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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950136-02-001891.txt : 20020625
<SEC-HEADER>0000950136-02-001891.hdr.sgml : 20020625
<ACCEPTANCE-DATETIME>20020625145130
ACCESSION NUMBER:		0000950136-02-001891
CONFORMED SUBMISSION TYPE:	N-30D
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20020430
FILED AS OF DATE:		20020625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLONIAL INTERMEDIATE HIGH INCOME FUND
		CENTRAL INDEX KEY:			0000833021
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-30D
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05567
		FILM NUMBER:		02686416

	BUSINESS ADDRESS:	
		STREET 1:		ONE FINANCIAL CNTR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		6174263750
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>

<HTML>
  <HEAD>
    <TITLE></TITLE>
  </HEAD>
  <BODY><PAGE><IMG SRC="spacer.gif" HEIGHT="200" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" CELLSPACING="0" BORDER="0">
      <TR>
        <TD BGCOLOR="#0d9100"
         STYLE="font-family:sans-serif; font-weight:bold;color:#ffffff;font-size:14pt;">COLONIAL
          INTERMEDIATE HIGH INCOME FUND</TD>
        <TD BGCOLOR="#000000"
         STYLE="font-family:sans-serif; font-weight:bold;color:#ffffff;font-size:14pt;">Semiannual
          Report</TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="700">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="25" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:14pt;">April
          30, 2002</TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR>
    <TABLE BGCOLOR="#ffffff" WIDTH="100%" CELLPADDING="0" CELLSPACING="10">
      <TR>
        <TD>
          <P
           STYLE="font-family:serif;font-size:24pt;color:#000000;font-weight:bold;">
            President's Message
          </P>
        </TD>
      </TR>
      <TR>
        <TD>
          <P ALIGN="left"
          STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:14pt">
            Dear Shareholder:
          </P>
          <P
          STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            During the six-month reporting period that ended on April 30, 2002,
            the economic climate began to shift. During this time it became apparent that a
            recession had been underway since the first quarter of 2001. However, there
            were also signs that the economy was stabilizing.
          </P>
          <P
          STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            With generally solid levels of consumer spending, the gross
            domestic product (GDP) that measures the output of US goods and services rose
            at an annualized rate of 1.70% in the fourth quarter of 2001. This followed a
            1.3% decline in growth for the third quarter. Although business demand had not
            started to recover, companies began to rebuild their inventories in the first
            quarter of 2002. This helped raise GDP growth to a rate of 5.8%. The annual
            rate of inflation remained relatively low during the six-month period &#150;
            hovering between 1.5% and 2.0%.
          </P>
          <P
          STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            Company earnings were slow to improve, and layoffs continued at
            many firms, which raised questions about the timing and depth of a full
            recovery. This uncertainty, combined with widening concern about corporate
            accounting procedures in the wake of Enron's bankruptcy, kept stock prices
            volatile over the period. With many large daily swings in the market, the
            Standard &amp; Poor's 500 Index returned 2.31% during the reporting period.
          </P>
          <P
          STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            In this environment, the Federal Reserve slowed its cuts in
            short-term interest rates. After imposing rate cuts totaling 3.75 percentage
            points from January through October of 2001, the Fed trimmed rates a total of
            0.75 percentage points in November and December. In March of 2002 the Fed
            assumed a neutral monetary position.
          </P>
          <P
          STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            As investors began to anticipate an eventual increase in short-term
            rates, the yields for bonds generally rose, and their prices fell. Having
            significantly underperformed Treasury securities when the economic outlook was
            deteriorating, high-yield corporate bonds outperformed as the economy seemed to
            bottom. Although credit downgrades rose, defaults by issuers &#150; while still
            high by historic standards &#150; began to decline.
          </P>
          <P
          STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            During the reporting period, portfolio managers Scott Richards and
            Greg Smalley adopted a more defensive investment strategy &#150; increasing
            positions in areas like health care that could be less vulnerable to continued
            concerns about the economy and decreasing positions in more economically
            sensitive industries like cable and telecommunications. In addition, they
            weeded out investments whose financial reporting practices might concern
            investors. You will find additional details about the fund's investment
            strategy in the pages that follow.
          </P>
          <P
           STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            Sincerely,
          </P>
          <P
           STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            <IMG SRC="html_76584bankssig.jpg" WIDTH="365" HEIGHT="94">
          </P>
          <P
           STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
            Keith T. Banks<BR> President<BR> Colonial Management Associates,
            Inc.
          </P>
          <P
           STYLE="font-family:serif;font-size:8pt;color:#000000;font-weight:bold;">
            Economic and market conditions change frequently. There is no
            assurance that trends described herein will continue or commence.
          </P>
        </TD>
      </TR>
    </TABLE>
    <TABLE BORDER="1" CELLPADDING="3">
      <TR>
        <TD ROWSPAN="2"
         STYLE="font-family:sans-serif;font-size:8pt;color:#000000;font-weight:bold;">Not
          FDIC <BR> Insured</TD>
        <TD
         STYLE="font-family:sans-serif;font-size:8pt;color:#000000;font-weight:bold;">May
          Lose Value</TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-size:8pt;color:#000000;font-weight:bold;">No
          Bank Guarantee</TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Portfolio
          Managers' Report</TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ebebeb"
    WIDTH="220"><!--table width definition-->
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD WIDTH="170"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="170"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="40"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="40"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="3" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;">Top
          corporate issuers<BR>as of 4/30/02(%)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Charter
          Communications</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">2.7</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">CSC
          Holdings</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">2.5</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Allied
          Waste North America</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">2.4</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Premier
          International Foods</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">1.6</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">CMS
          Energy</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">1.5</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Magellan
          Health Services</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">1.4</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Sovereign
          Bancorp</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">1.3</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">EchoStar</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">1.3</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Tekni-Plex</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">1.3</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Telewest
          Communications</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">1.2</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
        STYLE="font-family:serif;font-size:8pt"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt">Corporate issuers are calculated as a
          percentage of total investments including short-term investments. Because the
          fund is actively managed, there can be no guarantee the fund will continue to
          hold securities of these issuers in the future.</TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ebebeb"
    WIDTH="220"><!--table width definition-->
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD WIDTH="170"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="170"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="40"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="40"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;">6-month
          distributions declared per share 11/1/01&#150;4/30/02</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;">$0.21</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ebebeb"
    WIDTH="220"><!--table width definition-->
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD WIDTH="170"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="170"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="40"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="40"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="3" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;">6-month
          total returns, assuming reinvestment of all distributions</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">NAV</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">6.51</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Market
          price</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">6.51</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ebebeb"
    WIDTH="220"><!--table width definition-->
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD WIDTH="170"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="170"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="40"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="40"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="3" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;">Price
          per share on 4/30/02</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">NAV</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">$3.53</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" WIDTH="170" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Market
          price</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="40" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">$3.51</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="2"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
    </TABLE><BR>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      For the six months ended April 30, 2002, Colonial Intermediate High
      Income Fund earned a total return of 6.51% at net asset value (NAV). The fund's
      return lagged the average total return for funds in the Lipper High Current
      Yield (Leveraged) category, which was 9.80% over the same time.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:12pt">
      A more defensive stance
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The fund's underperformance versus its Lipper group was primarily the
      result of continued disappointments from investments in the telecommunications
      and cable sectors. Although we reduced the fund's positions in those areas, our
      investments there remained a significant drag on returns. Among the positions
      we trimmed were NTL, because of uncertainty regarding its valuation following a
      financial restructuring, and Adelphia Communications (0.3% of net assets),
      because of concerns about the company's liabilities and financial reporting
      practices.<SUP>1</SUP>
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="700"></TD>
      </TR>
      <TR>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt"><SUP>1</SUP>Holdings are disclosed as
          of April 30, 2002, and are subject to change.</TD>
      </TR>
    </TABLE>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      At the same time, the fund benefited from several "special situations" in
      which significant improvements in a company's prospects helped to boost the
      performance of its bonds. One example was Advanstar Communications (0.6% of net
      assets), a publisher and trade show management firm that investors had shunned
      because of concerns that the terrorist attacks of September 11 would greatly
      diminish trade show profitability. As economic conditions improved, Advanstar
      again found favor with investors.
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Increased exposure to several better-performing sectors further enhanced
      the fund's returns. Among these sectors was the health care group, which we
      believe should continue to attract investors even if economic concerns
      reemerge. We also added investments in the housing sector, including several
      companies with higher average quality credit ratings.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The gaming and leisure group was another area where increased exposure
      benefited the fund's performance. In addition to increasing investments in a
      broad range of existing holdings in this sector, we initiated a position in
      Host Marriott (1.2% of net assets). Because of concerns about a decline in
      hotel demand after the events of September 11, we were able to purchase the
      firm's newly issued debt at an attractive price and yield. We believe that as a
      strong operator in the lodging industry, with a long history of good
      management, Marriott should enjoy solid growth over time.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      We also maintained the fund's position in Pennzoil-Quaker State (0.7% of
      net assets), a leading producer of consumer products in the automotive sector.
      In addition to its recent acquisition by the Royal Dutch/Shell Group, we expect
      Pennzoil to benefit from its strong operational record and established brand
      name.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:12pt">
      Maintaining a bottom-up investment strategy
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      As the economic recovery continues to unfold, we believe that high-yield
      bonds will benefit from broader improvements in corporate earnings,
    </P>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">1</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      further reductions in issuer defaults, and an increase in credit
      upgrades. While we believe that most of the downturn is probably behind us, it
      remains unclear how long the economy will languish before a definitive recovery
      takes hold.
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Under these conditions, we continue to move toward a more defensive
      investment strategy &#150; increasing positions in better-quality bonds (those
      with BB credit ratings). We are also maintaining an emphasis on individual
      positions in asset-rich companies with strong market niches and improving
      fundamentals. In recent months this strategy has led us to increase holdings in
      sectors that may be early beneficiaries of a full recovery &#150; such as the
      housing and automotive industries. Going forward we may look for opportunities
      in industries with greater economic sensitivity, including the depressed
      telecommunications sector.
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
         STYLE="font-family:;font-weight:;color:;font-size:;"><IMG
          SRC="html_libertyrichardssig.jpg" WIDTH="150" HEIGHT="33"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
         STYLE="font-family:;font-weight:;color:;font-size:;"><IMG
          SRC="html_libertysmalleysig.jpg" WIDTH="150" HEIGHT="56"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
         STYLE="font-family:;font-weight:;color:;font-size:;">Scott B. Richards</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
         STYLE="font-family:;font-weight:;color:;font-size:;">Gregg Smalley</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="5"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="700"></TD>
      </TR>
      <TR>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Scott B. Richards and Gregg Smalley
          co-manage the portfolio of Colonial Intermediate High Income Fund. Mr. Richards
          is a senior vice president of Colonial Management Associates. Mr. Smalley is a
          vice president of Colonial Management Associates.</TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <P ALIGN="center"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:12pt">
      Colonial Intermediate High Income Fund vs. Lipper High Current Yield<BR>
      Funds (Leveraged) Category Average<BR>10/31/01 &#151; 4/30/02<BR>
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      <IMG SRC="html_76584barchart.jpg" WIDTH="714" HEIGHT="264">
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="700"></TD>
      </TR>
      <TR>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">High-yield investing offers the
          potential for high income and attractive total returns, but also involves
          certain risks. These include credit risks associated with lower-rated bonds,
          changes in interest rates, and certain risks associated with foreign
          investments. Investing in high-yield bonds involves greater credit risk and
          other risks not associated with investing in higher quality bonds. Bond
          investing also involves interest rate risk, which means that bond prices may
          change as interest rates increase or decrease. Foreign investments involve
          market risk, political, accounting, and currency risks not associated with
          domestic investments.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="700"></TD>
      </TR>
      <TR>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Past performance cannot predict future
          results. The returns and value of an investment may vary, resulting in a gain
          or loss on sale. All results shown assume reinvestment of distributions.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="700"></TD>
      </TR>
      <TR>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Returns are computed at net asset
          value.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="700"></TD>
      </TR>
      <TR>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Lipper, Inc., a widely respected data
          provider, calculates an average total return for mutual funds with similar
          investment objectives.</TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">2</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Investment
          Portfolio</TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002&#160;(Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Corporate
          Fixed Income<BR> Bonds &amp; Notes - 129.5%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Par</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Value</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Construction
          &#150; 2.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Building
          Construction &#150; 2.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Associated
          Materials, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.750% 04/15/12</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;150,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;153,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Atrium
          Companies, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.500% 05/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">210,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">212,100</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">KB
          Home,<BR>&#160;&#160;&#160;&#160;&#160; 8.625% 12/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">490,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">490,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Ryland
          Group,<BR>&#160;&#160;&#160;&#160;&#160; 9.125% 06/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">375,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">395,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Standard
          Pacific Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.250% 04/15/12</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">740,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">754,800</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,006,275</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="750" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">FINANCE,
          INSURANCE &amp; REAL ESTATE &#150; 7.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Depository
          Institutions &#150; 1.8%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Sovereign
          Bancorp, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.500% 11/15/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,180,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,310,107</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Financial
          Services &#150; 2.2%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Beaver
          Valley Funding Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.000% 06/01/17</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">590,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">647,395</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Yell
          Finance BV,<BR>&#160;&#160;&#160;&#160;&#160; 10.750% 08/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">900,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">974,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,621,645</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Real
          Estate &#150; 3.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">D.R.
          Horton, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.750% 09/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">955,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,000,363</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">K.
          Hovnanian Enterprises:<BR>&#160;&#160;&#160;&#160;&#160; 8.875% 04/01/12
          (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">170,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">166,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;10.500%
          10/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">560,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">610,400</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Lennar
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 7.625% 03/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">526,312</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,303,675</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="750" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">MANUFACTURING
          &#150; 36.4%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Chemicals
          &amp; Allied Products &#150; 7.9%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Acetex
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 10.875% 08/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">284,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Avecia
          Group PLC,<BR>&#160;&#160;&#160;&#160;&#160; 11.000% 07/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">340,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">353,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Huntsman
          ICI Holdings L.L.C.,<BR>&#160;&#160;&#160;&#160;&#160; (b) 12/31/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">3,975,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,013,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Lyondell
          Chemical Co.,<BR>&#160;&#160;&#160;&#160;&#160; 9.625% 05/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">450,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">447,187</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">MacDermid,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.125% 07/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">375,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">397,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Messer
          Griesheim Holding,<BR>&#160;&#160;&#160;&#160;&#160; 10.375% 06/01/11
          (a)(c)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">583,362</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Om
          Group, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.250% 12/15/11 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;360,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;372,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Sterling
          Chemicals, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 11.750% 08/15/06 (d)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,875,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">225,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Terra
          Capital, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 12.875% 10/15/08 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">775,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">790,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Terra
          Industries, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.500% 06/15/05</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">360,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">309,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Texas
          Petrochemical Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 11.125% 07/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,125,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">990,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">5,767,599</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Electronic
          &amp; Electrical Equipment &#150; 3.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Amphenol
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 05/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">735,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">771,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Flextronics
          International Ltd.,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 07/01/10 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">646,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">TransDigm,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.375% 12/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">850,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">841,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,259,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Fabricated
          Metal &#150; 1.8%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Earle
          M. Jorgensen &amp; Co.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 04/01/05</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">570,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">552,900</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Euramax
          International PLC,<BR>&#160;&#160;&#160;&#160;&#160; 11.250% 10/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">750,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">738,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,291,650</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Food
          &amp; Kindred Products &#150; 4.8%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Constellation
          Brands, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.125% 01/15/12</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">270,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275,400</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Del
          Monte Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.250% 05/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Dole
          Foods,<BR>&#160;&#160;&#160;&#160;&#160; 7.250% 05/01/09 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">250,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">249,258</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">JohnsonDiversey,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.625% 05/15/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">520,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">New
          World Pasta Co.,<BR>&#160;&#160;&#160;&#160;&#160; 9.250% 02/15/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">266,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Premier
          International Foods PLC,<BR>&#160;&#160;&#160;&#160;&#160; 12.000%
          09/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,650,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">3,486,408</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Furniture
          &amp; Fixtures &#150; 0.8%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Juno
          Lighting, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 11.875% 07/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">627,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Machinery
          &amp; Computer Equipment &#150; 0.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Sequa
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 8.875% 04/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">200,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">201,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Measuring
          &amp; Analyzing Instruments &#150; 0.5%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Fisher
          Scientific International, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.125%
          05/01/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">375,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">375,938</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to investment portfolio.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">3</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Investment
          Portfolio<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002&#160;(Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Corporate
          Fixed Income<BR> Bonds &amp; Notes (continued)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Par</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Value</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">MANUFACTURING
          (continued)</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Miscellaneous
          Manufacturing &#150; 6.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Actuant
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 13.000% 05/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;351,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;400,140</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Agco
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160;9.500% 05/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">432,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Flowserve
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 12.250% 08/15/10 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">361,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">409,735</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">ISG
          Resources, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.000% 04/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">935,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Koppers
          Industries, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 12/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">725,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">734,062</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Newcor,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 03/01/08 (d)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,170,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">163,800</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Owens-Illinois,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 7.500% 05/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">546,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Tekni-Plex,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 12.750% 06/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,230,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,279,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">4,899,937</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Paper
          Products &#150; 1.2%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Corp
          Durango SA de CV,<BR>&#160;&#160;&#160;&#160;&#160; 13.125% 08/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">529,594</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Tembec
          Industries, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.500% 02/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">350,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">364,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">893,594</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Petroleum
          Refining &#150; 0.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Pennzoil-Quaker
          State,<BR>&#160;&#160;&#160;&#160;&#160; 10.000% 11/01/08 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">460,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">535,900</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Pollution
          Control &#150; 0.4%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">EnviroSource,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 14.000% 12/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">363,648</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">290,918</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Primary
          Metal &#150; 2.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Bayou
          Steel Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 05/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">590,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Kaiser
          Aluminum &amp; Chemical Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 10.875%
          10/15/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">880,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">695,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Renco
          Metals, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 11.500% 07/01/03 (d)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">50,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">WCI
          Steel Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.000% 12/01/04</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">665,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">319,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Wheeling-Pittsburgh
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.250% 11/15/07 (d)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">40,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,694,400</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Printing
          &amp; Publishing &#150; 1.2%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">PriMedia,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.875% 05/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">425,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">378,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Von
          Hoffman Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 10.250% 03/15/09 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;495,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;517,275</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">895,525</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Rubber
          &amp; Plastic &#150; 0.5%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Applied
          Extrusion Technologies, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.750%
          07/01/11 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Stone,
          Clay, Glass &amp; Concrete &#150; 0.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Anchor
          Glass Container Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 11.250% 04/01/05</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Transportation
          Equipment &#150; 3.5%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">BE
          Aerospace, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.875% 05/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">575,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">546,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Collins
          &amp; Aikman Products Co.:<BR>&#160;&#160;&#160;&#160;&#160; 10.750% 12/31/11
          (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">200,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">208,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;11.500%
          04/15/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">510,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">512,550</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Dura
          Operating Corp.:<BR>&#160;&#160;&#160;&#160;&#160; 8.625% 04/15/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">440,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">457,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;9.000%
          05/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">175,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">178,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">LDM
          Technologies, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.750% 01/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">510,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">382,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Lear
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 8.110% 05/15/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">250,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">260,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,545,900</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">MINING
          &amp; ENERGY &#150; 6.4%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Oil
          &amp; Gas Extraction &#150; 6.4%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Benton
          Oil &amp; Gas Co.,<BR>&#160;&#160;&#160;&#160;&#160; 9.375% 11/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">485,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">412,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Chesapeake
          Energy Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 8.125% 04/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">325,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">326,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Magnum
          Hunter Resources, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.000% 06/01/07</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">925,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">971,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Mariner
          Energy, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.500% 08/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">690,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">648,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Petsec
          Energy, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 06/15/07 (d)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">20,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Pioneer
          Natural Resources Co.:<BR>&#160;&#160;&#160;&#160;&#160; 7.500% 04/15/12</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">200,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">201,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;9.625%
          04/01/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">280,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">310,800</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Pogo
          Producing Co.,<BR>&#160;&#160;&#160;&#160;&#160; 8.250% 04/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">715,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">743,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Stone
          Energy Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 8.250% 12/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">220,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">224,400</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">XTO
          Energy, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 7.500% 04/15/12</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">800,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">805,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">4,663,525</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to investment portfolio.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">4</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Investment
          Portfolio<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002&#160;(Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Corporate
          Fixed Income<BR> Bonds &amp; Notes (continued)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Par</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Value</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">RETAIL
          TRADE &#150; 1.8%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Food
          Stores &#151;1.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Pathmark
          Stores,<BR>&#160;&#160;&#160;&#160;&#160; 8.750% 02/01/12</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;200,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;207,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Smithfield
          Foods, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.000% 10/15/09 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">532,875</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">740,375</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Miscellaneous
          Retail &#150; 0.8%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Steinway
          Musical Instrument,<BR>&#160;&#160;&#160;&#160;&#160; 8.750% 04/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">550,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">550,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">SERVICES
          &#150; 27.4%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Amusement
          &amp; Recreation &#150; 11.6%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Ameristar
          Casinos, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.750% 02/15/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">440,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Anchor
          Gaming,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 10/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">443,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Argosy
          Gaming Co.,<BR>&#160;&#160;&#160;&#160;&#160; 10.750% 06/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">335,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">371,850</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Boyd
          Gaming Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 07/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">350,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">367,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Circus-Circus
          &amp; Eldorado/Silver Legacy,<BR>&#160;&#160;&#160;&#160;&#160; 10.125%
          03/01/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">375,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">388,125</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Coast
          Hotels &amp; Casinos, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500%
          04/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">526,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Hollywood
          Casino Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 11.250% 05/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">444,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Hollywood
          Casino Shreveport,<BR>&#160;&#160;&#160;&#160;&#160; 13.000% 08/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">900,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">983,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Hollywood
          Park, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 08/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">985,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Horseshoe
          Gaming, L.L.C.,<BR>&#160;&#160;&#160;&#160;&#160; 9.375% 06/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Majestic
          Investor Holdings Capital,<BR>&#160;&#160;&#160;&#160;&#160; 11.653% 11/30/07
          (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">225,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">214,875</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Mikohn
          Gaming,<BR>&#160;&#160;&#160;&#160;&#160; 11.875% 08/15/08 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">270,875</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Mohegan
          Tribal Gaming,<BR>&#160;&#160;&#160;&#160;&#160; 8.000% 04/01/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Penn
          National Gaming, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 11.125% 03/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,050,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,136,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Regal
          Cinemas, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.375% 02/01/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">624,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Six
          Flags, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 02/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">287,375</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">8,507,725</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Auto
          Repair Services &amp; Parking &#150; 1.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">United
          Auto Group, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.625% 03/15/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">350,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">364,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">United
          Rentals, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; 8.800% 08/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;325,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;326,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;9.500%
          06/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">281,875</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">972,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Health
          Services &#150; 10.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Alliance
          Imaging, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.375% 04/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">560,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">599,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">AmerisourceBergen
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160;8.125% 09/01/08 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">330,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">349,800</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Bio-Rad
          Laboratories, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 11.625% 02/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">669,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Coventry
          Health Care, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.125% 02/15/12</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">540,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Dynacare,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.750% 01/15/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">480,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">499,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">HCA,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.750% 09/01/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">670,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">747,017</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Insight
          Health Services Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 11/01/11
          (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">675,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">695,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Magellan
          Health Services, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; 9.000% 02/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,240,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,054,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;9.375%
          11/15/07 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">385,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">385,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Quest
          Diagnostic, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 7.500% 07/12/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">522,900</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Radiologix,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.500% 12/15/08 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">416,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Res-Care,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.625% 11/15/08 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">615,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">571,950</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">United
          Surgical Partners,<BR>&#160;&#160;&#160;&#160;&#160; 10.000% 12/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">413,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Vanguard
          Health Systems,<BR>&#160;&#160;&#160;&#160;&#160; 9.750% 08/01/11 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">380,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,900</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">7,863,967</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Hotels,
          Camps &amp; Lodging &#150; 2.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Host
          Marriott L.L.P.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 01/15/07 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">800,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">845,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Starwood
          Hotels Resorts,<BR>&#160;&#160;&#160;&#160;&#160; 7.875% 05/01/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">625,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">626,475</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,471,475</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Other
          Services &#150; 1.8%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">HydroChem
          Industrial Services, Inc.,<BR>&#160;&#160;&#160;&#160;&#160;10.375%
          08/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">750,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">562,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Intertek
          Finance PLC,<BR>&#160;&#160;&#160;&#160;&#160; 10.250% 11/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">750,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">776,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,338,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to investment portfolio.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">5</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Investment
          Portfolio<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002&#160;(Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Corporate
          Fixed Income<BR> Bonds &amp; Notes (continued)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Par</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Value</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">TRANSPORTATION,
          COMMUNICATIONS, ELECTRIC, GAS &amp; SANITARY SERVICES &#150; 47.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Air
          Transportation &#150; 2.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Northwest
          Airlines, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 03/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;615,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;599,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">U.S.
          Air, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.375% 03/01/13</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,056,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,655,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Broadcasting
          &#150; 5.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Advanstar
          Communications, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 12.000% 02/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">450,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Allbritton
          Communications Co.,<BR>&#160;&#160;&#160;&#160;&#160; 9.750% 11/30/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">633,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Cumulus
          Media, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.375% 07/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">225,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">247,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Emmis
          Communications,<BR>&#160;&#160;&#160;&#160;&#160; (e) 03/15/11</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(12.500%
          03/15/06)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">725,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">543,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">LIN
          Holding Corp.,<BR>&#160;&#160;&#160;&#160;&#160; (e) 03/01/08</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(10.000%
          03/01/03)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">725,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">667,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Sinclair
          Broadcast Group, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 8.750% 12/15/11
          (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">628,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">TV
          Azteca SA de CV,<BR>&#160;&#160;&#160;&#160;&#160; 10.500% 02/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">745,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">752,450</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">3,922,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Cable&#150;
          12.9%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Adelphia
          Communications Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 10.875% 10/01/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">250,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">216,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Cable
          Satisfaction International, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 12.750%
          03/01/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">970,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">582,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Charter
          Communications Holdings L.L.C.:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(e)
          04/01/11</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(9.920%
          04/01/04)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,925,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,347,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;10.000%
          04/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">475,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;10.750%
          10/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">269,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;11.125%
          01/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">675,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">668,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Comcast
          UK Cable Partners Ltd.,<BR>&#160;&#160;&#160;&#160;&#160; 11.200% 11/15/07</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">750,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">705,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Diamond
          Cable Co.,<BR>&#160;&#160;&#160;&#160;&#160; 10.750% 02/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,085,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">358,050</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">EchoStar
          DBS Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.250% 02/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,265,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,309,275</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">FrontierVision
          Holdings L.P.,<BR>&#160;&#160;&#160;&#160;&#160; 11.875% 09/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">795,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">767,175</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Insight
          Comunication Co., Inc.,<BR>&#160;&#160;&#160;&#160;&#160;(e)
          02/15/11<BR>&#160;&#160;&#160;&#160;&#160;(12.250% 02/15/06)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">770,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">488,950</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Northland
          Cable Television, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.250% 11/15/07</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$1,350,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;1,120,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Telewest
          Communications PLC:<BR>&#160;&#160;&#160;&#160;&#160; 11.000% 10/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,120,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;11.250%
          11/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">100,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">57,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">9,484,450</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Communications
          &#150; 2.9%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Canwest
          Media, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.625% 05/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">540,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Quebecor
          Media, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 11.125% 07/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">925,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">999,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">XM
          Satellite Radio Holdings, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 14.000%
          03/15/10 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">830,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">614,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,153,200</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Communications
          Services &#150; 1.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Corus
          Entertainment, Inc.<BR>&#160;&#160;&#160;&#160;&#160; 8.750% 03/01/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">200,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">207,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Crown
          Castle International Corp.:<BR>&#160;&#160;&#160;&#160;&#160; (e) 05/15/11</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(10.375%
          05/15/04)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">550,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">341,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;10.750%
          08/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">250,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">231,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">SBA
          Communications Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 10.250% 02/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">615,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">442,800</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,222,550</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Electric,
          Gas &amp; Sanitary Services &#150; 5.5%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Allied
          Waste North America, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; 8.500%
          12/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">475,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">479,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;10.000%
          08/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,915,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,972,450</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">CMS
          Energy Corp.:<BR>&#160;&#160;&#160;&#160;&#160; 8.900% 07/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">675,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">715,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;9.875%
          10/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">780,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">854,100</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">4,021,800</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Electric
          Services &#150; 3.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">AES
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 9.500% 06/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">800,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">680,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Calpine
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160;8.500% 02/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,045,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">893,475</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">PSE&amp;G
          Energy Holdings,<BR>&#160;&#160;&#160;&#160;&#160; 8.625% 02/15/08 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">395,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">396,687</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">UCAR
          Finance, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.250% 02/15/12 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">235,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">247,925</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,218,087</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Funeral
          Services &#150; 1.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Service
          Corp. International,<BR>&#160;&#160;&#160;&#160;&#160; 7.700% 04/15/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">875,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">805,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Stewart
          Enterprises,<BR>&#160;&#160;&#160;&#160;&#160;10.750% 07/01/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">440,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,245,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to investment portfolio.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">6</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Investment
          Portfolio<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002&#160;(Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Corporate
          Fixed Income<BR> Bonds &amp; Notes (continued)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Par</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Value</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">TRANSPORTATION,
          COMMUNICATIONS, ELECTRIC, GAS &amp; SANITARY SERVICES (continued)</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Motor
          Freight &amp; Warehousing &#150; 0.6%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">MTL,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 10.000% 06/15/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$1,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;450,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Radiotelephone
          Communications &#150; 7.6%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">AirGate
          PCS, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; (e) 10/01/09</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(13.500%
          10/01/04)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">399,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">267,330</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Alamosa
          Delaware, Inc.,<BR>&#160;&#160;&#160;&#160;&#160;12.500% 02/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">410,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">350,550</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Alamosa
          PCS Holdings, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; (e) 02/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">250,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">123,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(12.875%
          02/15/05)</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Horizon
          PCS, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; (e) 10/01/10</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(14.000%
          10/01/05)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">415,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">149,400</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;13.750%
          06/15/11 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">415,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">311,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">McCaw
          International Ltd.<BR>&#160;&#160;&#160;&#160;&#160; 13.000% 04/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">30,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Microcell
          Telecommunications, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 14.000%
          06/01/06</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">550,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Nextel
          Communications, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.375% 11/15/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,535,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,059,150</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Nextel
          International, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; (e) 04/15/08</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(12.125%
          04/15/03)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">665,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">26,600</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;12.750%
          08/01/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,300,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">78,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Nextel
          Partners, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; 11.000% 03/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">315,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;11.000%
          03/15/10 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">90,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">56,700</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Partner
          Communications Co., Ltd.,<BR>&#160;&#160;&#160;&#160;&#160;13.000%
          08/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">400,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">388,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Rogers
          Cantel, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.750% 06/01/16</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">450,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">411,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">TeleCorp
          PCS, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; (e) 04/15/09</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(11.625%
          04/15/04)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">352,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">315,040</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Tritel
          PCS, Inc.,<BR>&#160;&#160;&#160;&#160;&#160;10.375% 01/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">419,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">465,090</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">US
          Unwired, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; (e) 11/01/09</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(13.375%
          11/01/04)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">950,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">646,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">5,543,610</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Telecommunication
          &#150; 2.2%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Carrier1
          International SA,<BR>&#160;&#160;&#160;&#160;&#160; 13.250% 02/15/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">750,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">30,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Ono
          Finance PLC:<BR>&#160;&#160;&#160;&#160;&#160; 13.000% 05/01/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">750,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">330,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;14.000%
          02/15/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">875,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">385,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">RCN
          Corp.,<BR>&#160;&#160;&#160;&#160;&#160; (e) 10/15/07</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(11.125%
          10/15/02) (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;750,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;178,125</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Time
          Warner Telecom, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; 9.750% 07/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">470,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">235,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;10.125%
          02/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">405,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">202,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">WorldCom,
          Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 7.750% 04/01/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">500,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">237,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,598,125</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Transportation
          Services - 1.4%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Petroleum
          Helicopters,<BR>&#160;&#160;&#160;&#160;&#160; 9.375% 05/01/09 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">530,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">543,250</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">William
          Scotsman, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.875% 06/01/07 (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">455,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">462,962</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,006,212</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">WHOLESALE
          TRADE &#150; 0.6%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Durable
          Goods &#150; 0.6%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Playtex
          Products, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; 9.375% 06/01/11</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">380,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">404,700</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Total
          Corporate Fixed Income Bonds &amp; Notes</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(cost
          of $110,738,920)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">94,966,097</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Preferred
          Stocks &#150; 5.5%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Shares</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Value</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">MANUFACTURING
          &#150; 0.2%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Printing
          &amp; Publishing &#150; 0.2%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">PriMedia,
          Inc., Series F,<BR>&#160;&#160;&#160;&#160;&#160; 9.200%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">3,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;135,000</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">TRANSPORTATION,
          COMMUNICATIONS, ELECTRIC, GAS &amp; SANITARY SERVICES &#150; 5.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Broadcasting
          &#150; 0.5%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Granite
          Broadcasting Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 12.750% PIK</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">680</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">387,720</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Cable
          &#150; 4.7%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Adelphia
          Communications Corp., Series B,</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;13.000%</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">12,500</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">887,500</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">CSC
          Holdings Ltd.:<BR>&#160;&#160;&#160;&#160;&#160; 11.125% PIK</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">13,221</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,242,753</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;11.750%
          PIK</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">13,824</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,306,346</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">3,436,599</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Communications
          &#150; 0.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Dobson
          Communication Corp.,<BR>&#160;&#160;&#160;&#160;&#160; 12.250% PIK</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">151</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">125,747</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to investment portfolio.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">7</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Investment
          Portfolio<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002&#160;(Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Preferred
          Stocks &#150; 5.5%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Shares</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Value</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">TRANSPORTATION,
          COMMUNICATIONS, ELECTRIC, GAS &amp; SANITARY SERVICES (continued)</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Telecommunication
          &#150; 0.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">XO
          Communications, Inc.:<BR>&#160;&#160;&#160;&#160;&#160; 13.500% PIK</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">789</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;14.000%
          PIK</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">28,520</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">285</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">293</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Total
          Preferred Stocks</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(cost
          of $8,006,317)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;&#160;4,085,359</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Common
          Stocks - 0.5% (f)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">MINING
          &amp; ENERGY &#150; 0.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Oil
          &amp; Gas Extraction &#150; 0.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Pioneer
          Natural Resources Co.</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">8,153</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">
          &#160;195,590</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="750" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">TRANSPORTATION,
          COMMUNICATIONS, ELECTRIC, GAS &amp; SANITARY SERVICES &#150; 0.2%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Pollution
          Control &#150; 0.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">EnviroSource,
          Inc.</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">10,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;94,033</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Telecommunications
          &#150; 0.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">AirGate
          PCS, Inc.</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,826</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">26,109</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Nextel
          Communications, Inc.,<BR>&#160;&#160;&#160;&#160;&#160;Class A</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">6,196</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">34,140</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">60,249</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Total
          Common Stocks</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(cost
          of $896,786)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">349,872</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Warrants
          - 0.1% (f)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Units</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">SERVICES
          &#150; 0.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Amusement
          &amp; Recreation &#150; 0.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Mikohn
          Gaming,<BR>&#160;&#160;&#160;&#160;&#160; Expires 08/15/08</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">275</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">
          &#160; 1,375</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="750" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">TRANSPORTATION,
          COMMUNICATIONS, ELECTRIC, GAS &amp; SANITARY SERVICES &#150; 0.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Cable
          &#150; 0.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Cable
          Satisfaction International, Inc.,<BR>&#160;&#160;&#160;&#160;&#160;</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;Expires
          03/01/05</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">970</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">6,790</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Communications
          &#150; 0.0%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">UbiquiTel
          Operating Co.,<BR>&#160;&#160;&#160;&#160;&#160; Expires 04/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">525</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,625</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">XM
          Satellite Radio Holdings, Inc.<BR>&#160;&#160;&#160;&#160;&#160; Expires
          03/15/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">600</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">150</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">2,775</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Telecommunications
          &#150; 0.1%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Carrier1
          International SA,<BR>&#160;&#160;&#160;&#160;&#160; Expires 02/19/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">347</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Horizon
          PCS, Inc.,<BR>&#160;&#160;&#160;&#160;&#160; Expires 10/01/03</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">665</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">13,300</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Jazztel
          PLC,<BR>&#160;&#160;&#160;&#160;&#160; Expires 02/01/10</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">350</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">(g)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">MetroNet
          Communications Corp.,<BR>&#160;&#160;&#160;&#160;&#160; Expires 08/15/07</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">250</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">24,232</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Ono
          Finance PLC,<BR>&#160;&#160;&#160;&#160;&#160; Expires 05/31/09</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">925</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,522</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">39,057</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Total
          Warrants</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(cost
          of $174,923)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">49,997</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="600"><!--table width definition-->
      <TR>
        <TD WIDTH="450"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="450"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Short-Term<BR>Obligation
          &#150; 2.7%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Par</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1" HEIGHT="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#0d9100"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Federal
          National Mortgage Association,<BR>&#160;&#160;&#160;&#160;&#160; 3.780%
          05/31/02 (h)</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(cost
          of $1,993,750)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$2,000,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">1,993,750</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8.5pt;">Total
          Investments &#150; 138.3%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;(cost
          of $121,810,696) (i)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">101,445,075</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Other
          Assets &amp; Liabilities, Net &#150; (38.3)%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">(28,102,562)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="2"></TD>

        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="2"></TD>

        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="450" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Net
          Assets - 100.0%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$&#160;&#160;73,342,513</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to investment portfolio.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">8</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Investment
          Portfolio<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt">
      Notes to Investment Portfolio:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">These securities are exempt from
          registration under Rule 144A of the Securities Act of 1933 and may be resold in
          transactions exempt from registration, normally to qualified institutional
          buyers. At April 30, 2002, the value of these securities amounted to
          $17,065,992 or 23.3% of net assets.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(b)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Zero coupon bond.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(c)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">This is a foreign security. Par amount
          is stated in U.S. dollars.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(d)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">These issuers are in default of certain
          debt covenants. Income is not being accrued.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(e)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Stepped coupon bond. Currently accruing
          at zero. Shown parenthetically is the next interest rate to be paid and the
          date the Fund will begin accruing this rate.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(f)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Non-income producing.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(g)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Rounds to less than $1.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(h)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Rate represents yield at date of
          purchase.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(i)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Cost for generally accepted accounting
          principles is $121,810,696. Cost for federal income tax purposes is
          $121,020,470. The difference between cost for generally accepted accounting
          principles and cost on a tax basis is related to amortization/accretion tax
          elections on fixed income securities.</TD>
      </TR>
    </TABLE>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      As of April 30, 2002, the Fund had entered into the following forward
      currency exchange contracts:
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="500" ALIGN="center"><!--table width definition-->
      <TR>
        <TD WIDTH="100"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="100"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="100"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="100"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="100"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="100"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="100"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="100"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="100"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="100"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="3" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Contracts
          to<BR>Deliver</TD>
        <TD></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">In
          Exchange<BR>For</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Settlement<BR>Date</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Net
          Unrealized<BR>Depreciation<BR>at 4/30/02</TD>
      </TR>
      <TR>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="100" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EUR</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">16,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$14,192</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">05/20/2002</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$(200)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="100" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EUR</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">459,265</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">407,368</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">05/20/2002</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">(5,741)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="100" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EUR</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">121,000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">107,397</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">05/20/2002</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">(1,442)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="100" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">$(7,383)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="300" ALIGN="center"><!--table width definition-->
      <TR>
        <TD WIDTH="100"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="100"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="200"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="200"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="100" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"><B>Acronym</B></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="200" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"><B>Name</B></TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="100" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">EUR</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="200" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Euro
          Dollars</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="100" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">PIK</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="200" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">Payment-In-Kind</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to financial statements.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">9</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Statement
          of Assets and Liabilities</TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002 (Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="400"><!--table width definition-->
      <TR>
        <TD WIDTH="320"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="320"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Assets:</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Investments,
          at cost</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">121,810,696</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Investments,
          at value</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">101,445,075</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Cash</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">1,435,739</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Receivable
          for:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Investments
          sold</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">339,436</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Interest</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">2,631,651</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Dividends</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">6,900</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Deferred
          Trustees'&#160; compensation plan</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,928</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Total
          Assets</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">105,863,729</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Liabilities:</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          unrealized depreciation on forward currency contracts</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">7,383</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Payable
          for:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Interest</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">732,613</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Investments
          purchased</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">580,940</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Distributions</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">623,275</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Management
          fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">56,139</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Transfer
          agent fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">6,251</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Bookkeeping
          fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">3,061</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Trustees'
          fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">689</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Deferred
          Trustees' fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,928</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Other
          liabilities</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">5,937</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Notes
          payable</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">30,500,000</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Total
          Liabilities</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">32,521,216</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          Assets</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">73,342,513</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Composition
          of Net Assets:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Paid-in
          capital</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">143,449,397</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Overdistributed
          net investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(298,369</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Accumulated
          net realized loss</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(49,435,979</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          unrealized depreciation on:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Investments</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(20,365,621</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Foreign
          currency translations</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(6,915</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          Assets</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">73,342,513</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Shares
          outstanding</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">20,775,818</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          asset value per share</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">3.53</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
        STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Statement
          of Operations<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;</FONT> </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      For the Six Months Ended April 30, 2002 (Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
    WIDTH="400"><!--table width definition-->
      <TR>
        <TD WIDTH="320"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="320"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Investment
          Income:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Interest</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">5,337,240</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Dividends</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">363,920</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Total
          Investment Income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">5,701,160</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Expenses:</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Management
          fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">342,417</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Bookkeeping
          fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">18,011</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Transfer
          agent fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">22,868</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Trustees'
          fee</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,134</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Reports
          to shareholders</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">24,616</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Other
          expenses</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">45,284</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Total
          Expenses</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">457,330</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Custody
          earnings credit</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(2,107</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Total
          Operating Expenses</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">455,223</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Interest
          expense</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">1,106,682</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Net
          Expenses</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">1,561,905</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          Investment Income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,139,255</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Net
          Realized and Unrealized Gain (Loss) on Investments and Foreign Currency:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          realized loss on:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Investments</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(10,908,562</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Foreign
          currency transactions</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(10,726</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          realized loss</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(10,919,288</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          change in unrealized appreciation/depreciation on:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Investments</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">11,518,755</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Foreign
          currency translations</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">21,202</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Net
          change in unrealized appreciation/depreciation</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">11,539,957</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          Gain</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">620,669</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          Increase in Net Assets from Operations</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,759,924</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;">See
          notes to financial statements.</TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">10</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Statement
          of Changes in Net Assets<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;</FONT> </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="750"><!--table width definition-->
      <TR>
        <TD WIDTH="490"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="490"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Increase
          (Decrease) in Net Assets:</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(Unaudited)&#160;
          Six Months&#160;Ended&#160;April 30,&#160;2002</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Year
          Ended&#160;October 31,&#160;2001</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Operations:</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,139,255</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">10,377,445</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          realized loss on investments and foreign currency transactions</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(10,919,288</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(22,676,787</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          change in unrealized appreciation/depreciation on investments and foreign
          currency translations</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">11,539,957</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(3,228,586</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          Increase (Decrease) from Operations</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,759,924</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(15,527,928</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Distributions
          Declared to Shareholders:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">From
          net investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(4,265,395</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(11,322,543</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Return
          of capital</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(394,928</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Total
          Distributions Declared to Shareholders</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(4,265,395</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(11,717,471</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Share
          Transactions:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Distributions
          reinvested</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">494,507</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">1,265,931</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Total
          Increase (Decrease) in Net Assets</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">989,036</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(25,979,468</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Net
          Assets:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Beginning
          of period</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">72,353,477</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">98,332,945</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">End
          of period (including overdistributed net investment income of $(298,369) and
          $(1,027,990), respectively)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">73,342,513</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">72,353,477</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:9pt;">Changes
          in Shares:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="490" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Issued
          for distributions reinvested</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">137,791</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">272,635</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">11</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Statement
          of Cash Flows<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;</FONT> </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      For the Six Months Ended April 30, 2002 (Unaudited)
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="750"><!--table width definition-->
      <TR>
        <TD WIDTH="670"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="670"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="3" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt;">Increase
          (Decrease) in Cash:</TD>
      </TR>
      <TR>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Cash
          Flows From Operating Activities:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,139,255</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Adjustments
          to reconcile net investment income to&#160; net cash provided by operating
          activities:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Purchase
          of investment securities</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(29,595,220</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Proceeds
          from disposition of investment securities</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">28,931,190</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Sale
          of short-term investments, net</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">1,816,168</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net
          realized loss due to foreign currency transactions</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(1,337</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Decrease
          in interest receivable</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">154,594</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Decrease
          in other assets</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">15,179</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net
          realized loss from forward currency contracts</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(9,389</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Decrease
          in receivable for investments sold</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">825,117</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Decrease
          in payable for investments purchased</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(529,559</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Decrease
          in accrued expenses and other liabilities</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(61,922</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net
          amortization/accretion of income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(695,826</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          cash provided by operating activities</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">4,988,250</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Cash
          Flows From Financing Activities:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Increase
          in interest payable</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">68,464</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Distributions
          paid in cash</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(3,891,436</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          cash used in financing activities</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(3,822,972</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Net
          increase in cash</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">1,165,278</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:9pt;">Cash:</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Beginning
          of period</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">270,461</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="670" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">End
          of period</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">1,435,739</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="700"></TD>
      </TR>
      <TR>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Supplemental disclosure of cash flow
          information:&#160; Non-cash financing activities not included herein consist of
          reinvestment of distributions of $494,507.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;"></TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">12</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Notes
          to Financial Statements</TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002 (Unaudited)
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt">
      Note 1. Accounting Policies
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Organization:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Colonial Intermediate High Income Fund (the "Fund") is a Massachusetts
      business trust registered under the Investment Company Act of 1940, as amended,
      as a diversified, closed-end management investment company. The Fund's
      investment goal is to seek high current income and total return by investing
      primarily in lower-rated corporate debt securities. The Fund authorized an
      unlimited number of shares.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The preparation of financial statements in conformity with generally
      accepted accounting principles requires management to make estimates and
      assumptions that affect the reported amounts of assets and liabilities and
      disclosure of contingent assets and liabilities at the date of the financial
      statements and the reported amounts of revenues and expenses during the
      reporting period. Actual results could differ from those estimates. The
      following is a summary of significant accounting policies consistently followed
      by the Fund in the preparation of the financial statements.
    </P>
    <P ALIGN="left"
    STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Security Valuation and Transactions:
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Debt securities generally are valued by a pricing service based upon
      market transactions for normal, institutional-size trading units of similar
      securities. When management deems it appropriate, an over-the-counter or
      exchange bid quotation is used.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Equity securities generally are valued at the last sale price or, in the
      case of unlisted or listed securities for which there were no sales during the
      day, at the current quoted bid price.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Forward currency contracts are valued based on the weighted value of the
      exchange traded contracts with similar durations.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Short-term obligations with a maturity of 60 days or less are valued at
      amortized cost.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Investments for which market quotations are not readily available are
      valued at fair value under procedures approved by the Board of Trustees.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Security transactions are accounted for on the date the securities are
      purchased, sold or mature.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Cost is determined and gains (losses) are based upon the specific
      identification method for both financial statement and federal income tax
      purposes.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund may trade securities on other than normal settlement terms. This
      may increase the risk if the other party to the transaction fails to deliver
      and causes the Fund to subsequently invest at less advantageous prices.
    </P>
    <P ALIGN="left"
    STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Statement of Cash Flows:
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Information on financial transactions which have been settled through the
      receipt or disbursement of cash is presented in the Statement of Cash Flows.
      The cash amount shown in the Statement of Cash Flows is the amount included in
      the Fund's Statement of Assets and Liabilities and represents cash on hand at
      its custodian bank account and does not include any short-term investments at
      April 30, 2002.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Federal Income Taxes:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Consistent with the Fund's policy to qualify as a regulated investment
      company and to distribute all of its taxable income, no federal income tax has
      been accrued.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      At October 31, 2001, capital loss carryforwards available (to the extent
      provided in regulations) to offset future realized gains were as follows:
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
    WIDTH="180"><!--table width definition-->
      <TR>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="60"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="60"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Year
          of Expiration</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Capital
          Loss Carryforwards</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="70" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">2003</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">2,102,577</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="70" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">2007</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">3,282,077</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="70" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">2008</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">10,437,671</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="70" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">2009</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">22,694,029</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="70" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="100" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">38,516,354</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Expired capital loss carryforwards, if any, are recorded as a reduction
      of paid-in capital.
    </P>
    <P ALIGN="left"
    STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Interest Income, Debt Discount and Premium:
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Interest income is recorded on the accrual basis. Corporate actions and
      dividend income are recorded on the ex-date. Original issue discount is
      accreted to interest income over the life of a security with a corresponding
      increase in the cost basis.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The value of additional securities received as an interest payment is
      recorded as income and as the cost basis of such securities.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Effective November 1, 2001, the Fund adopted the provisions of the AICPA
      Audit and Accounting Guide for Investment Companies and began amortizing and
      accreting premium and discount on all debt securities. The cumulative effect of
      this accounting change did not impact total net assets,
    </P>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">13</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
        STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Notes
          to Financial Statements<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
    STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002 (Unaudited)
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      but resulted in a $855,761 increase in cost of securities and a
      corresponding $855,761 increase in net unrealized depreciation, based on
      securities held by the Fund on November 1, 2001.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The effect of this change for the six months ended April 30, 2002 was to
      increase net investment income by $100,158, increase net unrealized
      appreciation by $65,535, and increase net realized losses by $165,693. The
      Statement of Changes in Net Assets and the Financial Highlights for prior
      periods have not been restated to reflect this change.
    </P>
    <P ALIGN="left"
    STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Distributions to Shareholders:
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Distributions to shareholders are recorded on the ex-date.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The amount and character of income and gains to be distributed are
      determined in accordance with income tax regulations, which may differ from
      generally accepted accounting principles. Reclassifications are made to the
      Fund's capital accounts to reflect income and gains available for distribution
      (or available capital loss carryforwards) under income tax regulations.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Foreign Currency Transactions:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Net realized and unrealized gains (losses) on foreign currency
      transactions includes gains (losses) arising from the fluctuation in exchange
      rates between trade and settlement dates on securities transactions, gains
      (losses) arising from the disposition of foreign currency and currency gains
      (losses) between the accrual and payment dates on dividends and interest income
      and foreign withholding taxes.
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund does not distinguish that portion of gains (losses) on
      investments which is due to changes in foreign exchange rates from that which
      is due to changes in market prices of the investments. Such fluctuations are
      included with the net realized and unrealized gains (losses) from investments.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Forward Currency Contracts:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund may enter into forward currency contracts to purchase or sell
      foreign currencies at predetermined exchange rates in connection with the
      settlement of purchases and sales of securities. The Fund may also enter into
      forward currency contracts to hedge certain other foreign currency denominated
      assets. The contracts are used to minimize the exposure to foreign exchange
      rate fluctuations during the period between trade and settlement date of the
      contracts. All contracts are marked-to-market daily, resulting in unrealized
      gains (losses) which become realized at the time the forward currency contracts
      are closed or mature. Realized and unrealized gains (losses) arising from such
      transactions are included in net realized and unrealized gains (losses) on
      foreign currency transactions. Forward currency contracts do not eliminate
      fluctuations in the prices of the Fund's investments. While the maximum
      potential loss from such contracts is the aggregate face value in U.S. dollars
      at the time the contract was opened, exposure is typically limited to the
      change in value of the contract (in U.S. dollars) over the period it remains
      open. Risks may also arise if counterparties fail to perform their obligations
      under the contracts.
    </P>
    <P ALIGN="left"
    STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Other:
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund's custodian takes possession through the federal book-entry
      system of securities collateralizing repurchase agreements. Collateral is
      marked-to-market daily to ensure that the market value of the underlying assets
      remains sufficient to protect the Fund. The Fund may experience costs and
      delays in liquidating the collateral if the issuer defaults or enters
      bankruptcy.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt">
      Note 2. Fees and Compensation Paid to Affiliates
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Management Fee:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Colonial Management Associates, Inc. (the "Advisor") is the investment
      advisor of the Fund and furnishes accounting and other services and office
      facilities for a monthly fee equal to 0.65% annually of the Fund's average
      daily net assets.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      In addition, the Fund shall pay the Advisor monthly a fee equal to 20% of
      the Fund's monthly leverage income, however, if the Fund's monthly leverage
      income is less than zero then the Advisor shall pay the Fund 20% of the Fund's
      monthly leverage income. For the six months ended April 30, 2002, the fee paid
      to the Advisor under this agreement amounted to $104,738, which represents
      0.28% annually of the Fund's average daily net assets.
    </P>
    <P ALIGN="left"
    STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Bookkeeping Fee:
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Advisor is responsible for providing pricing and bookkeeping services
      to the Fund under a Pricing and Bookkeeping Agreement. Under a separate
    </P>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">14</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
        STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Notes
          to Financial Statements<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
    STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">
      April 30, 2002 (Unaudited)
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      agreement (the "Outsourcing Agreement"), the Advisor has delegated those
      functions to State Street Bank and Trust Company ("State Street"). The Advisor
      pays fees to State Street under the Outsourcing Agreement.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Under its pricing and bookkeeping agreement with the Fund, the Advisor
      receives from the Fund an annual flat fee of $10,000, paid monthly, and in any
      month that the Fund's average daily net assets are more than $50 million, a
      monthly fee equal to the average daily net assets of the Fund for that month
      multiplied by a fee rate that is calculated by taking into account the fees
      payable to State Street under the Outsourcing Agreement.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Other:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund pays no compensation to its officers, all of whom are employees
      of the Advisor or its affiliates.
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund's Independent Trustees may participate in a deferred
      compensation plan which may be terminated at any time. Obligations of the plan
      will be paid solely out of the Fund's assets.
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund has an agreement with its custodian bank under which $2,107 of
      custody fees were reduced by balance credits for the six months ended April 30,
      2002. The Fund could have invested a portion of the assets utilized in
      connection with the expense offset arrangement in an income-producing asset if
      it had not entered into such an agreement.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt">
      Note 3. Portfolio Information
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Investment Activity:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      For the six months ended April 30, 2002, purchases and sales of
      investments, other than short-term obligations, were $29,574,832 and
      $29,096,833, respectively.
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Unrealized appreciation (depreciation) at April 30, 2002, based on cost
      of investments for federal income tax purposes, was:
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="400"><!--table width definition-->
      <TR>
        <TD WIDTH="320"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="320"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Gross
          unrealized appreciation</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">3,348,702</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">Gross
          unrealized depreciation</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(22,924,097</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="320" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Net
          unrealized depreciation</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">(19,575,395</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:10pt;">)</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt">
      Other:
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      There are certain additional risks involved when investing in foreign
      securities that are not inherent with investments in domestic securities. These
      risks may involve foreign currency exchange rate fluctuations, adverse
      political and economic developments and the possible prevention of currency
      exchange or the imposition of other foreign governmental laws or restrictions.
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      The Fund may focus its investments in certain industries, subjecting it
      to greater risk than a fund that is more diversified.
    </P>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt">
      Note 4. Loan Agreement
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      At April 30, 2002, the Fund had two term loans and a revolver loan
      outstanding with Bank of America NA, totaling $30,500,000. These loans are
      comprised of a $13,700,000 term loan which bears interest at 7.74% per annum,
      due June 12, 2003, a $7,700,000 term loan which bears interest at 6.84% per
      annum, due June 13, 2002 and a $9,100,000 revolver loan which bears interest at
      6.75% per annum, due June 13, 2002. The average daily loan balance was
      $30,500,000 at a weighted average interest rate of 7.22%. The Fund is required
      to maintain 300% net asset coverage with respect to the loans.
    </P>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">15</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Financial
          Highlights</TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Selected data for a share outstanding throughout each period is as
      follows:
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="750"><!--table width definition-->
      <TR>
        <TD WIDTH="240"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="240"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">(Unaudited)<BR>Six
          Months<BR>Ended<BR>April 30,</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="27" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Year
          Ended October 31,</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="30" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2002</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2001</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">2000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1999</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1998</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1997</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          Asset Value, Beginning of Period</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.51</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4.83</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">5.97</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.20</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">7.27</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.89</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Income
          from Investment Operations:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.20(a</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.51(a</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.67</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.70</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.70</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.70</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          realized and unrealized gain (loss) on investments and foreign currency</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.03(b</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(1.26</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(1.10</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.23</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(1.08</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.38</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;Total
          from Investment Operations</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.23</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.75</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.43</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.47</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.38</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.08</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Less
          Distributions Declared to Shareholders:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">From
          net investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.21</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.55</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.69</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.70</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.69</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.70</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">In
          excess of net investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.02</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Return
          of capital</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.02</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#151;</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;Total
          Distributions Declared to Shareholders</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.21</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.57</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.71</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.70</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.69</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.70</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          Asset Value, End of Period</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.53</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.51</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4.83</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">5.97</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.20</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">7.27</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Market
          price per share</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.51</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.49</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4.63</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">5.63</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.81</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">7.56</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Total
          return &#151; based on market value (c)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.51</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%(d)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(14.26</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)%</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(6.12</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)%</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(7.89</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)%</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.74</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)%</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">16.97
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Ratios
          to Average Net Assets:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Operating
          expenses (e)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.24</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%(f)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.31
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.92
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.89
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.88
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.89
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Interest
          and amortization of deferred debt issuance expenses</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.01</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%(f)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.98
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.79
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.48
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.11
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.96
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Total
          expenses (e)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4.25</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%(f)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4.29
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.71
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.37
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.99
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.85
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          investment income (e)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">11.26</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"
         NOWRAP="NOWRAP">%(b)(f)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">11.96
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">11.88
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10.82
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">9.70
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">9.63
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Portfolio
          turnover rate</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">30</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%(d)</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">52
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">42
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">44
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">69
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">92
          </TD>
        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          assets, end of period (000's)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">73,343</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">72,353</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">98,333</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">121,018</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">124,480</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">107,774</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
        STYLE="font-family:serif;font-size:8pt">(a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt">Per share data was calculated using
          average shares outstanding during the period.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
        STYLE="font-family:serif;font-size:8pt">(b)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt">As required, effective November 1,
          2001, the Fund has adopted the provisions of the AICPA Audit and Accounting
          Guide for Investment Companies and began amortizing and accreting premium and
          discount on all debt securities. The effect of this change, for the six months
          ended April 30, 2002, was to increase the ratio of net investment income to
          average net assets from 10.99% to 11.26%. The impact to the net investment
          income and net realized and unrealized gain per share was less than $0.01. Per
          share data and ratios for periods prior to April 30, 2002 have not been
          restated to reflect this change in presentation.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
        STYLE="font-family:serif;font-size:8pt">(c)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt">Total return at market value assuming
          all distributions reinvested at the lower of net asset value or closing market
          value, and excluding brokerage commissions.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
        STYLE="font-family:serif;font-size:8pt">(d)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt">Not annualized.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
        STYLE="font-family:serif;font-size:8pt">(e)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt">The benefits derived from custody
          credits and directed brokerage arrangements, if applicable, had no impact,
          except for the year ended 1997 which had a 0.01% impact.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
        STYLE="font-family:serif;font-size:8pt">(f)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
        STYLE="font-family:serif;font-size:8pt">Annualized.</TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">16</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
        STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Financial
          Highlights<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;">
      Selected data for a share outstanding throughout each period is as
      follows:
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
    WIDTH="750"><!--table width definition-->
      <TR>
        <TD WIDTH="240"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="240"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="19" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Year
          Ended October 31,</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="19" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;"></TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1996</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1995</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1994</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1993</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">1992</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
        <TD BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="10" HEIGHT="
                              1
                        "></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="
                              1
                        "></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          Asset Value, Beginning of Period</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.62</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.28</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.92</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.43</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.29</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Income
          from Investment Operations:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.70</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.70</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.69</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.71</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.77</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          realized and unrealized gain (loss) on investments and foreign currency</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.26</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.34</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.58</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.50</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.15</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">&#160;&#160;&#160;&#160;&#160;Total
          from Investment Operations</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.96</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.04</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.11</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.21</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.92</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Less
          Distributions Declared to Shareholders:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">From
          net investment income</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.69</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.70</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.75</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.72</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(0.78</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          Asset Value, End of Period</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.89</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.62</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.28</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.92</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.43</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Market
          price per share</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">7.13</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.88</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">5.75</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.63</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">6.25</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Total
          return - based on market value (a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">14.62
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">33.00
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">(2.80</TD>

        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">)%</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">17.89
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">17.39
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#ffffff"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="2"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:9pt;">Ratios
          to Average Net Assets:</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Operating
          expenses (b)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.98
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.95
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">0.97
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.00
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.00
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Interest
          and amortization of deferred debt issuance expenses</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.07
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.94
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">1.91
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.66
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.24
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Total
          expenses (b)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.05
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.89
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">2.88
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3.66
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4.24
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          investment income (b)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10.11
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10.76
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10.40
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10.62
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">11.98
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Portfolio
          turnover rate</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">92
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">92
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">160
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">135
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">78
          </TD>
        <TD VALIGN="bottom"
        STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;">%</TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">Net
          assets, end of period (000's)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">99,925</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">93,984</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">87,519</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">95,164</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">87,149</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(a)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">Total return at market value assuming
          all distributions reinvested at the lower of net asset value or closing market
          value, and excluding brokerage commissions.</TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">(b)</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">The benefits derived from custody
          credits and directed brokerage arrangements, if applicable, had no impact.</TD>

      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">17</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Financial
          Highlights<FONT
          STYLE="font-family:;font-weight:;color:;font-size:;">&#160;(continued)</FONT>
          </TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:11pt">
      Loan Agreement Asset Coverage Requirements
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
     WIDTH="750"><!--table width definition-->
      <TR>
        <TD WIDTH="240"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="240"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
        <TD WIDTH="30"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="30"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Date</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Total
          Amount<BR> Outstanding</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" ALIGN="center" VALIGN="bottom"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Asset
          Coverage Per $1,000<BR> of Indebtedness</TD>
      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="3" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">04/30/2002*</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">30,500,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">$</TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3,405</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/2001</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">30,500,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3,372</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/2000</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">47,300,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3,079</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1999</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">47,300,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3,558</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1998</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">47,300,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">3,632</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1997</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">27,400,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4,933</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1996</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">27,400,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4,647</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1995</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">27,400,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4,430</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1994</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">27,400,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4,194</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1993</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">27,400,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4,473</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="240" ALIGN="left" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">10/31/1992</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">27,400,000</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>

        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
         STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;">4,190</TD>

        <TD VALIGN="bottom"
         STYLE="font-face:serif;font-weight:normal;color:#000000;font-size:9pt;"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="700" CELLPADDING="0" CELLSPACING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="5" WIDTH="10"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="20"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="667"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD VALIGN="top" ALIGN="right"
         STYLE="font-family:serif;font-size:8pt">*</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="3"></TD>
        <TD VALIGN="top" ALIGN="left"
         STYLE="font-family:serif;font-size:8pt">(Unaudited)</TD>
      </TR>
    </TABLE>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
         STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">18</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <TABLE CELLPADDING="5" BGCOLOR="#0d9100" WIDTH="400">
      <TR>
        <TD
         STYLE="font-family:sans-serif;font-weight:bold;color:#ffffff;font-size:14pt;">Shareholder
          Meeting Results</TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="10" WIDTH="1"><BR>
    <P ALIGN="left"
     STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:12pt">
      Results of Annual Meeting of Shareholders
    </P>
    <P
     STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:11pt;">
      On May 22, 2002, the Annual Meeting of Shareholders of the Fund was held
      to conduct a vote for or against the approval of the following item listed on
      the Fund's Proxy Statement for said Meeting. On March 1, 2002, the record date
      for the Meeting, the Fund had 20,723,717 shares outstanding. The votes cast
      were as follows:
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" BGCOLOR="#ffffff"
    WIDTH="360"><!--table width definition-->
      <TR>
        <TD WIDTH="200"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="200"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
        <TD WIDTH="10"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD WIDTH="70"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="70"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Proposal
          1. Election of Directors:</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">For</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" ALIGN="center" VALIGN="bottom"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:8pt;">Withheld</TD>

      </TR>
      <TR>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" BGCOLOR="#000000"><IMG SRC="spacer.gif" WIDTH="1"
          HEIGHT="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="200" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">Richard
          W. Lowry</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">18,050,382</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">482,151</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="200" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">William
          E. Mayer</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">18,010,777</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">521,756</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="4" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD COLSPAN="1" WIDTH="200" ALIGN="left" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">Charles
          R. Nelson</TD>
        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" WIDTH="70" ALIGN="right" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">18,053,408</TD>

        <TD><IMG SRC="spacer.gif" HEIGHT="1" WIDTH="10"></TD>
        <TD COLSPAN="1" VALIGN="bottom"
        STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;;">479,125</TD>

      </TR>
      <TR>
        <TD COLSPAN="5"><IMG SRC="spacer.gif" HEIGHT="2" WIDTH="1"></TD>
      </TR>
    </TABLE><BR>
    <TABLE WIDTH="100%" CELLSPACING="0" CELLPADDING="0" BORDER="0">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
        STYLE="font-family:sans-serif;font-weight:bold;color:#000000;font-size:10pt;">19</TD>

      </TR>
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="15" WIDTH="1"></TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="700">
      <TR>
        <TD>
          <P
          STYLE="font-family:serif;font-size:24pt;color:#000000;font-weight:bold;">
            Transfer Agent
          </P>
        </TD>
      </TR>
    </TABLE>
    <P ALIGN="left"
    STYLE="font-family:sans-serif;font-weight:bold;color:#0d9100;font-size:10pt">
      Important Information About This Report
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:11pt;">
      The Transfer Agent for Colonial Intermediate High Income Fund is:
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:11pt;">
      PFPC,<BR>P.O. Box 8030<BR> Boston, MA 02266-8030<BR>1-800-331-1710
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:11pt;">
      The fund mails one shareholder report to each shareholder address.
      Shareholders can order additional reports by calling 800-345-6611. In addition,
      representatives at that number can provide shareholders information about the
      fund.
    </P>
    <P
    STYLE="font-family:serif;font-weight:normal;color:#000000;font-size:11pt;">
      Financial advisors who want additional information about the fund may
      speak to a representative at 800-426-3750.
    </P>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="700">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="200" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="left"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;">
          <B>Semiannual Report:</B><BR>Colonial Intermediate High Income Fund</TD>
      </TR>
    </TABLE><PAGE><BR><BR><BR><IMG SRC="spacer.gif" HEIGHT="350" WIDTH="1"><BR>

    <TABLE CELLPADDING="5" CELLSPACING="0" BORDER="0">
      <TR>
        <TD BGCOLOR="#0d9100"
        STYLE="font-family:sans-serif; font-weight:bold;color:#ffffff;font-size:14pt;">COLONIAL
          INTERMEDIATE HIGH INCOME FUND</TD>
        <TD BGCOLOR="#000000"
        STYLE="font-family:sans-serif; font-weight:bold;color:#ffffff;font-size:14pt;">Semiannual
          Report</TD>
      </TR>
    </TABLE><IMG SRC="spacer.gif" HEIGHT="100" WIDTH="1"><BR>
    <TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="700">
      <TR>
        <TD><IMG SRC="spacer.gif" HEIGHT="25" WIDTH="1"></TD>
      </TR>
      <TR>
        <TD ALIGN="right"
        STYLE="font-family:sans-serif;font-weight:normal;color:#000000;font-size:8pt;">110-03/555J-0402
          (06/02) 02/985</TD>
      </TR>
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