#T[@>J73_P!..6SCV!T4Z.KS>C[$U'SE>AO',&J3
M9!NS;I),R]AH0J1.C8G_`-*'4!%(O_8.F>@UH```H$J37BOFTB(I@*YF,9'L
MS.G(O'0M&39N+EV)A,+I<44R"LY$QA'MFZFZC_7(#&-KI:!4UZ$))Z2JAGI0
MF$5Z[?HI[MQI=K,'2L=8J?#S%OKTD@H**R2\6WF"2T>90HE$[2=KSAVR53,/
M='!<!.!@+TS3[\TOY_-4>P+,0"MLST'VE:E]24RMVNOWH92*>2,^BE!M*QWC
MR2B(H[I_)I-W#-M-,XF58-K,Z,HD5H5\4&HD%03AV0,=*@30A2*<5^TJC7%%
M-?-4:H\4GYUA(O'5<<6M%`744$"P7B;99I`[=NE5(IQ)@^?'2$41\D1(H8Z1
M3$=KJ]/%*#AP5`A8&E/]@6&)31EY2K*)7,E2=MWP,@.K%,GKZ+>.UUXY1:18
MHMFW44RE:K*F,F8_=AVTA$FGVIPJ?,OM6Z-#VZOT]*,(]83TA:;%&6"3=O4'
M30\;$0R%@.I$114&1@<-(@I^PW%=9=Z[^X0Q>VF0!-"?,E*T5;-KF*+NPE(-
M`S00YV@R1(`9,GG1FX4HUE%F$KX3NO$=\02][W'9^SKW?3[N*G37K2G&B__1
M[SKI1*1LBONJEL2FU6^U5\JU7?5FZ5Z(M-?>+,7";MDLZAIQF^CG"K-VB15(
MQTQ%-0H&+T$`'"*W(;2FFJXZISZO:DUE`O==L92+U^\AJ'58MU18V;4<+34=
M3G#&*06K#&76=JG=(LA03<&5.*@&$P]2*L;$_9<[^'0_.MLOL;^^M_2?850N
MOT)/+K40LW)85,(F$3")A$PB81,(F$3")A$PB81,(F$3"+XN7+9DW7=O'"#1
MHV2.NY=.54T&[=!(HG56765,1-)),@")C&$```ZC@FG$]"+1QR-LVXOJ6;:N
MO%/CG:HFO\4-:.*]%<B-PLS,I!O>+4Z<HSR5+K:X*D?RD97SQ(%5)''2(Y=I
MG*Z<%:J-C*]:Q!M/#[;V+W;+:-GW9?ASK-KR>7;PT+3</:"-;GAWY8Z"T@@B
MCEPC/G(>*FZ,SL:TOG6VQ\86-OY(P#)<W!(>+6-Q!T-C+?S2.(<'-<""VNS*
M`XM4]%.OEV!:;KMI*LH,@A8"Y2$:SU_#O&`HBT=1&N:I%U^IH)QY&Z:;)%R@
M[(R23*"70_4YN/R1.GE?/=3/EF<XN)<:U<34DCHJ3YZKN\0CMX8[>VB;'`QH
M:UK10!H%`!Y@!P%.I2'4FXA)PT:*2+0B[]5TW9E%8G8<NF:A$G+-);KW)GJ2
MA^@H]KO1Z&Z%'LFZ5-;`0-0J>C[O]_V*=)XFB\H6%HJ4XLF<N_42E#1"J*,4
M\;'2<D*!U5SGDTV"`1Y$Q[0.>V**@=`3,<P@`^>8#^$$\:=!_P!].'V]'F4Z
M3UD="^AF,H[\Q(\DQ:(++I!&A$$*BZ9MD.HF,N[=$<%<.7AAZG`$B$3)T(7M
M"`J&G2XZJNH.JG5_Q\O.E0*4"];>,8-G*CY-HV\R<((-G<GX9N61>I-B@5$K
MMVFDFJN4G3J`"/9*(_8`9(:T$N`&H]?65!)/"O!>_/2A,(F$3")A$PB81,(F
M$3"*3D3!GL^H'5;3<%9GL-6L,&1V=,5B-3RR4DP*X,B!TQ5*@+CM"4#%$P!T
MZA_7--R/"^G](]@69MN-NP?8?:5`N+^GQ>H-O*M(;>813:<9A'S"$?7I1HE)
MLBJE6!J](A8R%<(@<O\`XFZAT$0_H8P#;<P?VJIR_P#F55+P5VL0\6H7D?,%
M4A$5&\,H5I9`/$-U6Y&BJ$68+8!F"*K5,J9BI=@IDR@40Z``8YC?[4T'^Y>!
M_P``+]**-5I#>A';AF$AW#I6MR`O!/+.%W,FNN\"P@Z=NGZCDX+*JG.JHGV2
M"82%*4',']J<L_W*CC]-^QBW*T'<+`6I5C."MAJK[PY7!R$3.N5'U#W8+'33
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M/G*"T@9DBL0ZP(E.*93`)N@"&7$-I=W+)9+>UDDCCIJ+6EP;7@-1`-*]5>GJ
M5K<7UC:/@BN[R**26N@/>UI?IXNT@D%U`032M.M1AWCSXXB\<W\3$;:W7782
M:G(U.6BH:%86&[22\<Y;I.F#URWI$/80B&<HW7(=JN^,V1<$-VR',0!,&?P>
MS-S[D;?.PN(?,+9VF3M,9I=0G3^8YE7T'%K:N%14"HKJNY/$/9FT7X^/<.>C
MMWW3=45&R2:F<!K_`"F/TL)/![J--#0FAI#C9'U3Y*U6VL4#@_HZ;Y0VU6N/
M;Q?FPFEJVTJ-51/&!$"FY1C'S1ZYLB;XPH.._!NGVF_8!P+@"DV+![%M3C+C
M,;UOKC$6?>FV\0?`[F/E-=3BQU"(XZ=IU-)HX:@6\=2W%XG7AR]K@O#O%V^=
MO^Z.NIC'<,$<<(IH:'MU-,LM>RRH<*L.EP?PQGNGF5R_Y0Q4-J7BCQHY1:!N
M+>Q0EAO^SK]1V-</5HJLK`^=5N(2L;Z*@YAQ*V9N@@LBX>)^.C45T5&ITEUR
M)9K';8VUL_\`D<YNO*8[*6+8RRWM[:8223ND[.LCL\L,82X'5V7$.#@6MU8#
M+[SWCOP8O;FR<'EL-DG3-?=75W;F*.V;%VN6":\POD`:6T&I@+2PM>_3?4=]
M23>^CUJEK7FGQ<EM;[!EI9I6T=OH66*A.-]D>N(E:5:.C;%4">@X&7=MFBH+
M,$7#[N%2]I06Q!,1''WFP++,V-WFM@99EY`V(2=RD-+Z/MAKFEC0X.#*UUU`
M=2C2\T<[)V'BEE-O7]CM_P`3L!)873YC%W^,5QTG8+F/$KB"QS]-#'Q+*ZGA
M@JUMK7GZD/)7:%[-K[A5KC06RY.LZLF]SW=TWV#,[72"L0,BDR3JD6\J;>FQ
M<??[`Y$J+:,.>0<&!=,3%1$_4E;;VP+*TL)LEXD=[QD,ETRV@:-+7%[P2Z63
M6P_DL%#J%!P=VC2BM]S^*64O\G!B/"9ECEKB*RDN[EY+GM;&QS0V&/EO:.?(
M:C2ZIXM[(K48*L.E/J"[NU%:.;^SMEP]:LL8R>[$UMP\M^NXJVTI>@11#2Y:
MY,QEL<D:5ZTST2W$S4G@'$FH":15UTG+@WA+L6WA5CLM9[2OL:<@TOY<V1,[
MXPV9W#5%$TF,PQNH.)(Z23)I+GXY\_C3E\'D-^6>8;C9!&9K?$BW9*7P,&K3
M-*\"03RMJ11M:T`$9=ICV!_2NI$]5N&U0F'D2C!7#<4E8]YV*:7AT"0TG)[+
MFUY2'68Q+20CWBK0E%0BP((F21()@*F)RD$,UOQ2OH[G>%_867"QQ\<5I%7B
M&MA8&N:!4=#]8ZO:MQ\%\=-9[!QN1OA7)9.66]F/07.N'ES7??$(SU^I;'/`
MR*BK$SF5[;=!H*4@S1CVJ:,LY.@HBJJL=872[9L)U`4*DD8I@,4`,H8O:*;G
MFEQ+:OX4X\.E=6J./#BO>T9M(]L@R8-6[)FV3!)NU:HIMVZ"1?\`Q3112*1-
M,@?]```ST&AH#6BC0H))XD\5Z,E$PB81,(F$3")A$PB81,(F$3")A%+W7?[+
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MLS"^*"3ETX(1LRZ]53`;LD-GML[>O]U9>VQ.-;5SW=M]"61-%2Y[R.`#0#TD
M:C1H[1`6K[PW;BME8.\S>6E&F-O8C!`DF>:!L<;3Q)<XBI`(:VKG=D$J)%@V
M']7/;%5>N=>Z&X\<>&=GC2MHPNP]A2]QVC5FTVF1)"<3\G;-ZJSF8)NX\0HW
M?QRBB:A.P9J=0HI#O4&.\)L5=QMOL_D,@^)]7<J%K()-/2SM'7I<10.:^E.A
MU#J'-[C+>.6;LIGXS;&+Q4<T=&<^=TMQ%KI1_9;R]3`=1:]E0>!:2-)_:WTL
MM*6Y\C:^8^Z=J<H[LJQ85V)EMAW9S3X*"*@!'2L=3:[6'[%>//(.P.J=`7CC
MO.UU$@J"HHI:7/BIE+*)EIM2QM<-9<PN(A:USY'$$#F/D#M5`>%&@@@$=#0+
MRU\%<)?SNOM\92]S^1,;6-=<2.8R)H(<>4R)S2S4X<:N(()!'%Q=G30W`#BE
MQN?;#6U+J3Q]BMD&^K<N\V.[GK/%NJM+*)NEJ.Q=V9"3C"U94X)^+*@W<+.B
MIE(Y47,D4I,'GO$/=FXH[6"^R)`MW![>6T0@R@4$KG,`)D^T<&FND-J5L>VO
M"O9&U);Z?%X@&2Y8Z-QE<Z>D+C4PM$A<!%7I;2KJ#6YU`L^ZBXZZGT.M)^SN
MM=:ZT:6=QYE<TZC42QSZ=DQ36[I-O))/TQCH..74[35AW2S5N4ZA42(B<QAP
MF6W!G\\;4YG+37(B9I:)'%U/.14TJ>&IQ!<Z@U$T"V/![5VUMD78V_A+>T,[
M]3^4P-U'J!H*Z1QTL!#&U.EHJ5EL#65)FF848)[(&=`*J`.7\8S18BD("5-T
M+277<NDU@`0$44B'*/3H00ZCA?S0.AI=7[1P_P!OL6?[->NBPWR`X]T;DY1Y
M#6>W:]'3U()/5BT1#-.0DF;]2;K+Y"12.^>-"(*L6$B47$<Z3;&%=2.<K=A9
M)10HI9S`;AS&V<@_)X>=L=URGQ@D:N#VT-0>'9-'-Z1J:TFHJ%KNZ-JX/>&+
M;A\];&6QYT<E`2TZHW!PH1Q`<*L=2A+'.`()!%RT#3&O=8"4^MM>ZUU:5\4#
M65EKFB5JMISZR1NK4'SV+BXUPY2;`900$Y!4$Z@CV@^T!M;_`"^9RQA.4RMQ
M<:*T$DCY*5_MUDT^ZBO<9@L%A!*,-A;6TUTU<F*.+53HU:&MU??59%:PK1N1
M4BYW4F95Z:0,I+N59$4W7_VS-$G`F;1Z:!/L(FW32(7^O3M"8PXX,`K6IXUX
M\?\`A]RRNH]7!>Q@P8Q3%E&1C)I'1L<T;L(^/8-T6;%@Q9HD;M&3)HW(FW:M
M&K=,I$TR%*0A"@4H```&5I)'RO?+*\NE<222:DD\223Q))XDGI5.**.&..&&
M-K(6-#6M:``T`4``'``#@`.`"]6>%[3")A$PB81,(F$3")A$PB81,(F$3")A
M%+W7?[+@OPZ_YUSFFY+]]<>D>P+-6OZ$?EUJ]<L573")A$PB81?_U._C")A%
M96Q/V7._AT/SK;+[&_OK?TGV%4+K]"3RZU$+-R6%3")A%_#&*0ICG,4A"%$Q
MSF$"E*4H=3&,8>@%*4`ZB(_TPBP]:N0>DJ8Q!].[0I9!5%4C&-C)UC.S\NX1
M.5([*#KL(K(3DV^[XQ2`BU;JJ=LP!TZCE%]Q`P5=*WUU/W`<2O8C>>AI4#N0
M/U1*WQSL%<:WS3EO9Q%D,Y=,H-Q(BVW":L1Z/B)B]KZX3@W<3#5>)(BJ`EDI
MUD_6[)A\.GW*H%VS:>SMQ;R-Z_$V;&VD`HZ25_+:7D=B)M009'F@`J*5!>6@
MBNA[V\1=K["-A%F[F1UW<&K8X6<QXC:>W,\`@MB8*DGI=I<&!Q:ZEM;?^J6>
M)I6O9;16G!V9:MR3C*!U173;'UK/S5E<ODUUB**4K6URMUHCBLP1*D^\?Y>2
M/64`BIQ4`4QO,-L/<>2R-[:9&T.,LK1I?<3W((9$P'J`/YCW=+&AP#AQU`<5
M8Y_Q0VQBL5CKW#W+<OD+YXCM;:U>UTDSR">/28V-Z)'.:2PFA:3P468;C5SP
MY_3,S>N1$J]XXT`DG&5M"G/:=&+;+6CF2[->T^W!)]5=#64$,DU[#6>0,>4E
M4B]XIXQL)$S;`YNP-D=TFB@CW)N(]L2N<8[2`&O+`A[7,>!0R,>20?ZF.%!J
MC(_%#Q'-Y'=W$NU-K@\LPM8V2]N*4YIYQT<EA-6QR1@:A_2]AJ9S:$^EEQAT
M78G=I2J$YM>_1+]N_I^QM]3+*_&A/"'05@V\+68Y*#@FZE:\*D9)XLR(_(X)
MVT%TR"0B>)RWB3N3)6DF+L&6^,Q;FG5%:1B%DCG?C<[22\ZZG4W4&D<"":D[
M%@?"':.'OF9?(&ZRV98X%D]]*;A\;6TY;6`@1CET&EV@O:15I:*`;(DHQ85V
M;I[)O72K5@1HJV(*;2,=.1(8KJ068HD[2BSCM=`345512``[!2FZF-H`::M+
MG$D#[O31=1KT@!>IA'1\4V*SBV#*-:$,8Q&K!J@S;%,<>IS%0;D32*8X_:(@
M'VYZ:UK!I:T`?8A)/$FI7LR5"81,(F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$4O==_LN"_#K_G7.:;DOWUQZ1[`LU:_H1^76KURQ5=,(F$3")A%
M_]7O8M4;-S-;G(FMV1:G3TE&.V45:VT7&S;NNO7*1DD9AG$S*3B'?O6`F[Q%
M-VDLV%4I>]253[29B+1II?E?O:=C>/CNT[MF7>Q7L5]/Z-K^JWJ&LV2G(BM[
M]V1(UCD;M>6B4Z8VLDFZIU(;S$H`P*\<PAU*893NB).7::\+T0/,MN'*"Q[#
MJ6A=C6'5&N4]M[#C8M@I6->+6V(HJ5E>K3L4U604M4\0\3$D8L5U70BMT!8$
M.Z*8ICE,&P;6M\?=Y_&V^5R/=,>YYUS<MTN@!KC70WM.J0&\.BM>@+`;FN\K
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M4S?JJ4HD#KG.+C9^\K1\D4^TLAS6:*AL1?\`J5T4+"0:T(X'@>#J'@NJVOB)
ML&]CAEM]Y8[ER<S273-97E4YE0_21I!!X@:F]IM6U*^NBOJFZCY"V:VTO6^K
M=Q6BU5./4EU8^LQ=4G6LE%ED_)O'QTAZJCP<,$I91)LL\(F>.246(;Q)DS%4
M-7W#LS<^U<?89+.8IT4-PXM`#F/<QP`<&R:7$,<YM2T5)HUU:$*AM7Q&VAO3
M*9/$[=RG.N+5@>26.8U["XL+HBX`O:QU&N=0"KFZ=0-5$7<W*;DWRQNTIQ^X
MXU-1XZ/:%Z==4V$>[DM,:[;,V7?3([IWE#F<QUBE6(+@+JN0A4V1A$C51:35
M%1DKG,-L."WM(-Q>(%\VRP3H^8RT8\=\N16C&AAH6LDXU=4'2.):#S&ZQG_$
MF^R%_<;4\,L:Z_W`V;E27CV.[A:$"LCGRBH?)'PHSB-7"CW#ENK:WT<[[68N
MLV76/,C:<-N<[AG'W>RS/A34TM<LB+QEL<U#K48R1?P$NB634>00J.S^%<MD
M@(LU5[IXVSMOXB[5,UU;W?AMB_X>E8V1Q,;*7QD&#FO(H]HIID[/$.=P<*L=
M@+GPBW@VWLKJP\6<Q_/@Z97RS/="(Y01<\B,&L;NUJBJXT<UM',.F1FPOC[P
M7U-H&UVG8@VC:^Z]GW&NDJ$ULOD!=O<JXC4_$G=N:TS?+1<8V:PS]<2"NEW)
MC*E1(4QA`#=K4MP;YRV?M+7'=UM++%PR<QL-K'R8^92@>0'.)<!6AKPJ>"WW
M:WAM@]KWU[EN^WV1S-Q%RGW%[-WB7E5J8P2UH#'&E10UH`3TUOV@\/.+FK+Z
M?9^N=$ZVIE\,#PJ-CK]<:1[M@$@BLW?^4((@#*%%XW<*)JBT21$Z9Q*/4HB&
M6%_O#=&4L!C,CG;F:PX=A[R0:<1J/2ZA`(U$T/%9/&;"V9A<F<SB=M6EOD^-
M)&1AI;J!!T@<&5!(.D"H-.A22S6UMR81,(F$3")A$PB81,(F$3")A$PB81,(
MF$3")A$PB81,(F$3")A$PB812]UW^RX+\.O^=<YIN2_?7'I'L"S5K^A'Y=:O
M7+%5TPB81,(F$7__UN_C"*GIQ,4B=BHC&1Z2D6BNVC#ILVQ#QS=R"17*#$Q4
MP,T1<`@0#E3[)3@0O4!Z!A%;6Q/V7._AT/SK;+[&_OK?TGV%4+K]"3RZU#62
MC8Z9CWT3+L&4K%2;1PPDHR2:H/H^08NTC(.F3YDZ35;.VCE$YB*)J%,0Y1$!
M`0'-UCDDAD9-#(YDK2"'`D$$<001Q!!Z"%@9H8KB*2">)KX'M+7-<`6N!X$$
M&H((X$'@5"U_]-_A1+WJX["FN/U&F9R[/*](2C218&4K[%[7"&(BM`5](Z,5
M!EEA$II))NF5&0$@=^0X"8#;I'XC[UAL;/'P[@G9!`'AI![9#_[W\7.T_P!!
M)JRO9(X+GLOA+X>3Y*_RMQM>VDN;AS'.#F]@&/H+&"C6:O\`N!HH^G:!XUIW
M(SZ?^J][.-?S-6LMRX\6S7D$K0HNT:)>-J0\<ZFDC*$G=8K,HY%".2KSIJX6
M!H!$P*R56,;NU4S'1/4V[O\`RN";D(;JVAR-I</YKF70,H$X_#-4DG6"!JJ>
MT`.(-"*6[/"_"[E?B[BRN[C%7UK&86R69$)-L[\=N0T!H803IH.P230@EIE%
MIS3FNM!ZZK>J]5UMG5J95F8-8^/:AVUW*Y_OO9:6>GZN)2:E'`F6=.EC&565
M,(B/]`#5\QF,CGLC<Y7*W)EO934D]`'4UHZ&M:.#6C@`MRP&`Q.V,3:87"VC
M8<?"VC6CI)ZW./2Y[CQ<X\25D[,8LRF$3")A$PB81,(F$3")A$PB81,(F$3"
M)A$PB81,(F$3")A$PB81,(F$3")A$PBE[KO]EP7X=?\`.N<TW)?OKCTCV!9J
MU_0C\NM7KEBJZ81,(F$3"+__U^_C"+$$ENNJQVW$-*IQ%YEKB-9JUODG4%2I
M^6JM=@+I+W:"K;VR6MHT/"PWF4EKR6(4BJH'*5L!C`!3D$Q33A575L3]ESOX
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M1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$4O==_LN"_#K_`)US
MFFY+]]<>D>P+-6OZ$?EUJ]<L573")A$PB81?_]+OXPBU7;WW1L"M\L$:DPV5
M.5RSM;YPQ@M,:2;2<*A#[BUGL[:[^!Y37A:N+P[J7MYZ+K@)9XZ7(XZ5KTPT
M<%\)XY0SZ%Z`X+8YL3]ESOX=#\ZVR_QO[ZW])]A5M=?H2>76HA9N2PJ81,(F
M$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(I>Z[_9<%^'7_`#KG--R7[ZX](]@6:M?T(_+K5ZY8JNF$3")A$PB__]/O
MXPB818?WEM@--T1*TH0!K7.S5TUUKBGUCS=O`)3ETVG?*]KRKMG\XY;/R0\(
MUEK(FZD71&SQ=O'-UU$6SE8J;=4@4+)'ZC\9%3M$JC_51FMKF[//TNU5E?84
M:29<6ZJ\A7''"R5?1C4E=4]\+#"V5N$^X:'&N*MZDZ;/E@2<*F9)%-%6+?\`
M40K%)V.VIT_3X:(@AO-(J*\Q.;,BH6USL?LKD%<N.%1M.LJ&\@`-LN,86ZE+
M2L^5I(H&BJZ]:.4#/W2BS)`E%G30W(^3W!?-GZYL&O&U'LNL(FCS$\VA]AUS
M9C>O.KTM:RHZXOTK5&Y(*J;HJK2L$=S4"S>3+-JQE6"Z$DZ3<`)2$44I\*$P
MB81,(F$3")A$PB81,(F$3"*%DURUED-NRVM:[K*/E85':K_CM!7N:V&C`,9'
MD`GQ]5Y$1E=EH1C4K))PNMWD`!(=>P(B_DVTX8R9(1=J4'9BFBLB2YRS%+UQ
MM'8&R-2P[1/5^S=D:]<I:YV:\NT):$=2:AE]G7Z9K$[;-:ZN=N58BR0#RE`B
MXCV[4;8CX=1VDW'Q($HK<LWU!)^H2>R:5,:'27VCHJL;+V7NZI0^V8I[#P&J
M-84;36PY*R46S/:C%NKM9+%`[OCD(J*?1E?;K247*(N'[9%!HY?$I]JV2,GC
M619M)!BN1RR?MD'C-RF(BFX:NDB+MUTQ$`$2*I'`P?\`8<*%Z<(F$3")A$PB
M81,(F$3")A$PBA/=>9T/1-I6>LS5+,CJB@[*A=*;`VR>U,R/:UM:PZ0C^0,9
M&IZ_+%*O96GEHEAAD'$HG($>$EIA!%*/6;).WC<IHL20?U*:A(:)O6_9&CL4
MZS48NKW9G$5W9,+9I^1UG+TRP;5L<U)QPPT0YA+/3=24J<FCMTDW];F#QXH1
M-@?D\0Y:PIIQHKLM7,7:]4H.Y[')Z(H47<N/*361VI1)K?,T/?P]DI$)=*`7
M6DW4=%71Q>+/:W$HO!>5N8^',2?9&0:JOFRS9XM*BG0I[Q+B0=Q48ZEH\D1*
MN8]FXDXI-Z223C)!9LFH\CTY%-%NF_(R<F,F"Q4R%5`O:`H`/0"A5#")A$PB
M81,(O__4[^,(F$4;N6'MY[,OO<?UGX/USJ;T7[;^"]Q_=[W3I_LUZ"\T_P`)
MZF]T/*NZ\S_PO==YYK_C/&84CI6M1O\`)YV4_!?-#W?=USYJ>GHOQ'C_`)RM
MZ>G/F)\;_E?-OG%]>?\`ZM^[V.\[_P#UGR[(4\5FZW_+WX+BYYC\SWL[Z-XK
M^3^7=Q[1=S[AQ'RX>XGF'^T>L_=3RSS_`-"_\CM>5>LO\/Y3A/.LO\2O0'KJ
M]^&^9'W.]I]+=W\T/E7N#\OGG&U_9GNO`_[-W/J#U3XSUO\`^X_CNWZ@_N^'
MPA4[\E>4PB81,(F$3")A$PB81,(F$3"+6T?Y>_G+_M^]'G_O<X[CN?(?EX^;
M[Y3U^^[CO?\`<O<_Y5>\Z]K_`$CONUVO]D[6%/4K=B?DZ^6:N^I_<;VK^4_E
M=ZI]7_O3TOZKI'S4^X'H[_(?,)[D=/&^4_\`(\^\P\#_`'>F$XU4;KG\IO@=
MC>X/SE>ZWEF\OFV\5[=>[?L7[6<:?>/WI]*?^W_M/[/^W'A/0G^T]UWOE'^4
M]09"GC]BWI-O#^'0\)W/A.Y2\+X;L>'\/V"]SW'=?V^Y[OIV>S]WL].GV9*\
MK[81,(F$3")A$PB81,(F$3")A%K!V-\K/S2SGK?W5\L]R(7W+[[R'Y7?F4^6
M9[Z;]PO$_P"Y>Y'RN^#Z=W_J/AO)O&?YGRO"GC18:HGR-^`N/N?[W^5?*E_F
M/F*\M['RA>V.U_:_L^D?\AY3[2>Z?D/C_P#;_#^J?._^?W60IXK(50]@?3(>
MX/S/>HOF\XU>[7OAZ']=>X_DU`^5CW;]-?ZI[6^=>CO+?)?^9ZN\/YI_E/.L
1)Q6V')7E,(F$3")A$PB__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g75346ofc.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g75346ofc.jpg
M_]C_X``02D9)1@`!`@$`9`!D``#_X0Q717AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````<````<@$R``(````4````CH=I``0````!````I````-``#T)````G
M$``/0D```"<0061O8F4@4&AO=&]S:&]P($-3,B!7:6YD;W=S`#(P,#<Z,#@Z
M,S`@,#`Z-#(Z-3$``````Z`!``,````!__\``*`"``0````!```"%J`#``0`
M```!```#1@`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$```LA````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"``!(`$@``/_M``Q!9&]B
M95]#30`"_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H`!F`P$B``(1`0,1`?_=``0`
M!__$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`P$E8/3\T.#35[C$#<WO_`&E;9]6NNO&Y
MF)(B9]2K@_\`7%HF0&Y'VM3A/8N8DM-OU9Z\[Z.(3_URK_THC?\`,_ZSEA>,
M`[6\GU:>VNGZ7W?V4N./[P^U7#+L?L<9);+OJ=]9V$!V`1/'Z6G_`-+)F_5#
MZRNM?2W!)LK#2]OJTZ!T[/\`"_G;4N.'[P^U7#+L?L<<J\5;=]3?K0"&G`,N
MD-'K4ZD"?],K?_-/ZQG7[%_X+3_Z53HY(:^J/VA9.$S51/V.2DMT?5WZPAH:
M>DX[H`;N+JY,"-SMN2WW)Q]7OK"#/['QR-=S989X/_<K<WZ/^#1]V'[T?\:*
MSVY_NR_Q9."DML_5KZQ%X=^RZ0`-NP/K#3K.]P^T;M_]I(?5SZQ1ITRK5NW5
MU6FI]WNO^G[DO=A^]'_&BKVY_NR_Q2XB2U#]5OK`"&'#,D[1^EJYASO]+^ZQ
MR2/N0_?C_C!7MS_=E]A?_]!VC=DM^(/W#<NMQQM:YO@`/N"Y;#;OSZVGN\#\
M5U%1]KS_`*\*UDZ,44=#@-ATYT^X_16Q@V35=7[@3,%KO=]$?S?^C6&QT!A)
MY/YP@G0_YKE<Q;RRUW`#HU[G3;[E'(6O#M9$OQVCW-+Q!;$F2UT"S]W:Y52\
M,ZQ19PW,QRWXOK(N;_X&ZQ5_VF*!54_?6P,K.V9<`QVW:7?G[]GO4\YX9BX.
M:#`QKVDG^0[]%9_X$Y,`_'1-M[+]M8LT_16-?I^[/N48B6Z0"0`/!'NKWUO9
M`AS2">\A4\=Y?36^-7,&X_RF^PH#920#2(B-(\DFZ"((VZ"?)+0.[R[[M$CH
MX$GG0#S24H0);J2-=?-+AVI^EP/-(SI!T!UGP3G\1Q\4E([N:?\`C?\`T7<D
MFM+HI,>[U/H^?IW:)(J?_]$_3!/4*C_+/Y'%=+5]!W^O9<[T@3G5?VS]S#_Y
M-=%7]!WS_(K.3?Z,4=FJUWM9[HDC5XU/E_71&.+;-T`2`-W<_2]I_JH322QA
M:[>#!W.TD?O?UTY@63!G:/=V@'Z'];W():_4;36Z@M!`_2-AW)AV[_-]WL6O
MB6G+Z"*'0XV-=69/!:XL<9_JK"ZO_,M(=N++2#_)W,W!GX*[T-[;.F6U:EK+
MW-U.NVQK7?\`DT9#T@]BH'4O4=/R/M.#C9#@7/<T!WD[^;M_Z857&(8VUCC'
MH6G[GZ_]47)NA6%]-](EL/\`5KD:AMPW_1_XP6J33MSG1]&^O<#VEA_\BY0U
MJ0O[)W3V,0=?AW2/$@21J/BD)+0'#4CW!)I!$#0-.V/@@I7(@CD:A)I&K1^;
MHD!$@F9,CR"1+I$"09D^"2D=HA]1G0VB!_UNY)/=]*G_`(W_`-%W)(_P4__2
MN=&'Z\/Y-3S]Y:U=`S^;/S6%T0?KEQ_=JC_I-'_?5NL^A]ZLSW8X[-0SL;Z@
MWNEI.WC=(][?Y+/IIW?2'NCVN]GC!;[O['_?U%L>@ST_T+8;`=R&R/T9G]YO
ML4G_`$F^R9W#=^[I/_3C:@IJ]4:YV):2T!K75N:[Q_-=/]24_P!7K"1F5.[L
MJM']DNJ/_5J6:T.HO&[W&F17_4._U/\`OJJ_5]X'4@R?YZFUA'F!ZK?_`#VG
M?H%'Z0>DZ78ZK/KWG6]KZ]./:?6H_P#`_46J[`:;*GM?M]$F`!H006[?Q7/;
MQ476,UM8YF1M_JPW3^NVIS5T6=;EULJ^R-#WOL#'%P+@UI#O>=KF_G;%#(&Q
M75>#HR;BQ/O)DD\>*?[-_*T^"C99EL=B-VM?ZC]N4YH,-`KL?O9[O9^G94SW
M[_IJMGY75J;;6XF.VZO8TUO(/M>''UFO;O9ZK7T_S'I?0O\`Y[]'8F@$G<*,
M@!U;?V5NX.W:@1\BD<:00'D$]X0LB_+;ELJ8S;0YDBX,-DV;@/2>UA;Z3?3_
M`,)_Y[]+]-#,R>HUWN9CTA[0VMU4@D6.+W-R*GV-_HWI5;'>H_\`TG^%])]2
M0!TU"C(:IGXF[9[X+';ICD[7U_\`HQ)64D+*Y__3?I?7.G8MES[S9^D:`W:P
MNX)<[NM-OULZ(&P77_\`;1_\DN2Q,9V5D,QVN;67AQWN^B`QCKGEW]BM6Z>B
M7WO].F^I[FFH60'[6B_W,N;9LV6TUTEE]KF?F/5Z4(7J2UA.72G:_P"<O275
M!MSK7N@%\5$`N!#I'N_>"=_UGZ42W:^T"3O'I'40[3Z7[^U<ZSIN3933;4!8
M;@X^F"`6AK[*1OWN'TWX]J3^G9-;J6V[6.R+12P;@[G;MM/I[OT3O4]G[Z7!
M#NKCEV>AL^LG1G@C]+N<QU>[TCH'#Z/TOWE0Z?UG"Q<W'R'E^VIX+X9)VD;'
MQKYK+OP<K'9ZEK0UAB#N:9G]UH.[V_X3_1JNB(1K3J@SD]D[ZU]#DD&Z2"-W
MHGC\T?2\UO\`_/WH'_#_`/;3EY<5>*0Y>$M[T\42SSC55J^A_P#/[H'C?_VT
MY+_G]T#QO_[:<O/$D?NF+^M]JW[SD\/L?0_^?W0/&_\`[:<E_P`_N@>-_P#V
MTY>>))?=,7];[5?><GA]CZ'_`,_N@>-__;3DEYXDE]TQ?UOM5]YR>'V/_]3!
M!(U!(,$:::$;7#^TU3^T9&UK?6L#:QM8W>Z&M_=8)]K=4-):339MMN9.RQ[9
M&T[7$2V=^W0_1WG?_73_`&C(V>F;;"R00TN)`(.YKFZ^WW#<AI)*9^O?M+?5
M?M=])NYT&)C<)_E.4$DDE**O%42KQ3X=6/)T4DDDG,:DDDDE*22224__U<!)
M)):334DDDDI22222E%7BJ)5XI\.K'DZ*2223F-22222E))))*?_6P$DDEI--
M22222E))))*45>*HE7BGPZL>3HI))).8U))))*4DDDDI_]?`2226DTU))))*
M4DDDDI2+]HM\ON0DD;00#NE^T6^7W)?:+?+[D))*SW1PCLE^T6^7W)?:+?+[
MD))*SW5PCLE^T6^7W)(225GNKA'9_]#"9Z>[])N#?Y$$SV^G#4=C>FNL8UUF
M0UA(#W%M;8$\[M[_`,W^2JR2TFFWKZ.D5U6.IR+K;(BAOZ.-TC^>V?X'T]_O
M;^>J*220"BI))))2DDDDE*22224I))))2DDDDE/_V?_M$/90:&]T;W-H;W`@
M,RXP`#A"24T$)0``````$``````````````````````X0DE-`^T``````!``
M9`````$``0!D`````0`!.$))300F```````.`````````````#^````X0DE-
M!`T```````0````>.$))3009```````$````'CA"24T#\P``````"0``````
M`````0`X0DE-!`H```````$``#A"24TG$```````"@`!``````````(X0DE-
M`_4``````$@`+V9F``$`;&9F``8```````$`+V9F``$`H9F:``8```````$`
M,@````$`6@````8```````$`-0````$`+0````8```````$X0DE-`_@`````
M`'```/____________________________\#Z`````#_________________
M____________`^@`````_____________________________P/H`````/__
M__________________________\#Z```.$))300(```````0`````0```D``
M``)``````#A"24T$'@``````!``````X0DE-!!H``````SL````&````````
M``````-&```"%@````,`3P!&`$,````!``````````````````````````$`
M`````````````A8```-&``````````````````````$`````````````````
M````````$`````$```````!N=6QL`````@````9B;W5N9'-/8FIC`````0``
M`````%)C=#$````$`````%1O<"!L;VYG``````````!,969T;&]N9P``````
M````0G1O;6QO;F<```-&`````%)G:'1L;VYG```"%@````9S;&EC97-6;$QS
M`````4]B:F,````!```````%<VQI8V4````2````!W-L:6-E241L;VYG````
M``````=G<F]U<$E$;&]N9P`````````&;W)I9VEN96YU;0````Q%4VQI8V5/
M<FEG:6X````-875T;T=E;F5R871E9`````!4>7!E96YU;0````I%4VQI8V54
M>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$```````!28W0Q````!```
M``!4;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG```#
M1@````!29VAT;&]N9P```A8````#=7)L5$585`````$```````!N=6QL5$58
M5`````$```````!-<V=E5$585`````$```````9A;'1486=415A4`````0``
M````#F-E;&Q497AT27-(5$U,8F]O;`$````(8V5L;%1E>'1415A4`````0``
M````"6AO<GI!;&EG;F5N=6T````/15-L:6-E2&]R>D%L:6=N````!V1E9F%U
M;'0````)=F5R=$%L:6=N96YU;0````]%4VQI8V5697)T06QI9VX````'9&5F
M875L=`````MB9T-O;&]R5'EP965N=6T````115-L:6-E0D=#;VQO<E1Y<&4`
M````3F]N90````ET;W!/=71S971L;VYG``````````IL969T3W5T<V5T;&]N
M9P`````````,8F]T=&]M3W5T<V5T;&]N9P`````````+<FEG:'1/=71S971L
M;VYG```````X0DE-!"@```````P````!/_`````````X0DE-!!$```````$!
M`#A"24T$%```````!`````$X0DE-!`P`````"ST````!````9@```*````$T
M``#`@```"R$`&``!_]C_X``02D9)1@`!`@``2`!(``#_[0`,061O8F5?0TT`
M`O_N``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3
M$Q43$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+
M#0X-$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#/_``!$(`*``9@,!(@`"$0$#$0'_W0`$``?_Q`$_
M```!!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!````````
M``$``@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B
M<8$R!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V
M%])5XF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G
M=X>7I[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1
M%*&Q0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1E
MXO*SA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>G
MM\?_V@`,`P$``A$#$0`_`,!)6#T_-#@TU>XQ`W-[_P!I6V?5KKKQN9B2(F?4
MJX/_`%Q:)D!N1]K4X3V+F)+3;]6>O.^CB$_]<J_]*(W_`#/^LY87C`.UO)]6
MGMKI^E]W]E+CC^\/M5PR['['&26R[ZG?6=A`=@$3Q^EI_P#2R9OU0^LKK7TM
MP2;*PTO;ZM.@=.S_``OYVU+CA^\/M5PR['[''*O%6W?4WZT`AIP#+I#1ZU.I
M`G_3*W_S3^L9U^Q?^"T_^E4Z.2&OJC]H63A,U43]CDI+='U=^L(:&GI..Z`&
M[BZN3`C<[;DM]R<?5[ZP@S^Q\<C7<V6&>#_W*W-^C_@T?=A^]'_&BL]N?[LO
M\63@I+;/U:^L1>'?LND`#;L#ZPTZSO</M&[?_:2'U<^L4:=,JU;MU=5IJ?=[
MK_I^Y+W8?O1_QHJ]N?[LO\4N(DM0_5;ZP`AAPS).T?I:N8<[_2_NL<DC[D/W
MX_XP5[<_W9?87__0=HW9+?B#]PW+K<<;6N;X`#[@N6PV[\^MI[O`_%=14?:\
M_P"O"M9.C%%'0X#8=.=/N/T5L8-DU75^X$S!:[W?1'\W_HUAL=`82>3^<()T
M/^:Y7,6\LM=P`Z->YTV^Y1R%KP[61+\=H]S2\06Q)DM=`L_=VN54O#.L46<-
MS,<M^+ZR+F_^!NL5?]IB@55/WUL#*SMF7`,=MVEWY^_9[U/.>&8N#F@P,:]I
M)_D._16?^!.3`/QT3;>R_;6+-/T5C7Z?NS[E&(END`D`#P1[J]];V0(<T@GO
M(5/'>7TUOC5S!N/\IOL*`V4D`TB(C2/))N@B"-N@GR2T#N\N^[1(Z.!)YT`\
MTE*$"6ZDC77S2X=J?I<#S2,Z0=`=9\$Y_$<?%)2.[FG_`(W_`-%W))K2Z*3'
MN]3Z/GZ=VB2*G__1/TP3U"H_RS^1Q72U?0=_KV7.]($YU7]L_<P_^3715_0=
M\_R*SDW^C%'9JM=[6>Z)(U>-3Y?UT1CBVS=`$@#=W/TO:?ZJ$TDL86NW@P=S
MM)'[W]=.8%DP9VCW=H!^A_6]R"6OU&TUNH+00/TC8=R8=N_S?=[%KXEIR^@B
MAT.-C75F3P6N+'&?ZJPNK_S+2';BRT@_R=S-P9^"N]#>VSIEM6I:R]S=3KML
M:UW_`)-&0](/8J!U+U'3\C[3@XV0X%SW-`=Y._F[?^F%5QB&-M8XQZ%I^Y^O
M_5%R;H5A?3?2);#_`%:Y&H;<-_T?^,%JDT[<YT?1OKW`]I8?_(N4-:D+^R=T
M]C$'7X=TCQ($D:CXI"2T!PU(]P2:01`T#3MCX(*5R((Y&H2:1JT?FZ)`1()F
M3(\@D2Z1`D&9/@DI':(?49T-H@?];N23W?2I_P"-_P#1=R2/\%/_TKG1A^O#
M^34\_>6M70,_FS\UA=$'ZY<?W:H_Z31_WU;K/H?>K,]V..S4,[&^H-[I:3MX
MW2/>W^2SZ:=WTA[H]KO9XP6^[^Q_W]1;'H,]/]"V&P'<ALC]&9_>;[%)_P!)
MOLF=PW?NZ3_TXVH*:O5&N=B6DM`:UU;FN\?S73_4E/\`5ZPD9E3N[*K1_9+J
MC_U:EFM#J+QN]QID5_U#O]3_`+ZJOU?>!U(,G^>IM81Y@>JW_P`]IWZ!1^D'
MI.EV.JSZ]YUO:^O3CVGUJ/\`P/U%JNP&FRI[7[?1)@`:$$%NW\5SV\5%UC-;
M6.9D;?ZL-T_KMJ<U=%G6Y=;*OLC0][[`QQ<"X-:0[WG:YOYVQ0R!L5U7@Z,F
MXL3[R9)/'BG^S?RM/@HV69;'8C=K7^H_;E.:##0*['[V>[V?IV5,]^_Z:K9^
M5U:FVUN)CMNKV--;R#[7AQ]9KV[V>JU]/\QZ7T+_`.>_1V)H!)W"C(`=6W]E
M;N#MVH$?(I'&D$!Y!/>$+(ORVY;*F,VT.9(N##9-FX#TGM86^DWT_P#"?^>_
M2_30S,GJ-=[F8](>T-K=5()%CB]S<BI]C?Z-Z56QWJ/_`-)_A?2?4D`=-0HR
M&J9^)NV>^"QVZ8Y.U]?_`*,25E)"RN?_TWZ7USIV+9<^\V?I&@-VL+N"7.[K
M3;];.B!L%U__`&T?_)+DL3&=E9#,=KFUEX<=[OH@,8ZYY=_8K5NGHE][_3IO
MJ>YIJ%D!^UHO]S+FV;-EM-=)9?:YGYCU>E"%ZDM83ETIVO\`G+TEU0;<ZU[H
M!?%1`+@0Z1[OW@G?]9^E$MVOM`D[QZ1U$.T^E^_M7.LZ;DV4TVU`6&X./I@@
M%H:^RD;][A]-^/:D_IV36ZEMNUCLBT4L&X.YV[;3Z>[]$[U/9^^EP0[JXY=G
MH;/K)T9X(_2[G,=7N](Z!P^C]+]Y4.G]9PL7-Q\AY?MJ>"^&2=I&Q\:^:R[\
M'*QV>I:T-88@[FF9_=:#N]O^$_T:KHB$:TZH,Y/9.^M?0Y)!ND@C=Z)X_-'T
MO-;_`/S]Z!_P_P#VTY>7%7BD.7A+>]/%$L\XU5:OH?\`S^Z!XW_]M.2_Y_=`
M\;_^VG+SQ)'[IB_K?:M^\Y/#['T/_G]T#QO_`.VG)?\`/[H'C?\`]M.7GB27
MW3%_6^U7WG)X?8^A_P#/[H'C?_VTY)>>))?=,7];[5?><GA]C__4P02-02#!
M&FFA&UP_M-4_M&1M:WUK`VL;6-WNAK?W6"?:W5#26DTV;;;F3LL>V1M.UQ$M
MG?MT/T=YW_UT_P!HR-GIFVPLD$-+B0"#N:YNOM]PW(:22F?KW[2WU7[7?2;N
M=!B8W"?Y3E!)))2BKQ5$J\4^'5CR=%))))S&I))))2DDDDE/_]7`2226DTU)
M)))*4DDDDI15XJB5>*?#JQY.BDDDDYC4DDDDI22222G_UL!))):334DDDDI2
M2222E%7BJ)5XI\.K'DZ*2223F-22222E))))*?_7P$DDEI--22222E))))*4
MB_:+?+[D))&T$`[I?M%OE]R7VBWR^Y"22L]T<([)?M%OE]R7VBWR^Y"22L]U
M<([)?M%OE]R2$DE9[JX1V?_0PF>GN_2;@W^1!,]OIPU'8WIKK&-=9D-82`]Q
M;6V!/.[>_P#-_DJLDM)IMZ^CI%=5CJ<BZVR(H;^CC=(_GMG^!]/?[V_GJBDD
MD`HJ22224I))))2DDDDE*22224I))))3_]D`.$))300A``````!5`````0$`
M```/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B
M`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`$,`4P`R`````0`X0DE-!`8`````
M``<`!P`!``$!`/_A.2%H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O`#P_
M>'!A8VME="!B96=I;CTB[[N_(B!I9#TB5S5-,$UP0V5H:4AZ<F53>DY48WIK
M8SED(C\^"CQX.GAM<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B('@Z
M>&UP=&L](C,N,2XQ+3$Q,B(^"B`@(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T
M<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^"B`@
M("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@
M('AM;&YS.GAA<$U-/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO
M(CX*("`@("`@("`@/'AA<$U-.D1O8W5M96YT240^=75I9#HR,40Y,4%%14(P
M-39$0S$Q.44T03A"-S(P-C`R,C,W1CPO>&%P34TZ1&]C=6UE;G1)1#X*("`@
M("`@("`@/'AA<$U-.DEN<W1A;F-E240^=75I9#HR,D0Y,4%%14(P-39$0S$Q
M.44T03A"-S(P-C`R,C,W1CPO>&%P34TZ26YS=&%N8V5)1#X*("`@("`@/"]R
M9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2(B"B`@("`@("`@("`@('AM;&YS.GAA<#TB:'1T<#HO+VYS+F%D;V)E
M+F-O;2]X87`O,2XP+R(^"B`@("`@("`@(#QX87`Z0W)E871E1&%T93XR,#`W
M+3`X+3,P5#`P.C(Q.C4Y+3`T.C`P/"]X87`Z0W)E871E1&%T93X*("`@("`@
M("`@/'AA<#I-;V1I9GE$871E/C(P,#<M,#@M,S!4,#`Z-#(Z-3$M,#0Z,#`\
M+WAA<#I-;V1I9GE$871E/@H@("`@("`@("`\>&%P.DUE=&%D871A1&%T93XR
M,#`W+3`X+3,P5#`P.C0R.C4Q+3`T.C`P/"]X87`Z365T861A=&%$871E/@H@
M("`@("`@("`\>&%P.D-R96%T;W)4;V]L/D%D;V)E(%!H;W1O<VAO<"!#4S(@
M5VEN9&]W<SPO>&%P.D-R96%T;W)4;V]L/@H@("`@("`\+W)D9CI$97-C<FEP
M=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@
M("`@("`@("`@>&UL;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT
M<R\Q+C$O(CX*("`@("`@("`@/&1C.F9O<FUA=#YI;6%G92]J<&5G/"]D8SIF
M;W)M870^"B`@("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E
M<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIP:&]T
M;W-H;W`](FAT='`Z+R]N<RYA9&]B92YC;VTO<&AO=&]S:&]P+S$N,"\B/@H@
M("`@("`@("`\<&AO=&]S:&]P.D-O;&]R36]D93XS/"]P:&]T;W-H;W`Z0V]L
M;W)-;V1E/@H@("`@("`@("`\<&AO=&]S:&]P.DAI<W1O<GDO/@H@("`@("`\
M+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z
M86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z=&EF9CTB:'1T<#HO+VYS+F%D
M;V)E+F-O;2]T:69F+S$N,"\B/@H@("`@("`@("`\=&EF9CI/<FEE;G1A=&EO
M;CXQ/"]T:69F.D]R:65N=&%T:6]N/@H@("`@("`@("`\=&EF9CI84F5S;VQU
M=&EO;CXQ,#`P,#`P+S$P,#`P/"]T:69F.EA297-O;'5T:6]N/@H@("`@("`@
M("`\=&EF9CI94F5S;VQU=&EO;CXQ,#`P,#`P+S$P,#`P/"]T:69F.EE297-O
M;'5T:6]N/@H@("`@("`@("`\=&EF9CI297-O;'5T:6]N56YI=#XR/"]T:69F
M.E)E<V]L=71I;VY5;FET/@H@("`@("`@("`\=&EF9CI.871I=F5$:6=E<W0^
M,C4V+#(U-RPR-3@L,C4Y+#(V,BPR-S0L,C<W+#(X-"PU,S`L-3,Q+#(X,BPR
M.#,L,CDV+#,P,2PS,3@L,S$Y+#4R.2PU,S(L,S`V+#(W,"PR-S$L,C<R+#,P
M-2PS,34L,S,T,S([,#=&,T(W0T)!04-&0S`T-#-&.$5%,S5$.$9&1C0W,$8\
M+W1I9F8Z3F%T:79E1&EG97-T/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*
M("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@
M("`@>&UL;G,Z97AI9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]E>&EF+S$N,"\B
M/@H@("`@("`@("`\97AI9CI0:7AE;%A$:6UE;G-I;VX^-3,T/"]E>&EF.E!I
M>&5L6$1I;65N<VEO;CX*("`@("`@("`@/&5X:68Z4&EX96Q91&EM96YS:6]N
M/C@S.#PO97AI9CI0:7AE;%E$:6UE;G-I;VX^"B`@("`@("`@(#QE>&EF.D-O
M;&]R4W!A8V4^+3$\+V5X:68Z0V]L;W)3<&%C93X*("`@("`@("`@/&5X:68Z
M3F%T:79E1&EG97-T/C,V.#8T+#0P.38P+#0P.38Q+#,W,3(Q+#,W,3(R+#0P
M.38R+#0P.38S+#,W-3$P+#0P.38T+#,V.#8W+#,V.#8X+#,S-#,T+#,S-#,W
M+#,T.#4P+#,T.#4R+#,T.#4U+#,T.#4V+#,W,S<W+#,W,S<X+#,W,S<Y+#,W
M,S@P+#,W,S@Q+#,W,S@R+#,W,S@S+#,W,S@T+#,W,S@U+#,W,S@V+#,W,SDV
M+#0Q-#@S+#0Q-#@T+#0Q-#@V+#0Q-#@W+#0Q-#@X+#0Q-#DR+#0Q-#DS+#0Q
M-#DU+#0Q-S(X+#0Q-S(Y+#0Q-S,P+#0Q.3@U+#0Q.3@V+#0Q.3@W+#0Q.3@X
M+#0Q.3@Y+#0Q.3DP+#0Q.3DQ+#0Q.3DR+#0Q.3DS+#0Q.3DT+#0Q.3DU+#0Q
M.3DV+#0R,#$V+#`L,BPT+#4L-BPW+#@L.2PQ,"PQ,2PQ,BPQ,RPQ-"PQ-2PQ
M-BPQ-RPQ."PR,"PR,BPR,RPR-"PR-2PR-BPR-RPR."PS,#LW-C@T-S,Y-3%"
M1D(R1CDU.3=$-D(U1D5#0D0P13(T-SPO97AI9CI.871I=F5$:6=E<W0^"B`@
M("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`\+W)D9CI21$8^"CPO>#IX;7!M
M971A/@H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H\/WAP86-K
M970@96YD/2)W(C\^_^X`#D%D;V)E`&1``````?_;`(0``0$!`0$!`0$!`0(!
M`0$"`@$!`0$"`@("`@("`@,"`P,#`P(#`P0$!`0$`P4%!04%!0<'!P<'"`@(
M"`@("`@("`$!`0$"`@($`P,$!P4$!0<("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("`@("`@("`@("`@("`@(_\``$0@#1@(6`P$1``(1`0,1
M`?_=``0`0__$`/```0``!@,!```````````````!!08'"`D"`P0*`0$``04!
M`0```````````````P$"!`4&!P@0``$#`P(#!`4$"!`%#0T$"P$``@,1!`4A
M!C$2!T%1$PAA<2(4"8&1,A6AL<$C<[,V%_#10E*2,R345=46EAA8&1KA\6)R
M-$/3I"4U1957A[<H.`J"HK)3@T24M,1E=5:GA(6E-]*35+4F=B='9W=($0$`
M`0,!!`0("P8$!@(#`0```1$"`P0A,1(%05%Q!F&1H=$B4A-4@;'A,I(S4S06
M!Q>RTB,4%1C!0B0U\')#LT0E8G."-@@W_]H`#`,!``(1`Q$`/P#4>ON]\OB`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@K'8GY0P?@IOQ96T
MY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M#__0U'K[O?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(*Q
MV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@__T=1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@(""L=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@("`@("
M`@("`@("`@("`@("`@("`@("`@(/_]+4>ON]\OB`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZM
MYX("`@("`@("`@("`@("`@("`@("`@("`@("`@("#__3U'K[O?+X@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65M.3_`%S0
M]Y/NL]L?&O>NK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__U-1Z
M^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""L=B?E#!^
M"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@B`20`*N=HUHU)/J5:$!!!+2*.&
MA:[0CYTHI5!**H]E>Q*"';3M2(*"4$?T:)0C:=I'$CB`E)"AU--!Q/8$F!#T
M]G&J44JCVT[>*4E5!5X9#Y>'<J4$4B"(02@C^C5*"!(''3M28D*@\$I(5'?P
MX_-5.&2=A4#[24*H!S3J"#V&AJDP0Y*@@@("#__5U'K[O?+X@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/N
ML]L?&O>NK>>"`@("#8/\.VQO/SA]5MPV?32?J2[`;-R49?M#ZBO=W;<=>O9;
M,S6!Q&X6OM\C=6QXQ%I+6DN;J`N!_,2^/Y;#9.2,?%DC?Q19=3;PWW6[;8GK
M^!V_<6V[V^6Z,?'2R=U)NMK_`)K;;METQU?"S]R?DUZ2=5>NO5C-=9=S#>^7
MQYZ<[?\`Y/=&\3_)/+Q6FXL///<93*XC%PY9C<M'X36SQM\.!TH=SNCJ`N`Q
M=\]7I-!AMT]O!$^TFM\\<5MNBEMMTS;Z'5OFFZ)=MD[JZ;4ZW)=GNXICV<4L
MCAFET;;KK8XO2ZXV17?19S&^4?RAX'IW/D\QA]P;YSV.Z29CS239^+=EOB(K
M^YP&\AM\8AEE]6SNMF7D,@>^0R/DC(]ECEN<G>[G&34TMFVRV<T8J<$S2+K.
M+BKQ16D]&R)ZVJQ=V>5VX)FZ+KKHQ3DKQ1%>&_AX:4FE8\,S"Y-_Y(.D[KG?
M_2O9F2OLMM#\Z&S/J[:%[EL!'/\`4V3V%)N:YC.3&,EOGR0R<T;/!=1XHWP7
M24*UF/OSJZ8\^2(B_P!C?Z5+OG1DX8GAXN&DQMV[O6HS[^Z.FK?BQS,V^ULI
M%;=TV<4[:<6SHIOZIE1&5\E_E6VGO'K3G\WB\WG]I[+VQT<W_M/8=CN0XEPO
M.H6;FP^3@GN,AC#=&*`!LL;'P1RLIRR<:C.Q=]>:Y<."RV;8ONOS6S=-M=F.
MV)MF(BZE9W3MF)Z&'D[I\MQY<UUT776VVXKHMXJ;;YF+HK,5I&^(F(F.E4EY
MY`_*A@]Q773^>ZW!E\ON_.=;-G;8W@=R6$46$M^G6+=F,5.^T99N%S)-RB&2
MLC&O!+A0T"QK._\`S;)CC+2V(MMP3-O#/I>TFET5KLB-^Z:;F1?W,Y;;DG',
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MCC?+9XR1[.:2XM@9&.`#1[3E-^8./5Y>:98Q1,\&FF[Y]]E)B_YUO#LF[JB[
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MO'K5U`VON[;-SMWIG%UHS'EUQNZL:,[B,M_+*3;T=I+?W6._:KRW:V:,&#Q(
MA5Q#]`=MA[W\URZJS38K[+N++P1DFR>&8X.*L1%V^V=D[:3X&MS=V>76:>[4
M9+;[9MQ<<X^*.*)X^&E9C=,;8V5AC[\1_ISTXZ;]9]@672?I?)TVV+N+86T]
MUXN9F2=DK+,27N,CEGF@>Z"+VH9"Z*9_,_Q'@NHSZ*WOY<<QU.IT62<^7VF2
MW)?$[*3%)V1.V=\;8W4C9MWM+W]T&#3ZNR,./@LG';.^L36-LQL^">N>IC!T
M4Z<[HWYN['7FWL(,_9;6R.%O-QV$9CDF%I>96&R$@@=K)&'O`D(%&`U=0:KJ
M.=<RPZ?#,7W4FZ+J=L17?\77T.=Y1H,F;+$VQ6+9BOPS3=\;/6Y\KO23?W4#
M<.ZI3D&;5W/EMXY6;);:OK2VQ4<\/4H8:""U<+9T<;197`<V(5-"UX]D47"6
M]Y]7I]/;CV<=MMFR8FOU7%6=M?G1_P`2[*_N]IL^>Z_;PW3=-8F(BOM*4C9Z
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ML8;8Y^H[`N;966XY3DLCE\H]AF\.[N;B.PCA?((WQ,?5H#8W+'[RZB8U&><%
M]T7V8KIN]*=\V^C;;;NV1$W5B*Q,QMVS";N_AB=/AC-9$V79+8MV1NB[;-T[
M]LS%M-U(GJA?1FV\`_I_@,UN/9V-@W-N'`RWOF9?-@,)#-C8;;;&X;K&S/B;
M:-%@Z1MM;S%T;6&25L9=5Q`.BG47_P`Q=;9?/#;=_"]*[;Z5D7;:^EOF-M:1
M6(V-Q&GL]C;==9'%-O\`$]&-GHWTZ/1W1.S?,1+`/S59>5\O0_:&7M,.-Z[6
MV989SJ1EMI83!80SYO<\AS1MYV8"TLXI/=K5UN&%S:MYR-%W_=3#;'M\ELW<
M%V28MB;KKO1M]&L<4S.V:^)QG>3+,^QLFG';9$W3$1&V[;2>&(W11BBNH<R*
M@("#_];4>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@K'8GY0P?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@(/;89+)8F\@R&'R=SA
M\C;U\#(8>XFM+B.HH>66W<QXJ.-"J7X[+[:71$QX8JOLR76S6V9B?!L=L&9S
M5I<7]W:9N]M+S*M?!E;VUO+F.:Z9)J]L\C'ATK7'B'DU[52[%9,1$VQ,1NV1
MY.KX"S+?;,S%TQ,[]N]YQ?7[6")M_<-B$?N8B;/,&"`GF,?*'4Y"=>3A7L5T
MVV]1%\]<T>B+,YJWGBNK?-WUO=P2,O(+J"]N62LFB'*R1KVO#@]HT:X&H'!4
MG%CF*3;$_!"MN:^)K$SXW&7*Y6=\TL^6NYY+CE]YDGNKA[I>1W.WG+WDNY7$
MEM>!U"K%ED;HCQ0I.6^=\RA]:Y8N$CLO=F5ID>V4W5P7`RCED->>M7C1Q[>V
MJI[.RGS8\2GM+NN:]KF<SFS:6F/.<OCC[`<ECCS>7)@MQXGBTBCY^5@YQS>R
M!KKQ5/98ZUX8K/@C;\*Z<M]*5FG:Y7><SN0FGN,AGK_(7-T',NKG(7MU/)*U
M[N=P>Z61Q<"=2"=3JJ68L=M(BV(B/!!?FONWW3/PR\3;FZCC9#'=S1PQ/%U'
M`R61L;90.7Q`T&@?33F&JDI;U+.*:4JG.,W5N7#W5C=V&?O(W8_(6N[+>VDN
MKA]N<E9S-N(;B2%SRQ\C7L!YG`E0Y--BOB8NMC;$QNBM)V4JFQ:G)9,3%T[)
MK\,=-$[ZB]3-^=6=Y9S?_4#<]WN+=.X+VXW#?7]U-(&1W=W-[Q*ZWB#N2`.?
M[7+&`*Z]B@Y=R[3Z3#;BQ61;9;$1'9'7U_"DUW,,^JRSERW3-UTUGMG;LZO@
M4C<9+)W<UY<W>4NKRYR-!D;B[N9Y9+D-X"9TCB9`*"G-59=MED1$1$4CP;NQ
M!.29F9F9V^$N\ED[^.SAR&3N<C#C8_<\;#D+B:=EM#7F\.%LKG"-E=>5M!7L
M2+++:TB(KOI&_MZU+LEUV^9FF[;N[$++(Y'%S.N<7D;C%W,D;[1]SC+B:VD=
M%*.5["Z!S26N&CFDT/:EV.V[9=$3'ABI9DNMFL3,3X-CMBR^7AL68J'+WD.)
MBE-[%BH;JX9:LG<T-,C8FO#`\@`%U*T'%4G%CF[BI$SUTBI&6^(X8F:=70C9
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M&EC2!)6A`[@JVXL<4I;$1&[9&SLZO@5G+=-:S.W?MW]O6\,LLD\CI9Y7W$KZ
M<\T[G/>ZC0T5<\DF@``]&BOB8C<CNF9FKJ5`5`0$'__7U'K[O?+]1"H@("!4
M=Z"%1WH%1WA`J.\(%1WH%1WA`J.]`J.]`J.\(%1WA`YAWHK0J.]%$.9O>@CS
M#O"!S#O"!S#O2H5'>@5'>@<S>\:^E`YF]X^=`J._Y$J%1WCYT$:CO'SH(5'>
M@<P[Q\Z!4=X0*CO0*CO0.8=Z!4=X2H5'>$%9;$(_E#!J/VJ;_P``K:\G^NAH
M>\?W6>V/C7NJ.]=71YV<S>\*A4YF_KA\Z%3F'>@<S>\?.A4YF_KA\Z%3F;^N
M'SH5.8=Z!S-[PA5&H[PJJH<P[U10YF_KA\Z%3F;WA"IS#O0*COJJQ%53F'>%
M6;:!S-_7#YU:I4YF_KA\Z%3F'>$*G,.\?.%4J<P[Q\X58MJJ5'>J3%`YAWJB
ME3F;WCYT*G,.]`YAWH%1WJM!&H[PE%2H[TH%1QKHJT4J_]"'YD>DG_R#8_/<
M?ZZOJW^JZGUY>-_TW!ZD)'N/H[TILL9++;[%LHI20UDC3/4?/(IL',M1-WSY
M6Y.78(CYL+9?FQZ?'AM.U]'[=_KBV/\`.YO68O\`(X?5@_-CT_\`_E.U/;4&
M;_\`32-;F]8_D</JPG&W^D73_*9S$8\[/M7B]N(;=T9,VH?(!32119N89K;9
MGBG<OLY?AF8CAAGY'Y6_+W=]=G[5@Z2XOZCPV,M??<<TWG(^Y?&"Y[J3UJ:]
MZY&>>:R-)Q^TFLSX&]_H^EG/P\$4B&3K/)?Y4_HGH5A">'&_X_\`I*TT=X]=
M]K/D\S/MY'H]WLX\OG3K"^2CRFW&2M8IN@V#DC<ZCV/-_0C_`-)4.7O+S"(^
MMGR>9?'(-'7ZN/+YUVG>0SR;4I_1UP`'ZZN1_?2UOXKYE]M=Y/,GGD&B^SCR
MN7]`[R:B-[OZ.>`T!`-<E^^D_%7,J_77>3S*?T'1?9QY5LKGR2^4=OO')T"P
M;>0D-`.0]7_[4LV.\W,/MI\GF6SR'1?9QY?.I^W\EOE0=4.Z$80D::G(?OE3
MW]Y-?]K/D\R*.1:.GU<>7SIS;^2;RDOH7=!,&1Q-3D/WRHKN\O,/M9\GF76\
MBT4?]./+YS<'D0\KN3PEW:[>Z'X'&9EPK9WCO?W`'U.N2/L*_'WHUUMT3=EN
MF/@\RN3N_I)C9CA6^T/(-Y2;;$8VVS_0/`93*L8T7]T[ZP'.\C7Z%T!\RQ=1
MWKYA-TS;EF(^#S+\7=_1[(G''E5M#Y"/);%D(3+Y<=OR6\A%6..3(_\`6UB3
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M_$OWVN8_'7-_>+O)YFR_"_+_`+*#^RN^'C_50VS_`/B7[[5([]<W^WN\GF/P
MOR_[*/*I'?WPP_A^839^>R./\J6V8[R"!S;>4_6?WM[ARA^EWQ'%9&E[[<VN
MR1$Y[J?!YEN7NSH(MK&*/+YUC_+M\.GR([F&[<#N'RX;9W+>X"9A9EI!D0[E
MD;7D(CNZ:%;/FW?#FEG#-N:ZV)[/,QM'W<T%TS$XX4;L#X>GDD?OCJ3MS-^6
MK;E^W!9*3W!ER<G][MC)0,'+=MJ!Z5D:KO=S/V=ET9KHK'@\R+'W>T/%,3BC
M9V^=F19_"S^'C=6MO/\`T4=L??F!XY?K/M]=VN>N[\\WB?K[O)YFQCNQR_[*
M&*WF5^&YY)-FS;;OMN>6K;^*L+@R07S;<Y(!YHVA-;L]_8M[R;OES/)6+LTS
M/P>9@ZWNYH;:4Q1Y?.P`\MWE(\I[_--DNGF_^AF$W'MO(%\>*QN3-]X<9+-"
MWP[EI[N)75\X[P<P_D8OLRS%T;]WF:C1<DT?\Q-MV.)ANGNOA9?#SA`>/*?M
MDBM/]]/N787G-G??FT_^1=Y/,Z3\+\O^RAZ(_A7?#QD:'#RH;9!/9_MG^^U9
M/?CG$?\`D7>3S*SW7Y?]E#C-\+#X=\$;I)/*CMD-:*Z?6?[[5;>_'.)G[Q=Y
M/,I^%^7_`&4/%8_"_P#ASWYD;;^5/;7/%]-C_K,'[-VJW]]^<1_U[O)YB.['
M+Y_Z4/9<?"L^'H()BSRH[9YPTEA!R=*T]%V%2SOSS>OWB[R>8_"_+_LH8F;[
M^')Y([3"YN/'>6?;EE?6!<Z*:`Y3G`!/ZZ\*WVE[X\SFZ*Y[ICX/,P<G=S0T
MV8H\OG7'Z!?#C\@>]=E07>9\K6VKS*6SC#=7#_K/G<0>W]UT6%S7OCS;%DF(
MSW4^#S)M+W<T%UFW%%5Y,E\,CX?.W<?>92T\K6VK2X@C=R3-^LZCF%#_`.=K
M$TW?SG,7Q,:BZ/%YEVJ[H<LR6<-V&V8^'SJ&@\@'D@N8V30^6W;KV2:AS792
MG_K:VMWYA\]BO^JN\GF:^.X/)?=[?+YW>/A\>2:G_5KV]\IR?[[5L_F/SSWF
M[R>97\`\F]WM\OG/[/GR35_ZM>W3\N3_`'VJ?J/SSWF_R>93\`\F]VM\OG0_
ML^/)*=3Y:]O#LXY3]^)^H_//>;_)YC\`\F]VM\OG0=\/GR2L!)\M>W=/3DZ_
M^N*Z/S%Y[/\`Y-_D\RD]P^31/W:WR^='^SY\DW]6O;OKKD_WXJS^8G/?>;_)
MYE?P#R;W:WR^=$?#X\DQ_P#^;-NCUG)_OM6?J/SSWF_R>8_`7)O=K?+YT!\/
MCR3:_P#1KV\:Z<<GI_LM/U'YY[S=Y/,?@'DWN]OE\Z/]GQY)2#_T:]NBFAUR
M?[[3]2.>>\W^3S*?@#DONUOE\[RQ_#P\E#)72_T=,#(TZB-SLERC_9:N_4CG
MGO-WD\Q^`>3>[V^7SO4/A\^28FG]&O;VO"OUG^^T_47GGO5WD\RL]PN3>[6^
M7SA^'QY)A4?T:MNU[JY/]]JD?F-SR9^\W^3S'X!Y-[M;Y?.@/A\^2:NOEKV[
M3OKE/WXKKOS$Y[$?>K_)YE?P#R;W:WR^='^SY\DO]6S;H^7)]O\`]K5GZC\\
M]YO\GF/P#R;W>WR^=+,K\/#R9S6X]P\NNW[:<<"TY(@^NMVI,?YC\[KMU-_D
M\RR_N#R:FS3V^7SNC"?#M\G%K;R#)>7K;]],]Q+72'(^P.X4N@KLWYC\ZKLU
M-WD\REG<'D_3IK?+YTZ/P^?),*?]&O;O=QR?[[4/ZC\\]YO\GF7_`("Y-[M;
MY?.?V?/DFT_Z->W/GR?[[3]1^>>\W^3S*3W"Y-[M;Y?.#X?'DE/'RU[='=KD
M]?\`9:?J/SSWF_R>8CN#R:?_`!K?+YT!\/CR3TJ?+7M[3_XF/M7:?J/SSWF_
MR>97\`\E]VM\OG2?,?#Y\FL<!FL?+=M_G8/:8#D]?]EJ;#^8O.YWZF[R>9;=
MW"Y/T:>WR^=2NUO('Y0[C*W8O_+E@9;'E!B;-]9#E/H_=061G_,/G46[-3=Y
M/,CL[A\GK]WM\OG7$_L^/)*.'ELVZ?17)_OM8/ZC<\C_`,F[R>9+'<+DWN]O
ME\Y_9\>27^K7MW33_?/]]I^I'//>;_)YC\`<E]VM\OG<?[/KR2U_ZM>W:=]<
MG^^U?'YB<]F/O5WD\RZ.X')?=[?+YT?[/GR2Z?\`1KV[Z=<GI_LM6S^8W/(G
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M@MC3VQ%TW5C;MI;6.E__T;HKZ>>4J`WC=<\;+9AT:ZKJ=ZS=+;TH,\[%O.S[
M&BSV,?+\I076Z)8QV7ZI[,M`WF'OL,KVG]:QW-]Q:[FE_#@NGP,K1VUR1#/O
MI:_Z\ZY=4,X=6PW7U;"\:CEB'+0?L5R6M]'2X[6]TWI9KI9@#L^XM#;#9VSM
M5!M]S796T`['`U]2BS[JI;;HJO>TDM`<:C@%J+HVIXER)I$\.X-!K\JH3#'[
M>5]?6.%RT^-+6WIK';O>:-:2_C\RV^GMB;XKN8V69I-$LQ+'PVEDV:[%[.Z-
MK[BXC(+2XZD5'<I,FVLPI;&Q5%LZE-:TXCUJ"=RZ'NRN<AV_A[S+RQF=MI&7
MM@8*N>_@!\ZIBQS=,6I+\E(JK;:>7N,QBK'(W%H;&XNFMF-J[BT.`<*UX%8V
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M`T.I69FMX<:&V?27/<TEO+P[:>BJP;9VIF)6_L0X9W,VKOVJY8YQ;ZPM]I;_
M`$88.6/2E2_E6R9L<KNS;#WT,,IFCC?Q`J5+SRRMEMR+0W4F895[\Y!@+I\H
M_<_+R3!W"A[2M)I?G,_+\UCML>^$K<K:,<706L[FPN&HH=0%MM3;NEBXMZX`
MX#@/4L"Z-K(<=:UIZM0J+:R<U="*=FBDC'L71"G,W[Q('0P7!ADY#)&6G7F:
M*T^59&*(C>AO<=JY1V6QWB2BEQ`XV]QIK4*FILI)BNE4I<=*BH]"@]DGHCW]
MFNE5$HCKQ&I[#VJJCRW=Q[O$7D5<=&@]M5?9965)NV)/B\\V^N[FPE;X-U!J
M8G=HIQ"GRXJ16%+;ZJ@!UUUJ*::J#AIM7H@<#Q(XJMV2L%4>[3T*(0H"T@:5
MH5=;-)'1)<P0-K+(&!O;\BOX)F5MU]'**9DT;9(7A[#P<#7[2I[/:K;-7;7F
MX#AVJEUE%4:T!KQ'%6"`J*TKVT0""6^DBE#Z5=;-!P:QK#[#0WL-!352\55)
MF:['+L.E*]M59=`<U=1Z#JD6574.6I'&@[J45W%P[!R'`44=TUE1`:5[>VO^
M-4D2G)8FSRC0VXCJYNH>/6LK%?-L+;K(ESQF)M\5$8K8!K7'G=3M)4>7+Q%M
MM&"GF6K_`$U_AJGM^NNJO_-M<KK.3?[9K>S'_P!R'/<RC_7::/#?^R__TKEW
M$HA@DD/ZD&GK7T_;%9>42M5G'/>&2/-?$<7`$\5L\,4V,7)*F30Z_**+(1((
M,F/*I8LEZG-RDK>:'`V5SE'O=V%D1HM'S^[^!3KEL^5Q_$KU,N?*]$Z]&Z\_
M(.9^4R%U<^(>)!>?TUSO/-G#;'1$-GR[;Q3X68"T39)[MH5S5D*5U)I\BAU'
MS)28MZ]X&NA/LZT6KFYD$A/AR5-!RG[2LB-JJPFZ</%G\5E,3/,^WCNP6&:W
M/*\4=70K;8,DV71=#'OMK$PIS;V+BP>.LL;%(Z:.T;X8EG/,]VO$G3539<DW
MS,H[(IL5C;N/W1ZUC)4-QVN1R&WLA;X@,?DN0RV;)_VLO`J*_*JX+HB^*[E<
MD3-NQ5'3N+/6NWK./<TK),V_[Y=^[UY6Z``"JAU4V<<\,;%<43%NW>O)CG\[
M#%30\:K67[-K+Q3L5-M^[EBM<K9QO(E?%*V+EX@EII11Y;=L2DLW*&\H66M;
MG=NZ\?B<3<8^UP?/;YB[O(RSWFZDJ0ZOZJ@T"R.?XYC';,S690\ONK?-&SW$
M79DC`[6+C;[-K=VJG:.:AK2J@G8JP5\T^Y=RXS=VTV6.Z'[;P>#A^N[F."7P
M3=S<Q:(^.M5TW(\-EV.ZL5F=C6ZZ^Z+HI-(AF?MC(OR^W,)DY!62^M8;AY/:
M7Q@E<[FLBV^8;"RZL)[X?I4,57!CT.OV%<0QLL>MV2FZN3[)N\1'#MF:5V)Q
MF6!/B27;#2AJ:?)1;>[EEO\`+\<3MZ6+&KGCI38MMUMMOJOKOL',@<L6:M'8
ME[AH.9KW$++Y;=Q:6Z.I!JHIDB63O3^X\7$OA)UB>?I>M:;51Z3-Q3L=G4W#
MMSFQ]PXXM#O&MGTT[6ZIH[^'+$J9K:VS#YP_,IB9\?M[;F9ACY7[>OP'2#BR
MDS7?<*]@Y+DB;KHZX<;S&VD1/5+?QY9MVQ[WZ';%S;9!*^:QCAF/'VF#E-=5
MY7SK![+4W6^%UNBR<6*V5ZK"HYF$D>&X@:]@*U^1ERFE*D_Y6H!4,2HZH[>"
M)TCHHFL>\DO<T`5U]"K-TE'<-/4>%>U4%A.I]FV++V5W2C;EIBD(`[EM='=Z
M-&/J+>EB]T[OCM;KJ82?"@R]8Z<`:C3N6ZU5O'INQA89IE9^[GMX[S`Y&"5O
M/'+&>:H[^U<M@NF+H;._;"Q^-Q-EBH7QV438Q([Q'&FI<5L,N:9G:QXQTE,A
MV>C7@H;IVI'$GE)[^(5UN.L%'(`G7O%5=QTV*U27,V$MY"#;/\*Y97D>/\"E
MQ9$5\3<EFT<)<8.SNFW,GBRW4AN'<M=*^L*NHOXI@QV3"JM:\*4[_2J)G.GR
M=BQ%J%2:U&O9^@*;V2M'BOHWRVT@`J]HYF#TC57V119?95:Z.ZN)-XXZ6*!T
M;G`PW6AIIVK-F/X;'BO%"[W:VAX:Z%:WK94(GF&HU'<K;8K(XZU_RNP@J^<=
M()1(I0#O[3_@5EL"2981`QF8#P'U;(7=]-%DX9FB/)'2H[:63D@R]YA))"^,
MUEMB:G0>OL63GLV518[Z2N8VH)IKV.HL"^:Q#*E$5''CQK_C42AWU-#P-.'>
M@$4U[1I6OJ0>:Z>YD3R.-!J."EQ;UMUU(45_**?&Y1EK?!KK6XH(Y6\!7UE9
MGLHNMV(8OFJNF^T`X'0@>HA8G'38R(EVB@T'!1W360K2OV*JT0XBG[*B#KK1
MQ)T':*_965;N7(2R,A8Y[]*:Z'N4-ME91W71#7?YDLW92^=/X;LC)"1;9OJF
MR5O:.;IQ<L'V2NSY-BG^F:SLQ_MPYWF5W^MTT^&_]E__TZOSD]?#MF&I<?:H
MOJ;!'2\ER3L47N9@@]R@[>7G=7LJLK3=,HLO0I,@UH-?4LI`B0173AQ096>7
M4_5.VNK>YW^Q[CB)+.)].#IARZ%<_P`ZVWX[?"VW+IX;;[O`S1\L.+-CT\Q\
M[FT?=`S.)[WGF7-<ZNKF;7EUM,3)-:EFJAVL*YNT-*\I)4&H^:EQ1M7J:X<Q
MYN!XK676[$\(7&D4M#I0T^96V[U6/.]<I=X?!92\QL/O-['][MXR*^T]X;4^
MJJW&ELBZ^(EBY;Z15X+%D\5I:"ZN&W%T^-DT[HN`<X<U/D5TS'%--RBHK>3A
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M2U-J[ION1H_W,R[('O'$,>TFBQ>2S$\<>!)KO\L^%=KII>ATUU`3I*ULK0=>
M(JM?J[-B?#*[%Y"+BTN8':B9CXRWUBE%@VS283T:"?-)M=S\?U%VW''RS6$A
MR4,9XT:.<_;7J7(\U+K+G+<QQ^C=$,Q?A<;Y.XNALNW[B;FN-MW)MN0DDM:Y
MM>!6@[[Z;@U/%UL[D.;BPTZFR2V/AWDK"-">9H7(7S6&\3?B>%/0H944EN*Z
MN(6W#[>4Q&TC-T&C@[EXA96&VJV_9"=X:];DL99WW_CV!Y]?:H,D4NH6S6%N
MNK%IXV#9=-;4VSJU`U`6;H+HBZB/-&Q@IO:=V)WAM3<<7L-CFC:]X.I]JG8N
MET]L3CNM:S-LNB6Q>>[;?[3;>--1<6S90>^K0?NKD8BF2C;S.Q87,9N?&N\6
M.+F@AI[T1Q`*VMF+B8TY%16\[+F"*XB/,R5H>WY158=]M)HDB780.;CQ[U=;
MDI"ZJ-/L:45MTUE0!J>/?144>66]MH.433!G.>5I/>IHQSOA9QP]`(=[0.G$
M'O5U=R3:[/LK&'5P(].@%-"LJ5781H>VJQH4>8V<+'B9L+6R=LM!S$'BI/:2
MI1WDTIK7NHK;MI,PC](`=_Z.U4B:$70<NH/R$^A777UA6H6D@^C0:45D311Y
M;NTCNX70R:M>"*CL)UJI++Z2I?%84KB-HQXW)_63IS)(QI9'7@005DY=56W8
MCC%M5K3TK#FZJ8/VOT<%:("NM3J/F01.H/VQZ4'5-&V1CHSP<.77YU)9=19=
M19O=5I>M>Z%T9>6:VTC.VAJMKANBC&NA='`OG?B,?[V.6<Q-$C7<01ZUKL]L
M5F895D;$XX:@<.%%CKD*5](XH%.W]4-31!Q)U/80*$^M95NY<\MY'SV[BT5<
MT<]#3LX\%;9=M19*4:R?,4Z+^FY\.^1K-/KGJ;SQ^G\WMRNVY17^F:OLL_;<
MUS+[[INV_P#9?__4J"(>_9!TCOHL/,:^@KZHGT;'D<;;E+[KDY\D&\>1@T"R
M-+\U'FG:I;]&JRD(/F2!EALN,X7R[;PNQ[,VZ,A;XJ'O<T$5HN>U4\6LMCJA
MML,<.GGPRV']'<<,;L/!V_)REL,8(/'Z`/W5R/,+N+-,MYIHICA=)8:94NTQ
M7,0^@5'R+'U/S4V)>3U?86`F=<SRV";_`#3]I6TVU&/6\<3-G,'E<;;W9L9[
MD%L=RP5+3S56UTV2+;XF88V6WBB84UMG'R8?%66+FNC=S6S.1]S)4N>ZM22I
M<N3BNF:4A;;9,6T5A;NU(K0CA1094D3L=&Z(S<;;R\0@==#P'N=:Q_2>`*\H
M]:K@NI?'0MOW.[I/E<EDMLV]SDL:<06.-G:V,@`<V*(4!T[ZJNOQQ%\Q$U5T
MUTS;M7VL9@::U/`CU>I:F8V,A4,TI=#%*T5='K50Q&U+-U5L.C.Y+J+JQDAD
M,V;W+9FXD#,6'DB"VC93Z-=*K8<PP_P(I%(CI0::^>/;.]LIP-^'!C2ZA^DV
MA_37&YK9;NRZ)A=G&7C96-`=[0H%@Y+>I/;N6[Z\]69ND>PY-R6&.^M<M=S,
MQF*L>`=*\=H63RS0?S&7AF:0@U6?V=E52=*=\2=0=FX[<-U`VUOY*P9&UCX1
MS,XA1:[2^RR3"3!DX[:KG+$2.LL`!-2K*2K"G<_NK;^UX[23<&6BQ<>0D%I:
M.N2?;D)X"@*GQ8+LGS8K1;=?%N]9;S,X]F4Z4WM_`1(,7-!EX9&ZCE;VCY"M
MER6Z;<].NK'UMM<>QYNF&2#KC"W%?9O[:$N)[S&"JZW'O4PS&QDF>4\3VDK3
MLIJ,\W6VS8]1[\B.EOG[66)]1H28@W[:[WD6:N'PPT6OLF+Y\*POPOMW_P`F
MNJ>_.GUS)X<=](^:"(F@)8WL"VW?;3\>"S)#!Y#?PY+K6]>X:UEY'(YW*':+
MS*V:Q1U=$U;K2E._51"DMVX*[S-D^.QN?=;B9IA?(17V3Q4VFS1;.U9?;,IQ
M@<5]48FSQQD,AMF-8Y_>::JW+?Q7576Q2*/!O&P;?;?R$%*GD<X?(*J[3W4O
MA;?%8:\^JV-<[;;)X_VVPE$E1Q%'5[%U>BO]-JM1'HLP.F6;;G>DF-N0_P`1
M\5L+>2O&K=%H-;CX<\MCBNK8MAO!MU#;7;K:W]X9>1F+D;J0[L*S=/PUAC7*
MDVM%<18+'1W0Y9FL',WN6)J:<<I\>Y4&E:?*5`O._3OXH(@4U[!P]"**$W*V
M*6.\CE=X;G1.DMI":4>WN6PP1.Q!=%)>W9F2DR6#MI92720_>'O=0ZMT4>JL
MI=L7XIV*M[?3W+#2E`-?MJ3VDE2O^-1CHNIC##)(/:+16CN]28[:J3N4K:9^
M6++G%WP`,[1+:R"@!![%EY,,3;5%;?UJNK6CAZCP^XL3ABM$O2Y!U30_,JW6
M1$+J';Z.`"B4<AZN"K$T'!Q:P%QT'>KK:SL'E@O;:<F.*5KGLJ'-KK57W8J(
M[;ZP]8=QU'"HI51S&Q?$E"0>Q6JH^C[*"%`>-0JPI,5<)(8I#61@<1]'F`5T
M7S$;%)MB91;[(:3IW4]7H2;]BYS'V^*L#O`0/5KZT'&FNO;III^FI(R2K4I4
M%O9]Q6Q=*SAV-=GF2Q,$7GA^&].UFEUF>J0DBKI5G3JZ>"NUY-D_]9K.S'^W
M#G.91'\[INV[]E__U:KQ,(9"Z0C60_87U)GNVO)L<;%`[C>'Y6?MY#0\>"V&
M#YK&R?.2%3(T173TZA4DAE_?1&VZ6])-LMTES>1^LIF#M`<*$KG+)KGR7]4-
MK,4Q60V7;3MA:[?QL(%`V-M!\E%QF::WS+HK8I"HU&JJ?:0'ULT]O*5C:GYJ
M;$NXUU-#JL%,XW);[M,:\&NU'J5848];MS\.W<)D<M.WQ1;D,CB8=7.>\-`^
MRMEI\7'?$,?+?PQ5*K8SMBLYKIHBFGC9<.C::\H>*Z_(5?=MK$+XVPGL3N5P
M-:`Z55L[861LE.(9`.;F/*!J2?4H%Z;XR]M;J(/M96S1M/)S1$$!P]2MNMF)
MVK[+ZPK6PN/H^U[)/'L6-DMVKY53%('0O8=014+'NBDK[9BB6=.^GNU,+OK)
M[\MK8C<%^PV\DCG.+6M<.4T!-!52:O5WW8XLGYJFGPV\?%TLP<#DA[`#Z4II
MQU^5:++:V%=M5XL5D&_>W-/'CKJ"M;?;1E8[E!>8_;.Z-X=,+QNR+1F2W3B'
MC*X:RN"`U\H;R@'FTTJLOE.:S'FCCV6SO0ZRRZZR>&-J8>5W9>[]D=(\1C]^
M-;%NR^EGR>6MXR"(W3/Y@VK=."CYWJ,>343-GS5=#9?;CCBWLBN<UI3Y%J64
MX\Y.G?HK1@KYR\]AMM6>'S.XY!'C+*VEDL"X&GOO,?#I3MJ%U'=W%=?,Q;O_
M`,&LYC?%D5E=O'>\[Q\M%K-=-+KC);?;<MYN+J0A[3V=E%@WTQZR8CHN9,>G
MA^!;WI-D?$PNUI^;6W#;5XKK6,\GW%E:^REUR'!.YF>PAS&N%*.`<>_4=E%S
MLU;*K!#SE8!CF;:SS65<QQMI:=Q<T+I^[V2E8:KF,;(EI_Z39S\U'G+PT['F
MWL<M=-8\G@1-[/I[UZ#K\7M^6SUPYO3W^SU7:^E:[<V:VMKIAJUP9,T@:$$+
MQZSJ=Q6J<0.YV"O$!03$D.QP`J3H.)KZ%9TJ/';W]O/))#'*'21_29Z/0I)L
MF!W73!/;S0N_5-+2#Z0EL[26#O4'&-DQVX\:YOWR(O<SU<5T>DOVQ+69K:Q*
M9^6K-NN=@;BP<CJR8UY+&CB`53G.*F6)7Z.ZMLQU+K$`Z$<Q[C1:RLQ#)BV'
M,=E.(TT[$NA3:'L[?0.*L7($5^3@@C7L[!J:<$$DS.%@S%NZ)[C&[6DC>.OR
MK)PYN%'=;4P.'@P5BRQ@=SM!,G,[M<>*IFR\6U6VVD)YPI3LT6.O0]-?D0*T
MU[]56(VCS7$1GBDC['`@>L\%D6Q%I=&Q9O+#)NSF*:V!QFM)6L\0#C&#0E9]
MO#PRPYWKU-(+6@_2(JM;-:S+*BL[7*G;]A63?,KJH.T!(-7=@5+(K(CJ=.ZE
M?6K[[(B%9AYKP.-M+RZNXIBG:LNF8A:G)9$8S+V.2M7TCD+67D;>&KJ'0K96
M6UMHQIE=N*1LT+)FGV9&AX([CKVK57VTFC*B:NRE>'K%/G5JJ([QV\4$"::#
M52V61,*Q#C6FIT)[0/E5WLX*)/E;^>T8YUO'XCHV^(X5[`I++>A9??1QPN:@
MRT!>P\LD?LRQUU:0K<^'AVK++ZI[V&FM>"QYA)$GI^VJ*FM:\1QJ>Q`!^0H-
M?WF6'_37^&K[.GUSU5T_Y-KE=GR;_;-;V8_VX<US+[[INV[]E__6KV%@BB8R
ME.4"M5]07367E*T>6<),E=/KQ<:'T?(MMCBEL,&[>EX;PKI]FI^12+7;:Q&:
MXAB&IE>U@'K("LOG9*L;V:M[;FZZB=*-LL%8\'8Q7$K!V.(YM5S5DTPY+NN6
MWNM_B6V]3938,$5E:Q`4Y(VZ#U+B^*LN@>Q)5A56T17)U[FE8VI^:EQ[UUEA
M)G5<N(MI^[E(U5UN\8V=0["^R6V,O;8R!MQ?N;S6L4WT>8/!JMIH[XMR1,[F
M)FB9MF(2#;3,I!@\8S.2";*,B#+MX-:$:`5]`4V:;>.>'<KAB>';O5;;OJ`"
M=6>S]U04I*Z[8AGG3R;>RS(7F*=\$L3)=*L+FD55<<1%\*7S6V4EZ/YK'9#;
MC++&O\9F*<ZSN[D@_?)P?:-3QHK^88IMOK/2MTE\3:OG:3T<T'@=#3AWK73%
M89<0K"SN`X--:UT*Q)MC<*#P_4+),ZG7VW8(6QX;$1Q^_P!S)4.?),*M`^=9
M>711."+IWRCLS3QTZ&86'R/(YFM0TBCG+09+:ME;=5=W"95OWL\VAH"T]Q6O
MRV)\<KJXO*Q0LK)(&1-!>Z1Q`:&\22:]RPK[-OA9$70G>V-Y;<W;#<3;?R\6
M6BM7FWGDMGAW(\&E#0^A19]+?CIQ0NLR1=NFJ>7%P+>=@>_E\3V6!QXJRVVL
M+WL8YK]6G0<>]139110743I=LGJIBK?"[XP[,O8VDS+^WBFKH]AJ#HLO1ZW)
M@NF;)I*+/@MR1253_4MA:[>^H+&W;;XZ"T.,L[:/Z+(VQ^&T#U!03DF;^*4D
M12*0PLZ;`V-C=6;AR'$Y&ZA->(I+HNCU>W;UPUN'8SBLI?'L[:4<)&M-?D"Y
MK)%);*-S'KS.[8=G^G=U>05=+B3[RT>C0_<6UY+FBW+VL;6V3-CYY>O7/A]Y
M[!WU;59/;RPMN)&_KHYA]Q>M\H]+%=9+C=='#?;=#Z4^E6XH=Y]+-HYZ.3Q?
MK"Q@F<]M#5PCH?LKQW6XO9Y[K9ZW;:>_BLB5RL?*'0-KQ`I3U+#R;TT3L>F8
MN=%)0:\I%0K8WBU3<O'%N?;]K$:7$QEM[N,<=.]9WLZV2AF[TEV-"=?G6`GF
M6)_5"S%GN*Z:649?,-3WDK?Z&^MC"RQM6'Z&Y4X'?&[L!*\!E]&]T8/`D$=Z
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MW6<V9)?W#C;2^'!,0]S>[7L6;BU41#']C*O;2#W6VM[?FYA`QK"[6N@6#DFL
MU36Q2'H[OM)9;$KH1#A0:^A4OMH2&E?3PXJD7S`XFGT02#PKV*>R:PK"F\^V
M=L#KBW9SF(<DK>PM(K4*;%,5I*++"W.W;TV6X[9K"?#R'WJ5HX`UXK+S16U!
M;=M7M!TU^2FM5IJ,J'$N/<:]ZEMQQ1=1$&NE*=M5%,;5$1W:]JH,`/,M_P!=
M;X:O_P`:ZJC_`.F]RNSY-_MFM[,?[<.<YE'^NTW;?^S+_]>OY'48]W<":^H+
MZ?MWO*)68N7<US.3^J<33Y5N;-S!G>\_J^SP5RBIMFV?UCNC!VM*B2XCYQZ`
MX>M8^JOICE+ABMT,R.GC/Y0]?,E<CVHL0R.SCTK0M`'I7-:ST-)'A;C!,79Y
MGJ;'&-Y&BGZG0?)HN*B6]=H.E:U]*FMVPI&]5VSZ_6#R/UAXK%U4[$V/>NB'
M#M]1/9]A842E=%Y_HMQ_F'[2NC>+&9F_M<;8W=[>3"WMX`?$D>?30?.2L_'9
M-UT1""Z8A3,4GC0Q2M!$<[1+&)!K3C53PK;-8J]L,A8X.&H/LE+HK"LPFG+'
M-')#*SQ(9VF*1AX$'0JR?B1QU.S;N$Q.W+:2RP]FRRMY)'73XH].9[^)*LRY
MKKYK*MMD6Q2%;VLSJM[?5W]Z@HFMN5/97/+2AJ#H05%DMZ5864W3M;>+^J>"
MRN+ECMMIS%MWFY6.(D>^.G*UW>MA@S8_83$[;F-DQW3DB8W,U,1D>=D4G,?:
MHX`'1<U?91M+9K"YV(RA!;5]:<17CVU6+DQU31-52[PR%Y/T^W;;X^4Q7DUA
M/#;31UJUSFTK50:>V(RVS.ZJM]T\$Q#&WR+;NQPSNZMH8N]-[#A8(SF+JH+7
M7<DKG.UKQK5;GO-I[HMMOG97<Q.5Y(K-L=#8+O?,'&VMA>!_L^)R'U&BY33V
M<4S#;99IM>[`;EAO(6_?`30:U!T`[5;DPS$K[;HEZMX[K;MC:6=W$Q@EEQMO
M)/;M.K72!OLU]%59@T_'DBWK4RW\-LRMKT*ZK9+J18Y6UW##%;9[$/;)/%:?
M1,$A')7TK+YGH8PS'#NE%I,W'OWK1P6OU5O7?.((T][-]$VE!]]<2MC-W%CM
MGP,:E)EEOM2Y]YP5B\FI:WD.G:-%H<\4N9]D['#=^,9F=L9O&O;S-N;>5H:>
M\,)":>_AOB2^*Q+YO_,KM:XCVUG6&(^+@KUSF][16J]?Y+GCCCPPXWF..>&?
M`VT?#JWR-Z>7G#VDDWB7.`+L=(T&I`U([5PG>[3>SU<SUM]R;-Q889T8TT\:
M,G5A-*A<UEAMDW]!/#M4,*S,*=&UL2S,-S?@@W[?H$]E>Y33J)X>%9&.*U5"
M3Q%/G4$+JK#=8,:'RXZ_IWQR-]*VW+K]\,?-'2P:R=P=K]3[#(@^'%=N#)"*
M`4<15=+9''AF&KNGAO9N6\@FMXI:APD:',H>PCM7,7[+FUWK7[@VYE[G(6[+
M2CK3QFW;ZD^S0Z\%GXLUL0QLENU=*%G)'&TZEK0TGU"BP+KYB63;.QSJ14<2
MKHMB8JN<AK0$:D5*AG>H"M*<`>*H+=;K>QL61MISRNDC\:TD[0]NJV6#KAC7
MV[4\V=D'Y/`64[]9`#$YQU)Y?2L?56<-Z^R[9"J3V=M.]8J858'$@$D#CI0J
M[VDD.,M&1O?PY1S:>A76WS4K11T^XI[#(6D=V`+.\/)'*.()--5EQBBZU#[2
M:JS!YAS#5IU"PXB*T30@>&FM-=152>SA6@`*Z_8]2MNCAW#F`-?T<5'-TRHX
M@&E.!]:54AQ+HF5'.`>ZHK]E7Q$R2Y<6UIV55LS,2JY`#L[=5;,S(CPU[E00
M/I`IV]ZNBZ8'6^-CFO8X`L(H0>T*2R_:;TDAVYC8+P7D5N!*T\S3I1I/<I;\
M\THCBR*I]V]U."CBV)2Q"'*UU"14C@=59-TQL4JY4%:T^16!37T]JH-?_F6'
M_37^&M_\:ZJ_\VURNRY+/_K=;V8_VX<[S+[_`*;MO_9?_]"M[M_+;3OK4AKC
M4CLIZ5]08XVP\HNW+-N(<^0GB23^BJW6Y@NOMJBD+E=*XFNW7!=//LV#'W3B
M?0VJP.8S_#IULK21Z=67?E6M7Y;=>Z,](.;Q[IU'NIP!/"JYWGMT6XXM;3ED
M5OF6P@_JA\U?2N.EO"M.).G&BK;=(K39S1[])WAN@*@U&Z$F/>N70:@ZGM6%
M;%83/-=GEM+BFIY3I\BOMC;L4F6*'6"/Q=CY=P<]K("RX>(^)+)`0W3O6\Y;
M-,L,'51,V2;:S5UGMOX;)WD'NLTT#6""E.5L8Y!IZ:)FQQ;?,0EP73-L2J!A
M-*=G$*-,]-Q?"UQ]W='VW6<3YRSM/(TD*EMNV(19-FU*>G.?GW!@&9*]N?%O
M;J64FU&AB8TCE!!X<576XHLOI&Y9@OXK:KI6\E`T\.\?*L.B9/[:?@X'A]*G
M!61X4MLN.8SV.L?<K>\NFQ7-VZEI"3[3^^@[M52S#.VFY2ZZ%RMNY+FMH37Z
M/L%86:S:ELNHN;C<A3E<#J.-%@W6RR8N7%QF1CG@=;W`$T$K3#(':`APH05C
MWV=*2-KHZ6=-=E=,<CEKK:&+;8/W!-[]EIJMJYQ<3Q`&E2FMUF3/;'%-:*:?
M#;9=Z/2N1U8R19LYTU:FWD8^M>%7!8>AMKD3ZF[8M5M'?);X8;/1IH"''7[:
MSL^GJQ\>5<G=6:?N79^>P\+O$GO;9XMH@ZO,]K20*'O6'@Q\&2)3Y+ZV466\
MCNW>H^/RG53='4+'OQGUG=C%86VF#F\UO`]O*X!W90+8]YLV&ZW';CFM-[%Y
M79DB;IN75W[8R6'4_*W(;RV^3MH9`\=KF^I8.ENKACP,C-\]?CIS=B;!"-SO
M:B<6G6G$E:O66TN9.&=BNKWF;:79:WVA%)R@ZU]@K'LWPDEHHZU8OZ]'46PD
MC`DO!<2",C]7&*Z:+TOEM_#P2YC4QQ<2=_";WH^VOM]=/KF;D>T^^6\+B>+#
M0T!*IW[TVRR^(4[O9:5M;J;:L61F8?9\2CJ=FJ\YNI-KJ4\X5J*U[E`/%?70
MLXB_E,KSHUC>)5]EM9*H8Z_AR$`GBJ-2V1IX@A6WVS:I$J(ZE69N=NOD8WF?
M;D2'U567H[O219K:PUT]<H1!%C<U;BCH7-<7#T."ZSEN^;9:K51TLK=A949C
M:F#O6NYO%@87D=X"T6LQ\-\LS%=6(5@6@D5%?2[L6+$RR4*@T+2#^I-.Q5F.
ML<B`>(^56Q?(Y?<UH/4J`J"0YO"6^9@$4M6'@)&4!%?6LK#FX4=UD3#NPN*M
ML+8Q6%M4QL)<"[6I/%6YLG%*EEL6[$W`&M3_`)QT6.E/1P[=$$#4$:5'"O\`
MB00>WG8YE-""#576SM*+)[Q=<0-=;2`_N=XGMGBO?P6VP3%&)?L77PDSY\1C
MY90?$?&SF!T->58&::731D63-$T)%*Z:Z5/'Y599=,RDA%OSG@257)N)<Z=R
M@40`I\G"BJ*"W'+*V.Y?!,8[F`B2)M2*CU+88F/DF4XVQF1F,;'*[2XB/@SM
M'8YJ@U&*DK\5TS"I1]OL[EC2D0]JE:Z]RHJC0?HH@@VO`BE-$#L)X=Y"NVJ1
M&U+Y<E9P2L@DF#'O]EH)XE3Q9=,*3?$)AQT!TXU4$[U:N)=2HYOG[%-;9%%S
MG7L[^*@E1K_\RP']-?X:W><SU5'_`--KE=ER6/\`UNM[,?[<.;YE/^NTW;?^
MR__1JO*R\MA=4T/(0*:+ZDPV[8>37SLE:8$:GY:E;9A.-.SM07,V)*,?C=QY
M-WLO9`8(W>EVBU^KVW6PRL&R)EGEY0L2VWVM+?OC//=/?/S?YQHN2[Q9:WT;
MOE5GH59FDZ&FM.(=\ZYEM2E?N@?H"$*TV?5MQ.:TTT]"CS[DF-<1DH`I)74<
M1VK#HF=5[(76=P0-2P\WH"NQQM)62OX;>YM[B">(3125#XY15IUKJ"MG;,Q1
M!?%84PQD;6-CC8V-L7LLCC%``I9JK;3H=S23K2@XFBHN<I&>-#+"2*2M,9/9
MJ.U.FJRZ*J/Z:[1RFU'Y^XR5XVX=D[E\UK%']&.$NJ``5DZO46Y*4Z&)I\4V
M5JO'#+]%P.E`"%K)BC,3JWF((<.(X'Y%;="Z)ZU@.K.X3M;?6UMR7SA-C887
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MF\+<"3]L8Z`FO$A2Z;#PVS"W)?65W>D]WSQWENX@EH:]K?G':M?KK>E+@E>A
MS:U:[4.%#ZCHM<R8:KO-3T_CV5N;ZZLCS6&X'.FEC(T:7U:0NVY+J_:V4Z8:
M76X*75ZVO7RD;F_-CYN(K(O\"SS=P^R<T&C2)30?;77\_P`/M]!7J:/E]_L]
M33K?2!=.\._MI1_JHY2>SO7D-L>B[=/*Z<>SL6-=*BG-RRR6EJR]8"X6K@]X
M'=13X-NQ;<I3IED9,C#GI"?O(N7>"3Z3V*?76<,PLPS,Q*M=P6@O,1?04/MQ
MNHT\*T*Q\5U+H7W1L:WNK]@;O:.:MW-^^6)+F$=E"NQT-U,D-7J;?1E6GELS
M9R>Q8;1\G-+8.\'E)U`"P^<8IMRU5T=U;>Q?Z_F=#9SR-'T02=5JL=NUEW73
M$*&Q67DM=Q#&R2>+!?QB>/G-:$\1JLK+CB;*H[<DUHN+ZN'H6!=O9!4_(IK;
M8H;T1P&J@G>H@>4$GL[257BDF'AFR-G;O8R:81EYY!S::J6,4S".:1+W!P/M
M4Y@:$%O<HN':E!P(UK6H5HCZ"WUGM*`36E.W@JQO'AN<?97;@ZYA;,6Z@N`[
M%/9DZ(4X8EZV-:QC6M:&AOL@-X#2FBBOG:4HY.`+3KJ57'O5A!H[Q\]%?DW*
MRY5X*!1Q=Q!%.\@JL+94;NK%SW$(N[365@H]C>);K59VGR1NE'?'2DVQ+.]M
M;C*&XA=#;2D&,.TJ:A7ZNZ*+,43$KF4[1J>PK7W1262B:TT^16B!KP'#B3W(
M``[.S0A!`^OMX*^V=RV^=BUVZ'-<3`?8NH7<\;V]Q-`MEAB?@8\Q5/=H9F7(
MV;K>X/-<V;C%+7B1J`H,^*+9JNQ3$JU(J6BG'0TXU6)-TQTLB$#7Z).OH4L6
M0K1@%YEJ?TUOAK'_`-]=5=?^3:Z75\F_VS6]F/\`[D.<YG'^OTW;?^R__]*>
MYY_)C9R=:T;1?5&';=1Y'DW2MB=..AXK9,4^YJ@K6VF]VVQ+"UU'7LGM#O"P
M[HKD3Q-+&U7RXV,5CL*QBC'WQL;/$'I<.9<%SJ^N673<OMB,;(+37NX5KQ6E
M9J/;KZPJP0K;9X'C73G:``!0YMR7'TJ]/ADF@(TJTDU6*E>>Z<T65R!Q+#5W
MRJZS?"C%;JQN*]V[L_)9"P!$W.R(OCXM89`''YEOM#AB^^(E@ZK)-MDT>W%W
MN/OL9CKS&3&>UGAC=XSJU<[E',?G462VZ)FJ3%=$Q"95Y7'70\"K$[N:ZAK6
MM./>BAB,O:9(7/NDIEAM9#:R2`'E$@T(U5,F.;=Z&+HG<J*%Y8X#@.ST*RZ.
M*%T7)Q!+33YPH%Z79K:NW]U28Z3-V0O)<7(+FS<\FC7--1\Q"OLU%^.)X>E;
M?CMNI7H3ZQ>QN1\(F@!JUH]!H%%.Y?&]<^UNN8"KZ'N6'1*JFPR#F%I)[0`L
M>^Q-9?UL/W;;W5BO,)CH</CI8MM7<[L[FLA_J;W\A(''O71>VQW:2:SZ6Z&L
MC'=&>*;FPC.7INMH9FW+B2ZUD)'I`JN2QVTOAN;Y]%KGQ6Y'02.C$E'1/+'?
M.NOR8*[:-1;?&U<['[IYH-9:$'F`)^185^"B:V]Y[3J);8#<ME?7&0DCR5[>
MQ8JUM2]W(^)P!)`X*MVDFZS=LHMC/PS#)VQW$_*YG"L,M1#*2=>PA:6[#%L2
MSK<M9AEQTNO?!SCK<GV9VZCU!:#6V3-M6PP3M9(T.AXU]/W5J&5#$/S@X&WR
MG3YEX7-%S:/`A#N)UKHM_P`@S4RT8.OLK8T$=21<[%ZQ;)W?`?#YIK:Z=(WO
M9(T%>JZ.8RZ:ZQR&J]#+;=T/IIVQG(MR['VIN2%W.S(6MO><[=>8EHJO&LV+
M@RW6]3NL-_%;$KBVSA)$U_&H"P;]B]&XACGC=#*P/9)4.8>U4MNF-O2/)98V
MRQD3HK&$01$\[HV\"3WJZ_)-VV5(B(>J1G.QS7#]L!%/6**VS9M72P2ZL880
MV^[+8-ISM>]H]>JZG0Y=MK69XV2LAY7\N;+-YW`2.Y>8E\8=KP*V7.K*VQ<Q
MM#=Z5&;TT39H9(7"H>.4_*N8C9=$MG2M5JK/;.59NRRNY/\`0[(N(D-">4\`
MMA?EM]G,,?AFJ[5:UJ*=NJU3*1!'K*KQ2I0IQKIV*BH1Q[@>!5!;/=CXQ%D(
M)'<DO(+BU>./,"MG@8U^^52;0R;LI@[2>1U90/"?WU:H-3CI>EQW5A5!^SV+
M$MWI'`G4"N@/W%/=;%%7/04[%CJ!H-:5[RKHF1(<AG;?'/8)F$1/<(O&'`$]
MZR+<%4=]])3>.3Q8V2--6NU!':*55.&DI(I.UVCC3L/8.*MR;E9<M?TB%`H>
MK@BC@XZ:>GC138Y(WH,``)#:5UJ-$RE-KL'`=G;HHIE5&OV%00X_)PJ@@.)I
MH/3WH.))!I70:ZK(QQL5HI3<F#.18)K;2ZB!(]*R,.6DH;[8C:DVT,)D;')7
MEW=-\&&5H8(R0:D=NBNU.2)MHCLMV[5Q]>-2._M6NED@UXA5XI&O_P`RP']-
M;X:H[/KKJJ/_`*;7*['DW^V:WLQ_]R'.\RNC^>TW;?\`LO_3FNYW\F/Y>USJ
MZ+ZKT\>D\BR[ENJG6A]!6>Q@\*^CB$%<LMC+-M_&M.LTD7,/07`G["P>+9,L
MBFV(;7^@CN?:ERYO[6V<V[#V4C;1<%SB*7NGT4>@OD>R@XC7T46G9:(U.@T%
M#3[*"N-H4I<N&I_PJ'-N2XU;U+O5V_;[5C)7FO/]%G[/9)T5UF]1COO3;XW-
MM_*84S>[F\;X?C`5H.<$K=:?-[.^+NIAY;(NB82';F&AV]AL?AH7%\=@P1->
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M9'@FBOMNX,=T=:V^WBOB:[F3^V=V/_E)BFAU`^9@<0::%:3/IYX);''?Z38_
MLJ[%MGL;-71Y`+O01Z%Q^HCT:-OCG:RUC<QP%#PU`'%:*8ZV<Q&\V,\EMA\#
M+*POQ\CGP3T^B'NT!*WW([8FZ>M@Z^?1AI)\T&!,^U,3FH6UEPMQX+WMXACG
M<P*])Y'FIDFV>ER_,;*V1/4W'^1G>[=\^6_;S))O&N\&TXR2I/ZD5%5Y_P!Y
MM-[+633I='RC-QX89HXN4R6D9&E``:+G,D;6TE,@:@UU]:BF5$AOLRRQFUC+
MX6/$<\A-.4NT'!3QBK"V;J)\QS7`.!Y@15K@>(*@W+F+'6:P;!=WLI;][O(3
M4G@3P6\Y??6&'J(VL!-A9!^V.L=NQS_"@O7^$ZAH/:*ZC56>TT[4X9X<C9"'
M$MY@:AVHKZ=5R=&]ARXT[N#J\4F%7/B#3MH0?4L>[>M<:N[:U[0IK;8HJAJ.
M))5W#"J)/II7N3A@4UN3;YS,0\.3P[F,'E>KM/GX6/?8[-LX5V`Q;+)TGB.!
M,CG>EQ5<N7BFJ[';2%0U---:UH59PPF0TJ#W?J>/%+MPYFO'AW]M%CV[UL.(
M[!6H)H1W*:ZW8K*VF[9'1B[LGMK'=#FA>>QP6;AZV+?;M33860DO\+X<AYI;
M-[K<DZZ#A51:BVEZ_!-85NP4<>WLKVK&R;DSF0.'`=XT4`A74Z>GYT'%PT/'
MOUTHIL2L/-<SNMX^8#F)]D>DT4DVQ*E]:;$AQVX6W60FQUS&+>YB/L!Q^D-?
M4K\F"(BL(8OE5([37C[)HL.4QV`'7M%-50<:FHK6F@4]D116'+73MIQ5E\TE
M0(H37AW%6\4J.))[!I^CTJ^(CK)B$*]G#M`4D6PNB"KJ#6E-*JO#"M&`?F6_
MZZ_PU6TT^N>JNO\`R;7*ZGDW^V:WLQ_]R'-\R^_Z;MO_`&7_U/3NN0MBMV5U
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MVJDZ?H"ENQK;<D2G-MGS!=->UY=P'L@DZFG`*R[%6$D7+BXK=K[3,XRZ;+RA
MDD;W$^NBPLFFK9,)K+YBC<-M3)^\6.$R4;J\\<,U?D"\]U&.ETPZ7'.R)9?V
M>5CEAA<YWTF@U'JJM'=9+8PISJ!LW"]2-LWFW,L\MAG`DBG@/MQN&H+:J32Y
M[L5T3"//CBZVDM*OF(V0<';[OV7S&>*WB=):2SC5QB%05Z)RC5<4VWN9UN&D
M3"YGPI=]%T&].GUU-JS]WVL3CVM]DT"QN_6EVVY(7]WLVR;6Y#"N`-Q"3I&X
M@`>NJ\\RPZ9/]`*\1_A4$0NHLGU)O;O&Q7K8VEL=YR/#M?I-<."V6CLBZC&S
M31=/`RRW&%QDLHH]\+"[U\JP<L1Q31/;NA9GK[:$[;-^T>U`*5;V5-5L>5SZ
M=&-J=S6!OESL;NK!YZ$4`DC<\M/:""5VNF]+'-K27[)B6R/;609E,%B[UI\3
MQX6/)XZ\M5QN;%,72WF*:VP]&6F,$`<'F,O=X?B#LKHF.S:9-D*=VOF9+F]R
M6(NY/%FLG5C?7BTZJ7464CBA%COVJY`%!HL':R"G?]I*R'W4J(:<::C3O^TJ
M#CSL%*FG8*Z=OI4G!*M'(MK7Y^"MMG:I#@!PH*>E9%VY<[.7Z(I58RU`\--1
MV458F5)BJ2YC"P9B!L<GL21ZLD[0>"R,62;4=ULRZ-NX"#`VLL$;R]T[S,]S
MN-3ZDU&7BVJV8Z*@/M:]FHI\JBQ[TD(-)/ZJHKW*N2-BLN=*U]/<H5"BK42[
M)PNELY1%^VT+F.](4V&:2LOC8LADKZ>&\9D36.XM)!XAX5%>5;6VV*48UTT7
MXM+@7-M;SM((F:U_'O"U&6VEU&7;N=^E:=G;HHE04.IUK0T5:B/;^EZ4`4K3
MAIP"H.N5W)$]Q`-!4DJ2R*RI,;%'W&YW65]%;W$0%M-PF:>%>\+,C!Q16-Z"
M+J*O8YKV-=&0YKJ$%O`@ZK%B:;)9$,`_,L!_37^&KW?7/56O=_\`EM<E=;R;
M_;-;V8_^Y#F^93_K=-VW?LO_U>&ZI"Z2W:=2`3W+ZPTT;WD&:5)4-?3VE92!
M[<<SFNXQQ#:N/R*R^=BZU7NU'&$;HRKC0V=F]K3W.D/*%A9_\L)\73+:QY>K
M9UKTDVFPM]J2(S&NG$U7`\XNKGN=/HHIBM7JX]E/0M4RD--2./'TH*]VD0+>
MX)_7!1:E-C59XGH%>\_<6*D>._<[W2?LJTTHK\>]2=S$+KWCKO(]/,JRRE=%
M/;.9=L\,$EQ8\4&BZ+E-\6Y8JUFMC^'+V[(O<ID-J8.[S+B[(RP,\8R?2HWV
M1Q]`346VQ?,1N7X9F;(JJL$!0I':V3D)YS0?2=\U5#?CJOBY1FR=W0[IEW(Z
M.XC9]4WC\5%9MISGD-"ZFO<LC5:><<6^&$6'/QU5V#VUJ"-.*Q;=S*>B*0M(
M<W7O`JDQ4F$SCD$C>P]X*CC9L13%'#(/$MK4&O)J`.%%?;;1);.Q,L+=!UJ!
MPY#2FOH4.2-NT5/#<.%*G0TU4/"OB]9?K=TQNNI-CBX\:R,7UO*PR7,^CF1A
MP)Y2!Z%LN5ZZ,,S5B:S3SDC8R%VY`S"XO'XR-W,RSB9;EW?RM`[5J\];KIN9
MEENRC7'YA/W#U0S!!Y&W7+.`:]H"[#E&W!#0Z_T<LK56V5<V@+OV)_36;..N
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M@,E.&G20APIPU7D>2*P[:%64'=0#4.6'.V%:);D\1C\LUC;^W;<MB(<&R`'4
M>M2V9)MW+9A,H6,CC;'&T-8P!K6MX``45LS655L^K]@V^V+FVTJZ*/Q&T'<5
ME<NGARPBS16V6J7J7C7NPT=Q2KH34%OH]87=Z*ZES19K9HR[Z`YT9GI_C:OY
MY+3]S/':.5<]S;'-N66QTMTS8NQFK1U[C[F)KJ2<M6%M="L+#=$3">[;"U>S
M;3(1[KN9YH'LCY.2:5X(!(]*SM1='`AQQ/$O6.'#4?I+42R81KZ>'%450J:C
M[&J!Q'Z`@H+<US(&7K(YG0S0-\>W+74K3BMC@MVH+KZIUM?+?7&(@NW$>)3P
MYJGM`H5#FQ\-U%^.^L*@XT%*`]U%;=N3.SLX>FBQEIZ4''0T-/33O0'%C1J:
M#B25=;6NQ29H@TL-'-((=P(X%77<721=$N1``H-/4JX]ZL(!5RJRB=1^DH5$
M*5%:?)Q5T++MFU167V?99*=\O.8A+3QF-X&FJS\>>8A9.*JL+:!EM;Q6S![$
M+0QM>X!862Z9FJ6V*0[34^BO!1JH\2137M[D$=/\WTH.(':=3P0=<H,C7,&O
M8:^I26;)63-=BS6?AF9>36LX)#*^$YW<==%M<4^B@NZE8[&R3KW&OM)G<TMB
M?"<3QIQ':L35V<,UA)BG8PX\RQ']-?X:H_\`?/57_FVN5TO)O]LUO9C_`.Y#
M0<R^^Z;MO_8?_];Q;F<'7K&\VD;/T?:7UEI]SQ[+O4[37O'%9")-<4VGO,Q_
MU)A'SJ'+/0NL5=9$VFQ<W<?1?D[J&QC/:0#4K&NFN6(ZH3QLLF>MM_Z/VWNG
M339\%*`6<9/RCT+SOF5]<USJ]-%,<0N1Q/#B*GY=%KTQ0T-=2@KW:H'NDKNW
MF%:^KTK'S)K%4\%`D>3(:6EQ73V2":*3%.U2=RSM_##<VMQ#<1-GB=H^.4`M
M.M=05L;;YZ&-*E6M$(;'&`QL?LL8T4#0%DPL>CL'VU41XL>`=2"*>L45)%A>
MGFR,CM_J9NO)<DD&%NP98A(3R/F>^I(!T6RUVIB_!$=+#TN"8RRR#%6D@Z4U
MU6FC<VCMTIZ1[0555!]4MSR[4V/E,U;/+'Q&*%SV<6M>\!Q^996APQDRQ$L3
M5Y>"VJHMI;BQ.Y]K6=_AK@W=MX,;'S2'F/B<M7<%#J,-V.^ERN*^+K8F%482
M<`/833U]Z@S6S5+9*K(IC4<IJ#P'Z:@7O:+MD$9EDD#(V"KWN-`VGI5EUE58
MNH[\=F([MSBPA[1]"1M"#Z:JMULQO5MNJP#\V#3;;YQUZ-!>6XJ0-"00-5U?
M(IKBGP-+S3Y\,;(,CI3FXT&JW,VU:V)5/C-T.Q<5]'R^)#D87V5PQPJ*/"Q\
MF"M/`DLR42^RO8X,?';QO/APDA@/82:J2^V)E2)V-S7DNW$,QTDM[<R%[L;/
M);NKK0.<X\.S@O.^\6'@U$NJY7DXL3.3&Y3PH&Q.=]'@3Z=5S&2S:VL73">?
M6@,;PQ]"YC@"T]I:5%P+N.>EKQZ@=4)I]QV_3_(VH9+;7$UU:WSJ<SZ&M*KJ
M]+HHX..&IS:CTN%@SU*,VP>O&W-VVH,,=S-;Y/GC%*N:\<VJZG1?Q=+=8TVI
M]#/$];Z-NG^XX]P83;>>BD#X\I:PSN=W\S`5Y!J</#?-O4[7#DK$2O6PAVH/
M&A6MKM3DA#6EQ-&MU-$MMVB4VV6M[FZ=:`%DC1SLYJ>T!QHI9QS$56\4)=O*
M`7.VLS#3F$L+F\OR*NGV7Q)DVVM8V]<6V?#YJU(YI+?GI4=@79Z?)2Z&GS16
MU[_*CFW"+-8*22IA?XS&./R*WGN/=)H+MLPS3->W4=Q[ES<6[/"VD0ZVQ1L<
MY[&@.%35H_23VDJNP&H'97@%',*(C0:J@@1KQ^PJT4JCZ>]454)O/%S7$++R
MV9SOC]EX;Q(HMAILE-DH<EO2E_3>UN[7'WPN(W11NFYHVO[E=KKHF84PVS%5
MRSK2CJ56M3H$``]W"BOLC:0XM-:4^12WSL5ES->ZM%#$J*=SLS&")DK^2.4%
MA<#P-*C596"W8@R;U.[+S+IY;O%7;^>>V)?`]YU+#4J74X]E8,5VVBX@T->W
MC4+!F9HG0!&M-.^NBL$=/TJ((5H=:GTD<$$#4&I.A'<IL>Y6#F`''CI0JF3>
MI)4&O=]$^A1B->VHH4$>'#Y44W`XU[]*]O>A$`&GK["J*J=S>!ART;2'<D[:
M\DC0/LT"R\.?A1WVU>?;FW!@S=R&7Q)+MP<_NTT5<^?BV=2VVVC"?S+5_IJ_
M#5X<WUUU5U_Y-[E=-R3_`&[6]F/]N&BYG]^TW;?^S+__UY5GW!V1E[AH*+ZT
MP_->.Y-Z2\36FGH4R-,[9WA6,YX&9W*3PH`HK]ZZ-RLLI6WVGM''CZ5_</OG
MM[P7!@6+CVY+IZD]WS(;E]A0"UV5M>`?J+*#U?07FNLG^+=VNMQ?,A5H(U^V
M5BI$0-3IIZ?N%5A1<':PI9.)&A=H%CYF1CW*FKV4IWG58Z]X,C_H-P!VMX*3
M'O4G<Q>ZL;T;L;:EUF.;ED?)':!YX-#W@$_,5NN7:?VF2C7ZG+P6U3"RNK"_
MLK*]QMU[[:W,+)A<=[BT%W'TE5FV8FDKXF)BKU-<6U(T!X^E%7<#S`'AIP*#
MG4&@K1Q%:=I5LQ!5W-)>"#6K>![U%=L3Q<-+FFCN/847*?W?@8MR;<R.(EC;
M-[U&X,CD^B7`&GV5+ILTV7Q*#/CX[9A3W2'9]WL;9T6$O'!MPZ1]P]K=0T$Z
M-4_,=1&7)6$6DP<%E)5]C9A'>2,)H#IRK&R3L21"K(Y2RG:.[M!6/,1*^)6E
MZZ[ENMO=.[[)68<3'-#[RV/B8Q(TN&GH6=RO!%V:DL;6Y)MQUA/>D&],?O?!
MNSN,C\"Q!9;P1DUHYK.5W9WA1<PTTXK^&=Z_398OMK#'_P`X$5';8R)'ZEUN
MYVHXN6V[O3LNA@\TZ)851W/#E=4=RZ-J'=->.#0TNTTH`J1:K,O7%--#"X2,
M>QL@#F%X(#O4J<-58F6U7X=NY#<XC>.`=)5T#X[J..O`$OJN([VX:76W.DY'
MDK$PV6RS^$UKB3J:$?XEQK?S=0;DM=)*FFM5286\:P&_^BV!W/N>WWVZZDBO
ML2Q\L5I$2&O>176BVFEYC=99-G1+$S:6VZ[B8`^9;'.NL-C\HT<MUAK@P3$<
M>5VH75\EOI=,=;2\QLK$3U-KGDDWZ-V=&MN,?-SW>&'N$NM2.3@N$[RZ7V>I
MGPNAY9FX\4-BEI('P,=7Z0!!*Y.[?+:P7;2^WF:WBYKFU'J2S>K,[%@8-PW<
M>]<-9R@\C.>TT[:&JVGL8G%+&B[TUZ-P>UA;[73PRTGLXK6XX]*&1=N:\]\6
M8M<W?VSM(KYKJ`\#4+K--DK;$]34WTK18OHMD'[;ZK28]Y\..^<Z#E.@X^A;
M/F-D7X*]3&TLTR-C8-0*DDT_4^@+E(;N$NR=ZZUB!C;XDD@/*SA4TJJX[*S*
MS)=1Y<!F&9>V,C!R/B)AFB[0X*F?'PRMLNJGU0.VGI*QYB5\.)))KV<*#T*>
M)@X(<JZTH=.W58RK@0U[2".9I["%-7QJ>!R:UK&^R*#C0*RZ951)%*#B-$B)
MJ.-#H2*T%*J6ZZ**RY$@?;/VUCJ`<!WT)_P*JDRD.XL>[(XZ1D8^_,'/%WU"
MR=/DI*V^VL+4[=CNXMU61$3FU:Z.Z/=0&BS\M)L8UL35?0$.`('JT*U%T4EF
M(FE:<*ZJD0%#\O#1)@#4FI.G"I*H!X]I`TK57]`HG<-RZ%LT44YAF:`^$M/$
MCL6;BC:AR[W?M3-_6ML^*X=S7MJ?#DJ?I#O5FHQ\.V%V._H5<'#7A7Z/&BQ)
MB97Q-41V_<5%4-.:NITU`5`KS'0UX\%5;.\''Z5>X>I*2N0J./9V."448!>9
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MX406/V'U(M<KU'WIMC(EQOX7^#B!KRM8QW*=`MEJ]'-N&VZ/A86#45R3;.]?
MD$C6NO80M71G5>CZ0'?VE1)K9K#BTD:.X=GRHJY1SLD;(8WA_(:.Y"#0]VBI
M,4E2L)';2GWL//%[J=W%7416[U713.J`]WL]A/8HILA)-J7;GPL&X\'?8F9C
M9&W;"V-DPJ.:E`:*3!FX+HE#DLBZ*2D'2?9;.G>UH=OF82S&22YD+!05>\F@
MU[*J7F&H]ODXENEP^SLHM!YN;5UQLG&7K/I6EP&%WH)JMCW?NIDF&)S2W^'5
MKMBNC7VO9]*ZZ;8:.)3C%.CN\GCX9'?>WS1M-:]IHH[[:1*ZV=J[.^=]6^=L
MX=I/Q,=A=[3:6"ZB:UIG8X``F@"PM-I9MGCK6+F3FSQ='#2E&2_P\=S"TZIY
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M9=6=\T:.]DT72Z&^L4:W-;NJPYS%P_!=0,-EVGD`ECD+AVZ]ZZ+'''BF&MF:
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MP;6NA5V/8K`!Z*^O_"F227(:?+JHE$#44UJ#WZJZ+:BBMWXY\]HVXA9S20'F
M+6=K3Z5G:?+M195![8NWVVY[9K:AEZQS7CTA9.>VMB&S9*]^E23Z@3VK76SL
M95NYRH*<*UK4445^]5'B?3P*L#B:]G8@X<O8-=359-MT45=4[_#B+QKR@_(K
M+(VK:PUM^8[)W+_.W\.5KI`8X,QU0DC?V#FZ=7+2/L+M>3X__6:SLQ_MN:YE
M=/\`.:;MO_9E_]&E[MW-<SGL+CP7UQ9&QXU+H%20ROH`^5545/;6_O.6Q%C3
M0R11FOI<">"Q[KN&V92V[;H507G)]5+&('G8+^WM&`=T;PVGV%CQZ.GF?`DK
M7*W9V;?"M+2/]9$Q@;ZFCM7F.2=LNQB-CT5KPH0=#0J,0IQ!'&O'L07&VWIC
MV^LTHH,R>S<J(U)UT/8L=>EN5'[@N>\#BI<6]2=RTMVX-@E<YX:UK27O?H!V
MK.C;<QI4G4$<S=0[4$?.LQ8((M<6N'=VH+18SIHVPZH7>]X6-C@E@+.5FI=(
M75)/SK.OULS@BQB6Z:F7B7C!J!71PXA8++=K7$`4'Z.*MNMJNBZ82S<=Z^QV
M[F[Z#2>UMII8O00PT5<-E<D1*N6^ELS"S'0'J/!O7`/QYMC%D<29!D9G$U>Y
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M..[ACI67YJ16C%/HYNIF_<5N.66&EM[_`'-G%$[@V*6M&Z]RWW,<'LKK8CJ:
M_2Y?:1-5N_+]F).F/F/9CY7F"VGO763VG0>'(_3[:S>;8_;Z.O@8NBNX-0^D
M':EUX]FQS'5!#7U':"*KQ[-%';63L5H.[C18RYURO#!S.=RM'%Q-`JP)+G)!
M)AKYS'<[>0CF::_:5^/YREVYBAU,L?>,&)6-YG0N#]>-*K?:._TF'GB)A@IU
M<QY9#99&,<H81RD5J*+IM!?MF&JU%M&<71O,-SFQ<'>%_/)%$+=_K;0+F>8X
M^'),-GI;JV+GSP,GBDAD;S-D%'`^E8,7TNJGN2+$;9L,1-=7=NT^/<^RYSN(
M"EOU'%2%EN.%2^CY%B)#7@3PX_H"*F@&B*'97CZE6%5";P?-;LBNXR0QP="_
M2NCA19^EI+&OV*;Z=7KS<9/%EU!$[QXJ<.4ZJ35V^C4PS*[WI/K:M;-LIXWH
MUKI0A6KCB1IVT"!7OX<!55B!P<]K`XG4-XJ^+)$MBS-E-=NL1)RW(X,.E13L
M4WL)IX%.*.M,]-2>)UI1073,JS+EQK3Y2%8(`@4''LT01%3J=--0*H.M[!(Q
MS'-Y@X4<.Q7V325)BJ4V^!QMM="\CMP)Q6CA72JFOU$S%%D8X3GA\G#Y5#29
M2'I.M>[UJV8H(ZU5`/;I4GNT00)UUT]?H0=<K&R1O86FC@6FG;V:*6R:+)BK
M6%YB<?*WSO\`P\+)U0U^;ZG.C<:U+?S>W)/VEW'*,D?TO63X+/VW-\RB?YW3
M1X;OV7__TJ1>:O>X'4N)^=?7,0\9=ENSGGC%>!^P->Y4NFD*Q"NMG,]ZW3#<
M2:LLFR7;^[[VPG[:PM3LQT388])Z^FS3E>J.W234W.1;,3ZY>9-;Z."?!"[3
M[<L=K>""&L:.(:`WYA1>73-792@-!PIW_(K%$*D5'`G4!!<K;PICXB>WBL;-
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MM/D4,[V1;.PNY'Q6EW/'^V11OD8!WAI/8J1MNA;?.QC-T)ZH0;IR5WMFZM`,
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MQ&/UU6ZY=_$T]ULL'5>CDBZ'T(=#-S1[DV9MC+12"1M_:1%[@1](,`*\GYEA
MFS+=#L-+?Q6Q*_[?9X\#P6IHR5.[GNS:8XW`',QA'B4[E-@BLJ732%M=N;D;
MEK#=%DW1ML>>`'7V30+,S8>&8E#COK$J0W':"^PU]!RU/(XA38+J7(KXV,'^
MHF/%[MN\AY:S61<>7U?XETNDOI?'A:_/\U<?RJYSWC`9#"O?[5C)5H)UH?6L
M/GN+THF$FBOV49;#7T4T[USLMC"#Y8XQ61X8.]V@58ME3B@:]CP"TAP=P(U!
M^95FR5R((I7A7@"K1$U[$40J*\M?4%=P2K+P9/'QY*TDM9`.5XI4]ZDQ9>&4
M=]E94IMO:3L'?W=_)+SON&\C1V!H*R,NIBZD+<5E)5PT@D?,%#?N370YCMX<
M>Q8P@3\E%6(J($@MT()XGO4EELQ*L/-=,,EO*T<2#RGTCU*;IA9DW+&Y7)31
MWEO?L^]W&/<(Y*=K>;6JV%ML4HQ9FB^&/NV7UI;W3343-#]/2M5FMI+*MNK#
MVUXZ^E1*Q"`J!0\"=/T!451'#O\`4@4/#A^CTH!/IH>`58A29HZWR,#Z5%3V
M"BGLBD*Q+E4-'=3L^RH[K9F:PJY]GW59,*(#32O%4$"0#H._L5_!)1'3](*T
M:^O,K`P>=SX:\H:.=V8ZJ,)TK0=-[HKL^3?[7K8\&/\`;ASG,J?SVF[;OV9?
M_].CCJ3\Z^NGC+WX]H=.YSN$;2\JS)N76JSVD?`L=U94U'N]J;>-W<Z9W+\Z
MQ-1,S-L)L.Z93_H-![WU7VC%R\W[H$G#]:H^;S3!<DT,5RVMUKM":>CYEY>Z
M^7$T.O>J*%:]GK*"Y&$]C&Q`>S76O&JANBLLFS<FA-=>U7+DOR9I87/^;V(M
MOW,<NINSH=\;3O<')R<TO*^)\PT:>8'T]RV6AU/LLD70P-1BB^RCS;<P\>!P
M>-P\9!9CXFV[2``#34]RFS9..Z9,=O#;$)S45H>P*->C4Z@_=XH,:<9U,GM.
MN^7VK=0BYM[^%MA8F2OWEW/JX5*V^311.EBZ&OLU-,TVLG2:D^@TU]"U#8!X
M$`T]*`VHXG4((B6/G\)KP7C7D:=:=M5;,0K53-]$\3R.Y"&5J'4T4MFS8COW
MPJ#'/+K2-U=6>QIW+'R1261C>XEKV.C>*B0%CG'_`"A0J.V*2OF&/^R>E@V/
MU#S^Z+>$0XV_9X=O&#Q>\:GAWE;K5:_VN&+>F&KPZ7V>2;EZMQPMOMN9J$>T
M)[2<4'?X96KP74OCM9^6)FR6FO(M]WR%]`YI!AE?&1ZG%>DXYK;#C+XVO('`
M]M/6I(6KQ[&N-HX#`SY7=&%;EHLP^3&6[G`$PR4T=KZUJM7;??=2V:49V";+
M;:W16JUD[AC<Y%+%[+;:9EQ&1V-Y@X</0L^-MC%G9<^H3I%F6[BZ7[+RS7<Y
MN["/G<#75M6_<7B.OQ\&>Z/"]$TUU;(E1^=E-MD+V(#4/JT'TJ?%-;807[TN
MBN8WCVM".-=`I%J-P&W5I-#],.!`IWJL32:C!_KYAGSX-EZ&U?B+@@N(U#2N
MCY1DI=3K:S6V5M[&SKR![W&?Z7V.-EFYKC!2^[N:34\CM!Q)[EQG>G3\&>O6
MWG*,W%C[&R<DD`GMX47'-O"59BQ.0Q]S;?\`C&D-';528[J2I=%864VOMK(X
M>7=%U=VYM[9\?)&Y^G,:]FBV.HS1=$(,=DP2L$D3XW?JVD&GJ4<74E68V,-]
MZ60AR.9L'M]B8.`;3O72:>_9$M=DBBW7EWS)PG46]Q$C^2.^YF-;PJ0=.*R^
M;XN+#5#I+Z7T;$A3[JX_@EN(4?NNY%M%%S$F*7FC=Z"1HLS3VS*++*4=/<U[
M_;75G*[GFLGN:US]3RJ[664I*F&ZM5QP0:5TIV:?I+!X)3G,%;1;Q0:U)I^C
MY%/-\+MSEV+''!Q&M/60XJZ(HI$HCLKP''UJ:^=BZ9#30GM["L=0-"*CMTJ%
M=9-)'$@TK\O8IN.%:H\O9QK4:45+KX)6DW9MVZ,\\]E`98[H.#HP.#J4J5G8
M,L4VL3+9,*ZVG:W-G@;&VNV\L\3`'-/8?E6)JKHF[8FQ?-5"0!QUKZEBI$:\
M>"NBV9$=#3EU'`A)B8$5:.$AHP^KB%)CC:I,56ESN6GBN&R6LKHY[-Q\6.I`
M<!KPJMECQ[-K%NF=ZXF%R4>6Q]O=QG5PI(.YP&O>L6^V+9HR<=\3";M(H%C7
MQM5FZ"HU]/'BG!)$U<>)!I3CV*6+XA<Y"FF@T[%!*C`#S+._Z:WPUG?^^NJO
M_-M<KLN3?[9K>S'^W#F^91_K=-VW_LO_U*1TK]&H^CKWKZZ>,IC94;;W<G$T
M$8)]*BOG:NMW*LMP;/8%[(-'Y:\;$".);&*G[2QYVYH\$)HV8UP_+!;"YZO[
M<T^ASR$N]`6'SV:::4_+8_BPW$N)!.E=37MJO-IEU9V$5]??P5`X_P"`\4%R
M,/3ZN@H-::J.61CW)DB1X,II87/^;]U(67[EJKZ:*WM9YYY1%%&*ODDT`KHL
MC'$S2C&G<I=KVR@.8X%CM6N';59BQ'6A[?\`*0#^BJ"T-STPMINIV.WY$&QM
MM(ZSM_5/>2?TUGVZV?838Q+M+'M.)>'G->4#4\*U6`RW8T4&IJX\0@$\H<X<
M6@N^8515B_TPZJG,=1]U[0OX3+>&[D?:W-?HQ,%.6GRK<:[0<.&V^-D4:W2Z
MJN2;62V1:#;/[QJ-%IK>ML7'$24MRSEYAS=O95,D5E7'>G)#7&HI3A1M:*%/
M5+\A$^2WY6"I:X4#=5=CNBJ/)%8=W)SV,L!T,D3XR#KJYA'!6UI<NF/1:<-]
M6KK#>&X[4_ZG=RZ=U7$KTC2W5QQ+C,\4OE2G/3CJ.U9")<;`WF&RFT<UM_*7
M8L[JS>W*8ASC0.?45;\RPLUMUN6+HADXZ763$J#O[D75R^8F@T;S#_)%%EV6
M[$%T[7T6>2?<7\H?+[M%SG\\F/$EG(>-*2.HO(.\F'@U=SN^4Y.+!:N)O:(P
MYA[A0"4<XK_@6%IYK:FS?.4<7<:`5]':IX1K4]1.H.)V6S#2_6;H,M/?Q63\
M<3[$D#]"?D6QTFDG),Q391!GRQ:;VV[!N7;6XK=C*.O+<WEL#VD-Y@J:7-[.
M^)ZC+CXK9>CX>6\W87>N6VE<R\C;]I;'&\T^^1.(.GR)WMP3=CBY9R7)2[A;
MW+1_B6\4G-S<P!)^1>87QM=6]0I34_;5I"49\`X>_#1^H/V%?BWPMNG8LT!S
M:C@./!9LH+=S&CJIC#%G63,8:7#>(IJMYHLE;6%GLFK$6VNY-K]4\1?@\C3<
M-#R#V.-"M_,<>"8:^O#=$MI%I,VYMK>>-U63,;("/2*KBYV;'06S%$DW/C79
M+&R1AM9(_;B+>-0%=@R4N0Y(B8K"WG3NQO;7.9622%T<+VZEXH.<<5EZNZ)L
M18XVKRT]?V/D6![2&;5RJ3_D]A5OLE*.0YB0.'9VE0J!.F@K7@JQO$HR]Y[G
M`QQ/)SD,\3L;719.*VLRCR73"FMK;BFR%W?8N\<#<6CR8G-'TF>A3:G#$16%
MN._;178_P+7ID>WAJ.!00.M0#Z?D00%:"AH->""#A7]34#B3JKXGPK9AR%!P
MH.P`*DJA/8>-:<%2850)U!]%"[T*^RZ((*EM13CV@*E]U22AK4:=[E8.)[Z5
M'83Z5?$[%)JM5N_&OM+[WMK?O-U](]@<MEILE;6-?;1SZ>W;A<9''U);$?'C
M;ZZ:*FKMBE5<4[5UAV<&]FI6LEDNLU-:?]Z5+;?%%+=CF/LJ*=ZIV<"::MIJ
MJ#7]YEO^NO\`#5UT^N>JI!_Y-KE=GR;_`&S6]F/]N'.<RG_7::?#?^R__]6C
M]*<./:?\"^NGC+WDB.R8/U[N8@]E%%&VY=N5AN0&SVOM/'4Y?$9+D9&_A'4!
M6/IYK?=*;)\R(7F\HEMX_5JTDII;V\K]>'!:WO%=,:=E\JBN5MFUJ2>/=V+S
MMTZ-3V#4<.\((`T&OJ07*Q3>6PMQPJ`0%'+)LW)B!4T1>\&3_P!`N>W2E$A9
MDW,)O,YN7(;:Z?LGQ[S'//=1U([6L<TZT6_Y%@C)EI+3\QRS;CV*VV9G+C<F
MU<'F;F)L,]Y;L+VQ@`>R.3@/4H=1CBR^8AD8KYNLB52_<420!J30^DUU0<72
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M5P-"X<M>SBN>T4;VTS6[:K8!YUU->T46PX80588>:7;E_=R;:R]FQSS;W<`<
M(ZUKX@*Z'DF:(XK9:GF6.9I,,OL9$[ZKPDDP^G:Q0S@]SHP#5<W?.V6TM^;#
M%G8=])TO\P]G<,)@MS?MEJW@8YG?:U6]U5OM]'\#78I]GG?1WMJ\9D,197,;
M@YDS&R,<.YPJO(<UM+J.RMNK%4_I]JJAJN49O?,-Q>"OW@`R",R`.[AQ63I<
M7%="S)=2%I\7D(LG90W<7T90":=_:LS+BX9E#CFL+9=5+)K[6TON76%W*XK-
MY?*'/'2P1ZM61LLACLG#[-'->2.PM-?N+I]!?Q6S#5ZBVDU;"NE^9&<V/@+Y
MK^8F%K'5U-6BBY776<&68;?3W5LA<"E0--.T%8%5T0XMB8P$,C#*GF<6T%5=
M-Z^(HYZ5[?2HU4":>I9:YR.G'O6(M0/J]5"JP*?W+:.NL7-$P>VP%[`*\0*K
M*PW>E5%EC8LOA;M]ENG&R5UN:VLH-=2%L<D5LECV32YD0.:@J*$\?F6FF-[,
MA&H^;B%8J5_P@50`30=YKH@@2.`/$Z#N58BJB6W^2@L6N?)4!GMO(%=`IL>*
MJV;XAW6-[;W\#;BV?XD+]6/&O9756Y,?#*Z+HEZP:D_)4*.8(ER^S76JHJ'L
MI3O00.G`?XD'BO;*"_A?%<,YFD4#:J;'EX5LQ5X,3@;+$/FEM&<LD^DCW<:?
M+ZE=ESS=".W',)X*$T%`#Q*@F4R/?0<50<14U-*'A]E!R[:TU])[$&O_`,RU
M?Z:_PU=1_NUU5'_TVN5V?)O]LUO9C_;AS7,OONF[;_V7_]:CQZ%]=/&4SEA+
MG6ELT5?)RM`_SC10Q.^5]RJ.H$C69>VL0:LQMM!:T;V$,!*@T4>C7K29YVLB
MO)?;&;J'D;@MJVVLW&O=4K3=YY_@PV'*(].6T737[#?\:X)T9P)TI7@@B*GN
MT-2@N=CA2RMZ]K05&R;-SW`>FGI1>E66<187%#0@)&]'DW,<^J&QK7?VU[G"
M3T#R6RPR/_4T<%L]!JIPWU8&HP\=M'7@,3'@L+C<1$:LQ\3;<'A6G%29;^*Z
M9ZUUEO#;$)Q0'U]BL7(#6NGIU]:H,8]S]39L#USPV`N(/>L=<P,MFQ5-&RR.
M/M+=8='QZ69Z6NR:CASQ:R>=[1]!%?G"TS8NR/Z/W#ZD'-`'Z"J"6WUDZ9PE
M!`#1KIV!75'EQ+@)I&\=*$?*JW1*D35/ZT-*>NG:K56%G7KIKF,IU'VYNO',
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M+&R4`T<#4&A5T73&Z2^V)3B=HDM"UFA8WV6CLH-%CVVS%RZ6'76F"6WW%@MR
MQ-Y7.Y8I'C3VHS4+H>63$V3:U.KBET2WL>5_=[-X]*=MY'Q>>9D#+>;6IYF"
MG8O,>=Z?V>HF'5Z+)Q8X9&UU^2GV*+35VLM9/K7'.-N7,\)(I$YCBWTK9\OG
MTV-J?FK/=)[U]UM^2%YK[O(8QZ%L-=;2^J'3755)O:Q]]P%TRA<8QS-^10Z:
M^ER3-'HL&>I]@,AM][VMYI+%Q#_G72:*_AN:W/%;5\/*UGVW^T+C%O?]]QTA
M:`=30K7\\Q4OKUIM%?Z-&4K=0#V<!Q^ZN?NWL^W<\MY>P6,3I9C[+:F@XZ*Z
MW',JW31U6&1M<G;BZMI/%B/LCT$*MV*8FBEMU7K[R-/2IDCLJ/6.-5B+3LKK
MZ*<5=;O4=<@:YO*[4.]DM[U)%DPK12/\CL=]:PY/4/B<9&,[`XE94Y[N%#.%
M6-``*C0:D+"FY+&XK6@[:5TX*Q5'CH=?7Z-4$*Z=_>!\H[4$:]@[.%*?X551
M;W>4LUJZ)S"3%,UT,C7</:6QTT1,(;[*)+L'(FWOKO$/)#)*SP!U=.Q7ZJRL
M56XKMM%VP:COI3[2UDPR(FJ/I[NQ6JFO'[`0!P('"GW4$#Q!II5`X``:558@
M`[]/5*+9N1`TT^S_`(*JBI0GAV\*\451U&O;PT[D&O[S+5_IK_#6T'^[757_
M`)MKE=GR;_;-;V8_^Y#F^91_KM-'AO\`V7__UZ3@:7RQM)H"1H.^J^N9G8\:
MB%5X2U^L-U8FW_4-F:2.YK/:^XL7)=3'*6R*W0EVZ+OWW<&6N`ZM9GM;W4:>
M4?:4NGBED*9;JW2S*\DEOS[CW3<D5\.W;&TT/:5S/>F?0M;7DT>E+9%2I[Z:
M47$.@1(J3J*<.]`%=`!Q/W56"%TK*C;*`#VJ-%**)E6QL=KC4#T^T$7)9E];
M"XIW5*0CR;EM+J1L=M))(YK&M`YGR&@IHI[(F98ZDVN:\![#S,<:AP(.BS(A
M8B*\?U)X!5$>VO8>-$&/&]>D\V<ZI[6WA:U,-J]CKXG@!&20MMI==PX+K)8&
M;2\62+F0YUX<.``]&BU$-A+DRAH#H0:Z?.JJ.[T=J"P6XNK-GA^J5ILZ^N76
MUN^%ONYC&CIW.``*V>+0W78..&%?JHC+PK].<P,)>X-#A2I[:K6,U(,>0R\<
M6\'$C[*OOE;;LV*DYJ'3YE8N=4L,<S:/C:\C6/F%:>D*D10>>QMG6S)`_P"D
M3Q;W*LR,$/-U8F/<6"OP-)K?PW'U.*ZCD%WH3#2<UM]*)8>DT_PZ+H6H5+LZ
MX9;;GPTDGLL,WA$GA[32%%GBMDI,7SH<LO;3V$NXK"[:8GQW/-").YQYJCUJ
MVR8GAF.I6^)B9B65WP_MQ#"]>L9:/?R1Y>":T<T\">4T6@[V8N+23X&SY)?3
M-VM]>Z8O>,'>L`J8QSCMT"\LP32Z'9Y8]&C'`DCF`.H_36[8<(M<[L)!X"G$
MJI<8[*6EW<7EC&[]V65&W=M(.4MYM`:'L5+[)V3T+;;JRL?U?P4M[M;(7#&%
MSL9+[R"T5H"=5G\NRTR1X6+J;:VLW/AR;W]_V[F-IW$H,F/<+F".M:-)U7.]
M[]-2^+FQY+EK;PMHY-2N(;Q2.^,5%F-L9.TEHTN8>1U.!4VER3;?59DMK"Q&
MT]M1;;L9K9CS)),\S//`:K::G4<5S'Q64A/[^$7%I<P$5\1I&GI"AQSMB5UV
MZC"#=EHX'.8Y[1RGG%/G*Z;!.Z6JR5K13_EBS9QN]<I@GGPVW;2Y@/$EJEYS
MBKCB317TNHV%5(]('J7)SCJW$1L43O5\T-I#/%6@=RO'H.BRM+*++*D.F>2<
M+K*XF5U>5QGC;VT)JI]99-*H<5W0O'K4`"JU_M(97%X'(D&@.A-116^S5HB*
M4IV@:!1Q(X'TZ4[=>*E]JK5$`U![>)JJ79*P5<NV@4=%LH<P&@[*!71;55#F
M:[CV<!WJMUE"B-`14\1P5BDP'0\-.TH3*1Y_&G)X^:$?MC?:C]861I\E)6WV
MUA:7"660BW7CG&![1$'1W#NR@-%L,ET<$L6VL2OL--!P/!:=F0B/5HJ*FM*'
MUT01T[>'&J#KYN(/'LIQ4EME3:ZKB0Q02S#4M'-0*ZVW;1%?$[UNI]WS6.0A
M+W":P<0R1PXLKHLV-/%/"BXMJY,<K)HHYHW<\<@#@X=WR+`NMFK)B:N=/L%1
MJHBM#0UH>U!K_P#,M_UUOAK#M&:ZJ]O_`/C:Y79<EG_UNM[,?_<ASG,I_P!=
MII\-_P"R_]"F;-M9P>(95Q^1?6]^YXW:K?8H`S&1R3^&,M9KJOI+2T?;6)J_
MFQ'7*?!OJH&5_B2RR.U,CG//RFJS;(W0Q^EL&\CUK][WC=$5H(H0X^E<=WJN
M^;#?<FC>V`DC2I-6\?M+CF[1''C4]A^R@`<SF"NAUT58(WKH6I)M8&\#RC0*
M%E6R[N7B#Q[/2JKDLR^F/GU[.75(1Y-S"_S-[NO]I[$M[C&N,=Q=W+(RX5U:
MQS33Y5O^1Z:,F7;U-1S#--EE5:;+R[]P;5P67FA$#[V!KW1,X#E'+7["BU./
M@OF&1BOXK8E5`J=:U'`#[*A2(=]#P'Z.*`/I$UX:C[*I*J.IIJ*ZFBJ2BWEK
MKKV<44=S=`*'Y0@P=ZQ;'S-QUMVKG;:W=+87<T`,K*GEY9!5=+R[4VQIKK9W
MM+J\$SFB69N1!;;0M'!M`?D%%S5NUN9W)=8NY;F.O::?.K[U+53JQ<IK=6Z+
M#:>/BO[]P:)Y66D(D(#2YY`X_*IL&"<DTA'DR1;%93?%9*+)V<=U#0AU6D-(
M(/;H0H[[9MG:OLFL,1_-W8E^'V_D>6IAD,+CW5YEON07>E,-5S6-D,":<:$Z
M_*NI:-`.>QP?&XMDC(DC?W%IJ$$RS^X\CN&=ESD'#QFL9$][``7<@`%:=JBQ
M88LBD+[[YN71\N&?.V^M.Q,ES^&!>QV[W'320AOW5A<XQ<>FOCP,GE]_#FB7
MTWWC?>;&Z##5LT;G!NFM1S+Q6S>]`NVQ+&2X9X<\K2>#G`_.M[;-885LO#=.
M?';3R1NY9&-+XS_E`5"N+II#$SI'U$S&7Z[[OQ69E\62XA\*-V@TC-`MYS#1
MVVZ6V8:O3:B9S3$LPLEBK?*V67Q<L8(R,#XJ'7VN71<_COX9B>ILKHK%%M?)
M5NI^Q>MD6$NI#%#?RR8J:-V@K4@+-[QX?::;B0<LOX,M&_<4Y6D<"`0O*W5)
M9F89;C%WL,$1EE>RC&1@EQ]0"NQS2Y28V+7#`9NG^Y<Y]<;EES?9UH8B80.`
MS1)_VKG'8?O;BJQEMZRDU8S;XZ8;TN,Y>36&U;ZZMYP7"2"VD<VI]("W>FUV
M.+=MT,'+@NF=D,>]J=*.K>V>IV/R\73O,C'^+2>Z;83F,-)[7!M*+:Y]?I[\
M,QQQ7M8EF"^+ZTEL:CP6<=$QQQ4X<0"08W`UIW+DYSV1TMW%:)7F]HYK(V$U
ML,3.7.'L?>W'7B.Q5Q:BR+M^Q'?9,Q1;79W3O>&.W-<WUS@+F"T,?A\\D;J.
M*S,^LQW8Z1,(<6.Z+MR\?U#FJU&+G_\`U;_TEK..WK9%)!M_-"G^UD]/P;OT
ME+.HM7T!@<U4_P"U4]>_PW*+CMZUM)<3@LUI_M3.=?\`Q;OTE7BMZSAEUSX+
M.MB>6XB=[@"0&QNK6GH"K;?97>3$T4/[GOF'+VP_DU?2XZXHV:EM)][->)-.
MY9OM,7#\Z*H.&Z)W*\^H,T0VF+G![?O;EB1FMKO317J/J#-`?[ES^BD92[-;
M,;U=O4Y#`YNO^Y4]?2QWZ2CX[>LB)#@,U_!4W[!WZ2<=O6I-J`P&;TKBYZCA
M5CE=&6V.DVNO^365#B\8B8./%WANK]I5C/;UG#/4YC`YO]5BYS3M,;OTE;.2
MSK5I+E]09H_[US>C[VY4X[>M6A]09L4_VKG/JC=HG';UE#ZAS6H^JIQ3A2-W
MZ2<=O64<?Y/YLDUQ<_I)C<I+<]L1O*2XR;<S,D;XSBIN5X+36-W;\B>VMK$U
M6W6S*RV0V!NWWFZA;MN\FA<YWAR1P/(()]`6QMU>/UH8U^.[J5]L[";L9B_=
M,E@+NUEMG&.,SPO:7-J2*5`T6)J,MDS6)A+CMNCH5<,#FR?]RYP!K^UNU^PL
M7CMZTD1*/U#FZD_54WI^]N[TX[>LI+"3S`=+NHV>\VWD"W;A=CY/*[9V)ENI
M-UO3/6-I+):XN+([!N+"U=<R-!$8FF<(V%U*N-!JNHY3KL-F@U=EUT1==%E(
MKOI?6:=D-'K]+DNU>"Z(FELW5\%;:/_1IRU!Y;A]/HMY15?6N2=SQN%:8!WN
M>T=U9`CVKGPL;$X]M34K'S;<EL)L>RR96^)I4#6JS6.V4>2.VY=L[HNZ$%]P
MR.I[:"JX?O3=Z=L.BY-'H2SBX$^T1KZ.]<HW!P[/D%?N^I!S8#X@%.)U(]:$
M+GV^D,8I4@#[2C9%KL)&NE!W!$B5Y<_[7SCAIK7OJD(\FYBSUQZ>/ZB[1.+A
MK[W:R-N+<5[W"OV`MSRK6>QR5:S68/:643C;.(^HMO8C$$ZX^!MN2WAS#4JF
M7)%]\SUI<5G#;$)YIK3BHUZ!%1J?D%$%B^HO5*/:&]-I[<GD,-IE3S74L?$<
MSB`MEI-%[3'==TPPM1J>"^(7QC=XD<<HU$C6R!W>'-J*_.M;1FNU@J:$:#])
M!W\.&B#HEM;:>2*::W;)+!K$]X!+?4D3,*3$2C/`RX9R.T''1%4AY6PWH8/H
ML<`KNA;TJC_1JK5S&#S7Q73^F[)H2X>[W,;WEE=/:;W+=<AI[;:UO-/JTU\N
M61NKSI]A9+J5TKP71ESR23J5#SBR(S31)RZ^9QU='FEL!==/!<!E397#7D]U
M05?R2ZF93F45QM:H[>WM79.<0[A\Q'>JCS.8XND(:7-;JYP&@15/-KW[L5N?
M`Y!KJ&SN[>?F!U%)&E0Y[.*R8\"['=2Z)\+ZHMG9)N9VGM_)!W,W(64-P'5X
M\S-5X9J;.'),>%Z-BNK;"R.>@]VRU_$?U,A(IZ5M<$UMAC3OHE#@'M>TC0@C
M7NHI5+HJQJVMTIR&(ZX7^](V\F)F@-9.QTCB=`MQGU]MVEBSI:['IIC-Q=#+
M:.1L;HYJ4Y3KIV<%S])W-C1BAN21VPNM%AG;,\D4L\&3A<W0?2',M_ACVNFF
MV6NOGARU?0]LW-0[CVM@<U`\2,R-K%<!S=14L%?LKR74XYLOF'7X[JVQ*K[4
M??17TK%O7PFBB5$!`0$!`0$!`0$!`2@("`@("`@("`@("`@((4_Q((H"#CR^
MG["*4?_2I]@,=DYW;*[LIP7UM.VYXYT*QR`]RZ?XB`>R_*7,MVX=I:S0+&LV
MYI\"6[9CA;[0:\0LUCMI?DQMO#Z<9*<C6>\(J.!HU<!WFG^,Z;E,?PV8'$GO
MX#Y5S;:(:\1Z_4@YQ4,L=.)(X<$(7/AIX<=#V#YU$R;8=I':?M*J]*,NZMC<
M^JM/E"K&]'DW+=W`/A/]7S=JFME!$*4U!-=>ZH]-%F(W$5X_(?L*HCZ_D088
M>8/:&7RG4/9&6L[=TUH9(;1[XP3RN#R3P70\ISVVXKXEJ.88[IOMEF7!&Z.V
MM&.^E'%$P@][8P"N?G?+;O0RGJTUI14'8?T504UN/=6+VR+`7\H;+D9/=[9A
M(%3VG52XL%U]:="/)EBVE4\M[J*XMF733][D'.#Z%',421*1SO8Z\YXSS`D&
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M7CV6S`/`:JZ6ZMB^_>HD/=V.->&I631:]4#@6%O:-0%2(4GK3IGWZ`QDT)!:
M?D"CNV34KL8S]:;%\EMB<S0E]C(;64^BNBW7*[]LPP-5$TB6W/R2[X&[NCV.
ML99?$N<"[W*4$ZAO8O/^\ND]GJ)ZI=!RW+Q8V9MIK*-*<5SE^YL9C:FBC!`0
M$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0?__3I^<4AMX1QI4^MVB^M+-L
MU>-SN5AOIPMV[=Q#=1C[.-[FCL=+[14&CV\4^%-GZ(6_[*]OI6:QVVSRDVWN
M_26TDY:>\W$CR>/#1>==XKZZB74<KC^$R>I76E2-11:%LD::<:GA4]E4'9#7
MQ8?\X`45%87.C-(VNI]'16,B.AU\WI[@2$7I9ER18S4X.H#\NJNLWH\FYBMU
MZZ@W'3W9\5_9Z7%],RW:1QY06UI\ZW'*M'&;)1K-;J/9VU3W:F3&;V]B<M4\
MM_$V8<^I[C]D*W-CX+YCJ2XKJVQ*?T.H&H`U/%1KRE$'1/:6UT873P-E=;N\
M2%SQ4M([155BZ8)AZAJ:TKVE4';0<0/F01083^;^YO+5NSI;>1T;62\X<PD4
M<'%='W?MB9N:?FMTQ1DQL*>6[Z>;<GF/-))9Q%Y/$GEXK2ZNV(RS'A;+3[<<
M)@TT>VO>/MJ.8]%)3;"KHS5C"344"B7.?96GHJ@$M`)+@.S6B"C^H%F+_96Y
MK8BI?:3$-/;1A*FTEU,EL^%'GBMDQX&GBX9X=Q-&-.1[F:CN)"]"MW.2G>Z:
MZD<*=ZK125>6%M]=;*=:0R,;>8"Y]]$<CJ%T<CM:+#NGAR=J>(XK.Q0V5F%S
M=R3MX.HWY@LJRWAA#DFK?-\/G<)S'0J"R<_F?A;IUIR\:`CF7EO>W%PZJO7#
MLN2WUPPR)ZE6_+/9W'Z\%I6GT,[)AL<F]:T+,ONHCEY+_(,Q5A?9%[V-;91.
MNGB9P:"UFIXD*2RSBF(69)I#U[-W+8[HPUKF,?('P70)XUY7#0A4U.&;)I.^
M%,62+K:PIK?^WW9?;>X+=C.=\+/>XM-:MU[%-I,W#?$H\UDS;*['PZM]&PW/
MF=G7,O+'DXS-`QU?IQ\?M+"[WZ7BLB^.A-R;+MF&YRU_;=>/^!>;W[G1IFHP
M0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$'_U);CK8WV9QMH`?OTT41;
M37C4KZRFZEDR\=MBMSW;VNQ>;FR9%/#MW-M(J?K8V\OW$TEM,<*YYK<I(^OC
MQ60B;C?++:FWZ0;<JVGC\\G=VKS7GUU=3+K>713##(#4#3YOE6F9KAQ)[N![
M$'?;#FGBJ>#P`?E16-ZY5:,:T<>+JCT*)D0X=A[?2*JJ]+LL?W#(/2%=;O1Y
M-S!SS7[:RFX-DXU^-MS<NL;CGFC:*FCRT:470\@S6V99JTG-,4W6;%RMAV#\
M9LS;EA(WEF@MF"1IX@G7@L?575R73X67AMI9$*N=2@#3QXCTJ!*AI0ZT[=/F
M04YN+=>(VNRR=DY1&_(R>ZVK"0"X\>U2X<%U\[$>3+%N]45M-#=6\<T6L<S1
M(QWRJ*8HD>E`06QZH]-<=U)Q%O8WA#)[.1LUM,>RAJLS1:R[#=-$&HP1DMHK
M?"8F'#83'89GMQ6$#+2O?RM`JL;)?Q73=UI;+>&(CJ>*^B9#*UK&@"BM@F-J
MHHOVN.O`-'#U*BYYLA<&SL+R[`J;>*28`][6DJML5F(4NFD,1NC_`%9R>]=R
M9+#7;2U]F9I)'O=](-=I0+>\RT$8[(N:S2:N;[J,KK]GOF#OX7:^/;2Q$>N,
MA:.R:70V5\5B6G/<5LZTSV8MB*>!<S,Y?5(5Z%@FMD.2R12Z4E.@)K\I4JQU
MNFEBKX<I9S@M>&$BHJJ3$2/.*EKNTUXCTJX;@/AD[BY\/OC;CY*F.:.]BC)[
M"T#@O/.^V'TK+G3]W[_1NAL<ZBVWB8R&8#VXG4X=A*Y#1W4NHW^19`Z46?'I
M(5H.N-O-/T\SGNSBU\<3GU;4&E*'@MKRNZ(S15BZWZN5'>47-/O>G1M9">;'
MW,D)KW$_X%D\^Q4S=L,?E=U<;+N%D;[DQ2#FCNV&"0GM#A1<]-WH]C8L:^E6
M9GZ6=?K)SG&"WM[\1FNE8IG_`&EN=?C]OI)[&#@NX,KZ+L1=1WL-K=Q$.BN8
MVSQN;P(<WF^ZO(<T4FCKXE/%"J("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("#__5]FQHQ-N:.Z?]#'LEOWD_Y#31?5NIG^'3K>0X8K<HZ]G-S>7=T\\S
MIY'R'_NG%95D4MB$,SM>7CIQ':?2KUK=7T%MO=>DNSHQQ=;B4_\`=:KS#FUU
M<]SL-%'\*%WZ<*\#W=OS+5LH]1J.P4_30>BT!=<P:4'.-#ZU25;=ZXYJ`T\:
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MEW)(T>@O*[[0W5Q6N4U$4OE0':`#3C59:!T/8^1[&,87/=HQC=2:E%7JOL7?
MXLB/(6KK665HD8R3B6]^BI;=%VY6ZV8WL^OAS;A^K>KF0PSY>5F8M7>S7B6C
MN7)]\,7%IXGJEN.0Y*99ANMW?![S@;H!O,64=4+S;3S2]UN3<QU*VML;6/"2
M;BQ$>=PF1Q4@JV\B=#KZ0I\67@OB5F6SBBBWG0WIU=].,%D<==S!\EY=2W<;
M&]C"33[:S>9:R,U\3'1#&T>&<=LPR`,KA''+^M-?T46KX89G0QLZWV@L-V8+
M<]I1C;UK7/>!PDC(/9VZ+<<LGBQS;+7ZJ*71+>+Y8=[,WSTKVQD3-XMS:P-L
M;FIJ>:,4%5YESS3^SS3#I]'EX[(9'+2LL0>+(7;K"QO;UMM+?&RBDNQ96#0^
M>;PV%_)&UQ:"]U*-!(J>U7X[.*Z(W569+^&V9I6C5OG?B\>7G;'53%=!L]TI
MZIX[KQG+.'.XCHT[93I<]<07$#KAA8RWO'PGV6.J?%Y10@D+U'!^4/,<NDG5
M69L,X(FDW\?HQT=,5\CR[/\`F[R_%JHTM^'-&>=UG!Z4]/73RO7OSXM?0+HS
MD,'#YAND?5;RZ8'/S16%EOOJWL::'`,FEU:R6]Q%UD&,?0%W(?:(!H#16:'\
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M_>MX](F;2BCS6+C`B>YUPV:^;"`UD['U;*06D$57HVK_`"FYA@TENJOS88P7
M;K^/T9[-E>CJ><:7\V=!FU5VFLPYISV[9LX/2CRTZ>MM!MYC<00S^&^#QFME
M\&<`/9S#FY7`$T(X%>7W;)H]/MFL5=Z+ENNI_4&3IGM.XW7%L7<'49UO/;V7
M\F.F5C!D,J\7$@C\1D-Q<6S2R.O,\\]0.`*V'*]!_,Y8LG);CV3MNF8CR1._
MH:WFG,)TN&<D8[LF[99%9V^"9C=TL//*=\3?RL^<WJ?U#Z.='\SE[?J'TRM1
ME]Q;>WOBSBIGQ,NW6-P+</E>9#;2AK9]!RE[=373L>]GY9<UY-I<>HU$6^SR
M32)MFO16*]58W=DN0[I_F9ROG.IR:?3W7>TQQ68NBG32:;>B=_:V#5*\]J]!
M8`^;OXE_E;\DV^>G'37K3G<J[?'5.*6\VOMW9.*DRUQX;+AEI&Z9L3V%GCS2
M".(:ES@>P57?]T?RUYISO!DS:>VWV>/?-TTCKV=D;W`][?S(Y9R7/CPZB;IO
MR;HMBL_#V]#+?I3U&=U3VE#NT[$W#TZ;/<7-BS;G4^PAQN5Y;>4QB8P03W($
M4H'-&2ZI:=0#HN3YKR[^4S>S]I;?LC;;-8[*TC;'2ZSE/,?YK#&3@NLW[+HI
M/;2L[^A<E:ULD#7L5)&NO='Q/?+?!U`S'2CH]C]U>:GJ-MM_NNZ-O>67`2;D
MM\3,ZH8R]R3Y;;'PEQ!`K<'@>T&GHNE_+#F4Z>,^HFS38[MTY;N&O9;MNGQ/
M.=7^:'+8U$X-/%^IR1OC%;Q1';=LMCQJ?ZB?$QQ?1?$R;GZU^3CK=TVV7;,=
M<9/><VU,/F\?8Q,]I\MV[;69R#X8F-!+GN;0#BI^7?EI=K;N#3:S3Y+YW6\=
MULSX(XK8JAU_YEVZ.WCU.CU&.SINX;9B.WANFC/#I'U3VAUNZ9[(ZN[`NIK[
M9/43'6^ZMKWF0MI;2:6RNF<\;W0SAKV%PUH0N%YORK-H=3?I\L4OLF8FDUVQ
MX7=\HYKAUVFLU&*:V7Q6*Q39*XJUS8O'D+^RQ5E>9/)WD..QN.BDO\AD+^1D
M,$$$+#)))))(6M:QK02YQ(`&I5UEEU]T6VQ69W>%9DR6V6S==-(CR->]I\2S
MHYOK-93#>7/IMO\`\V$6%GFQ64W9T%VVRXVU%=V\GA2PMS6>NL793.80:^!+
M(/3JO0K_`,M=9@LB[69<>FKMB,EU+J?\ML771\,0\^C\R=)FR39I,6744WSC
MM]&O_-=-ML_!,J+R_P`6GR^=-]Y8?9/F4Z<]1/*;=[@F]PPNYNO6U76FW;F<
M@\L3<MAKG(VO.:'3GT'M&C=5FXORFYAJ<,Y-'DQ:F+=LQCOK='_XW1;+#O\`
MS8T&GS1CUF++IINFD3DMI;/_`.5LW1YNELRPN;P^Y,3C<_M[+6V=P69@CR>'
MS6&GBN;2[MIFA\<L,L)<Q['M(+7-)!"\RS8;\=\V7Q,71LF)V3$^%Z7ASV9+
M(OLNBZV=L3&V)CP2FPX*-*("`@__UIIM+]R83=V5.CH[<6$3O\J4]B^K-1MN
MMAY%BV6S*W@[ZGC3T+.8R,0K(P>D#7TE4DAO(Z4V_NW3K9\-.7ELH2.(U+:E
M>5<PF?;7=KM--%,<*_)U(X#AJL),C2HI2E.`%?NH/78_Z5!W\PHJ2K&]<+L'
MH4;)C>=YT[M%5<E>8/[ADH:>M5C>CR;EF=Z[MQ6S,*_*Y:416Y<V)E30ESB.
M"S=+IKLE_###RY8LBLI?BLC;9FR@O[-P?;W`YVR-/8LB^R;9I*EET715-M*&
MHY1J`3KI16KG0`=#6GJ^Z@M3U5Z6674BWQ/BR>#=8N9L\<G9RUU"SM%K9PS/
MA8NITT9*>!=&PM66-C9V4?T+2*.V:1_D,#?N+"NNK,RR8BD1#UJBH@MSU6W?
M+LC9&5S]N*W$'+'#\JRM#@]KEBUC:K-P6523HOO^?J%MA^4EB,;X7^"XO-:G
ME%?MJ7F&D]C?131ZCVEM58R5\1]>()^VH8MBC*BR%46I)@CKW+&D>BO#T()=
M#A\;;WTV4ALV1WUP/#EN6@!Q'=573?,Q3H6Q;%:ID:DTXU5JYJR\PUB;+J=F
M`&\K;@-N!3@>9SEVW)[ZX(<US"VF65C^/;KP6S82H=H0-N=R8J*4!S7.=H==
M0W3[*AU$TLE)B^<Z<E-?92;+2WUT^:3'R&WC$IK1G-P^PEE+8BG2I-9KX%[_
M`"A9_P#D[UZV7<<_ALNY39/(/Z_1:SO!BX])=#+Y9DX<\/HURD39\=>1CV@^
M-U`==`*KQ^R:2[J=S&25O)(]E*<KBW7T%;FW>QH==5<JY,-'`]RMFD22G$/M
MQ21\3Q;VJ\HL;U6LWW^U;AP]N;$2^*RO$#M6=H+J7]K"U$5M9M_#=WXZ[ML_
MLJ:;F\%OUA:,)_4@:_;7-]\M+28O;+D^6L3#:^N";P0*(/F=ZS71LO\`M'_1
M2]\&6Z%ATMNKSW2R89)I1%C,A(8XF"G,]U*-;VDT7TKR:WB_+G/&ZN;_`!MW
MOFSG%_#^8>*=],4?LW[F4/Q"NI/4+SP>63?/E0\NGE+ZC;CWMU>EQN$N=X=;
MMEY?86V-KVMKE;>]ER,UYO"&Q,TC&PTB9:M>XDEU=`U_,_EYRS3\CYG9K]9J
M\5N/%6:67QDNNF8F.&EDS2-NV9^6.B_,/F>HYYRS)H-)I,MV3+2*WV3CLMB)
MB9F9OB*SLV1%?\)V)^2#RW2^43RH=%/+E<;D_E=?=,,4[&93<3&.CBN;V\O9
M\G<^"V3VA"V6Y<V+FH>0"H!T7G7?CO)_6.;9]9P\,9)K$=41$1'PTC;X7HW<
MCNW_`$CE.#1S=Q3CBDSUS,S,T\%9V>!E<N5=6A14H/FR\E(!_P"T'?$Z)%2-
MLX2A/$?[6;;7TCWS_P#\_P"6_P#//QWOGGNG_P#OFO\`^3]Q])M%\W4?0R*J
M%%2('Q"[UZ.]1_+A9Y#XN/EUAEN-Z]">N?4G9O7W:L3I#;97:[]W7-E'+*UH
M/+"Z*4V=Q3@'Q2-`<QSU]NZ+G.FYE='(-9]7FT^.<<],7<$33MK'%'9,=-'Q
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MO/+S?18&M```"XC\Q^\&IYESG/DS3.RZ;8B?\ML32(C_`(W[7:?ESR#3<NY/
M@QX8C;;%TS'^:9BLS7I\'@V,R=S[;P^\=M;AVCN&U-]@-U6-WMS.639)(C-9
MWUN^UF9SPN:]O,QY%6D$<0:KCM+J;\.6W)9-+K9B8[8VP['5::S-BNQWQ6VZ
M)B>R=DI=L#8NUNF&Q]H=.-D8L879VQ,;9;2VOB&R2S>[6&/MVVL$?B7#GR/+
M6,`+GN+CQ))4FOUV759[\V6:WWS,S/7,S647+]!BTN"S#BBEED1$1U1&R%7+
M$9CYT_\`M$/67>.`Z1^6SRW[=S]UM;;/F?WO9[.ZHY7'/E@,^!@GMP^U=-".
M8,?).U\C0=6MI0A?0_\`_/?)\.35ZG67VQ==@QUMC_Y37;V[*1VO`/S[YOFQ
MZ;3Z6RZ;;<U]+I\$4V>.:_`WV]+.FVS.D'3G9?3'I[@[7;>S-CXVTVYM[#X:
M)D-O%;VL+8FT;&`*NI4GB223J5X/S7F.;6:F_-ENFZ^Z9F9GKE[AROEN'1Z>
MS#BMBVRR(B(CP*#\SG0;IQYE^A?4GHSU4V[;[CVEO'%W5E+!>QL=):W+8B^"
MZMWN:XQ3P2!LD<C=6N`(6=W7Y]J>6:_'J,%W#?;,?#'3$]<3&R88'>?D6GYE
MH<NGSV\5ET3\$]$QU3$[8EHJ_P"S7]4^HF;Z!^8CH1O'.3;BV_Y>-WQ[<V->
MW)>]MM;W\4[KBVB,A);$)K<R1Q\&\YH`O<__`.DN6:>S7Z?4X[8MNS65N\,Q
M2DSX:329\#Q+_P#G3F6HOT.?39)K;BOCA\$36L>2OPR^E!?-[Z+$!`0?_]>8
MO/N/3V,5Y9,S>%U!VLC;^FOJV/2S=CR&=F/M6^!/^'A19K'>JS8'WELSCS2,
M:.':X*V[<K&]O:V5%[OM#;,`;0,LK<4/X,%>3:JZN2[M=KB^;"IA2O'AJ?E6
M.D`=0@]N/'->6X!X$`GO5)5MWK@&HJWN4;)@!/<JKDLS-/<9:Z\-2KK-Z++N
M:_/.7=RP[0VY;L<1'/<N+P.%1RT74=VK(G)<T?-YG@A>#I9;^[;!VRVG*YUN
M'O!-=225A:V:Y;NUEZ:/0A<']!6,G!I6G:@("`@(+'>8O'7&2Z69J*V89)(2
MRX<UNIHT'L"V7*+XMSQ+"YA9-V*:*.\IL$L73F=TK"T273N0.&M`T#M4_/?K
MH1<K^K9!9*".)P?&*<]21Z>*U5M\U;&Z:0F]EK;QGAIVJ.57I0>.[OK:U!CE
MG;'+(#X;'&A([TB)DF:.K'3/E9)SGF+2"#Z"DPI$U:^/-=8&VWS97@``NK9N
MOI!*ZWD-\3BHT7-8_B,6NP=E:4JMXU;WXN_.,RMA?C_S65LCN/#M5F2VMLPN
MMNI*H]S6UO99'+3VUS'<VV9(NK9T!!&HU!'9JHL-U8BO0DR129ITNGIKE3@]
M_P"T,HUW+[I?V[BX=QD`*MUN/BQ71X%NGNX<L2^I#%W+,CAK"[8[F%W;LDYA
MK7GC'Z:\1OMI=,/1+9K#';,0^[Y*\A_6/</LK;XIK%6/1+:5!5T[Q1^Z]ZX?
M9XQK\K,V./(3BRH7`.:2>-%/I])=EC9T(,N:+=ZX5C.QXBEC(<V0!P<.T$5!
M4$52Q*E,SB_?SFL:YOB"\@>]@([>4J:R_AF)176UK"9_#PNKC&^8;ZC>XM#[
M')02QDTKX4)>*CY%9WOMB[2<7AA3E$S&:C?0%Y6ZD0>6\NXK&UNKR;F,-G&^
MZF;"TO?R1M+SRM:"2:#0#BJV6S==$1TK+[N&)F>A\MO4C?>6S/QO>CGFUP_1
M[?V2Z`8'9C-D9SJ#!L[--AMKV;'W@'-%)"V4L:Z1C7$-T+O05]2\NY?99W)S
M:"[-CC43?Q1;QV[8K'AIUOF#F/,KKN^>+7VX<DZ>+(MF[@NV32[P;ML/I^VO
MN/&;PVW@MU84RNQ&XK2#,XTW\$UK,8+B,2L\2&X:Q['4.K7`$<"OF#5::[#D
MNQW;[9I/3Y7TWI=3;FQVY+=UT5CHW^!/J+'HG%44WNW=.,V5MG-[LS3+B7%[
M?MI,I?QXFVFO+DQ1#F/AP6S7R2.IP:T$E3Z/2WY\MN.VE;IIMFD>.6-J]5;@
MQ79+JTMBNR*SXH?,9Y5]^[@V-\9OSI>9;='1??>&Z&==\5:;9V+OV]VCFO`F
MN+&RPUN"YD<#G,;*^RDY2X#2E:+Z=[T\NQY^YNCT=F?'.?#=6ZWCMW3Q>'HK
M#YK[M\UOQ=[]5J[\.2,&6VD7<%V^.'P=-'U(0S-GBBF941S-;*T/'*ZCAS"H
M/#BOEN8F)H^G(FL.]%5!=1NHF`Z7;5O-X[GBOI\18OB@FBVYC[O)W9=,_D;R
MV]DR21PKQ(&BSN6<NR:K+&.RE9ZYB(\<L#F/,<>EQ3DOK2.J)F?%#4)\+_,;
M=W[T:Z]^7_K'TAW+MVYZL[YZH;URFRNIVVLI86&0VMN;,27#`ZXGC;&?&@N@
M"WF#@:@:BJ]?_-##DT^LT^KT^:R?98\5L76W1,Q=9'5&W9,/(/RPR8L^BU&D
MU&*Z)RY,MTVW6W1$VWS7?,=4T:]?*%\.[S+;+\VG4SX?O4;*WV8^'1T;W3C/
M-KBAEX)76^ZA)))]18DW!!C=$ZXA$M_;`4,MH7#EY_;]![W_`)B\LS\IQ<UP
MQ%O,<MDX9I/S?7NIV32V>J[P;//NY_Y=\RP<VR\IS3-W+L5\9HK_`)O4MKV[
M;HW5MGKVW6^.O>[IZT;Q\H.T.DO2?>743)>7[J3%OOJA<;4VSE+JUL\?"RRE
M+HIFQ<D[G-K01D\".*U/Y&8L6CPZO)GRX[(S8N&VMT1,SMZ.CX70?G5J;]5F
MTV/#BR7SAOF;J673$?-Z:;7T4]+^I&WNJNT;'>&V+?(VN)NGRV<<&Z,==XJ\
M:^W?X;^>WO61R-U&A(H>Q?._-.79-)FG'?,3/@F)CQP]^Y7S+'J\,9+(F(GK
MB8GQ2N&M>V+"_P`_WDVVIY[O+)O?R_[FR/U!?91T&XMD;IY'2_56>Q_,ZTN'
M,:07,]MT<C>UCC36B[/N#WRR\BYG9JK(XHC9='7;.^/\8\,.,[_=SL7/>67Z
M6^>&9VVSU71NGLZ)\$M1/E`\W7FK^&SL';WE3^(-Y:=X9SIYTRC&UNE/F?Z(
M8JZWABKC#PM>^VM+V'%,DG^\1\K(WM87!@#9&AS:N];[X=TN5=Y-1=KN4ZFR
M,F3;?BOF+)B>F8KLV[9GHKNG;L\H[G=ZN:]W<%NAYII[YLLV69+(XHIT1-.B
M-T=--DQLK.Q.Q^++Y4-Q16\&PK/J!U*W%>^Q9;/V1TWWE<Y-\I&D9CFL(6,=
MS>R>=X`/&B\\R?E/S;',SEG%CMC_`#79+*>29\CO<7YL\IR4C%&7)=/1;BOK
M\44^%GITMWCFNH/3W:>]=Q;`RG2S,[EM&96]Z?;U-H<MBC(3RPW?N,L\0E#:
M%S6O-*T.H*X/FFCLT^HOQV9(R6VS3BMK2?#%8B:.]Y5K+]1I[,E^.<=UT5X;
MJ5CP329BJOU@-@U6_%R^'U>_$%\M<&S]EY:'`=9NF&0_.!TCRF2D=#:S7[8'
M036<TK`3&VXC=RMDX,>&N.@7J?Y2?F!'=_F7M,D3.')'#?$;Z=$QV=73%7F'
MYK]P[N?<M]GCFF:R>*VNZ>N)[?CHQW\J7Q3,OTIV/M?H=\1_I%O#RZ=<]B6L
M&UK[?=_MC+9+:>Y(K./P([Z&_P`/!=11.D:QI<UYHXFK20=.@[U?E;;J\]VI
MY/ELSX+YK%L71%]M=\3$S$SX/*Y[NS^9\Z/!;I^;8K\.:RD<7#,VW;Z36(GH
MC;T>':OSUG\_^5ZO;#W!T\^'YTRW!Y@NLF]+63;NWMZW>#RF#V-MHWL)B.2R
MF6S4-K&60!X>R&(.=(Z@T%2M%R7\O[='GMS<VRVX<-DUFWBB[)=3_+;;;,[^
MN:4;CG'Y@7:S#=AY5BNS9KXI%W#-MEM?\UUUT1&SJC?*ZWPU/(?@/A_>7.QZ
M5QYX;TZB;GNW[XZN[]+/#^M,Y=1M;((^;VO`A`Y(B[VB*N-"Z@U7YE=^\G>#
MF4YN'AQVQPV6]5L?XSOGQ-S^7/<?'R'E_L8GBR73Q7SUW>#P1NBN_?TMA8X+
MSYWX@("#_]"8;S_<>-VMB0?]'M?>Y&C]=*:ZKZMTDUNNN>0YMD1"WY`%!V^A
M9K'3;`1&?-8F'MDN(F@>MX46:?0GL7XOG0WQ86(0X?$P\?#MK=@^2)H7D^::
MW2[6W="9@BM`0*<3ZE"N<30FM*@=OR^E!,,8VM[;GB:U'RJV[<K;O5^>)TUX
MU/J5C*@!`H3Z0555*,VXMLGCAK6BK;O1Y-S'+J[TVL^I6`M\;<R>%+92BXAE
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M>"QDD-?9/,\5^VNHY/I;+\$S,;6CU^:;<NQF;LU\T^`Q5W<@MFN((Y7D][FC
M5<WGI%\MSB^;#$+S?8\MFVS?@<08"[]D5T/=^_?#4<VC;$L)NS4>LE=(T[KE
M'L<*:A!U1N=S-&KJ:`$\$'=;2NMK^UN&GE,$L<VG9RO!^Q14NC85I,/I]Z*9
MKZ^Z8;(R0=S^]8^`DU_5,;RKQ/F6+@SWQX7H>ENXL42I'>EOX&<N-*"7[X*+
M(TUU;5+XVJ4&AKW*6]9<P7\WD$\/U!D8Y',;%*UW,"0.9KA]I=3W>F-L-)S2
M)V,P^G5^^_V;MF[D=SOELX7%U>T-`6@U5M,MT>%MM--;(E6SN2+(V-V1^V?>
MW5UXZ%8\Q6%]VR4[\JF"^H/.A9MC9R6N3QF5O8:#0UM'54'/LO%RV?!,&AMI
MJ/@;M1P"\T=(B@40$!`0$$*!!%!"@010$"E4!`0$!!"@/R((H(``<!3M010$
M"E4'%[&2-+)&"1AXL>`0>W@4@F$0UK0&M'*UHY0T:`!""@[D$4!`0$'_T>S?
MUP+C<MY&T_>[)K+*/U1M`I\Z^K]';2RO6\?SW>DHO7BLM"JO8T'O.\-MP\>>
M\@`'_E`L7674Q2EP?/AO9M6B.UMF4TCC8W3T-`7E5^^9=K&YW=FIU&NGJ48C
M4=U1QKJ@F6*!=?VX;7CZ5;=N5A79X^FO;Z%:RH1)X."*I+FO]$<3Z."K;O1Y
M-RA[@GP9.Z@IZ-5+;O0="FBLY&("#$#S?VL\VTL'/$POCANOOG+Z6GBM]R"Z
M(R35JN:QZ$+Y]';4V?3;;$;XO">^`2.`](!6LU\US7,S213'"YBQ&2((\::?
M*@X->QY(:\$MT<`0::^A!(,D2;D@C2@HJVJ2FMA_HS%15[J=H;H>"#`[S4[.
MRMWO#;&X+"S?<6TO):W$L()Y7>(*573<AU-L8[K9:3FF&9OB6:^V(7V^W,%;
MR?MD-K"QX/80P+F\TQQRW-GS88U>;2Q$VSL5>AM3:7-'/[@6E;GD-],LPUW-
M+:V1+7?VBG;IHNN:!UR_1(IZJH.RRL+R]<\VMNZ<0@R2E@T`'>J77Q&]=%LR
M\LAHXD:=]559<^ASR5[@&>Z";4)D\27&A]D\UJ1RG1>1]Y,/!JKO"[GE.2N"
M%U>HD(]^MKD#21M"2*:U6%HYV2S,D;5N@I\DHI8]>8K8=_OC9QAQ4/C7]L]L
MD;!Q.H'8MWR?51BR;=S7Z_!-]NQ=?IYC+G![.VUC+QO)=65M'#.WN=RK7ZF^
M+LMTQULO36S%D1*O+D5MFO'TH2'@J!??"^_EPQ45[U[V)N.,??;?'9:QG</\
MJS=1:GG.2FEOM\,,C26URQ+:XN#;P0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$'_]*G\E=F\R-]=.U\>5\E3VU<5];612V'CET[:I?44T-:Z@'NJI%B
MX_2:W-UU%VE%2H=>1&GH!JL/F$Q&&[L9.DC^)':WAM'*UK16@:&B@TT%%Y5,
MNRJC0<=!4>C[JM4#I0#Y?4@F6&'^V$%/3P]"MNW*VJ\-**UE0X5X@=]22BJ4
M9L_N-X)IKQ*K;O1Y-S$[S"=2;WIQM*TN\:0<AD9A"RO'E:6DT^=;SDVBMS9)
MKN:K7ZB<=B>=.MS2[NVCB<[,SPYKMI,C?2#2JIJL/L\DVI-/DX[(E7"QTP@D
M>X=MXK=..DQ>7MQ<VLA#N5P!(([5)BRW636U9DQ6WQ24QL+*VQME;8^S9X=K
M9L;!"P=C6BBLNNF9JNB*11ZU1402S-W;K##96];HZUMI;AI]+(R0K\<1-T1*
MV^:1,L,?+[U0W#N+?>6P^4N?>+24S20EU203(`!JN@YKH;,>*)AJ>7ZFZZ^8
MEF/E8PTLD[3[)"YZW>W$0]UC_HS%;(]U.T&H0>>ZLK.]:UEW;LN61GG:V8`@
M$:@A.*8W$[75[T&W(M^4-:![/VNQ4ITD2LEYDK'W[IAE7@5=:.%P*>@$+:<G
MNIGAA<QC^%+5UH?17OXKMG-.N0'E<?E^Z@K+GFQ^QH;^S>89KB[-M<R1\2WN
M/H6/%)RTGJ2SLL45<-<QP+F$<XYP#Q*R4,PW5?#>SYO>FNX\(7U=C+P2LC)U
M`>%YMWRQ4S1=UNNY#D_AS#-WJ#`9+*VN!KX;BP=RY;32W&3<M`MG,(D#J*'4
M<:%5$1W?-567QTDIG#26)S"?VQI!'I5RD[U]O*9<2#K+96,A!$=I?2,'_D'!
M:?GT?Z:OA3Z&?3;65PK=B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@_
M_].CZU).AI[2^NGC*.M.%/0.'<@O+T!M?>NK&T6$\+@2:=E%J^;W4T]S,T,5
MS0W2]_IT`[3VKS.76G94ZUU':K%2O=ZOLH)KAO\`3V=M`20J7+\>]6U3]U6,
MDK6E0-$$ESG^AGOJ%6V-J++N:]O.=;7,N"VHZ*,NC%P]K^0$@$EH%:+K>[5T
M1?<T/-HK9"^W3;&,Q.Q]N6;&>'2W;(]O^4[5:W5W\6299VGMI9"N5CIA`X:\
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M]W;_`$IAMBWA!X^$G(&L5':+@<$^DZ;+%;5B*:5^1;.R6/`.-$N)>?WRV-S[
MEX[6W7+X@@K1W+W@*LV3OIL6Q="96[J$BM*:@I;N7Q"_7E>B,?7O"R`:38_(
M`_);DK5<]G_2SVPGTOUC:\N#;H0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$
M!`0$'__4PB_I'9'_`.58/_2G_P"M+[6_H\>L^>OZU=ZKE_2/R/\`\J0=G_G3
M_P#6E7^CQZQ_6KO55QT[\XN4Z>;KQNZ8=A6V5DQY+F6<]_+$UQ.GTFP.I\RQ
M-9W>MS8YMF^E?`FT_>"['=%W!Y67']KONO\`XC\?_P`.7/[S7/?I]C^UGQ?*
MVGXSO^SCQ_(C_:[[K_XC\=_PY<_O-6_IYC^UGQ?*?C._[./'\B']KMNK_B/Q
MW_#ES^\T_3S']K/B^4_&=_V<>/Y'KLOC`[LLY_';T+QSSPY3G;D?^Q%)_+O'
M]K/B^56WOI?'_3CQ_(FY^,QN\FOYA<;_`,/W/[Q5OZ<X_M9\7RI/QO?]G'C^
M1$?&8W@#7\PN-/\`]_W7[Q3].<?VL^+Y3\;W_9QX_D>.]^,;NV\A\%W0C&QB
MM>89ZY/_`+$JQ^76./\`JSXOE6SWVOG_`*<>/Y%"[E^*9DMV6+,?F>@V-N;>
M-XGC#LW<$AP-016S]"RL/<6W'=6,L^+Y4&3O?==%)QQX_D>V+XK^XX(HX8>B
M&/CBB:(V,;F[B@`%!_YFK)[A63_U9\7RKX[Y71_TX\?R.?\`:R;H_P")/'_\
M-W'[S5/P!9]K/B^57\9W_9QX_D/[63='_$GC_P#ANX_>:?@"S[6?%\I^,[_L
MX\?R)'N/XI^\\WA[O&672BRPTUR.09"'+W$KV#T--JS[:EP]Q<=EU9R3/P0L
MR=\,ET4BR(^%T[7^*5O;`8QF/ONEMEG)6'F%[-EIX7'_`+EML_[:KG[C8[YK
M&28^#Y5,7>^^V-MD3\/R*C'Q9MU#AT4Q^O?F[G]YJ'\`V?:SXOE2?C._[./'
M\A_:S;I_XD\=_P`-7/[T5?P%9]K/B^4_&=_V<>/Y`_%EW0?_`.R>.]7UW<_O
M14_`-GVL^+Y3\9W_`&<>/Y$FL/BB9'&7UYD;#H-C(+S(&MU,S,W`+M:]EFI+
MNX\71$3FFG9\JVSOA=$S/LX\?R/?=?%<W/=!H/1;'L#>'+FK@_\`LBI;W#Q_
M:3XOE4N[XWS_`-./'\CM@^+!NB",1CHICW`<"<U<_O16SW#L^UGQ?*NCOE?]
MG'C^1W?VLVZ/^)+'=O\`OW<]O_V14_`%GVL^+Y5?QG?]G'C^1(=S?%-WCN'"
M7V(M>D]CAIKL<@R%OE[B1T?J:;5M?G4N#N-CLNK.29^#Y5F3OA?=;3@B/A^1
M(MC_`!--[[1LI+3(=-K/<DCB'QW-UE)X7,`%*4;;/4NJ[DXLDUB^8^!9A[W9
M+(^97X559CXJNY,SBLABINBN/CBR$3[5\C<U<$M#Q2M/<Q508NXEEEU?:3XO
ME27]\;[HI[./'\C$.7S0Y.2623^1\#1(YT@9[Y)I5U:?M2Z".1V^MY&I_KEW
MJ^5P/F>R1:6NVA`:Z']V2?ZTKOZ';ZQ_7+O5=EKYI,Y92&6UVQ%!(06$QWD@
MJ#Q!^]*V[D5DQMN5CGMT?Y76_P`SV3DKS[0@).I=[Y)6O?K$JQR.WUO(?UR[
MU5ZN@GQ!]R]!]XNW=C>FUIN![XG6DN.NLG-;M<'"E>=EO)P]2UO->Z5FJQ\$
MWS'P?*R]#WGNPWUBROPLT;WXYF];VSGM'^77%M;,WPW.&X[LTKZ/J\+FH_*_
M%$_73XOE;:[OYDG_`*4>/Y%`?VR&[C7_`/H/CA_]_7/[R65^G&/[6?%\J'\;
MW_9QX_D0_MD-W=G0C&_+GKG]Y)^G&/[6?%\I^-[_`+./'\BT\WQ1=_R]0K7?
M@Z=VK&VK?`^H3E9S$YA%*<_NP/\`WJS[>X^+V/L^.>VGRL6>]V3VG%P1X_D7
M<9\9/=["2.@^--=*_7US^\E@1^7&+[6?%\K*COO?]G'C^1=WHK\;S>6T^H.-
MS\?EYQ=[-9VUW;L@?N*Z8'>+"6UJ+!W"O<KOTFQ:S^%.>8KT\-=WPL/7?F3D
MTEGM(Q1/@K\C-+^\/;_'#ROX>G9__%-[_%JI_;SIO>KOHQ^\T_ZYYO=X^E/F
M/[P_U`_JOX?^=%[_`!:G]O.F]ZN^A'[Q^N>;W>/I3YC^\/\`4#^J_A_YT7O\
M6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]
MWCZ4^8_O#_4#^J_A_P"=%[_%J?V\Z;WJ[Z$?O'ZYYO=X^E/F/[P_U`_JOX?^
M=%[_`!:G]O.F]ZN^A'[Q^N>;W>/I3YC^\/\`4#^J_A_YT7O\6I_;SIO>KOH1
M^\?KGF]WCZ4^8_O#_4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#
M^J_A_P"=%[_%J?V\Z;WJ[Z$?O'ZYYO=X^E/F/[P_U`_JOX?^=%[_`!:G]O.F
M]ZN^A'[Q^N>;W>/I3YC^\/\`4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]WCZ4^
M8_O#_4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#^J_A_P"=%[_%
MJ?V\Z;WJ[Z$?O'ZYYO=X^E/F/[P_U`_JOX?^=%[_`!:G]O.F]ZN^A'[Q^N>;
MW>/I3YC^\/\`4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#^J_A_
MYT7O\6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#^J_A_P"=%[_%J?V\Z;WJ[Z$?
MO'ZYYO=X^E/F/[P_U`_JOX?^=%[_`!:G]O.F]ZN^A'[Q^N>;W>/I3YC^\/\`
M4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#^J_A_YT7O\6I_;SIO
M>KOH1^\?KGF]WCZ4^8_O#_4#^J_A_P"=%[_%J?V\Z;WJ[Z$?O'ZYYO=X^E/F
M/[P_U`_JOX?^=%[_`!:G]O.F]ZN^A'[Q^N>;W>/I3YC^\/\`4#^J_A_YT7O\
M6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]
MWCZ4^8_O#_4#^J_A_P"=%[_%J?V\Z;WJ[Z$?O'ZYYO=X^E/F/[P_U`_JOX?^
M=%[_`!:G]O.F]ZN^A'[Q^N>;W>/I3YC^\/\`4#^J_A_YT7O\6I_;SIO>KOH1
M^\?KGF]WCZ4^8_O#_4#^J_A_YT7O\6I_;SIO>KOH1^\?KGF]WCZ4^8_O#_4#
M^J_A_P"=%[_%J?V\Z;WJ[Z$?O'ZYYO=X^E/F/[P_U`_JOX?^=%[_`!:G]O.F
M]ZN^A'[Q^N>;W>/I3YG_U=1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@("
M`@("`@("`@("`@("`@("`@("`@("`@(/_];4>ON]\OB`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZSVQ\:
M]ZZMYX("`@("`@("`@("`@("`@("`@("`@("`@("`@("#__7U'K[O?+X@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65M.3_
M`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__
MT-1Z^[WR^("`@50$#@:=J*5$5$#C]M*E1`0/NH"`@("`@>CM2JE1%1*@@("`
M@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@("
M`@("`@("`@("`@("`@("`@("`@("`@(/_]'4>ON]\OB`@ZIWNC@F>TT<QCGM
M/'4"JK$;1]#_`%:Z,_"D\IW17RF;BZX>6'>74G>_7W9=IU#R65V9OK<-C`VZ
M$40G+H3DHF,YWOJ&L:`!I1>0<OYCS[7ZG46X<]MEN*^8VVQ/^'QN_P!5I.5Z
M7#BG+BNNNOMKLNGSL2?/5Y2/+7MSRX="//%Y,[_.V?07K/DKSIWF^G?4>9UU
ME-O;BLVW4G@BXD?*][7>XW#7![WZL:YKG-?0=!W8Y_K;]9ET6LB/:XXXHFW=
M=$T\\?\`$-3SOE>FMT]FIT\SP732D[XG_B%^<MTE\A_P]N@7EMW-YF?+]D?-
MQYC/,I@&]67[5N=P3X#![=V_=Q12P,Y8&7#3+RSLISPN<YW/[30T`ZJSF'-.
M;ZO-;ILT8<.*>&M*S,]/_%>IG3I-#H,&.[-CG)DR16E:1$+&_$2\M_EJP/0?
MRO\`G1\IF`R/3GIOYDK?(66=Z0[BNY+_`.HLMCV->[P)KA[W%CG%S"T'D]D.
M;0.Y1M.Z/.-;?J\^CU<Q=?BI2Z-E8GKA@\_Y=IK<&+48(X;;]\=4PS6\]7PT
M?*CTW\C,75[R];2R.'ZZ=.=N=..L_5IMYG\WE8[C;>\C?8J21MKD+J:&("YL
MY9RYC&\K82`:$A<SW6[ZZ_/S3V6>Z)Q777VV[(BDVTGHBNZ:?"W7.N[FEQZ+
MVF*)B^(MF=LSLFL=+3=Y&?+W!YIO-ET4Z'Y..5VU]V93WO?DUE(Z&2'`8^%]
MY?/$C'-<RL<?)S-(+>:H(I5>C=Z.;_R.@RYH^=$;.V=SDN2:'^:U5F/HF=O9
M&]G;\77RH^5#RWV_EFW+Y3MLWVW]H]8\3EMQWTV<S68S#KIMM<110/;];W-R
M8Q1Q^@0"N6_+[GVOUDY[=5=$W63$;(B/BB&[[U\KTNGC'.")B+HF=\S\;4]T
MKP.,W5U1Z;[7S<+KG"[DSN*P67MXI'Q.DMKJ]C@E:'QD.:2UQH6FH[%WVORW
M68+[K=\1,^*'*Z6R+LEML[IF&^GS=[-^#'Y0>OF\.@&[?)YO_=6>V?%8WEYF
M\!U#W'':S"^MQ<M#&SY4.JT&AJO*>[^I[R<PTEN>S4V1%U=DV6UV?`[GFV+D
M^DSSBNPW3,4_S3YVC3KEE>CN=ZI[MROE_P!F9'I_TANI8W;-VANR_FRF0LX1
M"UKVS75Q),^0EX<X5>:`TJO4.5X]19@MC471=DZ9C9$]D.*UUV&[+,XHFVSH
MB9JM-0G6BV#$*'33CH$D"T@T(H?2E1Y+^26#'W]S"*26\,DT;J`@.:PN!U5;
M;:W1"EVYLM^)IY;ND7EFZG=$-L]'L#<[?PV]^G&V^I&X[?)9*_R;ILMDH>>>
M5K\A+,YC7'@QI#1V`+B^Y/.=1K<&6[--9MR76QLB-D=CH^\G+L>FRV6XXI$V
MQ/7MEK<79N=;-OA9>67HYYINL/5[9W6K;]SN+`;1Z?YS?^!M<9D\ABWQ92Q#
M3%(Z3'2PN>T5^@XEI[0N*[\\ZU.AT^._#-)NOB)V1.R>UTO=CEN+59K[<D5B
M+9G?3:UF/;RR3-:/98]\;1W!KR!]I=I$N;HXT(I44KP)T55``G0"OJ0""-"*
M$<04$$!`0$!`0$!`0$!!6.Q/RA@_!3?BRMIR?ZYH>\GW6>V/C7O75O/!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0?_TM1Z^[WR^("#HNO]%N?P;_\`
MP2KK=Y+ZHO.'LOR#;I\NGP[YO.-UWW9TASMITRLH]E6/3G;5_G8KVT='`9GS
M/L[.Y$;FOH`"14+PGN[J.;8]9K/Y3%;?'M)KQ71%)\%9AZ;S?#H;M/I_YB^;
M9X=E(F?\&K_SQ^</R];RZ!]#/)+Y.-MYRT\NO1#)7.^[K?/4QK8<UN3<-Y[T
MTW+H&-C+&M%].2Y[&DN?RM8QC&\W<=V.[NLQZK+K=9=$YLD4I;NMC9YH^69<
MYSKF^"_!CT^")]G9-:SOF?\`B5W?C;:;L\C(X#\R>V]/_)PK`_+3ZO5?_;<R
M>^4>E@_^N&D":2(LN(P]ID:QQ='S>T!R\2`O3+8EQEW2^QW<6[,)EO.[T(\K
M&]YJ=/\`SE>4/`]%LM:R2-CB&1=<;@O;*6IT\3[W)#'Z95\[8=/=;RS+JK/G
MX-3-T=GHQ/GGL>N9<MLZVS!=\W+AB/CI_P`>%J`\A^WLIY3>C'Q'_-+O.UCM
M]Z]$<)?>4_8T=TR1E=XYV\DQ5V8'BAJP1>CL]2]"[U9HUVIT>FL^;DF,D_\`
M+$5AR?(K+M+AU.:[YUD<,=L[%2_%3#QY4?A2"21TTGYKF&2:4DN>XP6=7$GB
M2=2H>XOW_7__`&>=)WGC_2Z7_D\S4QT(_P#SPZ-__P`TX'_]YPKON:?=LG_+
M/Q.5T7U]G;'QOI`^)MM7X2N2\Y_4^\\SG5[JIM?K1+;X<;HPG3;#1W>'BB%B
MT6YAE=CYZDQT+O;-"O&NY6?O!;RVR--CQSCVTF9V[]O2]#[R8N53K+IS7WQ?
MLK$1LW=C"GRD;6Z*WGEZ^-A/TMMI=W]--L;;VK)T7W/U`L8#FX\4_*9YL$[_
M`!8(G03R1L;XG*QAT%0*+I.\&?4QK.61DGAOFZ[BB-U:6[/##3<IPX9T^LX-
MML1'#,[]\K:^3C`8+(_#$^*EF+_"VE_E\&W8#L+EKRVAEN;,R39$/,$KVET?
M,!KRD56=WCS76\[T,1,TGCKX=S&Y19;_`$W53,;8X?\`%>O8/5"/H'\%[I-U
M9V;L3;F2ZQW?5C=&U=J=0]ZX'%YV;!PON9C+/;P96*>!\X9&&0NFCD;&"ZC:
ME:W5:'^:[R9,5]UWL_9VS,1,Q7MI2:==-[-P:GV')[;[;8X^.8B9BM/'_BI;
MSX9N/S$_#M\B'F\WKMS#X[KQO;.;TZ7;\W?M#%66)^N[7#Y>ZL+>:[BL(XHS
M(/<N?V6@`R/``%`)^ZUG\GSC5:2R9G%;%LQ$S,TF8B9I7M\B+G=_\QR_!GNB
M..9NB9B*5I/R+A^>3S!9?X>MGY:O*IT*Z?[0MM@P],MM=6^O=IN?:F"S<F_\
MAN!UQ[W'D;C*VTTW(?<Y0PQO:]H>T!P#`%A]V.4V\WG-JL]]W'[2ZVRETQP1
M&ZD1LZ83\ZU\Z#V>#%;;P\,3=6(GBKUU[%M_CJY&PR_F0Z"9;$XF/`XO)]*-
MKY#&X.U),5E!.UTL<#*U]F-I#1Z`LS\KK)MT>6)FLQDNV]?A0=]KHNU&.8BD
M39#2;^C1>F.,;L_@5_\`6)\P?_\`J;='_@M7FGYH?<\/_P!MKL^Y'WC)_P`D
MO!\'&+9\66\_6X=[[%QO43#;,Z-;GW<_:VYX&S6]S[BRZG?%S5:^,R-:6%\;
MFN`)HX'57_F+.2FDMLOFV;LML5CPT6]T8LB<\W6Q=$63-)\"ZGE^ZY;C\['D
M>^(UM#K[M3:N:M>@NP)NLO1#([5VK@-OW&U[W&QW-Q';61PEK;4@K"P4=5Q;
MS-<YP<0M?S?E5G+>9Z.[!=='M+^&ZMTW<43TS69V[99&@UMVLT6HMRQ$\%O%
M%(B*=E(A9;R;G"^6WX?'F:\\F+V1A-W=;H=V8#H;T@W!OO&669M]LB_+#<7M
MO:7[)8O>.9^CRRM`!J*@[/O'Q:WF^#13=-N+AFZZ(F8K3=%8VT8G*.'3Z#+J
M:1-]8MB9BM*].U8?S0><+8'FJ\N'2"/J'LN-GG0V3F<G#OSJWMG`87"8[<>V
MKETCK87GU2(!)=Q<L0_:6M'MD4K1;3D?=W+H=;DX+O\`371%+9F9FV>FE>CX
M6%S/FV/5:>SCC^-$S6:1$3'AITM="[%SM1%1`0$!`0$!`0$%8[$_*&#\%-^+
M*VG)_KFA[R?=9[8^->]=6\\$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$
M!!__T]1Z^[WR^("#IN6EUO<-:*N<Q[6@=I+2JV[R6X;XH'5/IMU&Z/?#LQ6P
MM\8W=^2V'TTCV_O.QP-RV>7&7P,`,%PUNK'U:?9/<O/>Y&AS8=1K)OMFV+LE
M8KTQX'6]Y=5CR8=/%MT3,6[?`T_.!+2`:$B@(XA>@N2?0-U6V7TU^*7Y?O*3
MO+I[YBMC='^OWEZVC!T)ZN=-NNF89@S?6]@VWAMLA:W5TX-D!;`9*-!KXA!H
M6KR70:C-R/5ZBS)AOOQ9+N*VZR*TKOB8\GP.[U6#'S/3XKK<EMN2RWAF+II\
M+'KXB']%[HEY:_+7Y,^B.Z]L]:.K?3E^1W;U]ZW[`L[:2.YR%VT^':19&,%T
ML8>]Y:SG<&L#=0:A;CNA.MU.MS:S-;=9COI%ELST1TT8'/\`^6PZ;'@QS%U\
M?.NCXJJG^(QYE]K6'FI\AW6KHGOK';NONB/2OIJZ[R6WIQ<Q66;P6>RM[-:3
M<O"1C7L+V'L<.]0=T.37SH=7AS6S;&3)?OZIB(JE[P\RMC58,F.ZO!9;NZXF
M5W_C)^8[R[[CZ8;`Z6>53>%KN+;G7K=.3\W/6>'!7$4[+?,7F+L[.VM+EL8'
MAR!Y,WAG5K@ZM%K_`,N>3ZNS-?DU5LQ=CMC';7JB9F9CXF7WNYAI[L5MF":Q
M?,WSVTC8QY^)-U4Z;]0/+9\-7;^R-\8W=><Z?].68'>^)P=RR>;%7HAM6F&Y
M:W6-]6.'*>Y;?N9H<V+6:VZ^V8BZ^L5Z8VM?WBU6+)I]/%MT3-MM)\#61T9R
M%CB.L'2G*Y2[CL,;C-QX6_R%]=.Y8H8(LA$][WGL:UH))7;\PLF[3Y(C?-L_
M$YS1W1&6V9W5CXV<_P`7[J%L;JGY_P#K%O;IONRQWOM#*6N"AQ^Y-MSMN;.9
M\&-;'(UDC-"6.%#3M7+?E[I,N#E..S);-MT5V3VMUWLU%F77WW636-FV.Q<[
MX7&^>D=QTU\_'EDZE=4\7T=W#YI]EX3;?2_>>^I#!A/K;"7&3D]WNIZ$1"1U
M_&>8T'(UYK4`'![\Z34>VTFIQXYOMPWS-T1OI--WB^)D]V<^*<>?#?=%LY+8
MB)G=6*^==S86W.C/EG^'+\0[HOF_,MLSJ!UYZDMVK=OV?TTR3LAC6PV%S<BW
MALKZ6.`7MQRND?.(F<L8Y!4ERU^KRZC6\XT>:W#=;BLXMMT4GPS,=$=5=[+T
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MX`A9W).8Z[6:V_+PW6::+:6Q=%)F>FZF^(8G,M)IM/IK;.*+LU:S,36(CJ8^
M]>^AO3+I1TY\M^\=B]=<?U9W#UEP%UNKJ'LS#LC9/LR^@BL'LL;DL<27O-W*
MWV@#6)W8MOROF>?/FS67XILBRZD3ZT;=L>+RL'7Z''BQX[K<G%-T5F/5W?\`
M'P,7EO&L$!`0$!`0$!`05CL3\H8/P4WXLK:<G^N:'O)]UGMCXU[UU;SP0$!`
M0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$'_U-1Z^[WR^("`@XM:UM:``DU<
M0*52M5*.2*NN2&&4CQHFR@:@2-!I\Z1,P4<FL8QH:QH:T<&M``^PBL#6AOT0
M!75P&E?F25!K6MYN4!O-J:#B56H-:UM2``7:D@<4J.7KU'<J2.+6A@Y6M#6C
M@UHH%4'-:X$/:'-/%KA4?95.E280\.,$4C`Y?H:#3U)56CD6MYN8-',1REW;
M3N5:B'*VI=RCF/%W:?6BH8XRYKRP%S>#G"I'J*IM6T76Z&]8]Y^7?JQLKK3T
MU?:6F^^GUS/E]KW>9LX+ZVAN9[.:Q,CH+@.8\M9.XMJ-'4(U`6!S3EV/6:>[
M#D^9=%)VTZ:[_@9>AUE^GRVY+/G0M_F\UE-QYK,;BSE[)D\WGKF?,Y?)73B^
M6XNKF5TTLCR>+G.<25F8\5MML6Q%(C8@OOFZ9F=\I2YH<*.:'=H#@"KT<HEK
M74YA6FHKK0]Z5E4(#J5:#RZMKV'O0'!KF\K@'`\0X`A!!K6L`:QH8T?J6B@^
MPG2`:UI)#0.;4T%*HI1R140$!`0$!`0$!!6.Q/RA@_!3?BRMIR?ZYH>\GW6>
MV/C7O75O/!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0?__5U'K[O?+X
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65
MM.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@__UM1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""
ML=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@(/_]?4>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("
M`@("`@("`@("`@("`@("`@("`@("#__0U'K[O?+X@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>N
MK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__T=1Z^[WR^("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<
MT/>3[K/;'QKWKJWG@@("`@("`@("`@("`@("`@("`@("`@("`@("`@(/_]+4
M>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@K'8GY0P
M?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("`@("`@("`@("`@("`@("
M`@("`@("#__3U'K[O?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("
M`@("`@("`@("`@("`@("`@__U-1Z^[WR^("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("
M`@("`@("`@("`@("`@("`@("`@("`@("`@(/_]74>ON]\OB`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZS
MVQ\:]ZZMYX("`@("`@("`@("`@("`@("`@("`@("`@("`@("#__6U'K[O?+X
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65
MM.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@__U]1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""
ML=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@(/_]#4>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("
M`@("`@("`@("`@("`@("`@("`@("#__1U'K[O?+X@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>N
MK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__TM1Z^[WR^("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<
MT/>3[K/;'QKWKJWG@@("`@("`@("`@("`@("`@("`@("`@("`@("`@(/_]/4
M>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@K'8GY0P
M?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("`@("`@("`@("`@("`@("
M`@("`@("#__4U'K[O?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("
M`@("`@("`@("`@("`@("`@__U=1Z^[WR^("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("
M`@("`@("`@("`@("`@("`@("`@("`@("`@(/_];4>ON]\OB`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZS
MVQ\:]ZZMYX("`@("`@("`@("`@("`@("`@("`@("`@("`@("#__7U'K[O?+X
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65
MM.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@__T-1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""
ML=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@(/_]'4>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("
M`@("`@("`@("`@("`@("`@("`@("#__2U'K[O?+X@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>N
MK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__T]1Z^[WR^("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<
MT/>3[K/;'QKWKJWG@@("`@("`@("`@("`@("`@("`@("`@("`@("`@(/_]34
M>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@K'8GY0P
M?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("`@("`@("`@("`@("`@("
M`@("`@("#__5U'K[O?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("
M`@("`@("`@("`@("`@("`@__UM1Z^[WR^("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@(""L=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("
M`@("`@("`@("`@("`@("`@("`@("`@("`@(/_]?4>ON]\OB`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZS
MVQ\:]ZZMYX("`@("`@("`@("`@("`@("`@("`@("`@("`@("#__0U'K[O?+X
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65
MM.3_`%S0]Y/NL]L?&O>NK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@__T=1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""
ML=B?E#!^"F_%E;3D_P!<T/>3[K/;'QKWKJWG@@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@(/_]+4>ON]\OB`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@K'8GY0P?@IOQ96TY/\`7-#WD^ZSVQ\:]ZZMYX("`@("`@("
M`@("`@("`@("`@("`@("`@("`@("#__3U'K[O?+X@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@(*QV)^4,'X*;\65M.3_`%S0]Y/NL]L?&O>N
MK>>"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__U-1Z^[WR^("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@(""=8#+-PN2COG0&X:QKX_#
M80#[;>7M69H=3&+)Q3%6!S+0_P`QBX*T5W^<>#^"W_LVK;?UVWU7-_A2[UX\
M1^<>#^"W_LVI_7(]4_"EWKQXC\X\'\%O_9M3^N1ZI^%+O7CQ'YQX/X+?^S:G
M]<CU3\*7>O'B/SCP?P6_]FU/ZY'JGX4N]>/$?G'@_@M_[-J?UR/5/PI=Z\>(
M_./!_!;_`-FU/ZY'JGX4N]>/$?G'@_@M_P"S:G]<CU3\*7>O'B/SCP?P6_\`
M9M3^N1ZI^%+O7CQ'YQX/X+?^S:G]<CU3\*7>O'B/SCP?P6_]FU/ZY'JGX4N]
M>/$?G'@_@M_[-J?UR/5/PI=Z\>(_./!_!;_V;4_KD>J?A2[UX\1^<>#^"W_L
MVI_7(]4_"EWKQXC\X\'\%O\`V;4_KD>J?A2[UX\1^<>#^"W_`+-J?UR/5/PI
M=Z\>(_./!_!;_P!FU/ZY'JGX4N]>/$?G'@_@M_[-J?UR/5/PI=Z\>(_./!_!
M;_V;4_KD>J?A2[UX\1^<>#^"W_LVI_7(]4_"EWKQXC\X\'\%O_9M3^N1ZI^%
M+O7CQ'YQX/X+?^S:G]<CU3\*7>O'B/SCP?P6_P#9M3^N1ZI^%+O7CQ'YQX/X
M+?\`LVI_7(]4_"EWKQXC\X\'\%O_`&;4_KD>J?A2[UX\1^<>#^"W_LVI_7(]
M4_"EWKQXC\X\'\%O_9M3^N1ZI^%+O7CQ'YQX/X+?^S:G]<CU3\*7>O'B/SCP
M?P6_]FU/ZY'JGX4N]>/$?G'@_@M_[-J?UR/5/PI=Z\>)_]74>ON]\OB`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@(/_UM1Z^[WR^("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@__7U'K[O?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("#_]#4>ON]\OB`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@(/_T=1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__2
MU'K[O?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("#_]/4>ON]\OB`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@(/_U-1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__5U'K[
MO?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("#_];4>ON]\OB`@("*T$4$!`0$!*@A
M$G'Y.U`_QH`UX)(("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("`@("`@(/__7U'K[O?+X@(*HV3M++;]WGM/8^#A=/E]W
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M[-=8MMM?/=?VT$-Y')--;![(VU+B`UU)L?>G1771;%TUG_XW;)VQ2=FR9F-D
M3O1W<DU$1,TBG;&WLV[?#14+OAT>;,7EQ81['Q5S=LFL+/%0VF[-KRG+_6(L
M70RXODOC[]"&Y*W=)+;\[(Q("X@*+\8:"E>.:;?\MVRE=^S9.R=D[Z)/P_JJ
MTX8\<;=V[;MWQN6WVKY0.OV\,[)MO&;2M,;F8L3A]Y^[[NS>&PK#:[BD9%B8
M1)E+J!GO=\Z1ONUM7Q9.8%K2"LS4<_TF.SBFZ9BLQLB9W;YV1NCIG=#'Q<IS
MWW4B.B)VS$;]V_IGHC>R`V=Y!?Y6^;7I%Y28NI$MON+>6U[3J/U/W7;XO'W=
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MMG\?M:3IE@F9[)"Z;;6#M\[,;S3V3@V:V#WY(,=<,#@YT327ANI`"K'YB<IF
MR;O:32/_`(W=/3NW$]TM=$Q'#%?^:/.N3Y#O(%LCK!;6^6ZLX^YWKN+<NY,C
MT\V?TZVSG[3#XZTL<%F<-MO+YW)9."&]?-!!?;@M88+6T;SRTD>'<C-<+O3W
MLRZ>:8J6Q%L3-TQ,S68NFVV(V4F8MF9F=D;(WLCD?(K,T5OVS,TB(FFZ8B9F
M=O3,12%,>?SR+;:Z";.@ZH;!P-_L=F(RN.VSU%Z:9K,V^Y(+6RW#)EX\#F\=
MDX;>U>;6_."NF/M;F,3P2!H)<UP<I^Z?>B_5Y/97S%U8F8NB.&M.'BMF*SMC
MBC;&R81\]Y';@LX[8F*328K6E:TF)\-)V3MB6I_]&B[V'+"`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(/_T-1Z
M^[WR^(""NNFG4?=72/?&`ZC['N8L?O#:TDEYM_)7<(G%I<20O@$T;26TD8)"
M6._4NH>Q8NMT>/48IQW[;9W_`/'4GTVHOQ7Q?;OA<\^:7J[D)+MV[[W']2H,
MKM/$]%]QV74RTFR[<OAL#(Z7&R7TK[AD\UY:N>XQW)D#]2'<P)!P8Y%I[?F5
MLI=-T<.RDSOIT4GIC<R?ZGEGYU+MD6[=M8C=7PQUKH77Q!_,M=93%9AN6P5C
M?8S<=IUBF..P4,++_=MMD;7*/R]XT2GQ;JYEL8/>':->V-K0UH"P8[HZ+AFV
MDTX9MW[K9BE(ZHBLTZJLF>?:B9B=D4FN[IK$UGP[$UQ'Q`NK^VNE/3+8.V<3
MA+#=73(WV,PO4N\QD=QD[?#W%I8V45G:.=(!%][L^6=Q:[G!J.5P!5F3NGI[
M]1?DNF>&^E;:[*[=L^/9U+[.?9;<5ED1%;>FG1LV1XDOW'Y^NNW4/>>WMQ=1
M<I;28S'M."REOLBT-C?C#7=K9XR]CL[F\GN7QW+K6S:(9GN=R2>UKP5^G[J:
M7#CNMQQMG;MVQ6*S%8BFRL[86Y.>Y\E\3?.SP=6R)^&B39_SO=8,KULZP]:L
M?:8BVO>L%_:YJ]VMG<?'DL=C/JBYCFPONC28>63%M@C9;O\`H\K:.86FBDQ=
MV=/;IL>&:TLBE8FDS7YU?^;I67\ZS3FOR13TIW4K2F[Q="J>AOF;\VD_53JM
MU"Z16EON'K1OC8TG3G.=0&6]G;WV!P5I;6]K+?VEQ>SPV]O=.BMVL=*\GG)/
M*WF("@YIR3E\8,>/+LQ6W\41MI,]4Q&VG@2Z+F6KG+?=CBM\VTKU1U^!F%N[
MXD/Q%LILG.8/='1*QN;;$L.Q]\;R;M3)RW]_>9K:UQLF*:YG@D<V:66T#F1R
MQ@L,C0`2?97.Z?N9R>W)%UN2=NV(XHI%+HNV=6WR-MF[P\PNQS%UD=4S2>F.
M'XO*[-W_`!*OB'G;'4C9>ZNA.%N=O[^Q^,GWU86>U<O+)'C-P;(PSK)TXQUV
M1'XV-L[.X;+-&7,#BWF9S%J:?N7R><EE]N6:VS-/2C?%UU:5CHNF8I"N7O%S
M#ANMFR*32NR=TVQ3R4ET[;^)IY\-R3[RMHO*[A>H,F[';MWIF([W9&Y72V]C
MNJ&`9IUO<6TT,L-O+%;L8]S)`>73FU5<W<OE5G#7/-M.&(]*W?;\WMF#'WDU
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M9T1%9:M_DHNY<T("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@("`@("`@__T=1Z^[WR^("`@("`@(""]/0_KGN;H/N/)Y[;
M^$Q.Z+7-V\5AF=L[XLFW^.N3:W`N[:1\;B/;@F:)&:TKQ!"UO,^5V:JR+;IF
MVFZ8FD^'QPS-%K;L%U8B)KT3N9I,^+'YE8C!X6!VI$VW^K1$UF((Y1C)HIHB
MT>)[+_O$8#QJWEJTASG$\U/<'1==W3T];<1WIU,=%OBZE$WOQ*_,9=;VZK[^
MMQA<9G>L;<!!NLXRQ,436;<QF.Q-JV%@?1K3%C(O$!J''F[UE6=S-'&/'9MF
M,=:;?6F9GRRBGO'J..^[96ZE?@B(_P`%R[;XP/FS@NK6[F&W[\V;&6=G87F/
MD./M[>+(RY)D<%FV5L,0#Y`TEC07,:UCJ@+"N_+W03%/2CX=M:4W[Y\^U/'>
MS55KL_PZUA>N7GRZS^8'8EUTYWOC\-%MF:3'36=MB;22,V?U7<WUU$81)(\"
M5QR$C7S$%[F4:32JVO*NZVFT>7VEDSQ;>G?6GFV1N8.MYWFSV<%T13S5\^]A
M2NE:<0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0?_TM1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__3U'K[
MO?+X@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("#_]34>ON]\OB`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@(/_U=1Z^[WR^("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@__6U'K[O?+X
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("#_]?4>ON]\OB`@("`@("`@("`@("`@("`
M@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`
'@("`@(/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
