Item 1. Schedule of Investments:
--------------------------------
Putnam High Income Bond Fund
QUARTERLY PORTFOLIO HOLDINGS
11-30-04
Putnam High Income Bond Fund
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The fund's portfolio
November 30, 2004 (Unaudited)
Corporate bonds and notes (43.0%) (a)
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Principal amount Value
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Basic Materials (5.0%)
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$1,000 Abitibi-Consolidated Finance LP company
guaranty 7 7/8s, 2009 $1,045
105,000 Acetex Corp. sr. notes 10 7/8s, 2009
(Canada) 114,975
110,000 AK Steel Corp. company guaranty 7 7/8s,
2009 111,900
10,000 AK Steel Corp. company guaranty 7 3/4s,
2012 10,200
40,000 Armco, Inc. sr. notes 8 7/8s, 2008 41,225
30,000 Avecia Group PLC company guaranty 11s,
2009 (United Kingdom) 28,200
160,000 BCP Caylux Holdings Luxembourg SCA 144A
sr. sub. notes 9 5/8s, 2014 (Luxembourg) 179,600
50,000 Century Aluminum Co. 144A company
guaranty 7 1/2s, 2014 52,500
145,000 Compass Minerals Group, Inc. company
guaranty 10s, 2011 162,400
40,000 Compass Minerals International, Inc. sr.
disc. notes Ser. B stepped-coupon zero %
(12s, 6/1/08), 2013 (STP) 32,400
110,000 Compass Minerals International, Inc. sr.
notes stepped-coupon zero % (12 3/4s,
12/15/07), 2012 (STP) 94,050
95,000 Crystal US Holdings, LLC/US Sub 3 Corp.
144A sr. disc. notes stepped-coupon zero %
(10s, 10/1/09), 2014 (STP) 65,075
87,000 Equistar Chemicals LP notes 8 3/4s, 2009 96,570
219,000 Equistar Chemicals LP/Equistar Funding
Corp. company guaranty 10 1/8s, 2008 251,303
60,000 Georgia-Pacific Corp. bonds 7 3/4s, 2029 66,000
100,000 Georgia-Pacific Corp. company guaranty 9
3/8s, 2013 116,500
170,000 Georgia-Pacific Corp. debs. 7.7s, 2015 193,800
4,000 Georgia-Pacific Corp. sr. notes 7 3/8s,
2008 4,350
145,000 Gerdau Ameristeel Corp. sr. notes 10
3/8s, 2011 (Canada) 170,013
198,000 Hercules, Inc. company guaranty 11 1/8s,
2007 237,600
110,000 Hercules, Inc. company guaranty 6 3/4s,
2029 113,575
30,000 Huntsman Advanced Materials, LLC 144A
sec. FRN 10s, 2008 32,400
40,000 Huntsman Advanced Materials, LLC 144A
sec. notes 11s, 2010 47,500
111,000 Huntsman Co., LLC sr. disc. notes zero %, 2008 72,983
305,000 Huntsman ICI Chemicals, Inc. company
guaranty 10 1/8s, 2009 321,775
205,000 Huntsman ICI Holdings sr. disc. notes
zero %, 2009 114,288
90,000 Huntsman, LLC company guaranty 11 5/8s,
2010 107,100
50,000 Huntsman, LLC 144A company guaranty 11
1/2s, 2012 58,875
260,000 Innophos, Inc. 144A sr. sub. notes 8
7/8s, 2014 280,800
70,000 International Steel Group, Inc. sr.
notes 6 1/2s, 2014 74,375
170,000 ISP Chemco, Inc. company guaranty Ser.
B, 10 1/4s, 2011 190,825
90,000 Jefferson Smurfit Corp. company guaranty
7 1/2s, 2013 96,525
10,000 Kaiser Aluminum & Chemical Corp. sr.
notes Ser. B, 10 7/8s, 2006 (In default)
(NON) 8,550
10,000 Lyondell Chemical Co. bonds 11 1/8s,
2012 11,825
165,000 Lyondell Chemical Co. company guaranty
10 1/2s, 2013 195,525
70,000 Lyondell Chemical Co. notes Ser. A, 9
5/8s, 2007 77,175
170,000 MDP Acquisitions PLC sr. notes 9 5/8s,
2012 (Ireland) 193,800
100,545 MDP Acquisitions PLC sub. notes 15 1/2s,
2013 (Ireland) (PIK) 117,135
200,000 Millennium America, Inc. company
guaranty 9 1/4s, 2008 226,000
EUR 10,000 Nalco Co. sr. notes 7 3/4s, 2011 14,437
EUR 70,000 Nalco Co. sr. sub. notes 9s, 2013 100,883
$170,000 Nalco Co. sr. sub. notes 8 7/8s, 2013 187,638
160,000 Norske Skog Canada, Ltd. sr. notes 7
3/8s, 2014 (Canada) 166,000
75,504 PCI Chemicals Canada sec. sr. notes 10s,
2008 (Canada) 78,147
23,909 Pioneer Companies, Inc. sec. sr. notes
FRN 5.475s, 2006 24,029
10,000 Resolution Performance Products, LLC sr.
notes 9 1/2s, 2010 10,800
EUR 50,000 Rockwood Specialities Group, Inc. 144A
company guaranty 7 5/8s, 2014 68,106
EUR 65,000 SGL Carbon SA 144A sr. notes 8 1/2s,
2012 (Luxembourg) 94,498
$125,000 Steel Dynamics, Inc. company guaranty 9
1/2s, 2009 138,438
120,000 Stone Container Corp. sr. notes 9 3/4s,
2011 132,600
45,000 Stone Container Corp. sr. notes 8 3/8s,
2012 49,275
25,000 Stone Container Finance company guaranty
7 3/8s, 2014 (Canada) 26,938
200,000 Ucar Finance, Inc. company guaranty 10
1/4s, 2012 226,000
55,000 United Agri Products 144A sr. notes 8
1/4s, 2011 58,575
172,000 United States Steel Corp. sr. notes 9
3/4s, 2010 197,800
6,000 Wheeling-Pittsburgh Steel Corp. sr.
notes 6s, 2010 4,500
11,665 Wheeling-Pittsburgh Steel Corp. sr.
notes 5s, 2011 8,749
20,000 WHX Corp. sr. notes 10 1/2s, 2005 19,000
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5,977,150
Capital Goods (3.6%)
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95,000 AEP Industries, Inc. sr. sub. notes 9
7/8s, 2007 96,663
190,000 AGCO Corp. company guaranty 9 1/2s, 2008 204,250
96,410 Air2 US 144A sinking fund Ser. D,
12.266s, 2020 (In default) (NON) (F) 1
177,000 Allied Waste North America, Inc. company
guaranty Ser. B, 8 1/2s, 2008 186,071
120,000 Allied Waste North America, Inc. company
guaranty Ser. B, 7 5/8s, 2006 123,300
25,000 Allied Waste North America, Inc. sec.
notes 6 1/2s, 2010 24,125
55,000 Amsted Industries, Inc. 144A sr. notes
10 1/4s, 2011 60,500
255,000 Argo-Tech Corp. sr. notes 9 1/4s, 2011 278,588
30,000 BE Aerospace, Inc. sr. notes 8 1/2s,
2010 32,850
2,000 BE Aerospace, Inc. sr. sub. notes Ser.
B, 8 7/8s, 2011 2,100
280,000 BE Aerospace, Inc. sr. sub. notes Ser.
B, 8s, 2008 278,600
15,000 Berry Plastics Corp. company guaranty 10
3/4s, 2012 17,325
95,000 Blount, Inc. sr. sub. notes 8 7/8s, 2012 103,075
40,000 Browning-Ferris Industries, Inc. debs.
7.4s, 2035 34,400
75,000 Browning-Ferris Industries, Inc. sr.
notes 6 3/8s, 2008 73,688
250,000 Crown Euro Holdings SA sec. notes 10
7/8s, 2013 (France) 295,625
EUR 10,000 Crown Euro Holdings SA sec. notes 10
1/4s, 2011 (France) 15,282
$45,000 Crown Euro Holdings SA sec. notes 9
1/2s, 2011 (France) 50,963
119,000 Decrane Aircraft Holdings Co. company
guaranty zero %, 2008 45,220
109,000 Earle M. Jorgensen Co. sec. notes 9
3/4s, 2012 122,625
EUR 50,000 Flender Holdings 144A sr. notes 11s,
2010 (Germany) 79,003
$78,000 Flowserve Corp. company guaranty 12
1/4s, 2010 87,360
130,000 Hexcel Corp. sr. sub. notes 9 3/4s, 2009 136,175
105,000 Invensys, PLC notes 9 7/8s, 2011 (United
Kingdom) 113,138
40,000 K&F Acquisitions, Inc. 144A sr. sub.
notes 7 3/4s, 2014 40,900
50,000 L-3 Communications Corp. company
guaranty 7 5/8s, 2012 54,250
40,000 L-3 Communications Corp. company
guaranty 6 1/8s, 2013 41,200
250,000 Legrand SA debs. 8 1/2s, 2025 (France) 290,000
117,000 Manitowoc Co., Inc. (The) company
guaranty 10 1/2s, 2012 134,550
EUR 25,000 Manitowoc Co., Inc. (The) company
guaranty 10 3/8s, 2011 37,226
$30,000 Manitowoc Co., Inc. (The) sr. notes 7
1/8s, 2013 32,400
30,000 Mueller Group, Inc. sec. FRN 6.444s,
2011 31,050
75,000 Mueller Group, Inc. sr. sub. notes 10s,
2012 81,375
5,000 Owens-Brockway Glass company guaranty 8
7/8s, 2009 5,438
145,000 Owens-Brockway Glass company guaranty 8
1/4s, 2013 157,688
60,000 Owens-Brockway Glass company guaranty 7
3/4s, 2011 64,800
132,000 Owens-Brockway Glass sr. sec. notes 8
3/4s, 2012 147,180
10,000 Owens-Illinois, Inc. debs. 7.8s, 2018 10,225
125,000 Polypore, Inc. 144A sr. sub. notes 8
3/4s, 2012 130,000
175,000 Sequa Corp. sr. notes Ser. B, 8 7/8s,
2008 191,625
125,000 Siebe PLC 144A sr. unsub. 6 1/2s, 2010
(United Kingdom) 118,281
75,000 Solo Cup Co. sr. sub. notes 8 1/2s, 2014 78,000
65,000 Tekni-Plex, Inc. 144A sr. sec. notes 8
3/4s, 2013 64,675
25,000 Terex Corp. company guaranty 9 1/4s,
2011 28,250
46,000 Terex Corp. company guaranty Ser. B, 10
3/8s, 2011 51,865
75,000 Titan Corp. (The) company guaranty 8s,
2011 79,500
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4,331,405
Communication Services (3.9%)
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29,000 Alamosa Delaware, Inc. company guaranty
11s, 2010 33,858
29,000 Alamosa Delaware, Inc. company guaranty
stepped-coupon zero % (12s, 7/31/05),
2009 (STP) 31,030
55,000 Alamosa Delaware, Inc. sr. notes 8 1/2s,
2012 59,125
25,000 American Cellular Corp. company guaranty
9 1/2s, 2009 21,063
84,000 American Tower Corp. sr. notes 9 3/8s,
2009 88,620
55,000 American Tower Corp. sr. notes 7 1/2s,
2012 57,063
100,000 American Towers, Inc. company guaranty 7
1/4s, 2011 105,000
30,000 Asia Global Crossing, Ltd. sr. notes 13
3/8s, 2010 (Bermuda) (In default) (NON) 2,100
130,000 Centennial Cellular Operating Co.
company guaranty 10 1/8s, 2013 141,700
20,000 Cincinnati Bell Telephone Co. company
guaranty 6.3s, 2028 17,900
115,000 Cincinnati Bell, Inc. sr. sub. notes 8
3/8s, 2014 114,713
50,000 Cincinnati Bell, Inc. sr. sub. notes 7
1/4s, 2023 48,125
145,000 Citizens Communications Co. notes 9
1/4s, 2011 168,563
125,000 Citizens Communications Co. sr. notes 6
1/4s, 2013 124,219
166,000 Crown Castle International Corp. sr.
notes 9 3/8s, 2011 185,920
35,000 Eircom Funding company guaranty Ser. US$
8 1/4s, 2013 (Ireland) 38,850
50,000 Fairpoint Communications, Inc. sr. sub.
notes 12 1/2s, 2010 53,750
11,436 Globix Corp. company guaranty 11s, 2008
(PIK) 10,521
140,000 Inmarsat Finance PLC company guaranty 7
5/8s, 2012 (United Kingdom) 143,150
140,000 Inmarsat Finance PLC 144A company
guaranty stepped-coupon zero % (10 3/8s,
11/15/08), 2012 (United Kingdom) (STP) 96,600
45,000 iPCS, Inc. 144A sr. notes 11 1/2s, 2012 49,500
110,000 Level 3 Financing, Inc. 144A sr. notes
10 3/4s, 2011 98,175
95,000 Madison River Capital Corp. sr. notes 13
1/4s, 2010 102,600
235,000 MCI, Inc. sr. notes 7.735s, 2014 240,288
135,000 MCI, Inc. sr. notes 6.688s, 2009 136,013
230,000 Nextel Communications, Inc. sr. notes 7
3/8s, 2015 253,000
11,000 Nextel Communications, Inc. sr. notes 6
7/8s, 2013 11,880
155,000 Nextel Communications, Inc. sr. notes
5.95s, 2014 157,713
41,000 Nextel Partners, Inc. sr. notes 12 1/2s,
2009 46,740
175,000 Nextel Partners, Inc. sr. notes 8 1/8s,
2011 192,500
330,000 Qwest Communications International, Inc.
144A sr. notes 7 1/2s, 2014 321,750
370,000 Qwest Corp. 144A notes 9 1/8s, 2012 420,875
50,000 Qwest Services Corp. 144A notes 14 1/2s,
2014 61,750
90,000 Qwest Services Corp. 144A notes 14s,
2010 106,650
65,000 Rogers Wireless Communications, Inc.
sec. notes 9 5/8s, 2011 (Canada) 75,725
50,000 Rogers Wireless Communications, Inc.
144A sec. notes 7 1/2s, 2015 (Canada) 51,875
65,000 Rogers Wireless Communications, Inc.
144A sr. sub. notes 8s, 2012 (Canada) 67,438
20,000 Rogers Cantel, Ltd. debs. 9 3/4s, 2016
(Canada) 23,550
35,000 Rural Cellular Corp. sr. notes 9 7/8s,
2010 35,350
155,000 Rural Cellular Corp. sr. sub. notes 9
3/4s, 2010 139,113
45,000 SBA Telecommunications Inc./SBA
Communication Corp. sr. disc. notes
stepped-coupon zero % (9 3/4s,
12/15/07), 2011 (STP) 37,463
80,000 TSI Telecommunication Services, Inc.
company guaranty Ser. B, 12 3/4s, 2009 90,600
50,000 UbiquiTel Operating Co. sr. notes 9
7/8s, 2011 54,875
215,000 UbiquiTel Operating Co. 144A sr. notes 9
7/8s, 2011 235,963
80,000 Western Wireless Corp. sr. notes 9 1/4s,
2013 86,400
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4,639,656
Conglomerates (0.3%)
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20,000 Tyco International Group SA company
guaranty 6 3/4s, 2011 (Luxembourg) 22,348
1,000 Tyco International Group SA company
guaranty 6 3/8s, 2005 (Luxembourg) 1,018
255,000 Tyco International Group SA company
guaranty 6s, 2013 (Luxembourg) 274,546
7,000 Tyco International Group SA notes 6
3/8s, 2011 (Luxembourg) 7,698
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305,610
Consumer Cyclicals (9.7%)
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245,000 Advertising Direct 144A sr. notes 9
1/4s, 2012 (Canada) 256,025
60,000 Ameristar Casinos, Inc. company guaranty
10 3/4s, 2009 66,600
50,000 Argosy Gaming Co. sr. sub. notes 7s,
2014 55,625
40,000 ArvinMeritor, Inc. notes 8 3/4s, 2012 45,100
65,000 Asbury Automotive Group, Inc. sr. sub.
notes 8s, 2014 64,350
160,000 Autonation, Inc. company guaranty 9s,
2008 182,400
50,000 Beazer Homes USA, Inc. company guaranty
8 5/8s, 2011 54,750
20,000 Beazer Homes USA, Inc. company guaranty
8 3/8s, 2012 22,000
30,000 Boyd Gaming Corp. sr. sub. notes 8 3/4s,
2012 33,750
25,000 Boyd Gaming Corp. sr. sub. notes 7 3/4s,
2012 27,313
155,000 Boyd Gaming Corp. sr. sub. notes 6 3/4s,
2014 163,138
40,000 Building Materials Corp. company
guaranty 8s, 2008 41,400
219,993 Canada, Inc. 144A sr. sub. notes 8s,
2012 (Canada) 235,393
40,000 CanWest Media, Inc. sr. sub. notes 10
5/8s, 2011 (Canada) 44,800
50,000 Chumash Casino & Resort Enterprise 144A
sr. notes 9s, 2010 55,750
20,000 D.R. Horton, Inc. company guaranty 8s,
2009 22,400
30,000 D.R. Horton, Inc. sr. notes 7 7/8s, 2011 34,200
20,000 D.R. Horton, Inc. sr. notes 6 7/8s, 2013 21,700
130,000 D.R. Horton, Inc. sr. notes 5 7/8s, 2013 131,788
20,000 Dana Corp. notes 10 1/8s, 2010 22,600
185,000 Dana Corp. notes 9s, 2011 223,850
20,000 Dana Corp. notes 7s, 2029 20,000
75,000 Dayton Superior Corp. sec. notes 10
3/4s, 2008 81,750
20,000 Delco Remy International, Inc. company
guaranty 11s, 2009 21,100
165,000 Delco Remy International, Inc. sr. sub.
notes 9 3/8s, 2012 169,125
150,000 Dex Media West, LLC/Dex Media Finance
Co. sr. notes Ser. B, 8 1/2s, 2010 167,250
70,000 Dex Media, Inc. disc. notes zero %, 2013 53,725
280,000 Dex Media, Inc. notes 8s, 2013 299,950
25,000 Dura Operating Corp. company guaranty
Ser. B, 8 5/8s, 2012 25,438
7,000 FelCor Lodging LP company guaranty 10s,
2008 (R) 7,350
50,000 FelCor Lodging LP company guaranty 9s,
2008 (R) 56,000
65,000 Finlay Fine Jewelry Corp. sr. notes 8
3/8s, 2012 70,038
95,000 Gaylord Entertainment Co. sr. notes 8s,
2013 102,600
40,000 Goodyear Tire & Rubber Co. (The) notes 8
1/2s, 2007 42,400
265,000 Goodyear Tire & Rubber Co. (The) notes
7.857s, 2011 263,013
30,000 Goodyear Tire & Rubber Co. (The) notes 6
3/8s, 2008 30,000
56,000 HMH Properties, Inc. company guaranty
Ser. B, 7 7/8s, 2008 (R) 57,610
69,000 Hollywood Park, Inc. company guaranty
Ser. B, 9 1/4s, 2007 70,553
30,000 Host Marriott LP company guaranty Ser.
G, 9 1/4s, 2007 (R) 33,375
75,000 Host Marriott LP sr. notes Ser. E, 8
3/8s, 2006 (R) 78,375
130,000 Host Marriott LP 144A sr. notes 7s, 2012
(R) 137,150
110,000 Houghton Mifflin Co. sr. sub. notes 9
7/8s, 2013 121,000
92,000 Icon Health & Fitness company guaranty
11 1/4s, 2012 77,970
99,000 IESI Corp. company guaranty 10 1/4s,
2012 117,810
35,000 Inn of the Mountain Gods sr. notes 12s,
2010 40,775
70,000 ITT Corp. debs. 7 3/8s, 2015 78,750
100,000 ITT Corp. notes 6 3/4s, 2005 102,750
90,000 JC Penney Co., Inc. debs. 7.95s, 2017 105,413
11,000 JC Penney Co., Inc. debs. 7.65s, 2016 12,581
130,000 JC Penney Co., Inc. debs. 7 1/8s, 2023 140,075
75,000 JC Penney Co., Inc. notes 9s, 2012 92,250
5,000 JC Penney Co., Inc. notes 8s, 2010 5,700
75,000 Jostens Holding Corp. sr. disc. notes
stepped-coupon zero % (10 1/4s,
12/1/08), 2013 (STP) 53,250
200,000 Jostens IH Corp. 144A company guaranty 7
5/8s, 2012 209,500
75,000 K. Hovnanian Enterprises, Inc. company
guaranty 8 7/8s, 2012 83,250
55,000 K. Hovnanian Enterprises, Inc. company
guaranty 6 3/8s, 2014 55,000
40,000 K. Hovnanian Enterprises, Inc. sr. notes
6 1/2s, 2014 40,600
60,000 K2, Inc. 144A sr. notes 7 3/8s, 2014 65,700
220,000 KB Home sr. notes 5 3/4s, 2014 216,150
2,000 KB Home sr. sub. notes 9 1/2s, 2011 2,210
195,000 Laidlaw International, Inc. sr. notes 10
3/4s, 2011 224,494
80,000 Lamar Media Corp. company guaranty 7
1/4s, 2013 86,400
32,000 Lear Corp. company guaranty Ser. B,
8.11s, 2009 36,198
211,000 Levi Strauss & Co. sr. notes 12 1/4s,
2012 222,605
60,000 Mandalay Resort Group sr. notes 6 3/8s,
2011 62,625
140,000 MediaNews Group, Inc. sr. sub. notes 6
7/8s, 2013 143,500
105,000 MeriStar Hospital Corp. company guaranty
9 1/8s, 2011 (R) 113,138
45,000 MeriStar Hospital Corp. company guaranty
9s, 2008 (R) 47,475
40,000 Meritage Corp. company guaranty 9 3/4s,
2011 44,500
30,000 Meritage Corp. sr. notes 7s, 2014 31,125
90,000 Meritor Automotive, Inc. notes 6.8s,
2009 92,475
75,000 Metaldyne Corp. 144A sr. notes 10s, 2013 72,750
100,000 MGM Mirage, Inc. company guaranty 8
1/2s, 2010 113,625
1,000 MGM Mirage, Inc. company guaranty 8
3/8s, 2011 1,123
35,000 Mirage Resorts, Inc. debs. 7 1/4s, 2017 36,400
65,000 Mohegan Tribal Gaming Authority sr. sub.
notes 6 3/8s, 2009 66,950
60,000 Oxford Industries, Inc. sr. notes 8
7/8s, 2011 64,800
25,000 Park Place Entertainment Corp. sr. notes
7 1/2s, 2009 28,000
105,000 Park Place Entertainment Corp. sr. notes
7s, 2013 115,763
161,000 Park Place Entertainment Corp. sr. sub.
notes 8 7/8s, 2008 182,534
132,000 Penn National Gaming, Inc. sr. sub.
notes 8 7/8s, 2010 144,870
30,000 Phillips-Van Heusen Corp. sr. notes 7
1/4s, 2011 31,425
75,000 Pinnacle Entertainment, Inc. sr. sub.
notes 8 3/4s, 2013 80,813
105,000 Pinnacle Entertainment, Inc. sr. sub.
notes 8 1/4s, 2012 108,675
30,000 Primedia, Inc. company guaranty 8 7/8s,
2011 30,900
140,000 Primedia, Inc. company guaranty 7 5/8s,
2008 140,000
150,000 Primedia, Inc. 144A sr. notes 8s, 2013 148,500
270,000 Reader's Digest Association, Inc. (The)
sr. notes 6 1/2s, 2011 281,475
103,000 Resorts International Hotel and Casino,
Inc. company guaranty 11 1/2s, 2009 121,025
15,000 RH Donnelley Finance Corp. I company
guaranty 8 7/8s, 2010 16,800
134,000 RH Donnelley Finance Corp. I 144A
company guaranty 8 7/8s, 2010 150,080
77,000 RH Donnelley Finance Corp. I 144A sr.
sub. notes 10 7/8s, 2012 92,015
82,000 Russell Corp. company guaranty 9 1/4s,
2010 88,663
175,000 Saks, Inc. company guaranty 7s, 2013 177,625
205,000 Samsonite Corp. sr. sub. notes 8 7/8s,
2011 218,069
64,000 Schuler Homes, Inc. company guaranty 10
1/2s, 2011 72,960
160,000 Sealy Mattress Co. sr. sub. notes 8
1/4s, 2014 169,200
50,000 Standard Pacific Corp. sr. notes 7 3/4s,
2013 54,250
10,000 Standard Pacific Corp. sr. notes 6 7/8s,
2011 10,475
175,000 Standard Pacific Corp. sr. notes 6 1/4s,
2014 172,375
85,000 Starwood Hotels & Resorts Worldwide,
Inc. company guaranty 7 7/8s, 2012 97,325
71,000 Starwood Hotels & Resorts Worldwide,
Inc. company guaranty 7 3/8s, 2007 75,793
118,000 Station Casinos, Inc. sr. notes 6s, 2012 121,540
75,000 Station Casinos, Inc. sr. sub. notes 6
7/8s, 2016 78,188
45,000 Technical Olympic USA, Inc. company
guaranty 10 3/8s, 2012 50,400
65,000 Technical Olympic USA, Inc. company
guaranty 9s, 2010 70,038
30,000 Tenneco Automotive, Inc. company
guaranty Ser. B, 11 5/8s, 2009 31,848
100,000 Tenneco Automotive, Inc. sec. notes Ser.
B, 10 1/4s, 2013 117,750
80,000 Tenneco Automotive, Inc. 144A sr. sub.
notes 8 5/8s, 2014 83,200
285,000 THL Buildco, Inc. (Nortek, Inc.) 144A
sr. sub. notes 8 1/2s, 2014 306,375
60,000 Tommy Hilfiger USA, Inc. company
guaranty 6.85s, 2008 60,300
55,000 Toys R Us, Inc. notes 7 5/8s, 2011 55,550
283,000 Trump Atlantic City Associates company
guaranty 11 1/4s, 2006 (In default)
(NON) 257,884
70,000 United Auto Group, Inc. company guaranty
9 5/8s, 2012 78,225
53,000 Venetian Casino Resort, LLC company
guaranty 11s, 2010 60,420
200,000 Vertis, Inc. company guaranty Ser. B, 10
7/8s, 2009 218,000
100,000 Vertis, Inc. 144A sub. notes 13 1/2s,
2009 106,000
21,000 WCI Communities, Inc. company guaranty
10 5/8s, 2011 23,468
101,000 WCI Communities, Inc. company guaranty 9
1/8s, 2012 112,110
59,000 William Carter Holdings Co. (The)
company guaranty Ser. B, 10 7/8s, 2011 67,555
80,000 WRC Media Corp. sr. sub. notes 12 3/4s,
2009 75,300
225,000 Wynn Las Vegas, LLC/Wynn Las Vegas
Capital Corp. 144A 1st mtge. 6 5/8s,
2014 222,750
-------------
11,679,162
Consumer Staples (6.6%)
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10,000 Adelphia Communications Corp. notes Ser.
B, 9 7/8s, 2005 (In default) (NON) 8,975
20,000 Adelphia Communications Corp. sr. notes
10 7/8s, 2010 (In default) (NON) 18,650
235,000 Adelphia Communications Corp. sr. notes
Ser. B, 9 7/8s, 2007 (In default) (NON) 210,913
105,000 Affinity Group, Inc. sr. sub. notes 9s,
2012 113,400
30,000 AMC Entertainment, Inc. sr. sub. notes 9
7/8s, 2012 32,550
229,000 AMC Entertainment, Inc. sr. sub. notes
8s, 2014 225,565
50,000 ASG Consolidated LLC/ASG Finance, Inc.
144A sr. disc. notes stepped-coupon zero %
(11 1/2s, 11/1/08), 2011 (STP) 32,000
60,000 Atlantic Broadband Finance, LLC 144A sr.
sub. notes 9 3/8s, 2014 57,600
136,000 Brand Services, Inc. company guaranty
12s, 2012 152,320
150,000 Cablevision Systems Corp. 144A sr. notes
8s, 2012 159,750
70,000 Capital Records, Inc. 144A company
guaranty 8 3/8s, 2009 78,675
19,000 Charter Communications Holdings,
LLC/Capital Corp. sr. disc. notes
stepped-coupon zero % (11 3/4s,
5/15/06), 2011 (STP) 12,968
365,000 Charter Communications Holdings,
LLC/Capital Corp. sr. notes 11 1/8s,
2011 313,900
70,000 Charter Communications Holdings,
LLC/Capital Corp. sr. notes 10 3/4s,
2009 60,550
60,000 Charter Communications Holdings,
LLC/Capital Corp. sr. notes 10 1/4s,
2010 50,400
120,000 Charter Communications Holdings,
LLC/Capital Corp. sr. notes 10s, 2011 99,000
63,000 Charter Communications Holdings,
LLC/Capital Corp. sr. notes 9 5/8s, 2009 52,290
61,000 Charter Communications Holdings,
LLC/Capital Corp. sr. notes 8 5/8s, 2009 50,630
125,000 Cinemark USA, Inc. sr. sub. notes 9s,
2013 143,750
145,000 Cinemark, Inc. sr. disc. notes
stepped-coupon zero % (9 3/4s, 3/15/07),
2009 (STP) 106,575
70,000 Constellation Brands, Inc. company
guaranty Ser. B, 8s, 2008 76,650
5,000 Constellation Brands, Inc. sr. sub.
notes Ser. B, 8 1/8s, 2012 5,438
60,000 CSC Holdings, Inc. debs. 7 5/8s, 2018 63,300
3,000 CSC Holdings, Inc. debs. Ser. B, 8 1/8s,
2009 3,263
65,000 CSC Holdings, Inc. sr. notes Ser. B, 7
5/8s, 2011 69,550
60,000 CSC Holdings, Inc. sr. sub. debs. 10
1/2s, 2016 67,950
125,000 CSC Holdings, Inc. 144A sr. notes 6
3/4s, 2012 127,500
270,000 Dean Foods Co. sr. notes 6 5/8s, 2009 285,525
40,000 Del Monte Corp. company guaranty Ser. B,
9 1/4s, 2011 43,800
80,000 Del Monte Corp. sr. sub. notes 8 5/8s,
2012 89,400
175,000 DirecTV Holdings, LLC sr. notes 8 3/8s,
2013 196,438
271,000 Diva Systems Corp. sr. disc. notes Ser.
B, 12 5/8s, 2008 (In default) (NON) 1,186
155,000 Doane Pet Care Co. sr. sub. debs. 9
3/4s, 2007 153,838
60,000 Dole Food Co. company guaranty 7 1/4s,
2010 62,400
35,000 Dole Food Co. sr. notes 8 7/8s, 2011 38,325
25,000 Dole Food Co. sr. notes 8 5/8s, 2009 27,375
66,000 Domino's, Inc. sr. sub. notes 8 1/4s,
2011 71,940
185,000 Echostar DBS Corp. sr. notes 6 3/8s,
2011 189,163
130,000 Echostar DBS Corp. 144A company guaranty
6 5/8s, 2014 132,600
35,000 Elizabeth Arden, Inc. company guaranty 7
3/4s, 2014 37,275
300,000 Granite Broadcasting Corp. sec. notes 9
3/4s, 2010 282,000
52,000 Gray Television, Inc. company guaranty 9
1/4s, 2011 58,500
110,000 Hasbro, Inc. notes 5.6s, 2005 112,063
60,000 Jean Coutu Group, Inc. 144A sr. notes 7
5/8s, 2012 (Canada) 62,700
125,000 Jean Coutu Group, Inc. 144A sr. sub.
notes 8 1/2s, 2014 (Canada) 126,875
230,000 Kabel Deutsheland GmbH 144A sr. notes 10
5/8s, 2014 (Germany) 264,500
2,435 Knology, Inc. 144A sr. notes 12s, 2009
(PIK) 2,350
270,000 LCE Acquisition Corp. 144A company
guaranty 9s, 2014 290,250
105,000 Paxson Communications Corp. company
guaranty 10 3/4s, 2008 108,150
230,000 Pinnacle Foods Holding Corp. 144A sr.
sub. notes 8 1/4s, 2013 208,150
156,000 Playtex Products, Inc. company guaranty
9 3/8s, 2011 166,530
110,000 Playtex Products, Inc. sec. notes 8s,
2011 120,450
210,000 Prestige Brands, Inc. 144A sr. sub.
notes 9 1/4s, 2012 221,550
25,000 Quebecor Media, Inc. sr. disc. notes
stepped-coupon zero % (13 3/4s,
7/15/06), 2011 (Canada) (STP) 24,625
196,000 Quebecor Media, Inc. sr. notes 11 1/8s,
2011 (Canada) 224,910
125,000 Rainbow National Services, LLC 144A sr.
notes 8 3/4s, 2012 132,188
160,000 Remington Arms Co., Inc. company
guaranty 10 1/2s, 2011 148,800
80,000 Rite Aid Corp. company guaranty 9 1/2s,
2011 87,800
130,000 Rite Aid Corp. debs. 6 7/8s, 2013 118,300
10,000 Rite Aid Corp. notes 7 1/8s, 2007 10,100
5,000 Rite Aid Corp. 144A notes 6s, 2005 5,088
130,000 Sbarro, Inc. company guaranty 11s, 2009 130,000
35,000 Scotts Co. (The) sr. sub. notes 6 5/8s,
2013 37,013
75,000 Sinclair Broadcast Group, Inc. company
guaranty 8s, 2012 78,188
140,000 Six Flags, Inc. sr. notes 9 5/8s, 2014 137,725
314,000 Six Flags, Inc. sr. notes 8 7/8s, 2010 315,570
50,000 United Rentals (North America), Inc.
company guaranty 6 1/2s, 2012 49,000
40,000 Videotron Ltee company guaranty 6 7/8s,
2014 (Canada) 41,300
90,000 Vivendi Universal SA sr. notes 9 1/4s,
2010 (France) 106,200
135,000 Vivendi Universal SA sr. notes 6 1/4s,
2008 (France) 145,800
75,000 Warner Music Group 144A sr. sub. notes 7
3/8s, 2014 76,875
114,000 Williams Scotsman, Inc. company guaranty
9 7/8s, 2007 112,860
108,000 Young Broadcasting, Inc. company
guaranty 10s, 2011 114,750
50,000 Young Broadcasting, Inc. sr. sub. notes
8 3/4s, 2014 49,125
-------------
7,893,662
Energy (3.4%)
-----------------------------------------------------------------------------------------------------------
145,000 Arch Western Finance, LLC sr. notes 6
3/4s, 2013 151,888
65,000 Arch Western Finance, LLC 144A sr. notes
6 3/4s, 2013 68,088
75,000 Belden & Blake Corp. 144A sec. notes 8
3/4s, 2012 81,188
55,000 Bluewater Finance, Ltd. company guaranty
10 1/4s, 2012 (Cayman Islands) 59,675
90,000 BRL Universal Equipment sec. notes 8
7/8s, 2008 94,725
80,000 CHC Helicopter Corp. sr. sub. notes 7
3/8s, 2014 (Canada) 84,400
54,000 Chesapeake Energy Corp. company guaranty
9s, 2012 61,830
35,000 Chesapeake Energy Corp. company guaranty
7 3/4s, 2015 38,413
115,000 Chesapeake Energy Corp. sr. notes 7
1/2s, 2013 126,500
50,000 Chesapeake Energy Corp. sr. notes 7s,
2014 54,000
75,000 Comstock Resources, Inc. sr. notes 6
7/8s, 2012 77,625
100,000 Dresser, Inc. company guaranty 9 3/8s,
2011 110,000
80,000 Encore Acquisition Co. company guaranty
8 3/8s, 2012 88,400
35,000 Encore Acquisition Co. sr. sub. notes 6
1/4s, 2014 35,700
105,000 Exco Resources, Inc. company guaranty 7
1/4s, 2011 112,613
55,000 Forest Oil Corp. company guaranty 7
3/4s, 2014 59,813
85,000 Forest Oil Corp. sr. notes 8s, 2011 96,475
62,000 Forest Oil Corp. sr. notes 8s, 2008 68,665
55,000 Hanover Compressor Co. sr. notes 9s,
2014 60,913
50,000 Hanover Compressor Co. sr. notes 8 5/8s,
2010 54,250
75,000 Hanover Compressor Co. sub. notes zero %, 2007 63,750
50,000 Hanover Equipment Trust sec. notes Ser.
B, 8 3/4s, 2011 54,250
220,000 Harvest Operations Corp. 144A sr. notes
7 7/8s, 2011 (Canada) 224,400
45,000 Hornbeck Offshore Services, Inc. 144A
sr. notes 6 1/8s, 2014 44,438
50,000 KCS Energy, Inc. sr. notes 7 1/8s, 2012 52,500
225,000 Key Energy Services, Inc. sr. notes 6
3/8s, 2013 228,375
205,000 Massey Energy Co. sr. notes 6 5/8s, 2010 213,200
80,000 Newfield Exploration Co. sr. notes 7
5/8s, 2011 90,000
140,000 Newfield Exploration Co. 144A sr. sub.
notes 6 5/8s, 2014 150,150
100,000 Offshore Logistics, Inc. company
guaranty 6 1/8s, 2013 102,500
60,000 Pacific Energy Partners/Pacific Energy
Finance Corp. sr. notes 7 1/8s, 2014 64,500
110,000 Peabody Energy Corp. sr. notes 5 7/8s,
2016 110,413
50,000 Pemex Project Funding Master Trust
company guaranty 8 5/8s, 2022 57,000
70,000 Pemex Project Funding Master Trust
company guaranty 7 3/8s, 2014 76,566
113,029 Petro Geo-Services notes 10s, 2010
(Norway) 128,853
70,000 Plains Exploration & Production Co.
company guaranty Ser. B, 8 3/4s, 2012 78,750
80,000 Plains Exploration & Production Co. sr.
notes 7 1/8s, 2014 88,000
45,000 Plains Exploration & Production Co. sr.
sub. notes 8 3/4s, 2012 50,625
115,000 Pogo Producing Co. sr. sub. notes Ser.
B, 8 1/4s, 2011 126,213
230,000 Pride International, Inc. 144A sr. notes
7 3/8s, 2014 254,725
80,000 Seabulk International, Inc. company
guaranty 9 1/2s, 2013 86,000
130,000 Star Gas Partners LP/Star Gas Finance
Co. sr. notes 10 1/4s, 2013 138,775
20,000 Universal Compression, Inc. sr. notes 7
1/4s, 2010 21,400
24,000 Vintage Petroleum, Inc. sr. sub. notes 7
7/8s, 2011 25,800
-------------
4,116,344
Financial (0.5%)
-----------------------------------------------------------------------------------------------------------
35,000 Crescent Real Estate Equities LP notes 7
1/2s, 2007 (R) 36,225
110,000 Crescent Real Estate Equities LP sr.
notes 9 1/4s, 2009 (R) 120,175
140,000 E*Trade Finance Corp. 144A sr. notes 8s,
2011 149,450
186,150 Finova Group, Inc. notes 7 1/2s, 2009 89,352
195,000 Western Financial Bank sub. debs. 9
5/8s, 2012 222,300
-------------
617,502
Health Care (2.6%)
-----------------------------------------------------------------------------------------------------------
100,000 Alderwoods Group, Inc. 144A sr. notes 7
3/4s, 2012 106,750
82,000 AmerisourceBergen Corp. company guaranty
7 1/4s, 2012 89,995
160,000 AmerisourceBergen Corp. sr. notes 8
1/8s, 2008 176,400
135,000 Ardent Health Services, Inc. sr. sub.
notes 10s, 2013 135,338
90,000 Elan Finance PLC/Elan Finance Corp. 144A
sr. notes 7 3/4s, 2011 (Ireland) 95,175
40,000 Extendicare Health Services, Inc.
company guaranty 9 1/2s, 2010 44,800
75,000 Extendicare Health Services, Inc. sr.
sub. notes 6 7/8s, 2014 76,875
10,000 HCA, Inc. debs. 7.19s, 2015 10,336
50,000 HCA, Inc. notes 6 3/8s, 2015 49,439
45,000 HCA, Inc. notes 5 3/4s, 2014 43,093
40,000 HCA, Inc. sr. notes 6.95s, 2012 41,754
175,000 Healthsouth Corp. notes 7 5/8s, 2012 172,813
37,000 Healthsouth Corp. sr. notes 8 1/2s, 2008 38,064
37,000 Healthsouth Corp. sr. notes 8 3/8s, 2011 37,370
55,000 Insight Health Services Corp. 144A
company guaranty 9 7/8s, 2011 55,825
39,220 Magellan Health Services, Inc. sr. notes
Ser. A, 9 3/8s, 2008 42,309
31,000 MedQuest, Inc. company guaranty Ser. B,
11 7/8s, 2012 36,270
145,000 MQ Associates, Inc. sr. disc. notes
stepped-coupon zero % (12 1/4s,
8/15/08), 2012 (STP) 102,950
90,000 Omnicare, Inc. sr. sub. notes 6 1/8s,
2013 90,450
70,000 Owens & Minor, Inc. company guaranty 8
1/2s, 2011 77,000
100,000 PacifiCare Health Systems, Inc. company
guaranty 10 3/4s, 2009 114,750
155,000 Province Healthcare Co. sr. sub. notes 7
1/2s, 2013 174,375
10,000 Service Corp. International notes 7.2s,
2006 10,400
5,000 Service Corp. International notes 6
7/8s, 2007 5,250
21,000 Service Corp. International notes 6
1/2s, 2008 21,893
25,000 Service Corp. International notes Ser.
*, 7.7s, 2009 27,250
110,000 Service Corp. International/US 144A sr.
notes 7s, 2016 115,500
60,000 Stewart Enterprises, Inc. notes 10 3/4s,
2008 65,550
70,000 Tenet Healthcare Corp. notes 7 3/8s,
2013 68,250
10,000 Tenet Healthcare Corp. sr. notes 6 1/2s,
2012 9,300
170,000 Tenet Healthcare Corp. sr. notes 6 3/8s,
2011 157,675
145,000 Tenet Healthcare Corp. 144A sr. notes 9
7/8s, 2014 155,875
100,000 Triad Hospitals, Inc. sr. notes 7s, 2012 105,500
180,000 Triad Hospitals, Inc. sr. sub. notes 7s,
2013 184,500
75,000 Universal Hospital Services, Inc. sr.
notes 10 1/8s, 2011 79,125
45,000 US Oncology, Inc. 144A sr. notes 9s,
2012 49,950
30,000 US Oncology, Inc. 144A sr. sub. notes 10
3/4s, 2014 34,275
80,000 Vanguard Health Holding Co. II, LLC 144A
sr. sub. notes 9s, 2014 85,000
40,000 Ventas Realty LP/Capital Corp. company
guaranty 9s, 2012 (R) 46,300
30,000 Ventas Realty LP/Capital Corp. 144A sr.
notes 6 5/8s, 2014 (R) 30,525
55,000 VWR International, Inc. 144A sr. notes 6
7/8s, 2012 57,200
-------------
3,121,449
Other (2.3%)
-----------------------------------------------------------------------------------------------------------
2,680,000 Dow Jones CDX HY 144A pass-through
certificates 7 3/4s, 2009 2,720,200
Technology (1.5%)
-----------------------------------------------------------------------------------------------------------
160,000 Advanced Micro Devices, Inc. 144A sr.
notes 7 3/4s, 2012 163,200
64,000 AMI Semiconductor, Inc. company guaranty
10 3/4s, 2013 75,040
55,000 Amkor Technologies, Inc. sr. sub. notes
10 1/2s, 2009 51,425
120,000 Celestica, Inc. sr.sub. notes 7 7/8s,
2011 (Canada) 127,200
211,000 Iron Mountain, Inc. company guaranty 8
5/8s, 2013 223,660
135,000 Lucent Technologies, Inc. debs. 6.45s,
2029 115,763
5,000 Lucent Technologies, Inc. notes 5 1/2s,
2008 5,150
55,000 New ASAT Finance, Ltd. 144A company
guaranty 9 1/4s, 2011 (Cayman Islands) 48,950
170,000 Nortel Networks Corp. notes 6 1/8s, 2006
(Canada) 171,700
119,000 ON Semiconductor Corp. company guaranty
13s, 2008 136,255
45,000 SCG Holding Corp. 144A notes zero %,
2011 64,350
85,000 Seagate Technology Hdd Holdings company
guaranty 8s, 2009 (Cayman Islands) 91,375
120,000 UGS Corp. 144A sr. sub. notes 10s, 2012 136,800
105,000 Xerox Capital Trust I company guaranty
8s, 2027 106,838
3,000 Xerox Corp. company guaranty 9 3/4s,
2009 3,510
55,000 Xerox Corp. notes Ser. MTN, 7.2s, 2016 57,475
144,000 Xerox Corp. sr. notes 7 5/8s, 2013 158,040
110,000 Xerox Corp. sr. notes 6 7/8s, 2011 116,325
-------------
1,853,056
Transportation (0.4%)
-----------------------------------------------------------------------------------------------------------
70,000 American Airlines, Inc. pass-through
certificates Ser. 01-1, 6.817s, 2011 64,575
140,000 Calair, LLC/Calair Capital Corp. company
guaranty 8 1/8s, 2008 110,600
185,000 Kansas City Southern Railway Co. company
guaranty 9 1/2s, 2008 209,975
25,000 Kansas City Southern Railway Co. company
guaranty 7 1/2s, 2009 26,031
97,000 Navistar International Corp. company
guaranty Ser. B, 9 3/8s, 2006 103,790
20,000 Travel Centers of America, Inc. company
guaranty 12 3/4s, 2009 22,650
-------------
537,621
Utilities & Power (3.2%)
-----------------------------------------------------------------------------------------------------------
22,000 AES Corp. (The) sr. notes 8 7/8s, 2011 25,190
6,000 AES Corp. (The) sr. notes 8 3/4s, 2008 6,600
105,000 AES Corp. (The) 144A sec. notes 9s, 2015 120,750
150,000 AES Corp. (The) 144A sec. notes 8 3/4s,
2013 170,250
75,000 Allegheny Energy Supply 144A bonds 8
1/4s, 2012 84,938
45,000 Allegheny Energy Supply 144A sec. notes
10 1/4s, 2007 51,413
35,000 CenterPoint Energy Resources Corp. debs.
6 1/2s, 2008 37,526
20,000 CenterPoint Energy Resources Corp. sr.
notes Ser. B, 7 7/8s, 2013 23,507
15,000 CMS Energy Corp. pass-through
certificates 7s, 2005 15,030
30,000 CMS Energy Corp. sr. notes 8.9s, 2008 33,225
55,000 CMS Energy Corp. sr. notes 8 1/2s, 2011 62,563
25,000 CMS Energy Corp. sr. notes 7 3/4s, 2010 27,313
275,000 DPL, Inc. bonds 8 1/8s, 2031 310,063
15,000 Dynegy Holdings, Inc. sr. notes 6 7/8s,
2011 14,475
190,000 Dynegy Holdings, Inc. 144A sec. notes 10
1/8s, 2013 221,825
50,000 Dynegy-Roseton Danskamme company
guaranty Ser. A, 7.27s, 2010 50,750
75,000 Dynegy-Roseton Danskamme company
guaranty Ser. B, 7.67s, 2016 72,375
55,000 El Paso Corp. sr. notes 7 3/8s, 2012 54,863
115,000 El Paso Corp. sr. notes Ser. MTN, 7
3/4s, 2032 105,800
25,000 El Paso Natural Gas Co. debs. 8 5/8s,
2022 28,500
130,000 El Paso Production Holding Co. company
guaranty 7 3/4s, 2013 135,525
95,000 Ferrellgas Partners LP/Ferrellgas
Partners Finance sr. notes 6 3/4s, 2014 97,850
30,000 Kansas Gas & Electric debs. 8.29s, 2016 30,966
170,000 Midwest Generation, LLC sec. sr. notes 8
3/4s, 2034 192,738
95,000 Mission Energy Holding Co. sec. notes 13
1/2s, 2008 119,106
55,000 Monongahela Power Co. 144A 1st. mtge.
6.7s, 2014 60,423
65,000 Nevada Power Co. 2nd mtge. 9s, 2013 75,400
45,000 Nevada Power Co. 144A general ref. mtge.
5 7/8s, 2015 45,225
135,000 Northwest Pipeline Corp. company
guaranty 8 1/8s, 2010 150,694
355,000 NRG Energy, Inc. 144A sec. notes 8s,
2013 392,275
75,000 Orion Power Holdings, Inc. sr. notes
12s, 2010 94,500
20,000 PG&E Gas Transmission Northwest sr.
notes 7.1s, 2005 20,415
80,000 PSEG Energy Holdings, Inc. notes 7 3/4s,
2007 85,600
65,000 SEMCO Energy, Inc. sr. notes 7 3/4s,
2013 71,175
90,000 SEMCO Energy, Inc. 144A sr. notes 7
3/4s, 2013 92,700
20,000 Sierra Pacific Power Co. general ref.
mtge. 6 1/4s, 2012 20,900
130,000 Sierra Pacific Resources sr. notes 8
5/8s, 2014 148,200
40,000 Teco Energy, Inc. notes 10 1/2s, 2007 46,300
25,000 Teco Energy, Inc. notes 7.2s, 2011 27,625
40,000 Teco Energy, Inc. notes 7s, 2012 43,600
10,000 Tennessee Gas Pipeline Co. debs. 7s,
2028 9,800
60,000 Tennessee Gas Pipeline Co. unsecd. notes
7 1/2s, 2017 65,475
15,000 Transcontinental Gas Pipeline Corp.
debs. 7 1/4s, 2026 16,275
85,000 Utilicorp Canada Finance Corp. company
guaranty 7 3/4s, 2011 (Canada) 89,250
55,000 Utilicorp United, Inc. sr. notes 9.95s,
2011 62,425
47,000 Western Resources, Inc. sr. notes 9
3/4s, 2007 52,697
20,000 Williams Cos., Inc. (The) notes 8 3/4s,
2032 23,100
20,000 Williams Cos., Inc. (The) notes 8 1/8s,
2012 23,100
25,000 Williams Cos., Inc. (The) notes 7 5/8s,
2019 27,875
-------------
3,838,170
-------------
Total Corporate bonds and notes (cost $48,952,760) $51,630,987
Convertible preferred stocks (32.5%) (a)
-----------------------------------------------------------------------------------------------------------
Number of shares Value
-----------------------------------------------------------------------------------------------------------
Basic Materials (3.2%)
-----------------------------------------------------------------------------------------------------------
1,360 Freeport-McMoRan Copper & Gold, Inc.
144A 5.50% cv. pfd. $1,329,060
1,240 Hercules Trust II 6.50% units cum. cv.
pfd. 1,078,800
52,400 Smurfit-Stone Container Corp. Ser. A,
$1.75 cum. cv. pfd. 1,368,950
-------------
3,776,810
Capital Goods (4.3%)
-----------------------------------------------------------------------------------------------------------
21,300 Coltec Capital Trust $2.625 cv. pfd. 985,125
19,600 Northrop Grumman Corp. Ser. B, $7.00
cum. cv. pfd. 2,646,000
39,100 Owens-Illinois, Inc. $2.375 cv. pfd. 1,505,350
-------------
5,136,475
Communication Services (2.4%)
-----------------------------------------------------------------------------------------------------------
35,020 CenturyTel, Inc. $1.719 cv. pfd. 893,010
21,700 Cinncinnati Bell, Inc. Ser. B, $3.378
cum. cv. pfd. 863,660
21,923 Crown Castle International Corp. $3.125
cum. cv. pfd. 1,074,227
-------------
2,830,897
Consumer Cyclicals (5.2%)
-----------------------------------------------------------------------------------------------------------
8,070 Central Parking Finance Trust 144A
$1.313 cv. pfd. 147,681
6,300 Emmis Communications Corp. Ser. A,
$3.125 cum. cv. pfd. 286,650
60,700 FelCor Lodging Trust, Inc. Ser. A, $1.95
cum. cv. pfd. (R) 1,487,150
24,600 Ford Motor Company Capital Trust II
$3.25 cum. cv. pfd. 1,288,425
28,600 Host Marriott Financial Trust $3.375 cv.
pfd. 1,540,825
30,300 TXI Capital Trust I $2.75 cv. pfd. 1,522,575
-------------
6,273,306
Consumer Staples (2.7%)
-----------------------------------------------------------------------------------------------------------
25,100 Albertson's, Inc. $1.813 cv. pfd. 687,113
20,120 Constellation Brands, Inc. Ser. A,
$1.438 cv. pfd. 721,805
25,200 Sinclair Broadcast Group, Inc. Ser. D,
$3.00 cv. pfd. 1,023,750
38,900 Six Flags, Inc. $1.813 cum. cv. pfd. 836,350
-------------
3,269,018
Energy (1.7%)
-----------------------------------------------------------------------------------------------------------
12,800 Amerada Hess Corp. $3.50 cv. pfd. 1,008,000
19,700 Hanover Compressor Capital Trust $3.625
cum. cv. pfd. (S) 1,051,488
-------------
2,059,488
Financial (4.5%)
-----------------------------------------------------------------------------------------------------------
11,800 Capital One Financial Corp. $3.125 cv.
pfd. 628,350
34,100 Chubb Corp. (The) $1.75 cv. pfd. 1,005,950
44,996 Decs Trust IX 6.75% cv. pfd. 382,466
15,403 Hartford Financial Services Group, Inc.
(The) $3.50 cv. pfd. 951,135
20,400 Lehman Brothers Holdings, Inc. $1.563
cv. pfd. 520,200
23,600 Washington Mutual Capital Trust I $2.688
units cum. cv. pfd. 1,283,250
25,600 XL Capital, Ltd. $1.625 cv. pfd. (Cayman
Islands) 631,808
-------------
5,403,159
Health Care (1.5%)
-----------------------------------------------------------------------------------------------------------
36,650 Schering-Plough Corp. $3.00 cv. pfd. 1,823,338
Technology (1.2%)
-----------------------------------------------------------------------------------------------------------
10,800 Xerox Corp. 6.25% cv. pfd. 1,480,950
Utilities & Power (5.8%)
-----------------------------------------------------------------------------------------------------------
21,000 Aquila, Inc. $1.688 cv. pfd. 682,500
25,250 El Paso Energy Capital Trust I $2.375
cv. pfd. (S) 918,469
49,200 Great Plains Energy, Inc. $2.00 cum. cv.
pfd. (S) 1,266,900
20,000 ONEOK, Inc. $2.125 units cv. pfd. 695,800
9,000 Public Service Enterprise Group, Inc.
$5.125 cv. pfd. 523,125
40,900 Sempra Energy $2.125 units cv. pfd. 1,262,788
17,200 Sierra Pacific Resources $4.50 units
cum. cv. pfd. 715,864
9,830 Williams Cos., Inc. (The) 144A $2.75 cv.
pfd. 836,779
-------------
6,902,225
-------------
Total Convertible preferred stocks (cost $33,720,830) $38,955,666
Convertible bonds and notes (17.1%) (a)
-----------------------------------------------------------------------------------------------------------
Principal amount Value
-----------------------------------------------------------------------------------------------------------
Capital Goods (0.6%)
-----------------------------------------------------------------------------------------------------------
$660,000 Titan International, Inc. 144A cv. sr.
notes 5 1/4s, 2009 $789,558
Communication Services (1.1%)
-----------------------------------------------------------------------------------------------------------
1,275,000 Charter Communications, Inc. 144A cv.
sr. notes 5 7/8s, 2009 1,357,875
400,000 Cybernet Internet Services
International, Inc. 144A cv. sr. disc.
notes 13s, 2009 (Denmark) (In default)
(NON) 4
-------------
1,357,879
Conglomerates (1.1%)
-----------------------------------------------------------------------------------------------------------
1,250,000 GenCorp, Inc. cv. sub. notes 5 3/4s,
2007 1,334,375
Consumer Cyclicals (2.2%)
-----------------------------------------------------------------------------------------------------------
650,000 Mediacom Communications Corp. cv. sr.
notes 5 1/4s, 2006 635,375
1,060,000 Meristar Hospitality Corp. cv. sub.
notes 9 1/2s, 2010 (R) 1,278,625
595,000 WCI Communities, Inc. cv. sr. sub. notes
4s, 2023 688,713
-------------
2,602,713
Consumer Staples (1.1%)
-----------------------------------------------------------------------------------------------------------
1,260,000 Rite Aid Corp. cv. notes 4 3/4s, 2006 1,272,600
Energy (0.3%)
-----------------------------------------------------------------------------------------------------------
250,000 McMoran Exploration Co. cv. sr. notes
6s, 2008 338,438
Financial (0.5%)
-----------------------------------------------------------------------------------------------------------
800,000 Rewards Network, Inc. cv. sub. debs. 3
1/4s, 2023 618,000
Technology (7.8%)
-----------------------------------------------------------------------------------------------------------
600,000 Agere Systems, Inc. cv. notes 6 1/2s,
2009 631,500
1,100,000 Amkor Technologies, Inc. cv. notes 5
3/4s, 2006 1,061,500
1,297,000 Aspen Technology, Inc. cv. sub. debs. 5
1/4s, 2005 1,290,515
980,000 Avaya, Inc. cv. Liquid Yield Option
Notes (LYON) zero %, 2021 606,375
600,000 Fairchild Semiconductor International,
Inc. cv. company guaranty 5s, 2008 603,750
900,000 Kulicke & Soffa Industries, Inc. cv.
sub. notes 0.50s, 2008 693,000
1,200,000 Lucent Technologies, Inc. cv. sub. debs.
8s, 2031 1,347,000
930,000 Manugistics Group, Inc. cv. sub. notes
5s, 2007 845,138
920,000 ON Semiconductor Corp. 144A cv. bonds
zero %, 2024 641,700
1,730,000 Safeguard Scientifics, Inc. 144A cv. sr.
notes 2 5/8s, 2024 1,273,713
280,000 Silicon Graphics, Inc. cv. notes 6 1/2s,
2009 385,000
-------------
9,379,191
Transportation (0.5%)
-----------------------------------------------------------------------------------------------------------
750,000 Continental Airlines, Inc. cv. notes 4
1/2s, 2007 557,813
Utilities & Power (1.9%)
-----------------------------------------------------------------------------------------------------------
605,000 AES Corp. (The) cv. sub. notes 4 1/2s,
2005 605,000
1,400,000 El Paso Corp. cv. debs. zero %, 2021 726,250
126,000 Sierra Pacific Resources 144A cv. notes
7 1/4s, 2010 308,070
440,000 XCEL Energy, Inc. 144A cv. notes 7 1/2s,
2007 676,500
-------------
2,315,820
-------------
Total Convertible bonds and notes (cost $18,991,673) $20,566,387
Common stocks (1.8%) (a)
-----------------------------------------------------------------------------------------------------------
Number of shares Value
-----------------------------------------------------------------------------------------------------------
214 AboveNet, Inc. (NON) (S) $5,564
50,000 AMRESCO Creditor Trust (acquired
9/20/00, cost $38,655) (RES) (NON) (R)
(F) 50
156 Birch Telecom, Inc. (NON) (F) 2
15,362 Coinmach Service Corp. IDS (Income
Deposit Securities) (NON) (S) 209,538
293,993 Contifinancial Corp. Liquidating Trust
Units 2,940
2,031 Covad Communications Group, Inc. (NON)
(S) 3,168
66 Crown Castle International Corp. (NON) 1,114
3,492 Globix Corp. (NON) 10,651
75,000 iPCS Escrow, Inc. (NON) 75
1,745 iPCS, Inc. (NON) 44,672
16 Knology, Inc. (NON) 55
64 Leucadia National Corp. 4,013
227 Polymer Group, Inc. Class A (NON) 4,313
334 PSF Group Holdings, Inc. 144A Class A
(NON) (F) 501,450
83,600 Service Corporation Intl. (NON) 590,216
25 Sterling Chemicals, Inc. (NON) 800
102 Sun Healthcare Group, Inc. (NON) 765
28 USA Mobility, Inc. (NON) (S) 1,018
14,550 VS Holdings, Inc. (NON) 10,913
408 Washington Group International, Inc.
(NON) 15,912
44,400 Williams Cos., Inc. (The) (S) 740,148
-------------
Total Common stocks (cost $3,295,912) $2,147,377
Foreign government bonds and notes (0.6%) (a)
-----------------------------------------------------------------------------------------------------------
Principal amount Value
-----------------------------------------------------------------------------------------------------------
$70,000 Colombia (Republic of) bonds Ser. NOV, 9
3/4s, 2009 $79,030
55,000 Colombia (Republic of) notes 10 3/4s,
2013 64,460
95,000 Ecuador (Republic of) bonds Ser. REGS,
stepped-coupon 8s (9s, 8/15/05), 2030
(STP) 81,510
110,000 Indonosia (Republic of) 144A sr. notes 6
3/4s, 2014 107,800
40,000 Peru (Republic of) bonds 8 3/4s, 2033 40,420
10,000 Philippines (Republic of) bonds 8 3/8s,
2011 10,000
130,000 Philippines (Republic of) sr. notes 8
7/8s, 2015 128,245
135,000 Russia (Federation of) unsub.
stepped-coupon 5s (7 1/2s, 3/31/07),
2030 (STP) 133,988
14,000 Ukraine (Government of) sr. notes Ser.
REGS, 11s, 2007 14,648
35,000 United Mexican States bonds Ser. MTN,
8.3s, 2031 39,620
-------------
Total Foreign government bonds and notes (cost $648,428) $699,721
Preferred stocks (0.1%) (a)
-----------------------------------------------------------------------------------------------------------
Number of shares Value
-----------------------------------------------------------------------------------------------------------
2 Dobson Communications Corp. 13.00% pfd.
(PIK) $760
13 Paxson Communications Corp. 14.25% cum.
pfd. (PIK) (S) 97,500
-------------
Total Preferred stocks (cost $121,045) $98,260
Units (0.1%) (a) (cost $303,520)
-----------------------------------------------------------------------------------------------------------
Number of units Value
-----------------------------------------------------------------------------------------------------------
208 XCL Equity Units (F) $92,328
Brady bonds (0.1%) (a) (cost $77,811)
-----------------------------------------------------------------------------------------------------------
Principal amount Value
-----------------------------------------------------------------------------------------------------------
$83,600 Peru (Republic of) FRB Ser. 20YR, 5s,
2017 $78,166
Warrants (0.1%) (a) (NON)
-----------------------------------------------------------------------------------------------------------
Number of warrants Expiration date Value
-----------------------------------------------------------------------------------------------------------
71 AboveNet, Inc. 9/8/08 $568
83 AboveNet, Inc. 9/8/10 332
140 Dayton Superior Corp. 144A 6/15/09 1
161 Huntsman Co., LLC 144A 5/15/11 56,350
72 MDP Acquisitions PLC 144A 10/1/13 2,880
60 Pliant Corp. 144A 6/1/10 1
240 Travel Centers of America, Inc. 144A 5/1/09 1,200
220 Ubiquitel, Inc. 144A 4/15/10 1
250 Washington Group International, Inc.
Ser. A 1/25/06 2,900
287 Washington Group International, Inc.
Ser. B 1/25/06 2,640
156 Washington Group International, Inc.
Ser. C 1/25/06 1,271
-------------
Total Warrants (cost $88,220) $68,144
Short-term investments (5.2%) (a)
-----------------------------------------------------------------------------------------------------------
Principal amount Value
-----------------------------------------------------------------------------------------------------------
$4,761,733 Putnam Prime Money Market Fund (e) $4,761,733
1,473,405 Short-term investments held as
collateral for loaned securities with
yields ranging from 1.94% to 2.21% and
due dates ranging from December 1, 2004
to January 7, 2005 (d) 1,472,854
-------------
Total Short-term investments (cost $6,234,587) $6,234,587
-----------------------------------------------------------------------------------------------------------
Total Investments (cost $112,434,786) (b) $120,571,623
-----------------------------------------------------------------------------------------------------------
Forward currency contracts to sell at November 30, 2004 (Unaudited)
(aggregate face value $389,444)
Aggregate Delivery Unrealized
Value face value date depreciation
----------------------------------------------------------------------------
Euro $390,605 $389,444 3/16/05 $(1,161)
----------------------------------------------------------------------------
Credit default contracts outstanding at November 30, 2004 (Unaudited)
Unrealized
Notional appreciation/
amount (depreciation)
----------------------------------------------------------------------------
Agreement with Goldman Sachs
effective September 2, 2004,
terminating on the date on
which the notional amount is
reduced to zero or the date on
which the assets securing the
reference obligation are
liquidated, the fund receives a
payment of the outstanding
notional amount times 2.35% and
the fund pays in the event of a
credit default in one of the
underlying securities in the
basket of BB CMBS securities. $19,556 $291
Agreement with Goldman Sachs
effective September 2, 2004,
terminating on the date on
which the notional amount is
reduced to zero or the date on
which the assets securing the
reference obligation are
liquidated, the fund receives a
payment of the outstanding
notional amount times 2.55625%
and the fund pays in the event
of a credit default in one of
the underlying securities in
the basket of BB CMBS
securities. 19,556 100
Agreement with Goldman Sachs
effective September 2, 2004,
terminating on the date on
which the notional amount is
reduced to zero or the date on
which the assets securing the
reference obligation are
liquidated, the fund receives a
payment of the outstanding
notional amount times 2.4625%
and the fund pays in the event
of a credit default in one of
the underlying securities in
the basket of BB CMBS
securities. 9,778 173
Agreement with Goldman Sachs
effective September 2, 2004,
terminating on the date on
which the notional amount is
reduced to zero or the date on
which the assets securing the
reference obligation are
liquidated, the fund receives a
payment of the outstanding
notional amount times 2.433%
and the fund pays in the event
of a credit default in one of
the underlying securities in
the basket of BB CMBS
securities. 7,333 138
Agreement with Goldman Sachs
effective September 2, 2004,
terminating on the date on
which the notional amount is
reduced to zero or the date on
which the assets securing the
reference obligation are
liquidated, the fund receives a
payment of the outstanding
notional amount times 2.475%
and the fund pays in the event
of a credit default in one of
the underlying securities in
the basket of BB CMBS
securities. 4,889 52
Agreement with Goldman Sachs
effective September 2, 2004,
terminating on the date on
which the notional amount is
reduced to zero or the date on
which the assets securing the
reference obligation are
liquidated, the fund receives a
payment of the outstanding
notional amount times 2.5% and
the fund pays in the event of a
credit default in one of the
underlying securities in the
basket of BB CMBS securities. 2,444 100
Agreement with Goldman Sachs
effective September 2, 2004,
terminating on the date on
which the notional amount is
reduced to zero or the date on
which the assets securing the
reference obligation are
liquidated, the fund receives a
payment of the outstanding
notional amount times 2.6% and
the fund pays in the event of a
credit default in one of the
underlying securities in the
basket of BB CMBS securities. 2,444 (64)
----------------------------------------------------------------------------
$790
----------------------------------------------------------------------------
NOTES
(a) Percentages indicated are based on net assets of $120,016,377.
(b) The aggregate identified cost on a tax basis is $112,661,069, resulting
in gross unrealized appreciation and depreciation of $11,494,498 and
$3,583,944, respectively, or net unrealized appreciation of
$7,910,554.
(NON) Non-income-producing security.
(STP) The interest rate and date shown parenthetically represent the
new interest rate to be paid and the date the fund will begin accruing
interest at this rate.
(RES) Restricted, excluding 144A securities, as to public resale. The
total market value of restricted securities held at November 30, 2004
was $50 or less than 0.1% of net assets.
(PIK) Income may be received in cash or additional securities at the
discretion of the issuer.
(R) Real Estate Investment Trust.
(S) Securities on loan, in part or in entirety, at November 30, 2004.
(d) The fund may lend securities, through its agents, to qualified
borrowers in order to earn additional income. The loans are
collateralized by cash and/or securities in an amount at least equal
to the market value of the securities loaned. The market value of
securities loaned is determined daily and any additional required
collateral is allocated to the fund on the next business day. The
risk of borrower default will be borne by the fund's agents; the fund
will bear the risk of loss with respect to the investment of the cash
collateral. Income from securities lending is included in investment
income on the statement of operations. At November 30, 2004, the
value of securities loaned amounted to $1,413,882. The fund received
cash collateral of $1,472,854 which is pooled with collateral of other
Putnam funds into 20 issuers of high grade short-term investments.
(e) Pursuant to an Exemptive Order from the Securities and Exchange
Commission, the fund invests in Putnam Prime Money Market Fund, an
open-end management investment company managed by Putnam Investment
Management, LLC ("Putnam Management"), the fund's manager, an indirect
wholly-owned subsidiary of Putnam, LLC. Management fees paid by the
fund are reduced by an amount equal to the management fees paid by
Putnam Prime Money Market Fund with respect to assets invested by the
fund in Putnam Prime Money Market Fund. Income distributions earned
by the fund totaled $15,202 for the period ended November 30, 2004.
(F) Security is valued at fair value following procedures approved by
the Trustees.
144A after the name of a security represents those exempt from
registration under Rule 144A of the Securities Act of 1933. These
securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers.
The rates shown on Floating Rate Bonds (FRB) and Floating Rate Notes
(FRN) are the current interest rates at November 30, 2004.
Security valuation Investments for which market quotations are readily
available are valued at the last reported sales price on their
principal exchange, or official closing price for certain markets. If
no sales are reported -- as in the case of some securities traded
over-the-counter -- a security is valued at its last reported bid
price. Market quotations are not considered to be readily available
for certain debt obligations; such investments are valued at fair
value on the basis of valuations furnished by an independent pricing
service or dealers, approved by the Trustees. Such services or
dealers determine valuations for normal institutional-size trading
units of such securities using methods based on market transactions
for comparable securities and various relationships, generally
recognized by institutional traders, between securities. Many
securities markets and exchanges outside the U.S. close prior to the
close of the New York Stock Exchange and therefore the closing prices
for securities in such markets or on such exchanges may not fully
reflect events that occur after such close but before the close of the
New York Stock Exchange. Accordingly, on certain days, the fund will
fair value foreign securities taking into account multiple factors,
including movements in the U.S. securities markets. The number of
days on which fair value prices will be used will depend on market
activity and it is possible that fair value prices will be used by the
fund to a significant extent.
Securities quoted in foreign currencies are translated into U.S.
dollars at the current exchange rate.
Short-term investments having remaining maturities of 60 days or less
are valued at amortized cost, which approximates fair value.
Other investments, including restricted securities, are valued at fair
value following procedures approved by the Trustees. Such valuations
and procedures are reviewed periodically by the Trustees.
Forward currency contracts The fund may buy and sell forward currency
contracts, which are agreements between two parties to buy and sell
currencies at a set price on a future date. These contracts are used
to protect against a decline in value relative to the U.S. dollar of
the currencies in which its portfolio securities are denominated or
quoted (or an increase in the value of a currency in which securities
a fund intends to buy are denominated, when a fund holds cash reserves
and short term investments). The U.S. dollar value of forward
currency contracts is determined using current forward currency
exchange rates supplied by a quotation service. The market value of
the contract will fluctuate with changes in currency exchange rates.
The contract is marked to market daily and the change in market value
is recorded as an unrealized gain or loss. When the contract is
closed, the fund records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened
and the value at the time it was closed. The fund could be exposed to
risk if the value of the currency changes unfavorably, if the
counterparties to the contracts are unable to meet the terms of their
contracts or if the fund is unable to enter into a closing position.
Risks may exceed amounts recognized on the statement of assets and
liabilities. Forward currency contracts outstanding at period end, if
any, are listed after the fund's portfolio.
Credit default contracts The fund may enter into credit default
contracts where one party, the protection buyer, makes an upfront or
periodic payment to a counter party, the protection seller, in
exchange for the right to receive a contingent payment. The maximum
amount of the payment may equal the notional amount, at par, of the
underlying index or security as a result of a related credit event. An
upfront payment received by the fund, as the protection seller, is
recorded as a liability on the fund's books. An upfront payment made
by the fund, as the protection buyer, is recorded as an asset on the
fund's books. Periodic payments received or paid by the fund are
recorded as realized gains or losses. The credit default contracts
are marked to market daily based upon quotations from market makers
and the change, if any, is recorded as unrealized gain or loss.
Payments received or made as a result of a credit event or termination
of the contract are recognized, net of a proportional amount of the
upfront payment, as realized gains or losses. In addition to bearing
the risk that the credit event will occur, the fund could be exposed
to market risk due to unfavorable changes in interest rates or in the
price of the underlying security or index, the possibility that the
fund may be unable to close out its position at the same time or at
the same price as if it had purchased comparable publicly traded
securities or that the counterparty may default on its obligation to
perform. Risks of loss may exceed amounts recognized on the statement
of asses and liabilities. Credit default contracts outstanding at
period end, if any, are listed after the fund's portfolio.
For additional information regarding the fund please see the fund's
most recent annual or semiannual shareholder report filed on the
Securities and Exchange Commission's Web site, www.sec.gov, or visit
Putnam's Individual Investor Web site at www.putnaminvestments.com
Item 2. Controls and Procedures:
--------------------------------
(a) The registrant's principal executive officer and principal
financial officer have concluded, based on their evaluation of the
effectiveness of the design and operation of the registrant's
disclosure controls and procedures as of a date within 90 days of
the filing date of this report, that the design and operation of
such procedures are generally effective to provide reasonable
assurance that information required to be disclosed by the registrant
in this report is recorded, processed, summarized and reported within
the time periods specified in the Commission's rules and forms.
(b) Changes in internal control over financial reporting:
Not applicable
Item 3. Exhibits:
------------------
A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Investment Company Act of 1940, as amended, are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
NAME OF REGISTRANT
By (Signature and Title): /s/ Michael T. Healy
--------------------------
Michael T. Healy
Principal Accounting Officer
Date: January 28, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By (Signature and Title): /s/ Charles E. Porter
---------------------------
Charles E. Porter
Principal Executive Officer
Date: January 28, 2005
By (Signature and Title): /s/ Steven D. Krichmar
---------------------------
Steven D. Krichmar
Principal Financial Officer
Date: January 28, 2005