<PAGE>
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MANAGED MUNICIPALS
PORTFOLIO II INC.
QUARTERLY REPORT
November 30, 1993
[LOGO]
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The green cover has a golden picture of an eagle sitting on top of a shield
with
two warriors on either side.
<PAGE>
MANAGED MUNICIPALS
PORTFOLIO II INC.
November 30, 1993
DEAR SHAREHOLDER:
The strong price appreciation of the securities in the Portfolio over
the course of 1993 resulted directly from the historic decline in interest
rates as well as the enactment of new tax legislation that additionally
fueled investors' demand for tax-exempt issues. Securities regulations
which
govern the management of this and other closed-end funds require that the
Portfolio distribute annually any realized net capital gains;
consequently,
in December, the Portfolio paid a short-term capital gain of $0.59 per
share.
Because the Portfolio's capital gain was substantially more than its
current tax-exempt dividend, even after the assessment of Federal income
tax, the Portfolio's Board of Directors elected to forgo the regular
monthly
dividend for the month of December only. This action is intended to
support
the dividend level going forward.
During the Portfolio's past fiscal quarter, the first blush of
positive
economic news permeated the bond market. The combination of record new
issue
volume and stronger economic fundamentals caused all fixed income
securities
to move to higher rates (and lower prices) by late November. We think
municipal new issue volume will decline substantially in the future and
that
tax-exempts should outperform taxable bonds over the next year in any
market
climate.
We are implementing a two-pronged strategy for our investment
decisions:
the first prong consists of maintaining a high-grade approach to credit
quality and the second is to shorten the average maturities in the
Portfolio. Current tax rates in the United States make municipals a very
prudent investment on an after-tax basis. However, against the backdrop of
an improving economy which could ignite expectations for higher inflation
and interest rates, we feel a more conservative approach to interest rate
risk will prove the most prudent course to pursue.
CONTINUED
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<PAGE>
From time to time, we also will use a futures contract to enhance the
defensive nature of the Portfolio. The futures contract (which is an
agreement to buy or sell a specific amount of a financial instrument at a
particular price on an agreed-upon date) is used as a hedging vehicle in
declining markets to help preserve your investment capital. We believe
preservation of capital is a critical element in our total return
philosophy
of investing.
As of November 30, 23% of the Portfolio was rated AAA, 18% was rated
AA
and 15% was rated A by either Standard & Poor's Corporation or Moody's
Investors Services, Inc. (two nationally recognized bond rating
organizations). The average maturity was 21 years, and the majority of the
Portfolio's holdings were in the transportation, general obligation,
hospital and education sectors.
If you have any questions or comments about your investment in the
Portfolio, please contact The Shareholder Services Group, Inc. at (800)
331-1710. We appreciate your continued confidence.
Sincerely,
Heath B. McLendon Joseph P. Deane
CHAIRMAN OF THE BOARD VICE PRESIDENT AND
INVESTMENT OFFICER
January 5, 1994
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<PAGE>
UNAUDITED FINANCIAL DATA
PER SHARE OF COMMON STOCK
<TABLE>
<CAPTION>
NYSE NET ASSET DIVIDEND
CLOSING PRICE VALUE PAID
------------- --------- --------
- -
<S> <C> <C> <C>
September 30, 1993..................... $12.500 $13.44 $0.061
October 31, 1993....................... 12.375 13.49 0.061
November 30, 1993...................... 12.500 13.29 0.061
</TABLE>
DIVIDEND DATA*
FOR THE PERIOD ENDED NOVEMBER 30, 1993
<TABLE>
<CAPTION>
EQUIVALENT TAXABLE
DISTRIBUTION RATE
------------------------------
PER SHARE ANNUALIZED ASSUMING ASSUMING
DIVIDEND DISTRIBUTION 31% FEDERAL 36% FEDERAL
DISTRIBUTION RATE TAX BRACKET TAX BRACKET
------------ ------------ ----------- -----------
<S> <C> <C> <C>
$0.183 5.51% 7.99% 8.61%
<FN>
------------
* Based on November 30, 1993 net asset value of $13.29 per share.
</TABLE>
Each registered shareholder is considered a participant in the Fund's Dividend
Reinvestment Plan, unless the shareholder elects to receive all dividends and
distributions in cash, or unless the shareholder's shares are registered in
the
name of a broker, bank or nominee (other than Smith Barney Shearson Inc.)
which
does not provide the service. Questions and correspondence concerning the
Dividend Reinvestment Plan should be directed to The Shareholder Services
Group,
Inc., P.O. Box 1376, Boston, Massachusetts 02104.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
KEY TO INSURANCE ABBREVIATIONS
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
MBIA -- Municipal Bond Investors Assurance
</TABLE>
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
<C> <S> <C> <C> <C>
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MUNICIPAL BONDS AND NOTES--93.4%
ALASKA -- 4.2%
Alaska Industrial Development &
Exploration, Series A:
$ 3,000,000 6.375% due 4/1/08 A A- $
3,120,000
3,145,000 6.500% due 4/1/14 A A-
3,262,937
ARIZONA -- 1.3%
1,875,000 Arizona State, Power Authority
Resource Recovery,
Hoover Uprating,
(MBIA insured),
5.400% due 10/1/08 Aaa AAA
1,893,750
CALIFORNIA -- 8.4%
1,350,000 Foothill, California,
Transportation Zone Certificate
Series A,
5.250% due 11/1/02 Baa1 NR
1,331,438
1,000,000 Moulton Niguel, California, Water
District Authority, Consolidated,
(MBIA insured),
5.300% due 9/1/08 Aaa AAA
998,750
2,230,000 Orange County, California, Water
District Authority, Certificates
of Participation,
5.500% due 8/15/10 Aa AA
2,196,550
3,555,000 Pleasanton, California, Joint
Powers Filing, Series A,
5.600% due 9/2/00 Baa1 NR
3,581,663
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
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<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
CALIFORNIA (CONTINUED)
$ 835,000 Redding, California, Joint Powers
Filing, Solid Waste and
Corporation Yard Series A,
5.000% due 1/1/05 A BBB+ $
798,468
10,000,000 San Joaquin Hills, California,
Transportation Corridor Agency,
Toll Road Revenue, Senior Lien,
Zero Coupon due 1/1/20 NR NR
1,625,000
1,850,000 Torrance, California, (Little
Company of Mary Hospital),
6.875% due 7/1/15 NR A
2,028,062
COLORADO -- 10.3%
4,000,000 Colorado Spring, Colorado,
Airport Revenue, Series A,
7.000% due 1/1/22 NR BBB
4,280,000
30,000,000 Dawson Ridge, Colorado,
Metropolitan District #1,
Zero Coupon due 10/1/22 Aaa NR
4,875,000
6,250,000 Denver, Colorado, Airport
Revenue, Series C,
6.125% due 11/15/25 Baa1 BBB
6,093,750
CONNECTICUT -- 4.3%
6,000,000 Connecticut State, Resource
Recovery Project, City & County
Airport Revenue, (American Fuel
Company Project), Series A,
6.450% due 11/15/22+++ A2 A+
6,420,000
FLORIDA -- 10.2%
4,000,000 Florida State Turnpike Authority
Revenue, Series A, (FGIC
insured),
5.500% due 7/1/10 Aaa AAA
4,025,000
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
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<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
FLORIDA (CONTINUED)
$ 2,055,000 Hillsborough County, Florida,
Aviation Revenue, (Tampa
International Airport), (FGIC
insured),
5.375% due 10/1/08 Aaa AAA $
2,067,844
2,470,000 Hillsborough County, Florida,
Utilities Refunding Revenue,
(MBIA insured),
5.400% due 8/1/11 Aaa AAA
2,451,475
6,000,000 Tampa, Florida, Revenue Bonds,
(Aquarium Project),
7.750% due 5/1/27 NR NR
6,697,500
HAWAII -- 1.4%
2,000,000 Honolulu, Hawaii, City & County
Refunding, Series B,
5.500% due 10/1/11 Aa AA
2,022,500
IOWA -- 1.1%
1,500,000 Dawson City, Iowa, Industrial
Development Revenue,
(Cargill Inc., Project),
6.500% due 7/15/12 NR AA-
1,625,625
MAINE -- 3.3%
5,000,000 Maine Municipal Bond Bank,
Refunding Revenue, Series A,
5.500% due 11/1/09 Aa A+
4,950,000
MASSACHUSETTS -- 1.4%
2,000,000 Commonwealth of Massachusetts,
Conservation Loan, Series D,
5.750% due 5/1/12 A A
2,025,000
MICHIGAN -- 6.4%
5,600,000 Midland County, Michigan,
Economic Development Corporation,
Pollution Control Revenue, LTD
Obligation, Series B,
9.500% due 7/23/09 NR NR
6,475,000
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
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<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
MICHIGAN (CONTINUED)
$ 3,000,000 University of Michigan, Hospital
Revenue, Series A,
5.750% due 12/1/12 Aa AA $
3,056,250
MINNESOTA -- 1.3
2,000,000 St Paul, Minnesota, Housing &
Redevelopment Authority, Sales
Tax, Revenue Civic Center
Project,
5.450% due 11/1/13 A A
1,957,500
MONTANA -- 1.4%
2,000,000 Montana State Board Investment
Resources Recovery, (Yellowstone
Energy Project),
7.000% due 12/31/12 NR NR
2,030,000
NEVADA -- 3.4%
4,650,000 Clark County, Nevada, Industrial
Development Revenue, (Southwest
Gas Corporation),
7.500% due 9/1/32 Ba2 BBB-
5,097,563
NEW JERSEY -- 4.1%
4,000,000 New Jersey, Economic Development
Authority, Electric Energy
Facility Revenue, (Vineland
Cogeneration Project),
7.875% due 6/1/19 NR NR
4,485,000
1,500,000 Union County, New Jersey,
Utilities Authority, Solid Waste
Revenue, Series A,
7.200% due 6/15/14 NR A-
1,638,750
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
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<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
NEW YORK -- 4.6%
New York State Dormitory
Authority Revenue:
$ 1,880,000 (City University),
5.750% due 7/1/06 Baa1 BBB $
1,910,550
5,000,000 (State University Educational
Facilities), Series A,
5.500% due 5/15/06 Baa1 BBB+
4,993,750
NORTH CAROLINA -- 2.4%
2,000,000 Charlotte, North Carolina,
Certificates of Participation,
(Convention Facilities Project),
Series C, (AMBAC insured),
5.250% due 12/1/13 Aaa AAA
1,935,000
1,500,000 Coastal Regional Solid Waste
Management Disposal Authority,
North Carolina, Solid Waste
Revenue,
6.500% due 6/1/08 A BBB
1,588,125
OHIO -- 4.8%
1,000,000 Franklin County, Ohio, Tax &
Leasing Revenue, Convention
Facilities, (MBIA insured),
5.850% due 12/1/19 Aaa AAA
1,036,250
3,800,000 Montgomery County, Ohio, General
Obligation,
5.300% due 9/1/07 Aa AA
3,861,750
2,250,000 Ohio State Air Quality
Development Authority, Pollution
Control, Ohio Edison, (AMBAC
insured),
5.625% due 11/15/29 Aaa AAA
2,238,750
PENNSYLVANIA -- 4.6%
6,000,000 Pennsylvania State, Certificates
of Participation,
5.250% due 7/1/11 Aaa AAA
5,812,500
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
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<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
PENNSYLVANIA (CONTINUED)
$ 1,000,000 Schuykill County, Pennsylvania,
Industrial Development Revenue,
Schuykill Energy Reserve
Incorporated,
6.500% due 1/1/10 NR NR $
990,000
RHODE ISLAND -- 5.5%
3,000,000 Rhode Island Housing & Mortgage
Finance Agency, Home Ownership
Revenue,
6.750% due 10/1/25 Aa AA+
3,153,750
5,250,000 Rhode Island State, Public
Buildings Authority, (AMBAC
insured),
5.250% due 2/1/09 Aaa AAA
5,072,813
SOUTH CAROLINA -- 4.3%
Myrtle Beach, South Carolina,
(Myrtle Beach Convention Center):
Certificates of Participation:
2,120,000 6.875% due 7/1/07 Baa1 BBB+
2,263,100
4,000,000 6.875% due 7/1/17 Baa1 BBB+
4,180,000
TEXAS -- 3.5%
5,000,000 Sam Rayburn, Texas, Municipal
Power Authority,
6.750% due 10/1/14 Baa BBB
5,337,500
VIRGINIA -- 1.2%
500,000 University of Virginia, Series B,
5.250% due 6/1/07 Aa AA+
501,875
1,265,000 Virginia State, Resource
Authority, Solid Waste Disposal,
Series B,
5.500% due 5/1/06 NR AA
1,296,625
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TOTAL MUNICIPAL BONDS AND NOTES
(COST $132,697,708)
139,282,713
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</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
- --------------------------------------------------------------------------
<C> <S> <C> <C> <C>
SHORT-TERM TAX-EXEMPT INVESTMENTS -- 6.5%
ALASKA -- 1.2%
$ 1,800,000 Northern Alaska, Environmental
Pollution Control Revenue,
(Reynolds),
1.800% due 12/1/00+ Aa3 NR $
1,800,000
CALIFORNIA -- 3.7%
500,000 California Pollution Control
Financing Project,
2.200% due 8/1/19+ NR NR
500,000
600,000 California Pollution Control
Financing Resources, Malag,
Series A,
2.250% due 4/1/17+ NR NR
600,000
Irvine Ranch, California, Water
District Authority:
1,000,000 Series A,
1.750% due 11/15/13+ NR NR
1,000,000
Series B:
1,100,000 1.750% due 10/1/09 NR NR
1,100,000
100,000 1.750% due 10/1/99+ NR NR
100,000
2,200,000 Orange County, California,
Certificates of Participation,
1.850% due 12/1/15+ Aa1 AA
2,200,000
MICHIGAN -- 0.5%
700,000 Detroit, Michigan, Tax Increment
Authority,
2.200% due 10/1/10++ NR NR
700,000
NEW YORK -- 1.0%
1,500,000 New York City, New York,
Adjustable Rate, General
Obligation Bonds, Sub-Series A-4,
2.000% due 8/1/21+ Vm1 A1
1,500,000
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Market
Rating Value
Face Value Moody's S&P (Note 1)
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<C> <S> <C> <C> <C>
SHORT-TERM TAX-EXEMPT INVESTMENTS (CONTINUED)
VIRGINIA -- 0.1%
$ 100,000 Richmond, Virgina, Industrial
Development Agency Revenue,
Congentrix,
2.350% due 12/1/17+ Aa2 NR $
100,000
100,000 Southhampton, Virginia,
Industrial Development Agency,
Hadson Series 11-A,
2.300% due 4/1/15+ Aaa NR
100,000
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TOTAL SHORT-TERM TAX-EXEMPT INVESTMENTS
(COST $9,700,000)
9,700,000
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TOTAL INVESTMENTS
(COST $142,397,708*) 99.9%
148,982,713
FUTURES CONTRACT -- SHORT POSITION
(CONTRACT AMOUNT $35,559,375)
300 U.S. Treasury Bond Index Futures,
December 1993 (23.2)
(34,650,000)
OTHER ASSETS AND LIABILITIES
(NET) 23.3
34,747,683
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NET ASSETS 100.0%
$149,080,396
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<FN>
* Aggregate cost for Federal tax purposes.
+ Variable rate municipal bonds and notes are payable upon not more than one
business day's notice.
++ Variable rate municipal bonds and notes are payable upon not more than
seven
business days' notice.
+++ 3,000,000 segregated to cover open futures contracts.
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
PORTFOLIO OF INVESTMENTS (CONTINUED)
NOVEMBER 30, 1993
SUMMARY OF MUNICIPAL BONDS BY COMBINED RATINGS (UNAUDITED)
<TABLE>
<CAPTION>
STANDARD
& PERCENT
MOODY'S POOR'S OF VALUE
<S> <C> <C> <C>
Aaa or AAA 23.2%
Aa AA 18.0
A A 14.9
Baa BBB 26.2
NR NR 17.7
----------
100.0%
----------
----------
</TABLE>
SEE NOTES TO
PORTFOLIO OF INVESTMENTS.
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<PAGE>
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED)
SIGNIFICANT ACCOUNTING POLICIES.
Managed Municipals Portfolio II Inc. (the "Portfolio") was organized as a
corporation under the laws of the State of Maryland on July 23, 1992 and is
registered with the Securities and Exchange Commission as a non-diversified,
closed-end management investment company under the Investment Company Act of
1940, as amended. The policies described below are followed consistently by
the
Portfolio in the valuation of its securities.
PORTFOLIO VALUATION: Investments are valued by The Boston Company Advisors,
Inc. ("Boston Advisors") after consultation with an independent pricing
service
(the "Service") approved by the Portfolio's Board of Directors. When, in the
judgment of the Service, quoted bid prices for investments are readily
available
and are representative of the bid side of the market, these investments are
valued at the mean between the quoted bid prices and asked prices. Investments
for which, in the judgment of the Service, no readily obtainable market
quotations are available, are carried at fair value as determined by the
Service, based on methods that include consideration of: yields or prices of
Municipal Obligations of comparable quality, coupon, maturity and type;
indications as to values from dealers; and general market conditions. The
Service may use electronic data processing techniques and/or a matrix system
to
determine valuations. Short-term investments that mature in fewer than 60 days
are valued at amortized cost.
FUTURES CONTRACTS: Upon entering into a futures contract, the Portfolio is
required to deposit with the broker an amount of cash or cash equivalents
equal
to a certain percentage of the contract amount. This is known as the "initial
margin." Subsequent payments ("variation margin") are made or received by the
Portfolio each day, depending on the daily fluctuation of the value of the
contract.
For financial statement purposes, an amount equal to the settlement amount
of
the contract is included in its Statement of Assets and Liabilities as an
asset
and as an equivalent liability. For long futures positions, the asset is
marked-to-market daily to reflect the current market value of the futures
contract; for short futures positions, the liability is marked-to-market daily
to reflect the current market value. The daily changes in the contract are
recorded as unrealized gains or losses. The Portfolio recognizes a realized
gain
or loss when the contract is closed.
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<PAGE>
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
There are several risks in connection with the use of futures contracts as
a
hedging device. The change in value of futures contracts primarily corresponds
with the value of their underlying instruments, which may not correlate with
the
change in value of the hedged investments. In addition, there is the risk the
Portfolio may not be able to enter into a closing transaction because of an
illiquid secondary market.
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<PAGE>
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1993 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------
<TABLE>
<CAPTION>
QUARTERLY RESULTS OF OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
<C> <C>
NET REALIZED
AND
UNREALIZED
GAIN/ NET INCREASE IN NET
INVESTMENT NET INVESTMENT (LOSS) ON
ASSETS FROM
INCOME INCOME INVESTMENTS
OPERATIONS
- --------------------------------------------------------------------
<CAPTION>
PER PER
PER PER
QUARTER ENDED TOTAL SHARE TOTAL SHARE TOTAL
SHARE TOTAL SHARE
<S> <C> <C> <C> <C> <C> <C>
<C> <C>
-----------------------------------------------------------
- ---------
NOVEMBER 30,
1992* $1,569,794 $.14 $1,322,744 $.12 $136,467
$.01 $1,459,211 $.13
FEBRUARY 28,
1993 2,224,608 .20 1,853,650 .16 11,113,679
.99 12,967,329 1.15
MAY 31,
1993 2,293,737 .20 1,954,811 .17 (896,302)
(.08) 1,058,509 .09
AUGUST 31,
1993 2,259,898 .20 1,762,090 .16 4,727,465
.42 6,489,555 .58
NOVEMBER 30,
1993 2,192,534 .20 1,765,112 .16 2,478,339
.22 4,243,451 .38
- --------------------------------------------------------------------
<FN>
*The Portfolio commenced operations on September 24, 1992.
</TABLE>
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<PAGE>
MANAGED MUNICIPALS
PORTFOLIO II INC.
DIRECTORS
Charles F. Barber
Allan J. Bloostein
Robert E. Borgesen
Martin Brody
Dwight B. Crane
Heath B. McLendon
OFFICERS
Heath B. McLendon
CHAIRMAN OF THE BOARD
Richard P. Roelofs
PRESIDENT
Joseph P. Deane
VICE PRESIDENT AND
INVESTMENT OFFICER
David Fare
INVESTMENT OFFICER
Vincent Nave
TREASURER
Francis J. McNamara, III
SECRETARY
INVESTMENT ADVISER
Shearson Lehman Advisors
Two World Trade Center
New York, New York 10048
ADMINISTRATOR
The Boston Company Advisors, Inc.
One Boston Place
Boston, Massachusetts 02108
AUDITORS AND COUNSEL
Coopers & Lybrand
One Post Office Square
Boston, Massachusetts 02109
Willkie Farr & Gallagher
153 East 53rd Street
New York, New York 10022
TRANSFER AGENT
The Shareholder Services Group, Inc.
Exchange Place
Boston, Massachusetts 02109
CUSTODIAN
Boston Safe Deposit and
Trust Company
One Boston Place
Boston, Massachusetts 02108
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<PAGE>
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- --
THIS REPORT IS SENT TO THE SHAREHOLDERS OF THE
MANAGED MUNICIPALS PORTFOLIO II INC.
FOR THEIR INFORMATION. IT IS NOT A PROSPECTUS,
CIRCULAR OR REPRESENTATION INTENDED FOR USE IN THE
PURCHASE OR SALE OF SHARES OF THE PORTFOLIO OR OF ANY
SECURITIES MENTIONED IN THE REPORT.
- ------------------------------------------------------------------------------
- --
