-----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, VsL5YgVuP1+zF9XFJ5NvlTSnmKpuaMQKbAHsSKP4qSPdczaSTNvVEo2D7iyl79HN 7zEd2WS3IbPr+gSUNQFouA== 0001286364-06-000006.txt : 20060426 0001286364-06-000006.hdr.sgml : 20060426 20060426111727 ACCESSION NUMBER: 0001286364-06-000006 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060228 FILED AS OF DATE: 20060426 DATE AS OF CHANGE: 20060426 EFFECTIVENESS DATE: 20060426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER EMERGING MARKETS FUND CENTRAL INDEX KEY: 0000921023 IRS NUMBER: 043233999 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08448 FILM NUMBER: 06780048 BUSINESS ADDRESS: STREET 1: 60 STATE ST STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109-1820 BUSINESS PHONE: 6174224947 MAIL ADDRESS: STREET 1: 60 STATE ST STREET 2: 13TH FLOOR CITY: BOSTON STATE: MA ZIP: 02109-1820 0000921023 S000003947 Pioneer Emerging Markets Fund C000011060 Pioneer Emerging Markets Fund: Class A PEMFX C000011061 Pioneer Emerging Markets Fund: Class B PBEFX C000011062 Pioneer Emerging Markets Fund: Class C PCEFX C000011063 Pioneer Emerging Markets Fund: Class Y PYEFX C000011064 Pioneer Emerging Markets Fund: Class R PEMRX N-Q 1 nq.txt OMB APPROVAL OMB Number: 3235-0578 Expires: May 31, 2006 Estimated average burden hours per response..... 20.0 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-08448 Pioneer Emerging Markets Fund (Exact name of registrant as specified in charter) 60 State Street, Boston, MA 02109 (Address of principal executive offices) (ZIP code) Dorothy E. Bourassa, Pioneer Investment Management, Inc., 60 State Street, Boston, MA 02109 (Name and address of agent for service) Registrant's telephone number, including area code: (617) 742-7825 Date of fiscal year end: November 30 Date of reporting period: February 28, 2006 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after close of the first and third fiscal quarters, pursuant to Rule 30b1-5under the Investment Company Act of 1940 (17 CFR 270.30b-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 Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. Schedule of Investments. Pioneer Emerging Markets Schedule of Investments 2/28/06 (unaudited) Shares Value PREFERRED STOCKS - 3.4 % Materials - 0.6 % Steel - 0.6 % 1,171,300 Caemi Mineracao E Metalurgia SA $ 2,018,817 Total Materials $ 2,018,817 Capital Goods - 0.2 % Industrial Conglomerates - 0.2 % 28,470 LG Corp. $ 655,758 Total Capital Goods $ 655,758 Media - 0.8 % Broadcasting & Cable TV - 0.8 % 4,971,400 Net Servicos de Comunicacao SA * $ 2,645,482 Total Media $ 2,645,482 Banks - 1.2 % Diversified Banks - 1.2 % 125,730 Banco Itau Holding Financeira $ 4,067,648 Total Banks $ 4,067,648 Telecommunication Services - 0.6 % Integrated Telecommunication Services - 0.6 % 111,994 Tele Norte Leste Participacoes (A.D.R.) (b) $ 2,075,249 Total Telecommunication Services $ 2,075,249 TOTAL PREFERRED STOCKS (Cost $5,936,400) $11,462,954 COMMON STOCKS - 93.8 % Energy - 16.3 % Integrated Oil & Gas - 12.8 % 2,684,500 China Petroleum & Chemical $ 1,602,485 71,210 Gazprom (A.D.R.) * 6,075,459 81,500 Lukoil Holding (A.D.R.) (b) 6,531,899 16,500 Mol Magyar Olaj 1,712,226 173,800 Petrobras Brasileiro (A.D.R.) 13,898,786 4,141,500 PetroChina Co., Ltd. 4,034,980 232,200 PTT Public Co., Ltd. 1,484,275 80,300 Repsol SA (A.D.R.) 2,249,203 75,000 Surgutneftegaz (A.D.R.) (b) 5,497,500 $43,086,813 Oil & Gas Equipment & Services - 0.8 % 17,700 TelecomAsia Corp. Public Co., Ltd. $ 2,834,655 Oil & Gas Exploration & Production - 1.5 % 2,977,000 Cnooc, Ltd. $ 2,473,534 69,500 Sasol, Ltd. (A.D.R.) * 2,390,800 $ 4,864,334 Oil & Gas Refining & Marketing - 1.2 % 98,800 Polski Koncern Naftowy Orlen SA $ 1,814,283 73,800 Reliance Industries, Ltd. (144A) 2,354,220 $ 4,168,503 Total Energy $54,954,305 Materials - 10.8 % Construction Materials - 2.3 % 38,930 Asia Cement Co., Ltd. $ 1,558,722 20,130 Hanil Cement Co. Ltd. 1,573,609 5,353,500 PT Indocement Tunggal Prakarsa Tbk * 2,570,000 334,800 Siam Cement Co., Ltd. * 2,266,324 $ 7,968,655 Diversified Metals & Mining - 1.8 % 46,700 Freeport-McMoRan Copper & Gold, Inc. (Class B) $ 2,364,421 18,600 Norilsk Nickel * (b) 1,720,314 4,676,200 PT Aneka Tambang Tbk 2,034,751 $ 6,119,486 Fertilizers & Agricultural Chemicals - 0.3 % 233,860 Makhteshim-Agan Industries, Ltd. $ 1,162,843 Gold - 2.9 % 75,000 Anglogold Ashanti, Ltd. (A.D.R.) (b) $ 3,819,000 279,900 IAMGOLD Corp. * 2,485,512 5,792,000 Zijin Mining Group Co., Ltd. 3,407,535 $ 9,712,047 Precious Metals & Minerals - 1.4 % 31,700 Anglo American Platinum Corp., Ltd. $ 2,532,141 79,100 Compania de Minas Buenaventura SA 2,074,002 $ 4,606,143 Steel - 2.1 % 171,900 Companhia Vale do Rio Doce (A.D.R.) (b) $ 6,996,330 Total Materials $36,565,504 Capital Goods - 11.7 % Aerospace & Defense - 0.7 % 101,100 Elbit Systems, Ltd. $ 2,331,990 Construction & Engineering - 4.7 % 692,400 Aveng, Ltd. $ 2,694,971 4,990,950 Continental Engineering Corp. 2,095,080 23,289 Daelim Industrial Co. 1,555,023 551,784 Empressa ICA Sociedad Controladora SA de CV * 1,668,080 42,100 GS Engineering & Construction Corp. 2,277,731 75,000 Kyeryong Construction Industrial Co., Ltd. 2,494,819 55,600 Larsen & Toubro, Ltd. 3,006,433 $15,792,137 Construction, Farm Machinery & Heavy Trucks - 3.0 % 123,600 Daewoo Heavy Industries & Machinery, Ltd. $ 3,329,883 43,070 Hyundai Heavy Industries 3,416,600 206,200 Samsung Heavy Industries Co., Ltd. 3,548,378 $10,294,861 Heavy Electrical Equipment - 0.9 % 69,500 Bharat Heavy Electricals $ 3,179,598 Industrial Conglomerates - 1.6 % 305,000 Keppel Corp. * $ 2,622,369 268,522 KOC Holding AS 1,628,186 38,900 LG Corp. 1,348,611 $ 5,599,166 Industrial Machinery - 0.7 % 140,700 Doosan Heavy Industries & Construction Co. $ 2,365,718 Total Capital Goods $39,563,470 Transportation - 2.0 % Airlines - 0.7 % 77,000 Gol-Linhas Aereas Inteligentes SA $ 2,540,801 Marine - 1.3 % 2,406,600 China Shipping Development Co., Ltd. $ 1,971,687 916,000 Malaysia International Shipping 2,390,002 $ 4,361,689 Total Transportation $ 6,902,490 Automobiles & Components - 2.1 % Automobile Manufacturers - 2.1 % 63,500 Hyundai Motor Co., Ltd. $ 5,401,690 243,600 Ssangyong Motor Co. * 1,674,456 $ 7,076,146 Total Automobiles & Components $ 7,076,146 Consumer Durables & Apparel - 2.4 % Homebuilding - 0.9 % 174,380 Cyrela Brazil Realty SA $ 3,203,468 Household Appliances - 0.7 % 261,520 Arcelik AS $ 2,432,657 Housewares & Specialties - 0.8 % 93,600 Woongjin Coway Co., Ltd. * $ 2,589,746 Total Consumer Durables & Apparel $ 8,225,871 Consumer Services - 1.0 % Hotels, Resorts & Cruise Lines - 1.0 % 115,600 Indian Hotels Co., Ltd. * $ 3,238,767 Total Consumer Services $ 3,238,767 Media - 2.2 % Broadcasting & Cable TV - 1.2 % 2,800,000 BEC World Public Co., Ltd. $ 923,549 25,131 Grupo Televisa SA (A.D.R.) 1,971,778 233,000 Television Broadcasts Ltd. 1,300,788 $ 4,196,115 Publishing - 0.9 % 744,827 Hurriyet Gazetecilik ve Matbaacilik AS $ 3,126,992 Total Media $ 7,323,107 Retailing - 3.7 % Apparel Retail - 0.8 % 617,500 Truworths International, Ltd. $ 2,602,715 Department Stores - 1.0 % 32,700 Hyundai Department Store Co., Ltd. $ 3,476,561 General Merchandise Stores - 1.0 % 60,500 Lojas Renner SA * $ 3,337,685 Homefurnishing Retail - 0.9 % 216,300 Ellerine Holdings, Ltd. $ 2,976,089 Total Retailing $12,393,050 Food & Drug Retailing - 2.7 % Food Retail - 0.7 % 1,016,000 President Chain Store Corp. $ 2,208,888 Hypermarkets & Supercenters - 2.0 % 66,800 Brasil Distr Pao Acu (A.D.R.) (b) $ 2,839,000 177,000 Massmart Holdings, Ltd. 1,736,550 4,900 Shinsegae Co., Ltd. 2,315,306 $ 6,890,856 Total Food & Drug Retailing $ 9,099,744 Food, Beverage & Tobacco - 3.1 % Packaged Foods & Meats - 1.5 % 28,400 CJ Corp. $ 3,561,668 62,900 Tiger Brands, Ltd. * 1,552,455 $ 5,114,123 Soft Drinks - 1.6 % 60,900 Fomento Economico Mexicano SA de CV $ 5,297,691 Total Food, Beverage & Tobacco $10,411,814 Household & Personal Products - 1.3 % Personal Products - 1.3 % 31,520 Natura Cosmeticos SA $ 1,840,584 78,500 Oriflame Cosmetics SA 2,555,719 $ 4,396,303 Total Household & Personal Products $ 4,396,303 Pharmaceuticals & Biotechnology - 1.6 % Pharmaceuticals - 1.6 % 125,400 Teva Pharmaceutical Industries, Ltd. $ 5,265,546 Total Pharmaceuticals & Biotechnology $ 5,265,546 Banks - 12.4 % Diversified Banks - 12.0 % 116,304 Banco Bradesco SA (b) $ 4,821,964 128,600 Banco do Brasil SA 3,330,216 447,000 Bangkok Bank, Ltd. 1,445,351 687,700 Bank Hapoalim, Ltd. 3,139,483 1,632,100 Bumiputra-Commerce Holdings 2,545,251 774,597 FirstRand, Ltd. 2,332,648 57,267 Hana Financial Holdings * 2,435,133 797,600 KASIKORNBANK 1,402,268 14,131 Kookmin Bank 1,074,288 55,900 Kookmin Bank (A.D.R.) 4,234,425 4,893,800 Krung Thai Bank Public Co., Ltd. 1,539,088 4,315,000 PT Bank Central Asia Tbk 1,686,745 151,486 Standard Bank Group, Ltd. 1,931,585 80,300 State Bank of India 1,588,476 241,452 Turkiye Is Bankasi (Isbank) 2,284,147 54,339 Uniao de Bancos Brasileiros SA (Unibanco) (G.D.R.) ( 4,779,115 $40,570,183 Thrifts & Mortgage Finance - 0.4 % 121,000 Banco De Oro (G.D.R.) (144A) * $ 1,585,100 Total Banks $42,155,283 Diversified Financials - 2.1 % Investment Banking & Brokerage - 0.9 % 53,100 Samsung Securities Co., Ltd. $ 3,126,311 Multi-Sector Holding - 0.6 % 96,170 Remgro, Ltd. $ 2,016,823 Diversified Financial Services - 0.6 % 2,096,000 Fubon Group $ 1,874,672 Total Diversified Financials $ 7,017,806 Insurance - 4.5 % Life & Health Insurance - 2.5 % 102,300 Cathay Financial Holding Co., Ltd. (144A) (G.D.R.) $ 1,943,700 1,776,900 China Life Insurance Co., Ltd. * 2,020,787 778,000 Ping An Insurance (Group) Company of China, Ltd. 1,798,003 1,005,480 Sanlam, Ltd. 2,601,075 $ 8,363,565 Property & Casualty Insurance - 2.0 % 419,725 Aksigorta AS $ 4,416,175 19,800 Samsung Fire & Marine Insurance 2,525,001 $ 6,941,176 Total Insurance $15,304,741 Real Estate - 0.5 % Real Estate Management & Development - 0.5 % 8,021,900 Ayala Land, Inc. * $ 1,745,253 Total Real Estate $ 1,745,253 Software & Services - 0.9 % IT Consulting & Other Services - 0.9 % 46,068 Infosys Technologies, Ltd. $ 2,936,083 Total Software & Services $ 2,936,083 Technology Hardware & Equipment - 3.1 % Computer Hardware - 1.0 % 646,600 ACER Sertek, Inc. $ 1,430,495 1,206,750 Quanta Computer, Inc. 1,839,874 $ 3,270,369 Computer Storage & Peripherals - 0.9 % 461,000 Asustek Computer, Inc. $ 1,301,435 1,636,800 LITE-ON IT Corp. 1,802,741 $ 3,104,176 Electronic Manufacturing Services - 1.2 % 648,826 Hon Hai Precision Industry $ 4,098,320 Total Technology Hardware & Equipment $10,472,865 Semiconductors - 3.0 % Semiconductors - 3.0 % 8,970 Samsung Electronics $ 6,286,507 1,239,211 Taiwan Semiconductor Manufacturing Co. 2,309,330 156,344 Taiwan Semiconductor Manufacturing Co. (A.D.R.) 1,521,227 $10,117,064 Total Semiconductors $10,117,064 Telecommunication Services - 4.5 % Integrated Telecommunication Services - 1.3 % 46,000 Brasil Telecom Participacoes SA (b) $ 1,828,500 43,600 Philippine Long Distance Telephone Co. 1,505,033 184,100 Telekomunikacja Polska SA 1,284,814 $ 4,618,347 Wireless Telecommunication Services - 3.1 % 64,100 Korea Telecom Freetel Co. $ 1,705,047 49,800 Mobile Telesystems (A.D.R.) 1,796,286 181,000 MTN Group, Ltd. 1,746,709 165,600 Partner Communications Co., Ltd. 1,253,891 2,288,000 Taiwan Mobile Co., Ltd 2,110,048 44,800 Vimpel-Communications (A.D.R.) * (b) 1,971,200 $10,583,181 Total Telecommunication Services $15,201,528 Utilities - 1.9 % Electric Utilities - 0.7 % 45,400 Cemig SA (A.D.R.) * $ 2,358,984 Gas Utilities - 1.2 % 2,994,000 Panva Gas Holdings, Ltd. * $ 1,568,810 19,700 Samchully Co., Ltd. 2,487,039 $ 4,055,849 Total Utilities $ 6,414,833 TOTAL COMMON STOCKS (Cost $191,842,659) $316,781,573 WARRANTS - 0.0 % Commercial Services & Supplies - 0.0 % Diversified Commercial Services - 0.0 % 11,697 Bidvest Group, Ltd., Exp 12/8/06 * $ 87,171 TOTAL WARRANTS (Cost $0) $ 87,171 Principal Amount TEMPORARY CASH INVESTMENTS - 10.0 % Repurchase Agreement - 2.2 % $7,300,000 UBS Warburg, Inc., 4.45%, dated 2/28/06, repurchas$ 7,300,000 Shares Security Lending Collateral - 7.8 % 26,296,530 Securities Lending Investment Fund, 4.49 $26,296,530 TOTAL TEMPORARY CASH INVESTMENTS (Cost $33,596,530) $33,596,530 TOTAL INVESTMENT IN SECURITIES - 107.2% (Cost $231,375,589) (a) $361,928,228 OTHER ASSETS AND LIABILITIES - (7.2)% $(24,109,727) TOTAL NET ASSETS - 100.0% $337,818,501 (A.D.R.) American Depositary Receipt (G.D.R.) Global Depositary Receipt * Non-income producing security. 144A Security is exempt from registration under Rule 144A of the Securities A (a) At February 28, 2006, the net unrealized gain on investments based on cost for federal income tax purposes of $232,716,475 was as follows: Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $ 132,625,831 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (3,414,078) Net unrealized gain $ 129,211,753 (b) At February 28, 2006, the following securities were out on loan: Shares Security Value 71,190 Anglogold Ashanti, Ltd. (A.D.R.) $ 3,624,995 111,794 Banco Bradesco SA 4,634,979 40,005 Brasil Distr Pao Acu (A.D.R.) 1,700,213 4,700 Brasil Telecom Participacoes SA 186,825 43,130 Companhia Vale do Rio Doce (A.D.R.) 2,241,035 17,670 Norilsk Nickel * 1,577,931 22,895 Lukoil Holding (A.D.R.) 1,833,890 42,500 Vimpel-Communications (A.D.R.) * 1,870,000 71,250 Surgutneftegaz (A.D.R.) 5,343,750 106,394 Tele Norte Leste Participacoes (A.D.R.) 1,971,481 Total $ 24,985,099
ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, about the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) 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 Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)). The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on an evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There was no significant change in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2). Filed herewith. SIGNATURES [See General Instruction F] 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) Pioneer Emerging Markets Fund By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr, President Date April 28, 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/ John F. Cogan, Jr. John F. Cogan, Jr., President Date April 28, 2006 By (Signature and Title)* /s/ Vincent Nave Vincent Nave, Treasurer Date April 28, 2006 * Print the name and title of each signing officer under his or her signature. EX-99 2 cert.txt CERTIFICATIONS - -------------- I, John F. Cogan, Jr., certify that: 1. I have reviewed this report on Form N-Q of Pioneer Emerging Markets Fund; 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 schedule of investments included in this report fairly presents 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 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 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: April 28, 2006 /s/ John F. Cogan, Jr. John F. Cogan, Jr. President CERTIFICATIONS - -------------- I, Vincent Nave, certify that: 1. I have reviewed this report on Form N-Q of Pioneer Emerging Markets Fund; 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 schedule of investments included in this report fairly presents 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 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 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: April 28, 2006 /s/ Vincent Nave Vincent Nave Treasurer -----END PRIVACY-ENHANCED MESSAGE-----