UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21698
-------------
Gabelli Global Gold, Natural Resources & Income Trust
--------------------------------------------------------------
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
--------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
--------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
---------------
Date of fiscal year end: December 31
------------
Date of reporting period: March 31, 2006
--------------
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use
the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549. The OMB has reviewed this collection of information under the clearance
requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 94.9%
ENERGY AND ENERGY SERVICES -- 37.1%
50,000 Alpha Natural Resources Inc.+ ..$ 1,157,000
135,600 BG Group plc, ADR .............. 8,503,476
148,000 BJ Services Co. ................ 5,120,800
71,000 BP plc, ADR .................... 4,894,740
71,000 Burlington Resources Inc. (e) .. 6,525,610
99,600 Chevron Corp. .................. 5,773,812
72,000 ConocoPhillips (e) ............. 4,546,800
47,000 Devon Energy Corp. (e) ......... 2,874,990
30,000 Diamond Offshore Drilling Inc. . 2,685,000
106,500 Exxon Mobil Corp. (e) .......... 6,481,590
196,800 GlobalSantaFe Corp. ............ 11,955,600
123,500 Halliburton Co. (e) ............ 9,017,970
30,000 James River Coal Co.+ .......... 1,019,100
20,000 Kerr-McGee Corp. ............... 1,909,600
58,500 Marathon Oil Corp. ............. 4,455,945
144,000 Murphy Oil Corp. (e) ........... 7,174,080
10,000 Nabors Industries Ltd.+ ........ 715,800
130,000 Noble Corp. (e) ................ 10,543,000
90,000 Rowan Companies Inc. ........... 3,956,400
84,400 Suncor Energy Inc. ............. 6,500,488
60,000 Tesoro Corp. ................... 4,100,400
60,000 Total SA, ADR .................. 7,903,800
75,000 Transocean Inc.+ ............... 6,022,500
165,000 Valero Energy Corp. (e) ........ 9,863,700
171,000 Weatherford International
Ltd.+ ......................... 7,823,250
153,000 Williams Companies Inc. ........ 3,272,670
74,500 XTO Energy Inc. (e) ............ 3,245,965
------------
148,044,086
------------
METALS AND MINING -- 52.2%
471,900 Agnico-Eagle Mines Ltd. ........ 14,369,355
150,000 Anglo American plc ............. 5,780,357
155,000 AngloGold Ashanti Ltd., ADR .... 8,388,600
50,000 Arch Coal Inc. ................. 3,797,000
421,864 Barrick Gold Corp.,
New York (e) .................. 11,491,567
122,700 BHP Billiton Ltd., ADR ......... 4,889,595
25,000 Cameco Corp. ................... 900,000
127,828 Compania de Minas
Buenaventura SA, ADR .......... 3,156,073
400,000 Eldorado Gold Corp.+ ........... 1,931,755
35,000 Falconbridge Ltd. .............. 1,226,750
98,000 Freeport-McMoRan Copper &
Gold Inc., Cl. B (e) .......... 5,857,460
417,600 Glamis Gold Ltd.+ .............. 13,647,168
140,000 Gold Fields Ltd. ............... 3,051,594
741,500 Gold Fields Ltd., ADR .......... 16,298,170
299,000 Goldcorp Inc. (e) .............. 8,745,750
185,800 Golden Star Resources Ltd.+ .... 592,702
683,200 Harmony Gold Mining Co.
Ltd., ADR+ .................... 10,849,216
7,000 Highland Gold Mining Ltd. ...... 32,594
42,500 IAMGOLD Corp., Toronto ......... 365,736
MARKET
SHARES VALUE*
------ ------
64,100 Inco Ltd. ......................$ 3,197,949
612,701 Ivanhoe Mines Ltd., New York+ .. 5,900,311
98,000 Ivanhoe Mines Ltd., Toronto+ ... 931,455
100,000 Kingsgate Consolidated Ltd. .... 461,040
1,087,800 Kinross Gold Corp.+ (e) ........ 11,889,654
4,015,000 Lihir Gold Ltd.+ ............... 7,674,495
451,000 Meridian Gold Inc.+ ............ 13,372,150
10,000 MMC Norilsk Nickel, ADR ........ 943,000
550,000 Newcrest Mining Ltd. ........... 9,205,771
349,400 Newmont Mining Corp. (e) ....... 18,130,366
40,000 Peabody Energy Corp. ........... 2,016,400
26,000 Phelps Dodge Corp. ............. 2,093,780
578,000 Randgold Resources Ltd., ADR+ .. 10,502,260
8,993 Rio Tinto plc, ADR ............. 1,861,551
40,000 Teck Cominco Ltd., Cl. B ....... 2,573,618
78,519 Xstrata plc .................... 2,541,496
------------
208,666,738
------------
MUTUAL FUNDS -- 2.8%
190,000 Streettracks Gold Trust+ ....... 11,039,000
------------
PAPER AND FOREST PRODUCTS -- 1.6%
100,000 Plum Creek Timber Co. Inc. ..... 3,693,000
37,500 Weyerhaeuser Co. ............... 2,716,125
------------
6,409,125
------------
SPECIALTY CHEMICALS -- 1.2%
26,000 Dow Chemical Co. ............... 1,055,600
90,000 E.I. du Pont de
Nemours and Co. ............... 3,798,900
4,033 Tronox Inc., Cl. B+ ............ 68,517
------------
4,923,017
------------
TOTAL COMMON STOCKS ............ 379,081,966
------------
PRINCIPAL
AMOUNT
-------
U.S. GOVERNMENT OBLIGATIONS -- 5.1%
$20,521,000 U.S. Treasury Bills,
4.327% to 4.739%++,
04/13/06 to 08/31/06 (e) ...... 20,382,884
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $328,625,576) .......................$399,464,850
============
--------------
For Federal tax purposes:
Aggregate cost ....................$328,625,576
============
Gross unrealized appreciation .....$ 73,126,714
Gross unrealized depreciation ..... (2,287,440)
------------
Net unrealized appreciation
(depreciation) ..................$ 70,839,274
============
--------------
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
OPTION CONTRACTS WRITTEN -- (6.1)%
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ---------------- ------
PUT OPTIONS WRITTEN -- (0.1)%
900 Agnico-Eagle Mines Ltd. ........ May 06/25 $ 31,500
18,000 Anglo Platinum Ltd.(d) ......... Jun. 06/479 22,734
1,314 AngloGold Ashanti Ltd., ADR .... Apr. 06/45 13,140
8,500 Impala Platinum
Holdings Ltd.(d) .............. Jun. 06/1028.60 43,329
1,500 Ivanhoe Mines Ltd. ............. Jun. 06/7.50 22,500
400 Phelps Dodge Corp. ............. Apr. 06/60 2,000
----------
TOTAL PUT OPTIONS WRITTEN
(Premiums received $393,033) ...................... $ 135,203
==========
CALL OPTIONS WRITTEN -- (6.0)%
248 Agnico-Eagle Mines Ltd. ........ May 06/20 257,920
1,177 Agnico-Eagle Mines Ltd. ........ May 06/25 682,660
458 Agnico-Eagle Mines Ltd. ........ Aug. 06/25 274,800
1,536 Agnico-Eagle Mines Ltd. ........ Aug. 06/30 522,240
1,300 Agnico-Eagle Mines Ltd. ........ Nov. 06/30 533,000
500 Alpha Natural Resources Inc. ... Jun. 06/22.50 93,750
100 Anglo American plc(b) .......... Jun. 06/1981 262,349
25 Anglo American plc(b) .......... Jun. 06/2179 2,910
25 Anglo American plc(b) .......... Jun. 06/2278 1,824
450 AngloGold Ashanti Ltd., ADR .... Apr. 06/45 420,750
500 AngloGold Ashanti Ltd., ADR .... Apr. 06/50 235,000
300 AngloGold Ashanti Ltd., ADR .... Jul. 06/50 211,500
300 AngloGold Ashanti Ltd., ADR .... Jul. 06/55 129,000
150 Arch Coal Inc. ................. Apr. 06/75 40,500
100 Arch Coal Inc. ................. Apr. 06/80 9,000
200 Arch Coal Inc. ................. May 06/95 4,900
50 Arch Coal Inc. ................. Jul. 06/80 21,250
400 Barrick Gold Corp. ............. Apr. 06/25 88,000
1,000 Barrick Gold Corp. ............. Apr. 06/27.50 65,000
1,598 Barrick Gold Corp. ............. Jul. 06/27.50 287,640
1,220 Barrick Gold Corp. ............. Jul. 06/30 103,700
1,227 BHP Billiton Ltd., ADR ......... May 06/40 203,682
130 BJ Services Co. ................ Apr. 06/32.50 31,850
200 BJ Services Co. ................ Apr. 06/35 20,000
250 BJ Services Co. ................ Apr. 06/37.50 6,250
400 BJ Services Co. ................ May 06/35 70,000
500 BJ Services Co. ................ Jul. 06/40 57,500
535 BP plc, ADR .................... Apr. 06/70 42,800
175 BP plc, ADR .................... Apr. 06/75 1,312
385 Burlington Resources Inc. ...... May 06/85 288,750
75 Burlington Resources Inc. ...... May 06/90 25,500
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ---------------- ------
250 Burlington Resources Inc. ...... May 06/95 $ 23,750
400 Chevron Corp. .................. Apr. 06/60 12,000
193 Chevron Corp. .................. Jun. 06/60 24,125
403 Chevron Corp. .................. Jun. 06/65 12,090
800 Compania de Minas
Buenaventure SA, ADR .......... Jul. 06/27 140,160
720 ConocoPhillips ................. May 06/65 126,000
220 Devon Energy Corp. ............. Apr. 06/65 13,200
250 Devon Energy Corp. ............. Jul. 06/65 77,500
300 Diamond Offshore
Drilling Inc. ................. Jun. 06/88.10 224,850
100 Dow Chemical Co. ............... Apr. 06/45 1,000
160 Dow Chemical Co. ............... Jun. 06/45 4,800
200 E.I. du Pont de Nemours & Co. .. Apr. 06/42.50 10,000
300 E.I. du Pont de Nemours & Co. .. Apr. 06/45 2,250
400 E.I. du Pont de Nemours & Co. .. Jul. 06/45 26,000
4,000 Eldorado Gold Corp.(a) ......... Aug. 06/6.58 104,465
446 Exxon Mobil Corp. .............. Apr. 06/62.50 17,840
519 Exxon Mobil Corp. .............. Apr. 06/65 2,595
100 Exxon Mobil Corp. .............. Jul. 06/67.50 5,000
175 Freeport-McMoRan Copper &
Gold Inc., Cl. B .............. May 06/55 108,500
805 Freeport-McMoRan Copper &
Gold Inc., Cl. B .............. May 06/60 281,750
1,776 Glamis Gold Ltd. ............... May 06/30 692,640
500 Glamis Gold Ltd. ............... Jul. 06/32.50 162,000
1,250 Glamis Gold Ltd. ............... Aug. 06/30 612,500
650 Glamis Gold Ltd. ............... Aug. 06/35 162,500
276 GlobalSantaFe Corp. ............ Apr. 06/65 12,420
1,650 GlobalSantaFe Corp. ............ Jul. 06/65 453,750
42 GlobalSantaFe Corp. ............ Oct. 06/65 18,480
3,588 Gold Fields Ltd., ADR .......... Apr. 06/20 681,720
700 Gold Fields Ltd., ADR .......... Apr. 06/22.50 35,000
500 Gold Fields Ltd., ADR .......... May 06/22.50 65,000
677 Gold Fields Ltd., ADR .......... Jul. 06/20 230,180
1,500 Gold Fields Ltd., ADR .......... Jul. 06/22.50 300,000
1,850 Gold Fields Ltd., ADR .......... Jul. 06/25 203,500
1,000 Goldcorp Inc. .................. Apr. 06/25 410,000
1,240 Goldcorp Inc. .................. Jul. 06/27.50 458,800
750 Goldcorp Inc. .................. Jul. 06/30 191,250
1,858 Golden Star Resources Ltd. ..... Jan. 07/5 74,320
505 Halliburton Co. ................ Apr. 06/70 227,250
428 Halliburton Co. ................ Apr. 06/80 14,980
302 Halliburton Co. ................ Jul. 06/85 49,830
400 Harmony Gold Mining Co.
Ltd., ADR ..................... Apr. 06/15 49,000
100 Harmony Gold Mining Co.
Ltd., ADR ..................... Apr. 06/17.50 2,000
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ---------------- ------
OPTION CONTRACTS WRITTEN (CONTINUED)
CALL OPTIONS WRITTEN (CONTINUED)
2,832 Harmony Gold Mining Co.
Ltd., ADR ..................... May 06/15 $ 481,440
800 Harmony Gold Mining Co.
Ltd., ADR ..................... May 06/17.50 48,000
1,000 Harmony Gold Mining Co.
Ltd., ADR ..................... Aug. 06/15 255,000
400 Harmony Gold Mining Co.
Ltd., ADR ..................... Aug. 06/17.50 58,000
1,300 Harmony Gold Mining Co.
Ltd., ADR ..................... Aug. 06/20 110,500
425 IAMGOLD Corp.(a) ............... May 06/9 48,219
391 Inco Ltd. ...................... Apr. 06/50 68,425
250 Inco Ltd. ...................... Jul. 06/55 50,000
2,000 Ivanhoe Mines Ltd. ............. May 06/8 316,200
4,000 Ivanhoe Mines Ltd. ............. May 06/9 314,800
288 Ivanhoe Mines Ltd. ............. Jun. 06/10 18,720
820 Ivanhoe Mines Ltd. ............. Sep. 06/8.50 146,944
200 Kerr-McGee Corp. ............... Apr. 06/95 122,000
2,981 Kinross Gold Corp. ............. May 06/10 387,530
4,271 Kinross Gold Corp. ............. May 06/12 186,215
3,626 Kinross Gold Corp. ............. Aug. 06/10 652,680
1,900 Lihir Gold Ltd.(c) ............. Aug. 06/2.30 544,085
115 Lihir Gold Ltd.(c) ............. Sep. 06/2.332 33,755
2,000 Lihir Gold Ltd.(c) ............. Sep. 06/2.50 443,859
200 Marathon Oil Corp. ............. Apr. 06/70 134,000
100 Marathon Oil Corp. ............. Apr. 06/75 22,500
100 Marathon Oil Corp. ............. Apr. 06/80 7,500
185 Marathon Oil Corp. ............. Jul. 06/80 61,050
500 Meridian Gold Inc. ............. Apr. 06/22.50 365,000
914 Meridian Gold Inc. ............. Apr. 06/25 438,720
2,316 Meridian Gold Inc. ............. Jul. 06/30 694,800
780 Meridian Gold Inc. ............. Oct. 06/30 327,600
860 Murphy Oil Corp. ............... Apr. 06/50 107,500
500 Murphy Oil Corp. ............... Jul. 06/55 68,750
80 Murphy Oil Corp. ............... Jul. 06/60 4,400
100 Nabors Industries Ltd. ......... Apr. 06/75 10,500
350 Newcrest Mining Corp.(c) ....... Sep. 06/23.747 420,950
1,994 Newmont Mining Corp. ........... Jun. 06/55 458,619
300 Newmont Mining Corp. ........... Jun. 06/60 28,500
450 Newmont Mining Corp. ........... Jun. 06/65 18,000
750 Newmont Mining Corp. ........... Sep. 06/55 292,500
600 Noble Corp. .................... Jun. 06/80 360,000
500 Noble Corp. .................... Jun. 06/85 200,000
200 Noble Corp. .................... Sep. 06/85 132,000
300 Peabody Energy Corp. ........... Jun. 06/45 214,500
100 Peabody Energy Corp. ........... Jun. 06/50 38,000
200 Phelps Dodge Corp. ............. Apr. 06/75 139,600
60 Phelps Dodge Corp. ............. Jul. 06/77.50 52,200
1,000 Plum Creek Timber Co. Inc. ..... Aug. 06/40 62,500
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ---------------- ------
2,765 Randgold Resources Ltd., ADR ... Jun. 06/17.50 $ 497,700
1,030 Randgold Resources Ltd., ADR ... Jun. 06/20 79,825
1,985 Randgold Resources Ltd., ADR ... Sep. 06/20 277,900
50 Rio Tinto PLC, ADR ............. Jul. 06/210 63,000
200 Rowan Companies Inc. ........... Apr. 06/40 90,000
400 Rowan Companies Inc. ........... Apr. 06/42.50 88,000
300 Rowan Companies Inc. ........... Jul. 06/45 99,000
250 Suncor Energy Inc. ............. Apr. 06/75 90,000
250 Suncor Energy Inc. ............. Apr. 06/80 33,750
344 Suncor Energy Inc. ............. Jun. 06/85 80,840
50 Teck Cominco Ltd., Cl. B(a) .... Apr. 06/72 18,196
100 Teck Cominco Ltd., Cl. B(a) .... Apr. 06/74 24,832
50 Teck Cominco Ltd., Cl. B(a) .... May 06/74 17,982
100 Teck Cominco Ltd., Cl. B(a) .... May 06/76 27,401
100 Teck Cominco Ltd., Cl. B(a) .... Aug. 06/78 40,887
600 Tesoro Corp. ................... May 06/65 342,000
80 Total SA, ADR .................. May 06/140 7,200
400 Total SA, ADR .................. May 06/141.831 30,000
120 Total SA, ADR .................. Aug. 06/140 39,000
150 Transocean Inc. ................ May 06/75 111,000
350 Transocean Inc. ................ May 06/80 168,000
250 Transocean Inc. ................ May 06/85 62,500
350 Valero Energy Corp. ............ Jun. 06/55 231,000
200 Valero Energy Corp. ............ Jun. 06/60 84,000
300 Valero Energy Corp. ............ Jun. 06/62.50 84,000
300 Valero Energy Corp. ............ Jun. 06/65 62,400
250 Valero Energy Corp. ............ Sep. 06/62.50 121,750
250 Valero Energy Corp. ............ Sep. 06/65 105,000
284 Weatherford International Ltd. . May 06/40 178,920
770 Weatherford International Ltd. . May 06/45 215,600
656 Weatherford International Ltd. . Aug. 06/50 142,680
35 Weyerhaeuser Co. ............... Apr. 06/70 10,850
340 Weyerhaeuser Co. ............... Apr. 06/75 15,300
300 Williams Companies Inc. ........ May 06/22.50 16,500
230 Williams Companies Inc. ........ May 06/25 3,450
700 Williams Companies Inc. ........ Aug. 06/22.50 98,000
300 Williams Companies Inc. ........ Aug. 06/25 19,500
545 XTO Energy Inc. ................ May 06/45 81,750
200 XTO Energy Inc. ................ May 06/50 7,000
------------
TOTAL CALL OPTIONS WRITTEN
(Premiums received
$18,584,036) .................................... $ 24,033,106
============
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
--------------
For Federal tax purposes:
Aggregate cost ...................................... $ 18,977,069
============
Gross unrealized appreciation ....................... $ 2,637,032
Gross unrealized depreciation ....................... (7,828,272)
------------
Net unrealized appreciation
(depreciation) ..................................... $ (5,191,240)
============
--------------
(a) Exercise price denoted in Canadian dollars.
(b) Exercise price denoted in British pounds.
(c) Exercise price denoted in Australian dollars.
(d) Exercise price denoted in South African rand.
(e) Securities, or a portion thereof, with a value of $69,287,423 pledged as
collateral for options written.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
* Portfolio securities are valued at the last quoted sale price or closing
values. If these are unavailable, then the average of the closing bid
and asked prices is used. If there is no asked price, the security is
valued at the closing bid price on that day. Debt instruments are valued
at the average of the closing bid and asked prices. If the security
matures in 60 days or less and is not credit-impaired, it is valued at
amortized cost. All securities and assets for which market quotations
are not readily available or any security that the Board determines does
not reflect its fair market value are valued in good faith under
procedures established by the Board.
5
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
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.
(Registrant) Gabelli Global Gold, Natural Resources & Income Trust
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, President & Principal Executive
Officer
Date May 1, 2006
----------------------------------------------------------------------------
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/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, President & Principal Executive
Officer
Date May 1, 2006
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Agnes Mullady
-------------------------------------------------------
Agnes Mullady, Principal Financial Officer & Treasurer
Date May 1, 2006
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.