N-Q 1 p414604_nq.htm FORM N-Q Prepared and filed by St Ives Financial


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 811-02201

Rivus Bond Fund (Formerly 1838 Bond - Debenture Trading Fund)

(Exact name of registrant as specified in charter)

113 King Street

Armonk, NY 10504

(Address of principal executive offices) (Zip code)

Clifford D. Corso

113 King Street

Armonk, NY 10504

(Name and address of agent for service)

Registrant’s telephone number, including area code: 914-273-4545

Date of fiscal year end: March 31

Date of reporting period: June 30, 2006



Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

SCHEDULE OF INVESTMENTS

June 30, 2006

 

 

 

Moody’s/
Standard &
Poor’s
Rating(a)

 

Principal
Amount (000’s)

 

Amortized Cost
(Note 1)

 

Value
(Note 1)

 

 

 


 


 


 


 

LONG TERM DEBT SECURITIES (97.14%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUTOMOTIVE (7.66%)

 

 

 

 

 

 

 

 

 

 

 

 

Auburn Hills Trust, Gtd. Ctfs., 12.375%, 05/01/20

 

A3/BBB

 

$

1,000

 

$

1,000,000

 

$

1,411,493

 

Ford Holdings, LLC, Gtd., 9.30%, 03/01/30

 

Ba3/B+

 

 

1,000

 

 

1,107,152

 

 

845,000

 

Ford Motor Co., Debs., 8.90%, 01/15/32

 

Ba3/B+

 

 

1,560

 

 

1,544,670

 

 

1,244,100

 

Ford Motor Credit Co., 7.00%, 10/01/13

 

Ba2/B+

 

 

2,000

 

 

2,049,952

 

 

1,721,276

 

General Motors Acceptance Corp., Notes, 6.125%, 09/15/06

 

Ba1/BB

 

 

1,000

 

 

999,339

 

 

998,523

 

General Motors Acceptance Corp., Notes, 7.25%, 03/02/11

 

Ba1/BB

 

 

1,000

 

 

1,006,010

 

 

969,508

 

Meritor Automotive, Notes, 6.80%, 02/15/09

 

Ba3/BB-

 

 

87

 

 

88,518

 

 

84,173

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

7,795,641

 

 

7,274,073

 

 

 

 

 

 

 

 



 



 

CHEMICALS (0.52%)

 

 

 

 

 

 

 

 

 

 

 

 

IMC Global, Inc., Debs., 6.875%, 07/15/07

 

B1/B+

 

 

500

 

 

510,285

 

 

498,750

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL SERVICES (0.84%)

 

 

 

 

 

 

 

 

 

 

 

 

Avis Budget Car Rental LLC, Sr. Notes, 7.576%, 05/15/14, 144A (b)

 

Ba3/BB-

 

 

250

 

 

250,000

 

 

249,375

 

Cendant Corp., Sr. Notes, 7.375%, 01/15/13

 

Baa1/BBB+

 

 

500

 

 

553,765

 

 

547,060

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

803,765

 

 

796,435

 

 

 

 

 

 

 

 



 



 

CONSUMER PRODUCTS (0.79%)

 

 

 

 

 

 

 

 

 

 

 

 

Newell Rubbermaid, Inc., 6.00%, 03/15/07

 

Baa2/BBB+

 

 

750

 

 

754,680

 

 

750,323

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIVERSIFIED FINANCIAL SERVICES (17.43%)

 

 

 

 

 

 

 

 

 

 

 

 

Bank of America Corp., Sub. Notes, 7.40%, 01/15/11

 

Aa3/A+

 

 

1,000

 

 

1,039,508

 

 

1,064,017

 

CIT Group, Inc., Sr. Notes, 7.375%, 04/02/07

 

A2/A

 

 

1,800

 

 

1,832,955

 

 

1,822,421

 

Citicorp Capital II, Gtd., 8.015%, 02/15/27

 

Aa2/A

 

 

2,000

 

 

2,010,921

 

 

2,100,710

 

Credit Suisse FB USA, Inc., Notes, 4.875%, 08/15/10

 

Aa3/AA-

 

 

500

 

 

499,968

 

 

484,625

 

General Electric Capital Corp., Notes, 6.125%, 02/22/11

 

Aaa/AAA

 

 

1,000

 

 

1,058,905

 

 

1,018,794

 

General Electric Capital Corp., 6.00%, 06/15/12

 

Aaa/AAA

 

 

1,725

 

 

1,766,812

 

 

1,744,815

 

Household Finance Corp., Notes, 6.75%, 05/15/11

 

Aa3/AA-

 

 

1,500

 

 

1,500,056

 

 

1,556,015

 

HSBC America Capital Trust II, Gtd., 8.38%, 05/15/27, 144A

 

NR/A

 

 

2,500

 

 

2,564,458

 

 

2,647,620

 

Landesbank Baden-Wurtt NY, Sub. Notes, 6.35%, 04/01/12

 

Aaa/AA+

 

 

500

 

 

499,165

 

 

525,282

 

Residential Capital Corp., 6.375%, 06/30/10

 

Baa3/BBB-

 

 

1,000

 

 

997,598

 

 

986,391

 

Sanwa Bank Ltd., Sub. Notes, 7.40%, 06/15/11

 

A2/A-

 

 

500

 

 

490,234

 

 

530,632

 

UBS PFD Funding Trust I, Gtd., 8.622%, 10/10/49 (b)

 

A1/AA-

 

 

1,000

 

 

1,007,682

 

 

1,093,919

 

Wachovia Capital Trust III, Bank Gtd., 5.80%, 03/15/42 (b)

 

A2/A-

 

 

1,000

 

 

1,000,000

 

 

970,402

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

16,268,262

 

 

16,545,643

 

 

 

 

 

 

 

 



 



 

ENERGY (6.75%)

 

 

 

 

 

 

 

 

 

 

 

 

Apache Corp., Notes, 7.70%, 03/15/26

 

A3/A-

 

 

500

 

 

522,311

 

 

581,405

 

ChevronTexaco, Debs., 7.50%, 03/01/43

 

Aa2/AA

 

 

2,000

 

 

1,979,072

 

 

2,163,584

 

Transocean, Inc., Notes, 7.50%, 04/15/31

 

Baa1/A-

 

 

500

 

 

497,920

 

 

556,434

 

Western Atlas, Inc., Debs., 8.55%, 06/15/24

 

A2/A

 

 

2,539

 

 

2,635,191

 

 

3,100,820

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

5,634,494

 

 

6,402,243

 

 

 

 

 

 

 

 



 



 

GAMING, LODGING & LEISURE (4.79%)

 

 

 

 

 

 

 

 

 

 

 

 

Caesars Entertainment, Sr. Notes, 7.50%, 09/01/09

 

Baa3/BBB-

 

 

1,000

 

 

1,055,422

 

 

1,038,219

 

MGM Mirage, Inc., Co. Gty, 6.00%, 10/01/09

 

Ba2/BB

 

 

1,000

 

 

994,365

 

 

972,500

 

Mohegan Tribal Gaming Authority, Sr. Notes, 6.375%, 07/15/09

 

Ba3/B+

 

 

500

 

 

511,800

 

 

486,875

 

Royal Caribbean Cruises Ltd., Sr. Notes, 6.75%, 03/15/08

 

Ba1/BBB-

 

 

1,000

 

 

958,398

 

 

1,004,086

 

Starwood Hotels & Resorts Worldwide, Inc., Gtd., 7.875%, 05/01/12

 

Ba1/BB+

 

 

1,000

 

 

996,893

 

 

1,043,750

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

4,516,878

 

 

4,545,430

 

 

 

 

 

 

 

 



 



 

HOME BUILDERS (1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

Centex Corp., Notes, 5.45%, 08/15/12

 

Baa2/BBB

 

 

1,000

 

 

995,397

 

 

947,074

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

INDUSTRIAL (1.33%)

 

 

 

 

 

 

 

 

 

 

 

 

Case New Holland, Inc., Sr. Notes, 6.00%, 06/01/09

 

Ba3/BB-

 

 

500

 

 

498,286

 

 

486,250

 

Tyco International Group SA, Co. Gty, 6.75%, 02/15/11

 

Baa3/BBB+

 

 

750

 

 

781,921

 

 

773,812

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

1,280,207

 

 

1,260,062

 

 

 

 

 

 

 

 



 



 

INSURANCE (4.47%)

 

 

 

 

 

 

 

 

 

 

 

 

AIG Sunamerica Global Finance VI, 6.30%, 05/10/11, 144A

 

Aa2/AA+

 

 

1,000

 

 

1,078,714

 

 

1,021,820

 

Berkshire Hathaway Finance Corp., 5.10%, 07/15/14

 

Aaa/AAA

 

 

1,000

 

 

1,001,703

 

 

952,465

 

Penn Central Corp., Sub. Notes, 10.875%, 05/01/11 (c)

 

WR/NR

 

 

1,500

 

 

1,557,509

 

 

1,759,350

 

XL Capital Europe PLC, Gtd., 6.50%, 01/15/12

 

A3/A-

 

 

500

 

 

498,337

 

 

507,423

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

4,136,263

 

 

4,241,058

 

 

 

 

 

 

 

 



 



 

MEDIA (14.54%)

 

 

 

 

 

 

 

 

 

 

 

 

Clear Channel Communication, Co. Gty, 8.00%, 11/01/08

 

Baa3/BBB-

 

 

1,000

 

 

1,051,091

 

 

1,039,700

 

Comcast Corp., Gtd., 7.05%, 03/15/33

 

Baa2/BBB+

 

 

2,000

 

 

2,189,357

 

 

2,028,972

 

CSC Holdings, Inc., Sr. Notes, 7.25%, 07/15/08

 

B2/B+

 

 

500

 

 

520,490

 

 

500,625

 

Dex Media West LLC, Sr. Notes, 8.50%, 08/15/10

 

B1/B

 

 

500

 

 

531,223

 

 

518,750

 

Echostar DBS Corp., Sr. Notes, 5.75%, 10/01/08

 

Ba3/BB-

 

 

500

 

 

497,958

 

 

488,750

 

Harcourt General, Inc., Sr. Debs., 8.875%, 06/01/22

 

WR/A-

 

 

2,000

 

 

2,129,770

 

 

2,447,912

 

News America Holdings, Inc., Gtd., 7.90%, 12/01/95

 

Baa2/BBB

 

 

1,400

 

 

1,298,991

 

 

1,447,424

 

Quebecor World Capital Corp., Gtd., 6.125%, 11/15/13

 

Ba3/BB-

 

 

1,000

 

 

1,006,209

 

 

817,500

 

Time Warner, Inc., Debs., 9.15%, 02/01/23

 

Baa2/BBB+

 

 

3,000

 

 

3,134,971

 

 

3,557,619

 

Viacom, Inc., Sr. Notes, 5.75%, 04/30/11, 144A

 

Baa3/BBB

 

 

700

 

 

695,958

 

 

687,553

 

Viacom, Inc., Sr. Debs., 7.875%, 07/30/30

 

Baa3/BBB

 

 

250

 

 

246,444

 

 

262,365

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

13,302,462

 

 

13,797,170

 

 

 

 

 

 

 

 



 



 

PAPER (4.42%)

 

 

 

 

 

 

 

 

 

 

 

 

Abitibi-Consolidated, Inc., Debs., 8.85%, 08/01/30

 

B1/B+

 

 

1,500

 

 

1,500,012

 

 

1,267,500

 

Smurfit Capital Funding PLC, Debs., 7.50%, 11/20/25

 

B1/B+

 

 

2,000

 

 

1,992,382

 

 

1,820,000

 

Union Camp Corp., Debs., 9.25%, 02/01/11

 

Baa3/BBB

 

 

1,000

 

 

996,455

 

 

1,111,718

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

4,488,849

 

 

4,199,218

 

 

 

 

 

 

 

 



 



 

PHARMACEUTICALS (1.61%)

 

 

 

 

 

 

 

 

 

 

 

 

Bristol-Myer Squibb, 5.75%, 10/01/11

 

A1/A+

 

 

1,000

 

 

1,029,979

 

 

997,335

 

Monsanto Co. (Pharmacia Corp), 6.50%, 12/01/18

 

Aaa/AAA

 

 

500

 

 

576,062

 

 

527,893

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

1,606,041

 

 

1,525,228

 

 

 

 

 

 

 

 



 



 

REAL ESTATE INVESTMENT TRUST (5.36%)

 

 

 

 

 

 

 

 

 

 

 

 

CarrAmerica Realty Corp., 5.50%, 12/15/10

 

Baa2/BBB

 

 

500

 

 

499,785

 

 

503,611

 

EOP Operating LP, Sr. Notes, 7.25%, 02/15/18

 

Baa2/BBB

 

 

1,000

 

 

994,157

 

 

1,070,858

 

Host Marriott LP, Sr. Notes, 7.00%, 08/15/12

 

Ba2/BB

 

 

500

 

 

523,575

 

 

495,625

 

i Star Financial, Inc., 6.00%, 12/15/10

 

Baa2/BBB

 

 

1,000

 

 

1,016,764

 

 

996,351

 

Liberty Property LP, Sr. Notes, 7.50%, 01/15/18

 

Baa2/BBB

 

 

1,000

 

 

999,397

 

 

1,060,377

 

Nationwide Health Properties, Inc., Notes, 6.00%, 05/20/15

 

Baa3/BBB-

 

 

500

 

 

499,520

 

 

478,433

 

Prologis, Sr. Notes, 5.50%, 04/01/12

 

Baa1/BBB+

 

 

500

 

 

497,351

 

 

486,764

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

5,030,549

 

 

5,092,019

 

 

 

 

 

 

 

 



 



 

RETAIL & RESTAURANT (0.54%)

 

 

 

 

 

 

 

 

 

 

 

 

Darden Restaurants, Inc., Debs., 7.125%, 02/01/16

 

Baa1/BBB+

 

 

500

 

 

445,415

 

 

516,940

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

TELECOMMUNICATIONS (9.63%)

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Telekom International Finance BV, Gtd., 8.25%, 06/15/30

 

A3/A-

 

 

2,000

 

 

2,486,380

 

 

2,309,100

 

France Telecom SA, Notes, 7.75%, 03/01/11 (d)

 

A3/A-

 

 

750

 

 

817,757

 

 

805,654

 

GTE Corp., Debs., 6.94%, 04/15/28

 

Baa1/A

 

 

2,000

 

 

2,106,371

 

 

1,953,896

 

SBC Communications, Inc., Notes, 5.875%, 08/15/12

 

A2/A

 

 

500

 

 

494,840

 

 

494,547

 

Sprint Capital Corp., Co. Gty, 6.90%, 05/01/19

 

Baa2/A-

 

 

1,750

 

 

1,760,325

 

 

1,797,922

 

Verizon Global Funding Corp., Notes, 7.75%, 12/01/30

 

A3/A

 

 

1,646

 

 

1,674,726

 

 

1,775,290

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

9,340,399

 

 

9,136,409

 

 

 

 

 

 

 

 



 



 

UTILITIES (5.31%)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Resources, Inc., Sr. Notes, 6.75%, 12/15/32

 

Baa2/BBB

 

 

1,000

 

 

997,747

 

 

993,965

 

Hydro-Quebec, Gtd. Debs., 8.25%, 04/15/26

 

Aa3/A+

 

 

1,550

 

 

1,486,750

 

 

1,976,121

 

Midamerican Funding LLC, 6.927%, 03/01/29

 

A3/BBB+

 

 

500

 

 

500,000

 

 

529,991

 

NSTAR, Notes, 8.00%, 02/15/10

 

A2/A

 

 

500

 

 

499,141

 

 

534,301

 

Ohio Power Co., Sr. Notes, 6.00%, 06/01/16

 

A3/BBB

 

 

500

 

 

499,752

 

 

493,045

 

Old Dominion Electric Coop., 6.25%, 06/01/11

 

Aaa/AAA

 

 

500

 

 

500,378

 

 

511,371

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

4,483,768

 

 

5,038,794

 

 

 

 

 

 

 

 



 



 

MORTGAGE BACKED SECURITIES (7.91%)

 

 

 

 

 

 

 

 

 

 

 

 

FHLMC Pool # B11892, 4.50%, 01/01/19

 

Aaa/AAA

 

 

1,797

 

 

1,810,706

 

 

1,699,562

 

FHLMC Pool # A15675, 6.00%, 11/01/33

 

Aaa/AAA

 

 

1,235

 

 

1,267,876

 

 

1,219,920

 

FNMA Pool # 763852, 5.50%, 02/01/34

 

Aaa/AAA

 

 

2,748

 

 

2,799,805

 

 

2,646,016

 

FNMA Pool # 754791, 6.50%, 12/01/33

 

Aaa/AAA

 

 

1,815

 

 

1,870,648

 

 

1,828,971

 

GNSF Pool # 417239, 7.00%, 02/15/26

 

Aaa/AAA

 

 

75

 

 

75,577

 

 

77,218

 

GNSF Pool # 780374, 7.50%, 12/15/23

 

Aaa/AAA

 

 

34

 

 

34,247

 

 

36,009

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

7,858,859

 

 

7,507,696

 

 

 

 

 

 

 

 



 



 

U.S. GOVERNMENT AGENCY (2.24%)

 

 

 

 

 

 

 

 

 

 

 

 

FNMA, Notes, 7.125%, 03/15/07

 

Aaa/AAA

 

 

2,100

 

 

2,135,842

 

 

2,122,084

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LONG TERM DEBT SECURITIES

 

 

 

 

 

 

 

91,388,056

 

 

92,196,649

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT COMPANIES (1.20%)

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

High Yield Plus Fund

 

 

 

 

33

 

 

223,875

 

 

106,332

 

PNC Bank Money Market Account

 

 

 

 

1,034

 

 

1,034,092

 

 

1,034,092

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

1,257,967

 

 

1,140,424

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (98.34%)

 

 

 

 

 

 

$

92,646,023

*

 

93,337,073

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS AND LIABILITIES (1.66%)

 

 

 

 

 

 

 

 

 

 

1,573,339

 

 

 

 

 

 

 

 

 

 

 



 

NET ASSETS (100.00%)

 

 

 

 

 

 

 

 

 

$

94,910,412

 

 

 

 

 

 

 

 

 

 

 



 


(a)

Ratings for debt securities are unaudited. All ratings are as of June 30, 2006 and may have changed subsequently.

(b)

Variable rate security. Rate disclosed is as of June 30, 2006.

(c)

Security was valued using fair value procedures as of June 30, 2006.

(d)

Multi-Step Coupon. Rate disclosed is as of June 30, 2006.

144A -

Securities were purchased pursuant to Rule 144A under the securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At the end of the period, these securities amounted to 4.85% of net assets.

*

Aggregate cost for Federal income tax purposes is $92,646,023

 

Gross unrealized appreciation

 

$

3,829,400

 

 

 

 

 

 

 

 

 

 

Gross unrealized depreciation

 

 

(3,138,350

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Net unrealized appreciation

 

$

691,050

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Legend

Co. Gty - Company Guaranty

Ctfs. - Certificates

Debs. - Debentures

GNSF - Government National Mortgage Association

Gtd. - Guranteed

FHLMC - Federal Home Loan Mortgage Corp.

FNMA - Federal National Mortgage Association (Single Family)

NR - Not Rated

Sr. - Senior

Sub.- Subordinated

WR - Withdrawn Rating

Security Valuation In valuing the Fund’s net assets, all securities for which representative market quotations are available will be valued at the last quoted sales price on the security’s principal exchange on the day of valuation. If there are no sales of the relevant security on such day, the security will be valued at the bid price at the time of computation. Prices for securities traded in the over-the-counter market, including listed debt and preferred securities, whose primary market is believed to be over-the-counter, normally are supplied by independent pricing services. Securities for which market quotations are not readily available will be valued at their respective fair values as determined in good faith by, or under procedures established by the Board of Directors. At June 30, 2006, Penn Central Corp. was valued using fair value procedures and represented 1.85% of net assets.

For more information with regards to significant accounting policies, see the mose recent annual report filed with the Securities and Exchange Commission.

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)

      Rivus Bond Fund      (Formerly 1838 Bond - Debenture Trading Fund)

 


 

By (Signature and Title)*

/s/ Clifford D. Corso

 


 

Clifford D. Corso, President
(principal executive officer)

 

Date

August 21, 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/ Clifford D. Corso

 


 

Clifford D. Corso, President,
(principal executive officer )

 

Date

August 21, 2006

 


 

By (Signature and Title)*

/s/ Marc D. Morris

 


 

Marc D. Morris, Treasurer,
(principal financial officer )

 

Date

August 21, 2006

 


*        Print the name and title of each signing officer under his or her signature.