-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KsCDuZDCqwzR6wbQVJZWGP46jZ2Fg2rqkuPvT1W4ecSolpN1GFE8C09g81b/57tq vqIF+DP42NY6vbyiLOq32Q== 0000950123-09-062322.txt : 20091113 0000950123-09-062322.hdr.sgml : 20091113 20091113155334 ACCESSION NUMBER: 0000950123-09-062322 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091113 DATE AS OF CHANGE: 20091113 EFFECTIVENESS DATE: 20091113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KALMAR POOLED INVESTMENT TRUST CENTRAL INDEX KEY: 0001023132 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07853 FILM NUMBER: 091181511 BUSINESS ADDRESS: STREET 1: 1300 MARKET ST STREET 2: SUITE 500 CITY: WILMINGTON STATE: DE ZIP: 19801 MAIL ADDRESS: STREET 1: 1300 MARKET ST STREET 2: SUITE 500 CITY: WILMINGTON STATE: DE ZIP: 19801 0001023132 S000001113 KALMAR "GROWTH-WITH-VALUE" SMALL CAP FUND C000003008 KALMAR "GROWTH-WITH-VALUE" SMALL CAP FUND RGSCX N-Q 1 nq.txt NQ 09-30-09 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 811-07853 KALMAR POOLED INVESTMENT TRUST (Exact name of registrant as specified in charter) Barley Mill House 3701 Kennett Pike WILMINGTON, DE 19807 (Address of principal executive offices) (Zip code) Ford B. Draper, Jr., President Barley Mill House 3701 Kennett Pike WILMINGTON, DE 19807 (Name and address of agent for service) Registrant's telephone number, including area code: 800-463-6670 Date of fiscal year end: DECEMBER 31 Date of reporting period: SEPTEMBER 30, 2009 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. KALMAR POOLED INVESTMENT TRUST SCHEDULE OF INVESTMENTS "GROWTH-WITH-VALUE" SEPTEMBER 30, 2009 SMALL CAP FUND (UNAUDITED)
Value Shares (Note 1) ------ ------------ COMMON STOCK -- 95.4% COMMERCIAL SERVICES -- 16.4% ADVERTISING/MARKETING SERVICES -- 1.0% ValueClick, Inc.*................................ 203,570 $ 2,685,088 ------------- COMMERCIAL PRINTING/FORMS -- 0.3% InnerWorkings, Inc.*............................. 185,000 913,900 ------------- ENGINEERING/CONSTRUCTION -- 1.7% Chicago Bridge & Iron Co. N.V. .................. 253,650 4,738,182 ------------- FOOD DISTRIBUTORS -- 1.7% United Natural Foods, Inc.* ..................... 194,320 4,648,134 ------------- MEDICAL DISTRIBUTORS -- 2.5% PSS World Medical, Inc.* ........................ 304,240 6,641,559 ------------- MISCELLANEOUS COMMERCIAL SERVICES -- 5.9% Concur Technologies, Inc.*....................... 42,660 1,696,162 Constant Contact, Inc.* ......................... 133,090 2,561,982 Corrections Corporation of America* ............. 229,614 5,200,757 Global Traffic Network, Inc.* ................... 144,105 672,970 SkillSoft PLC* .................................. 371,920 3,570,432 Ultimate Software Group, Inc.* .................. 77,010 2,211,727 ------------- 15,914,030 ------------- PERSONNEL SERVICES -- 1.3% MPS Group, Inc.* ................................ 329,370 3,464,972 ------------- WHOLESALE DISTRIBUTOR -- 2.0% MSC Industrial Direct Co., Inc. (A Shares)* ..... 124,115 5,408,932 ------------- TOTAL COMMERCIAL SERVICES 44,414,797 ------------- COMMUNICATIONS -- 0.8% SPECIALTY COMMUNICATIONS -- 0.8% Cbeyond Communications, Inc.* ................... 130,770 2,109,320 ------------- TOTAL COMMUNICATIONS 2,109,320 -------------
1 KALMAR POOLED INVESTMENT TRUST SCHEDULE OF INVESTMENTS -- CONTINUED "GROWTH-WITH-VALUE" SEPTEMBER 30, 2009 SMALL CAP FUND (UNAUDITED)
Value Shares (Note 1) ------- ------------- CONSUMER DURABLES -- 1.3% AUTOMOTIVE AFTERMARKET -- 1.3% LKQ Corp.*...................................... 187,485 $ 3,475,972 ------------- TOTAL CONSUMER DURABLES 3,475,972 ------------- CONSUMER NON-DURABLES -- 2.8% BEVERAGES -- 1.4% Central European Distribution Corp.*............ 111,355 3,647,990 ------------- FOOD: MEAT/FISH/DAIRY -- 0.8% Smart Balance, Inc.*............................ 357,310 2,193,883 ------------- FOOD: SPECIALTY/CANDY -- 0.6% Lance, Inc...................................... 49,980 1,290,484 SunOpta, Inc.*.................................. 77,190 312,620 ------------- 1,603,104 ------------- TOTAL CONSUMER NON-DURABLES 7,444,977 ------------- CONSUMER SERVICES -- 7.4% OTHER CONSUMER SERVICES -- 5.3% American Public Education, Inc.*................ 55,700 1,935,018 DeVry, Inc...................................... 129,885 7,185,238 Life Time Fitness, Inc.*........................ 191,140 5,361,477 ------------- 14,481,733 ------------- RESTAURANTS -- 2.1% BJ's Restaurants, Inc.*......................... 167,525 2,511,200 Ruby Tuesday, Inc.*............................. 369,700 3,112,874 ------------- 5,624,074 ------------- TOTAL CONSUMER SERVICES 20,105,807 ------------- ELECTRONIC TECHNOLOGY -- 10.6% COMPUTER COMMUNICATIONS -- 0.5% Ixia*........................................... 182,600 1,252,636 ------------- ELECTRONIC COMPONENTS -- 1.7% Rogers Corp.*................................... 153,150 4,589,906 -------------
2 KALMAR POOLED INVESTMENT TRUST SCHEDULE OF INVESTMENTS -- CONTINUED "GROWTH-WITH-VALUE" SEPTEMBER 30, 2009 SMALL CAP FUND (UNAUDITED)
Value Shares (Note 1) ------ ------------- ELECTRONIC TECHNOLOGY -- (CONTINUED) ELECTRONIC PRODUCTION EQUIPMENT -- 3.8% ATMI, Inc.*........................................ 190,700 $ 3,461,205 FEI Co.*........................................... 137,850 3,398,002 Teradyne, Inc.*.................................... 356,870 3,301,048 ------------- 10,160,255 ------------- SEMICONDUCTORS -- 3.8% Atmel Corp.*....................................... 801,970 3,360,254 Diodes, Inc.*...................................... 77,865 1,408,578 Microsemi Corp.*................................... 179,250 2,830,357 Monolithic Power Systems, Inc.*.................... 113,880 2,670,486 ------------- 10,269,675 ------------- TELECOMMUNICATIONS EQUIPMENT -- 0.8% Polycom, Inc.*..................................... 86,535 2,314,811 ------------- TOTAL ELECTRONIC TECHNOLOGY 28,587,283 ------------- ENERGY -- 5.7% CONTRACT DRILLING -- 1.2% Atwood Oceanics, Inc.*............................. 91,500 3,227,205 ------------- OIL & GAS PRODUCTION -- 3.4% Niko Resources, Ltd. (Canadian).................... 56,925 4,452,873 Ultra Petroleum Corp.*............................. 96,315 4,715,582 ------------- 9,168,455 ------------- OILFIELD SERVICES/EQUIPMENT -- 1.1% Core Laboratories N.V.............................. 28,085 2,895,283 ------------- TOTAL ENERGY 15,290,943 ------------- FINANCE -- 1.2% FINANCE/RENTAL/LEASING -- 1.2% Mobile Mini, Inc.*................................. 190,940 3,314,718 ------------- TOTAL FINANCE 3,314,718 -------------
3 KALMAR POOLED INVESTMENT TRUST SCHEDULE OF INVESTMENTS -- CONTINUED "GROWTH-WITH-VALUE" SEPTEMBER 30, 2009 SMALL CAP FUND (UNAUDITED)
Value Shares (Note 1) ------- ------------- HEALTHCARE -- 17.1% BIOTECHNOLOGY -- 3.8% Luminex Corp.*................................... 230,710 $ 3,922,070 Martek Biosciences Corp.*........................ 148,330 3,350,775 Meridian Bioscience, Inc......................... 120,180 3,005,702 ------------- 10,278,547 ------------- HOSPITAL/NURSING MANAGEMENT -- 1.7% Psychiatric Solutions, Inc.*..................... 165,610 4,431,724 ------------- MEDICAL SPECIALTIES -- 6.6% Analogic Corp.................................... 44,080 1,631,842 Cooper Companies, Inc. (The)..................... 268,650 7,986,965 ResMed, Inc.*.................................... 147,080 6,648,016 SonoSite, Inc.*.................................. 57,630 1,524,890 ------------- 17,791,713 ------------- MEDICAL/NURSING SERVICES -- 1.0% VCA Antech, Inc.*................................ 102,610 2,759,183 ------------- SERVICES TO THE HEALTH INDUSTRY -- 4.0% eResearch Technology, Inc.*...................... 136,750 957,250 Healthcare Services Group, Inc................... 168,360 3,091,090 MedAssets, Inc.*................................. 175,680 3,965,098 Phase Forward, Inc.*............................. 204,550 2,871,882 ------------- 10,885,320 ------------- TOTAL HEALTHCARE 46,146,487 ------------- MATERIALS & PROCESSING -- 4.0% CHEMICALS: SPECIALTY -- 2.7% Albemarle Corp................................... 212,560 7,354,576 ------------- INDUSTRIAL SPECIALTIES -- 1.3% Polypore International, Inc.*.................... 270,260 3,489,057 ------------- TOTAL MATERIALS & PROCESSING 10,843,633 ------------- PRODUCER MANUFACTURING -- 4.1% AUTO PARTS -- 0.9% Gentex Corp...................................... 183,320 2,593,978 ------------- ELECTRICAL PRODUCTS -- 1.9% EnerSys, Inc.*................................... 229,890 5,085,167 -------------
4 KALMAR POOLED INVESTMENT TRUST SCHEDULE OF INVESTMENTS -- CONTINUED "GROWTH-WITH-VALUE" SEPTEMBER 30, 2009 SMALL CAP FUND (UNAUDITED)
Value Shares (Note 1) ------- ------------- PRODUCER MANUFACTURING -- (CONTINUED) INDUSTRIAL MACHINERY -- 1.3% Kennametal, Inc.................................. 138,370 $ 3,405,286 ------------- TOTAL PRODUCER MANUFACTURING 11,084,431 ------------- RETAIL TRADE -- 5.4% APPAREL/FOOTWEAR RETAIL -- 1.2% DSW, Inc. (A Shares) *........................... 208,770 3,334,057 ------------- INTERNET RETAIL -- 0.4% 1-800-FLOWERS.COM, Inc. (A Shares)*.............. 304,240 1,049,628 ------------- SPECIALTY STORES -- 3.8% GameStop Corp. (A Shares)*....................... 125,000 3,308,750 Tractor Supply Co.*.............................. 84,055 4,069,943 Ulta Salon Cosmetics & Fragrance, Inc.*.......... 173,720 2,868,117 ------------- 10,246,810 ------------- TOTAL RETAIL TRADE 14,630,495 ------------- TECHNOLOGY SERVICES -- 16.6% DATA PROCESSING SERVICES -- 6.2% Alliance Data Systems Corp.*..................... 74,040 4,522,363 CyberSource Corp.*............................... 444,740 7,413,816 Euronet Worldwide, Inc.*......................... 83,800 2,013,714 NeuStar, Inc. ( A Shares)*....................... 129,560 2,928,056 ------------- 16,877,949 ------------- INFORMATION TECHNOLOGY SERVICES -- 4.4% Ariba, Inc.*..................................... 264,910 3,072,956 Micros Systems, Inc.............................. 61,570 1,858,798 NICE-Systems Ltd.ADR*............................ 144,510 4,398,884 Syntel, Inc...................................... 55,530 2,650,447 ------------- 11,981,085 ------------- INTERNET SOFTWARE/SERVICES -- 3.0% Digital River, Inc.*............................. 68,800 2,774,016 NIC, Inc......................................... 244,207 2,171,000 RightNow Technologies, Inc.*..................... 212,705 3,071,460 ------------- 8,016,476 -------------
5 KALMAR POOLED INVESTMENT TRUST SCHEDULE OF INVESTMENTS -- CONTINUED "GROWTH-WITH-VALUE" SEPTEMBER 30, 2009 SMALL CAP FUND (UNAUDITED)
Value Shares (Note 1) --------- -------------- TECHNOLOGY SERVICES -- (CONTINUED) PACKAGED SOFTWARE -- 3.0% ANSYS, Inc.*.............................................. 58,530 $ 2,193,119 OPNET Technologies, Inc................................... 112,145 1,225,745 Rovi Corp.*............................................... 138,417 4,650,811 -------------- 8,069,675 -------------- TOTAL TECHNOLOGY SERVICES 44,945,185 -------------- TRANSPORTATION -- 1.3% AIR FREIGHT/COURIERS -- 1.3% UTi Worldwide, Inc.*...................................... 240,890 3,488,087 -------------- TOTAL TRANSPORTATION 3,488,087 -------------- UTILITIES -- 0.7% GAS DISTRIBUTORS -- 0.7% Clean Energy Fuels Corp.*................................. 125,280 1,805,285 -------------- TOTAL UTILITIES........................................... 1,805,285 -------------- TOTAL COMMON STOCK (COST $ 221,195,438) 257,687,420 -------------- MONEY MARKET SECURITIES -- 3.6% MONEY MARKET FUNDS -- 3.6% BlackRock Liquidity Funds TempCash Portfolio.............. 4,898,282 4,898,282 BlackRock Liquidity Funds TempFund Portfolio.............. 4,898,282 4,898,282 -------------- TOTAL MONEY MARKET SECURITIES (COST $ 9,796,564) 9,796,564 -------------- TOTAL INVESTMENTS (COST$230,992,002)** -- 99.0% 267,483,984 OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.0% 2,592,942 -------------- NET ASSETS -- 100.0% $ 270,076,926 ==============
* Non-income producing security ADR - American Depository Receipt ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 230,992,002 --------------- Gross unrealized appreciation $ 57,412,082 Gross unrealized depreciation (20,920,100) --------------- Net unrealized appreciation $ 36,491,982 ===============
6 KALMAR POOLED INVESTMENT TRUST Notes to Quarterly Schedule of Investments (Unaudited) "GROWTH-WITH-VALUE" SMALL CAP FUND 1. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of the significant accounting policies of the Fund. Security Valuation. The Fund's securities, except short-term investments with remaining maturities of 60 days or less, are valued at their market value as determined by their last sale price in the principal market in which these securities are normally traded. Securities traded on The Nasdaq Stock Market, Inc. ("NASDAQ") are valued in accordance with the NASDAQ Official Closing Price, which may not be the last sale price. Lacking any sales, the security is valued at the mean between the closing asked and bid price. Short-term investments with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value, unless the Trust's Board of Trustees determines that this does not represent fair value. All other securities are valued at fair value as determined in good faith under the direction of the Board of Trustees. Fair Value Measurements. The inputs and valuations techniques used to measure fair value of the Funds' net assets are summarized into three levels as described in the hierachy below: - - Level 1 -- quoted prices in active markets for identical securities - - Level 2 -- prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - - Level 3 -- prices determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of inputs used to value the Fund's investments as of September 30, 2009 is as follows:
TOTAL MARKET LEVEL 2 LEVEL 3 VALUE AT LEVEL 1 SIGNIFICANT SIGNIFICANT SEPTEMBER 30, QUOTED OBSERVABLE UNOBSERVABLE 2009 PRICES INPUTS INPUTS ------------- -------------- ----------- ------------ Common Stock* $ 257,687,420 $ 257,687,420 $ -- $ -- Money Market Securities 9,796,564 9,796,564 -- -- ------------- -------------- ----------- ----------- Total $ 267,483,984 $ 267,483,984 $ -- $ -- ============= ============== =========== ===========
* Please refer to the Schedule of Investments for industry and security type breakout. For the period ended September 30, 2009, the Fund held no securities which measured their fair value using level 3 inputs. 7 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) KALMAR POOLED INVESTMENT TRUST By (Signature and Title)* /S/ FORD B. DRAPER, JR. ------------------------------------------------------- Ford B. Draper, Jr., Chief Executive Officer (principal executive officer) Date NOVEMBER 12, 2009 ---------------------------------------------------------------------------- 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/ FORD B. DRAPER, JR. ------------------------------------------------------- Ford B. Draper, Jr., Chief Executive Officer (principal executive officer) Date NOVEMBER 12, 2009 ---------------------------------------------------------------------------- By (Signature and Title)* /S/ VERNA E. KNOWLES ------------------------------------------------------- Verna E. Knowles, Chief Financial Officer (principal financial officer) Date NOVEMBER 12, 2009 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 n302.txt CERT 302 09-30-09 CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Ford B. Draper, Jr., certify that: 1. I have reviewed this report on Form N-Q of Kalmar Pooled Investment Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: NOVEMBER 12, 2009 /S/ FORD B. DRAPER, JR. ---------------------- -------------------------------------------- Ford B. Draper, Jr., Chief Executive Officer (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Verna E. Knowles, certify that: 1. I have reviewed this report on Form N-Q of Kalmar Pooled Investment Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: NOVEMBER 12, 2009 /S/ VERNA E. KNOWLES ---------------------- -------------------------------------------- Verna E. Knowles, Chief Financial Officer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----