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 811-21586
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FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
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(Exact name of registrant as specified in charter)
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Address of principal executive offices) (Zip code)
W. Scott Jardine, Esq.
First Trust Portfolios L.P.
1001 Warrenville Road, Suite 300
LISLE, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 241-4141
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Date of fiscal year end: DECEMBER 31
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Date of reporting period: MARCH 31, 2006
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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.
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE
---------- ---------------
COMMON STOCKS+ - 102.6%
AEROSPACE & DEFENSE - 5.8%
246,700 Honeywell International Inc. ...................... $ 10,551,359
204,300 United Technologies Corp. ......................... 11,843,271
---------------
22,394,630
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AIR FREIGHT & LOGISTICS - 3.0%
101,500 FedEx Corp. ....................................... 11,463,410
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BIOTECHNOLOGY - 3.6%
86,300 Amgen, Inc.* ...................................... 6,278,325
87,500 Genentech, Inc.* .................................. 7,394,625
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13,672,950
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CAPITAL MARKETS - 12.7%
63,900 Bear Stearns Companies (The), Inc. ................ 8,862,930
98,400 Goldman Sachs Group (The), Inc. ................... 15,444,864
56,700 Legg Mason, Inc. .................................. 7,106,211
120,100 Lehman Brothers Holdings, Inc. .................... 17,358,053
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48,772,058
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COMMERCIAL BANKS - 6.4%
287,900 Bank of America Corp. ............................. 13,110,966
204,600 Wachovia Corp. .................................... 11,467,830
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24,578,796
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COMMUNICATIONS EQUIPMENT - 8.2%
207,700 Corning Inc.* ..................................... 5,589,207
582,200 Motorola, Inc. .................................... 13,338,202
251,700 QUALCOMM, Inc. .................................... 12,738,537
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31,665,946
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COMPUTERS & PERIPHERALS - 2.8%
170,400 Apple Computer, Inc.* ............................. 10,687,488
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DIVERSIFIED FINANCIAL SERVICES - 1.4%
97,700 CIT Group, Inc. ................................... 5,228,904
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DIVERSIFIED TELECOMMUNICATION SERVICES - 1.7%
196,900 Verizon Communications, Inc. ...................... 6,706,414
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ENERGY EQUIPMENT & SERVICES - 4.8%
50,800 Baker Hughes Inc. ................................. 3,474,720
177,700 BJ Services Company ............................... 6,148,420
68,300 Schlumberger Ltd. ................................. 8,644,731
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18,267,871
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FOOD & STAPLES RETAILING - 3.1%
394,000 CVS Corp. ......................................... 11,768,780
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HEALTH CARE EQUIPMENT & SUPPLIES - 3.7%
104,000 Medtronic, Inc. ................................... 5,278,000
130,500 Zimmer Holdings, Inc.* ............................ 8,821,800
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14,099,800
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See Notes to Quarterly Portfolio of Investment Page 1
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS+ - CONTINUED
HEALTH CARE PROVIDERS & SERVICES - 6.5%
127,050 Coventry Health Care, Inc.* ....................... $ 6,858,159
128,000 Quest Diagnostics, Inc. ........................... 6,566,400
208,100 UnitedHealth Group, Inc. .......................... 11,624,466
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25,049,025
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HOTELS, RESTAURANTS & LEISURE - 4.8%
121,200 Harrah's Entertainment, Inc. ...................... 9,448,752
208,700 MGM MIRAGE* ....................................... 8,992,883
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18,441,635
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HOUSEHOLD DURABLES - 3.3%
74,700 Centex Corp. ...................................... 4,630,653
134,300 Lennar Corp., Class A ............................. 8,109,034
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12,739,687
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HOUSEHOLD PRODUCTS - 2.6%
173,800 Procter & Gamble (The) Company .................... 10,014,356
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INDUSTRIAL CONGLOMERATES - 1.9%
216,200 General Electric Company .......................... 7,519,436
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MACHINERY - 3.0%
159,000 Caterpillar, Inc. ................................. 11,417,790
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MULTILINE RETAIL - 1.1%
58,200 Federated Department Stores, Inc. ................. 4,248,600
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OIL, GAS & CONSUMABLE FUELS - 4.1%
105,000 Chevron Corp. ..................................... 6,086,850
162,600 Valero Energy Corp. ............................... 9,720,228
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15,807,078
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PHARMACEUTICALS - 2.1%
320,600 Pfizer, Inc. ...................................... 7,989,352
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ROAD & RAIL - 2.1%
96,100 Burlington Northern Santa Fe Corp. ................ 8,008,013
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SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.3%
125,500 Broadcom Corp., Class A* .......................... 5,416,580
141,200 Intel Corp. ....................................... 2,732,220
377,100 Texas Instruments Inc. ............................ 12,244,437
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20,393,237
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SOFTWARE - 2.7%
622,400 BEA Systems, Inc.* ................................ 8,172,112
132,800 Symantec Corp.* ................................... 2,235,024
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10,407,136
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SPECIALTY RETAIL - 2.7%
162,400 Lowe's Companies, Inc. ............................ 10,465,056
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Page 2 See Notes to Quarterly Portfolio of Investment
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
MARKET
SHARES VALUE
---------- --------------
COMMON STOCKS+ - CONTINUED
WIRELESS TELECOMMUNICATION SERVICES - 3.2%
191,300 ALLTEL Corp. ...................................... $ 12,386,675
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TOTAL COMMON STOCKS+ .............................. 394,194,123
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(Cost $392,948,070)
TOTAL INVESTMENTS - 102.6% ........................ 394,194,123
(Cost $392,948,070)**
CALL OPTIONS WRITTEN - (2.9)% ..................... (10,973,208)
(Premiums received $11,015,422)
NET OTHER ASSETS & LIABILITIES - 0.3% ............. 1,257,243
---------------
NET ASSETS - 100.0% ............................... $ 384,478,158
===============
________________________________________________________________________________
* Non-income producing security.
** Aggregate cost for federal income tax and financial reporting purposes.
+ Call options were written on either entire or partial Common Stock
positions; all Common Stocks are pledged as collateral.
NUMBER OF MARKET
CONTRACTS VALUE
---------- --------------
CALL OPTIONS WRITTEN - (2.9)%
ALLTEL Corp. Call
1,835 @ 70 due Apr 06 ................................... (27,525)
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Amgen, Inc. Calls
692 @ 75 due Apr 06 ................................... (65,740)
171 @ 80 due Jul 06 ................................... (21,375)
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(87,115)
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Apple Computer, Inc. Calls
1,519 @ 65 due Apr 06 ................................... (318,990)
56 @ 67.5 due Apr 06 ................................. (7,000)
75 @ 70 due Jul 06 ................................... (24,000)
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(349,990)
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Baker Hughes Inc. Call
508 @ 70 due Apr 06 ................................... (68,580)
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Bank of America Corp. Calls
142 @ 47.5 due Apr 06 ................................. (1,420)
2,531 @ 47.5 due Jun 06 ................................. (75,930)
206 @ 50 due May 06 ................................... (1,030)
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(78,380)
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BEA Systems, Inc. Calls
4,551 @ 12.5 due Jun 06 ................................. (523,365)
1,673 @ 15 due Jan 07 ................................... (130,494)
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(653,859)
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See Notes to Quarterly Portfolio of Investments. Page 3
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
---------- ---------------
CALL OPTIONS WRITTEN - CONTINUED
Bear Stearns Companies (The), Inc. Calls
532 @ 140 due May 06 .................................. (202,160)
107 @ 140 due Jul 06 .................................. (70,620)
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(272,780)
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BJ Services Company Calls
1,280 @ 35 due Apr 06 ................................... (121,600)
497 @ 37.5 due May 06 ................................. (37,275)
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(158,875)
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Broadcom Corp., Class A Calls
566 @ 42.5 due Apr 06 ................................. (135,840)
294 @ 42.5 due May 06 ................................. (97,020)
263 @ 46.6 due May 06* ................................ (61,148)
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(294,008)
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Burlington Northern Santa Fe Corp. Call
961 @ 80 due Jul 06 ................................... (653,480)
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Caterpillar, Inc. Calls
1,471 @ 75 due May 06 ................................... (220,650)
119 @ 75 due Aug 06 ................................... (40,460)
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(261,110)
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Centex Corp. Calls
686 @ 65 due Apr 06 ................................... (58,310)
61 @ 70 due Jul 06 ................................... (11,590)
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(69,900)
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Chevron Corp. Calls
817 @ 60 due Apr 06 ................................... (24,510)
233 @ 60 due Jun 06 ................................... (29,125)
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(53,635)
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CIT Group, Inc. Call
977 @ 55 due Apr 06 ................................... (43,965)
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Corning Inc. Calls
402 @ 25 due May 06 ................................... (116,580)
1,675 @ 30 due Aug 06 ................................... (242,875)
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(359,455)
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Coventry Health Care, Inc. Calls
848 @ 55 due Apr 06 ................................... (76,320)
362 @ 60 due Jul 06 ................................... (47,060)
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(123,380)
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CVS Corp. Calls
1,703 @ 30 due Apr 06 ................................... (93,665)
2,237 @ 30 due May 06 ................................... (223,700)
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(317,365)
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Federated Department Stores, Inc. Call
582 @ 75 due May 06 ................................... $ (107,670)
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FedEx Corp. Call
1,015 @ 115 due Apr 06 .................................. (126,875)
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Page 4 See Notes to Quarterly Portfolio of Investments.
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
---------- --------------
CALL OPTIONS WRITTEN - CONTINUED
Genentech, Inc. Calls
107 @ 85 due Apr 06 ................................... (25,145)
731 @ 90 due Jun 06 ................................... (182,750)
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(207,895)
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General Electric Company Calls
1,989 @ 35 due Apr 06 ................................... (89,505)
173 @ 35 due May 06 ................................... (12,110)
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(101,615)
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Goldman Sachs Group (The), Inc. Calls
286 @ 155 due Apr 06 .................................. (122,980)
286 @ 155 due May 06 .................................. (171,600)
383 @ 155 due Jul 06 .................................. (329,763)
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(624,343)
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Harrah's Entertainment, Inc. Calls
695 @ 80 due May 06 ................................... (111,200)
517 @ 80 due Aug 06 ................................... (186,120)
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(297,320)
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Honeywell International Inc. Calls
127 @ 42.5 due Apr 06 ................................. (13,716)
2,340 @ 42.5 due Jun 06 ................................. (439,920)
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(453,636)
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Intel Corp. Call
1,412 @ 20 due Apr 06 ................................... (63,540)
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Legg Mason, Inc. Call
567 @ 135 due May 06 .................................. (104,895)
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Lehman Brothers Holdings, Inc. Call
1,201 @ 145 due Apr 06 .................................. (336,280)
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Lennar Corp., Class A Calls
270 @ 60 due Apr 06 ................................... (54,000)
1,073 @ 65 due May 06 ................................... (91,205)
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(145,205)
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Lowe's Companies, Inc. Calls
1,083 @ 70 due Apr 06 ................................... (10,830)
541 @ 67.5 due May 06 ................................. (51,395)
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(62,225)
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Medtronic, Inc. Calls
167 @ 55 due Apr 06 ................................... (1,670)
503 @ 55 due May 06 ................................... (10,060)
370 @ 60 due Aug 06 ................................... (7,030)
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(18,760)
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See Notes to Quarterly Portfolio of Investments. Page 5
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
---------- --------------
CALL OPTIONS WRITTEN - CONTINUED
MGM MIRAGE Calls
686 @ 40 due Apr 06 ................................... $ (246,960)
764 @ 45 due Sep 06 ................................... (229,200)
319 @ 42.5 due Jan 07 ................................. (180,235)
318 @ 45 Due Jan 07 ................................... (143,100)
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(799,495)
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Motorola, Inc. Call
5,822 @ 22.5 due Apr 06 ................................. (553,090)
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Pfizer, Inc. Calls
1,603 @ 27.5 due Apr 06 ................................. (8,015)
1,603 @ 27.5 due Jun 06 ................................. (24,045)
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(32,060)
---------------
Procter & Gamble (The) Company Calls
1,448 @ 60 due Apr 06 ................................... (21,720)
265 @ 60 due May 06 ................................... (15,237)
25 @ 65 due Oct 06 ................................... (1,500)
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(38,457)
---------------
QUALCOMM, Inc. Calls
2,363 @ 50 due Apr 06 ................................... (425,340)
154 @ 50 due Jul 06 ................................... (56,980)
---------------
(482,320)
---------------
Quest Diagnostics, Inc. Call
1,272 @ 55 due May 06 ................................... (31,800)
---------------
Schlumberger Ltd. Call
683 @ 125 due Apr 06 .................................. (321,010)
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Symantec Corp. Call
878 @ 20 due Apr 06 ................................... (4,390)
---------------
Texas Instruments Inc. Call
3,771 @ 32.5 due Apr 06 ................................. (358,245)
---------------
United Technologies Corp. Call
2,043 @ 60 due May 06 ................................... (132,795)
---------------
UnitedHealth Group, Inc. Call
1,936 @ 55 due Apr 06 ................................... (396,880)
---------------
Valero Energy Corp. Calls
225 @ 60 due Apr 06 ................................... (38,250)
1,126 @ 60 due May 06 ................................... (349,060)
275 @ 55 due Jun 06 ................................... (192,500)
---------------
(579,810)
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Verizon Communications, Inc. Call
1,969 @ 35 due Jul 06 ................................... $ (157,520)
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Page 6 See Notes to Quarterly Portfolio of Investments.
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
PORTFOLIO OF INVESTMENTS - (CONTINUED)
MARCH 31, 2006 (UNAUDITED)
NUMBER OF MARKET
CONTRACTS VALUE
---------- --------------
CALL OPTIONS WRITTEN - CONTINUED
Wachovia Corp. Calls
688 @ 57.5 due Apr 06 ................................. (27,520)
1,358 @ 57.5 due Jul 06 ................................. (196,910)
---------------
(224,430)
---------------
Zimmer Holdings, Inc. Calls
818 @ 65 due Apr 06 ................................... (261,760)
487 @ 70 due May 06 ................................... (75,485)
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(337,245)
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TOTAL CALL OPTIONS WRITTEN .......................... (10,973,208)
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(Premiums received $11,015,422)
________________________________________________________________________________
* Each call option represents 150 shares of Broadcom Corp.
See Notes to Quarterly Portfolio of Investments. Page 7
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (UNAUDITED)
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FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
MARCH 31, 2006
1. VALUATION AND INVESTMENT PRACTICES
A. PORTFOLIO VALUATION:
The First Trust/Fiduciary Asset Management Covered Call Fund (the "Fund")
determines the net asset value ("NAV") of its shares daily, as of the close of
regular session trading on the New York Stock Exchange ("NYSE"), normally 4:00
p.m. Eastern time, on each day the NYSE is open for trading. The NAV is computed
by dividing the value of all assets of the Fund (including accrued interest and
dividends), less all liabilities (including accrued expenses, the value of call
options written (sold) and dividends declared but unpaid), by the total number
of shares outstanding.
The Fund's investments are valued at market value or, in the absence of market
value with respect to any portfolio securities, at fair value according to
procedures adopted by the Fund's Board of Trustees. Portfolio securities listed
on any exchange other than the NASDAQ National Market ("NASDAQ") are valued at
the last sale price on the business day as of which such value is being
determined. If there has been no sale on such day, the securities are valued at
the mean of the most recent bid and asked prices on such day. Securities traded
on the NASDAQ are valued at the NASDAQ Official Closing Price as determined by
NASDAQ. Portfolio securities traded on more than one securities exchange are
valued at the last sale price on the business day as of which such value is
being determined at the close of the exchange representing the principal market
for such securities. Portfolio securities traded in the over-the-counter market,
but excluding securities trading on the NASDAQ, are valued at the closing bid
prices. Fixed income securities with a remaining maturity of 60 days or more
will be valued by the Fund using a pricing service. Short-term investments that
mature in less than 60 days are valued at amortized cost.
The Fund values exchange-traded options and other derivative contracts at the
closing price on the exchange on which they are principally traded, or if not
traded, or no closing price is available, at the mean between the last bid and
asked price.
B. OPTION CONTRACTS:
COVERED OPTIONS. When the Fund purchases equity securities, it simultaneously
writes (sells) covered call or put options ("options") on substantially all of
such equity securities. The number of options the Fund can write (sell) is
limited by the amount of equity securities the Fund holds in its portfolio. The
Fund will not write (sell) "naked" or uncovered options. By writing (selling)
options, the Fund seeks to generate additional income, in the form of premiums
received for writing (selling) the options, and provide a partial hedge against
a market decline in the underlying equity security. Options are marked-to-market
daily and their value will be affected by changes in the value and dividend
rates of the underlying equity securities, an increase in interest rates,
changes in the actual or perceived volatility of the securities markets and the
underlying equity securities and the remaining time to the options' expiration.
The value of options may also be adversely affected if the market for the
options becomes less liquid or smaller.
Options the Fund writes (sells) will either be exercised, expire or be cancelled
pursuant to a closing transaction. If the price of the underlying equity
security exceeds the option's exercise price, it is likely that the option
holder will exercise the option. If an option written (sold) by the Fund is
exercised, the Fund would be obligated to deliver the underlying equity security
to the option holder upon payment of the exercise price. In this case, the
option premium received by the Fund will be added to the amount realized on the
sale of the equity security for purposes of determining gain or loss. If the
price of the underlying equity security is less than the option's exercise
price, the option will likely expire without being exercised. The option premium
will be treated as short-term capital gain on the expiration date of the option.
The Fund may also elect to close out its position in an option prior to its
expiration by purchasing an option of the same option series as the option
written (sold) by the Fund.
The Fund writes (sells) options on at least 80% of the Fund's Managed Assets.
These options give the option holder the right, but not the obligation, to
purchase a security from the Fund at the strike price on or prior to the
option's expiration date. The ability to successfully implement the Fund's
investment strategy depends on Fiduciary Asset Management, LLC's ability to
predict pertinent market movements, which cannot be assured. Thus, the use of
options may require the Fund to sell portfolio securities at inopportune times
or for prices other than current market value, may limit the amount of
appreciation the Fund can realize on an investment, or may cause the Fund to
hold a security that it might otherwise sell. As the writer (seller) of a
covered option, the Fund forgoes, during the option's life, the opportunity to
profit from increases in the market value of the security covering the option
above the sum of the premium and the strike price of the option, but has
retained the risk of loss should the price of the underlying security decline.
The writer (seller) of an option has no control
Page 8
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NOTES TO QUARTERLY PORTFOLIO OF INVESTMENTS - (UNAUDITED) - (CONTINUED)
--------------------------------------------------------------------------------
FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
MARCH 31, 2006
over the time when it may be required to fulfill its obligation as a writer
(seller) of the option. Once an option writer (seller) has received an exercise
notice, it cannot effect a closing purchase transaction in order to terminate
its obligation under the option and must deliver the underlying security at the
exercise price.
C. SECURITIES TRANSACTIONS:
Securities transactions are recorded as of the trade date. Realized gains and
losses from securities transactions are recorded on the identified cost basis.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date; interest income on such securities
is not accrued until settlement date. The Fund instructs the custodian to
segregate assets of the Fund with a current value at least equal to the amount
of its when-issued purchase commitments.
2. UNREALIZED APPRECIATION/(DEPRECIATION)
As of March 31, 2006, the aggregate gross unrealized appreciation for all
securities in which there was an excess of value over tax cost was $18,480,723
and the aggregate gross unrealized depreciation for all securities in which
there was an excess of tax cost over value was $17,192,456.
Written option activity for the Fund was as follows:
NUMBER
OF
CONTRACTS PREMIUMS
--------- -------------
Written Options
Options outstanding at December 31, 2005 ....... 66,886 $ 8,930,333
Stock splits ................................... 604 --
Options written ................................ 224,679 34,980,284
Options expired ................................ (35,157) (1,841,597)
Options closed ................................. (177,645) (31,053,598)
-------- -----------
Options outstanding at March 31, 2006 .......... 79,367 $ 11,015,422
======== ============
Page 9
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) FIRST TRUST/FIDUCIARY ASSET MANAGEMENT COVERED CALL FUND
By (Signature and Title)* /S/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date MAY 23, 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/ JAMES A. BOWEN
-------------------------------------------------------
James A. Bowen, Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
Date MAY 23, 2006
----------------------------------------------------------------------------
By (Signature and Title)* /S/ MARK R. BRADLEY
-------------------------------------------------------
Mark R. Bradley, Treasurer, Controller, Chief Financial
Officer and Chief Accounting Officer
(principal financial officer)
Date MAY 23, 2006
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.