UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21698
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Gabelli Global Gold, Natural Resources & Income Trust
---------------------------------------------------------
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
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(Address of principal executive offices) (Zip code)
Bruce N. Alpert
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-800-422-3554
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Date of fiscal year end: December 31
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Date of reporting period: September 30, 2005
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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, 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.
The Schedule(s) of Investments is attached herewith.
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED)
MARKET
SHARES VALUE*
------ --------
COMMON STOCKS -- 91.5%
ENERGY AND UTILITIES -- 34.6%
135,600 BG Group plc, ADR .......................... $ 6,466,764
123,000 BJ Services Co. ............................ 4,426,770
51,000 BP plc, ADR ................................ 3,613,350
75,000 Burlington Resources Inc. .................. 6,099,000
79,975 Chevron Corp. .............................. 5,176,782
62,000 ConocoPhillips (d) ......................... 4,334,420
97,000 Devon Energy Corp. (d) ..................... 6,658,080
81,500 Exxon Mobil Corp. (d) ...................... 5,178,510
232,000 GlobalSantaFe Corp. ........................ 10,583,840
83,500 Halliburton Co. (d) ........................ 5,721,420
41,499 Kerr-McGee Corp. ........................... 4,029,968
59,000 Marathon Oil Corp. ......................... 4,066,870
120,000 Murphy Oil Corp. (d) ....................... 5,984,400
45,000 Nabors Industries Ltd.+ .................... 3,232,350
130,000 Noble Corp. (d) ............................ 8,899,800
25,000 Norsk Hydro ASA ............................ 2,797,048
92,400 Rowan Companies Inc. ....................... 3,279,276
83,000 Suncor Energy Inc. ......................... 5,023,990
60,000 Tesoro Corp. ............................... 4,034,400
40,000 Total SA, ADR .............................. 5,432,800
85,000 Transocean Inc.+ ........................... 5,211,350
100,700 Valero Energy Corp. (d) .................... 11,385,142
102,300 Weatherford International Ltd.+ ............ 7,023,918
129,000 Williams Companies Inc. .................... 3,231,450
170,000 XTO Energy Inc. (d) ........................ 7,704,400
-------------
139,596,098
-------------
METALS AND MINING -- 53.6%
653,600 Agnico-Eagle Mines Ltd. .................... 9,679,816
60,000 Alcoa Inc. (d) ............................. 1,465,200
100,000 Anglo American plc ......................... 2,980,808
266,700 AngloGold Ashanti Ltd., ADR ................ 11,318,748
15,000 Arcelor .................................... 350,820
15,000 Arch Coal Inc. ............................. 1,012,500
380,400 Barrick Gold Corp. (d) ..................... 11,050,620
100,000 Bema Gold Corp.+ ........................... 269,000
115,000 BHP Billiton Ltd., ADR ..................... 3,930,700
100,000 Compania de Minas
Buenaventura SA, ADR ..................... 3,105,000
27,500 Falconbridge Ltd. .......................... 734,800
377,000 Freeport-McMoRan
Copper & Gold Inc., Cl. B (d) ............ 18,318,430
575,600 Glamis Gold Ltd.+ .......................... 12,720,760
1,043,400 Gold Fields Ltd., ADR ...................... 15,160,602
402,900 Goldcorp Inc. (d) .......................... 8,074,116
185,800 Golden Star Resources Ltd.+ ................ 620,572
464,700 Harmony Gold Mining
Co. Ltd., ADR+ ........................... 5,083,818
4,800 IAMGOLD Corp., New York .................... 35,328
330,000 IAMGOLD Corp., Toronto ..................... 2,421,419
MARKET
SHARES VALUE*
------ --------
64,000 Inco Ltd. .................................. $ 3,030,400
776,700 Ivanhoe Mines Ltd., New York+ .............. 6,493,212
98,000 Ivanhoe Mines Ltd., Toronto+ ............... 826,150
100,000 Kingsgate Consolidated Ltd. ................ 283,688
1,235,700 Kinross Gold Corp.+ ........................ 9,490,176
5,400,000 Lihir Gold Ltd.+ ........................... 7,906,658
518,500 Meridian Gold Inc.+ ........................ 11,360,335
635,000 Newcrest Mining Ltd. ....................... 10,159,613
427,500 Newmont Mining Corp. (d) ................... 20,165,175
3,000,000 Oxiana Ltd.+ ............................... 3,065,660
50,000 Peabody Energy Corp. ....................... 4,217,500
29,000 Phelps Dodge Corp. ......................... 3,767,970
957,800 Placer Dome Inc. (d) ....................... 16,426,270
125,000 Randgold Resources Ltd., ADR+ .............. 1,965,000
23,700 Rio Tinto plc, ADR ......................... 3,893,910
60,000 Teck Cominco Ltd., Cl. B ................... 2,691,613
87,091 Xstrata plc ................................ 2,256,537
-------------
216,332,924
-------------
PAPER AND FOREST PRODUCTS -- 2.1%
15,600 International Paper Co. .................... 464,880
100,000 Plum Creek Timber Co. Inc. ................. 3,791,000
6,300 Potlatch Corp. ............................. 328,356
59,000 Weyerhaeuser Co. ........................... 4,056,250
-------------
8,640,486
-------------
SPECIALTY CHEMICALS -- 1.2%
26,000 Dow Chemical Co. ........................... 1,083,420
90,000 E.I. du Pont de Nemours and Co. ............ 3,525,300
-------------
4,608,720
-------------
TOTAL COMMON STOCKS ........................ 369,178,228
-------------
PRINCIPAL
AMOUNT
--------
U.S. GOVERNMENT OBLIGATIONS -- 8.5%
$34,323,000 U.S. Treasury Bills,
3.247% to 3.493%++,
10/06/05 to 12/15/05 (d) ................. 34,165,670
-------------
TOTAL INVESTMENTS -- 100.0%
(Cost $337,691,686) .................................. $ 403,343,898
=============
--------------
For Federal tax purposes:
Aggregate cost of investments ................. $ 337,691,686
=============
Gross unrealized appreciation ................. $ 66,878,499
Gross unrealized depreciation ................. (1,226,287)
-------------
Net unrealized appreciation
(depreciation) .............................. $ 65,652,212
=============
--------------
2
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ------------- ------
OPTION CONTRACTS WRITTEN --(8.1)%
PUT OPTIONS WRITTEN -- (0.1)%
225 AngloGold Ashanti Ltd.,
ADR .........................Nov. 05/40 $ 20,812
225 AngloGold Ashanti Ltd.,
ADR .........................Jan. 06/35 9,000
200 BHP Billiton Ltd., ADR ........Nov. 05/33 15,760
350 Compania de Minas
Buenaventura SA, ADR ........Dec. 05/25 12,250
100 Goldcorp Inc. .................Nov. 05/17.50 2,250
1,000 Harmony Gold
Mining Co. Ltd., ADR ........Dec. 05/8.75 21,200
100 Inco Ltd. .....................Oct. 05/35 500
1,300 Kinross Gold Corp. ............Nov. 05/6.50 14,950
100 Phelps Dodge Corp. ............Oct. 05/90 500
100 Phelps Dodge Corp. ............Nov. 05/115 23,000
100 Phelps Dodge Corp. ............Jan. 06/100 19,000
1,000 Randgold Resources Ltd.,
ADR .........................Dec. 05/15 85,000
100 Teck Cominco Ltd.,
Cl. B(a) ....................Nov. 05/44 2,581
------------
TOTAL PUT OPTIONS WRITTEN
(Premiums received $327,533) ...............$ 226,803
============
CALL OPTIONS WRITTEN -- (8.0)%
5,750 Agnico-Eagle Mines Ltd. .......Nov. 05/15 $ 402,500
786 Agnico-Eagle Mines Ltd. .......Feb. 06/17.50 39,300
420 Alcoa Inc. ....................Oct. 05/25 14,700
180 Alcoa Inc. ....................Oct. 05/27.50 900
50 Anglo American plc(b) .........Dec. 05/1500 194,899
50 Anglo American plc(b) .........Dec. 05/1800 18,079
532 AngloGold Ashanti Ltd.,
ADR .........................Oct. 05/35 401,660
2,135 AngloGold Ashanti Ltd.,
ADR .........................Oct. 05/40 640,500
900 Barrick Gold Corp. ............Oct. 05/22.50 594,000
606 Barrick Gold Corp. ............Oct. 05/25 248,460
775 Barrick Gold Corp. ............Oct. 05/30 38,750
1,000 Barrick Gold Corp. ............Nov. 05/30 90,000
523 Barrick Gold Corp. ............Jan. 06/30 81,065
700 Bema Gold Corp. ...............Oct. 05/2.50 21,000
300 Bema Gold Corp. ...............Oct. 05/5 1,500
472 BHP Billiton Ltd., ADR ........Nov. 05/30 217,120
378 BHP Billiton Ltd., ADR ........Nov. 05/35 43,470
300 BHP Billiton Ltd., ADR ........Jan. 06/36.48 42,690
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ------------- ------
620 BJ Services Co. ...............Oct. 05/30 $ 378,200
250 BJ Services Co. ...............Nov. 05/37.50 28,250
360 BJ Services Co. ...............Jan. 06/35 115,200
160 BP plc, ADR ...................Oct. 05/65 113,600
175 BP plc, ADR ...................Nov. 05/75 10,938
175 BP plc, ADR ...................Jan. 06/80 8,750
300 Burlington Resources Inc. .....Oct. 05/70 351,000
200 Burlington Resources Inc. .....Oct. 05/75 132,000
250 Burlington Resources Inc. .....Jan. 06/85 115,000
127 Chevron Corp. .................Oct. 05/60 97,790
200 Chevron Corp. .................Oct. 05/65 59,000
200 Chevron Corp. .................Dec. 05/70 24,000
265 Chevron Corp. .................Jan. 06/70 42,400
372 Compania de Minas
Buenaventura SA, ADR ........Dec. 05/22.50 327,360
628 Compania de Minas
Buenaventura SA, ADR ........Dec. 05/25 383,080
620 ConocoPhillips ................Nov. 05/70 198,400
140 Devon Energy Corp. ............Oct. 05/50 275,800
150 Devon Energy Corp. ............Oct. 05/60 144,000
190 Devon Energy Corp. ............Oct. 05/65 95,000
150 Devon Energy Corp. ............Nov. 05/70 46,500
150 Devon Energy Corp. ............Nov. 05/75 23,250
190 Devon Energy Corp. ............Jan. 06/65 140,600
160 Dow Chemical Co. ..............Dec. 05/50 2,400
100 Dow Chemical Co. ..............Dec. 05/55 1,000
290 E.I. du Pont de Nemours
& Co. .......................Oct. 05/50 1,450
410 E.I. du Pont de Nemours
& Co. .......................Oct. 05/55 2,050
346 Exxon Mobil Corp. .............Oct. 05/60 141,860
369 Exxon Mobil Corp. .............Oct. 05/65 27,675
50 Exxon Mobil Corp. .............Nov. 05/65 8,000
50 Exxon Mobil Corp. .............Nov. 05/70 1,500
1,528 Freeport-McMoRan Copper
& Gold Inc., Cl. B ..........Nov. 05/40 1,344,640
500 Freeport-McMoRan Copper
& Gold Inc., Cl. B ..........Nov. 05/45 225,000
1,742 Freeport-McMoRan Copper
& Gold Inc., Cl. B ..........Jan. 06/45 958,100
4,176 Glamis Gold Ltd. ..............Nov. 05/20 1,148,400
790 Glamis Gold Ltd. ..............Nov. 05/22.50 94,800
790 Glamis Gold Ltd. ..............Feb. 06/22.50 181,700
560 GlobalSantaFe Corp. ...........Oct. 05/42.50 229,600
3
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ------------- ------
OPTION CONTRACTS WRITTEN (CONTINUED)
CALL OPTIONS WRITTEN (CONTINUED)
260 GlobalSantaFe Corp. ...........Oct. 05/45 $ 53,300
250 GlobalSantaFe Corp. ...........Jan. 06/50 42,500
1,250 GlobalSantaFe Corp. ...........Jan. 06/53.976 113,500
7,684 Gold Fields Ltd., ADR .........Oct. 05/12.50 1,767,320
500 Gold Fields Ltd., ADR .........Jan. 06/12.50 127,500
2,250 Gold Fields Ltd., ADR .........Jan. 06/15 236,250
2,560 Goldcorp Inc. .................Oct. 05/15 1,305,600
1,469 Goldcorp Inc. .................Oct. 05/17.50 440,700
658 Golden Star Resources
Ltd. ........................Jan. 06/4 21,648
1,200 Golden Star Resources
Ltd. ........................Jan. 06/5 21,000
95 Halliburton Co. ...............Oct. 05/45 225,150
120 Halliburton Co. ...............Oct. 05/55 168,000
210 Halliburton Co. ...............Oct. 05/65 94,500
100 Halliburton Co. ...............Nov. 05/75 13,000
210 Halliburton Co. ...............Jan. 06/70 96,600
100 Halliburton Co. ...............Jan. 06/75 28,000
2,040 Harmony Gold
Mining Co. Ltd., ADR ........Nov. 05/10 255,000
2,607 Harmony Gold
Mining Co. Ltd., ADR ........Jan. 06/10 404,085
1,425 IAMGOLD Corp.(a) ..............Nov. 05/9 36,774
450 IAMGOLD Corp.(a) ..............Nov. 05/10 3,871
1,465 IAMGOLD Corp. .................Dec. 05/7.50 84,238
85 Inco Ltd. .....................Oct. 05/35 105,825
264 Inco Ltd. .....................Oct. 05/45 84,480
291 Inco Ltd. .....................Jan. 06/50 69,840
156 International Paper Co. .......Oct. 05/37.50 780
360 Ivanhoe Mines Ltd. ............Dec. 05/7.50 45,000
2,375 Ivanhoe Mines Ltd. ............Dec. 05/10 59,375
4,890 Ivanhoe Mines Ltd. ............Jan. 06/8 538,389
736 Ivanhoe Mines Ltd. ............Jan. 06/8.25 69,552
303 Ivanhoe Mines Ltd. ............Jan. 06/8.75 21,755
12 Ivanhoe Mines Ltd. ............Mar. 06/10 720
290 Kerr-McGee Corp. ..............Oct. 05/85 359,600
125 Kerr-McGee Corp. ..............Nov. 05/105 20,625
5,000 Kinross Gold Corp. ............Oct. 05/6.20 763,500
4,357 Kinross Gold Corp. ............Nov. 05/7.50 304,990
3,000 Kinross Gold Corp. ............Nov. 05/8.35 78,000
3,500 Lihir Gold Ltd.(c) ............Jan. 06/1.5235 1,121,025
140 Marathon Oil Corp. ............Oct. 05/55 196,700
450 Marathon Oil Corp. ............Oct. 05/60 414,000
1,665 Meridian Gold Inc. ............Oct. 05/17.50 815,850
2,895 Meridian Gold Inc. ............Oct. 05/20 651,375
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ------------- ------
625 Meridian Gold Inc. ............Jan. 06/22.50 $ 118,750
520 Murphy Oil Corp. ..............Oct. 05/50 78,000
510 Murphy Oil Corp. ..............Oct. 05/57.50 7,650
170 Murphy Oil Corp. ..............Oct. 05/60 2,550
450 Nabors Industries Ltd. ........Dec. 05/75 157,500
85,000 Newcrest Mining Ltd.(c) .......Oct. 05/17.10 179,555
250 Newcrest Mining Ltd.(c) .......Oct. 05/18.648 421,338
500 Newmont Mining Corp. ..........Oct. 05/42.50 270,000
1,775 Newmont Mining Corp. ..........Dec. 05/45 852,000
1,000 Newmont Mining Corp. ..........Dec. 05/47.50 270,000
1,000 Newmont Mining Corp. ..........Jan. 06/50 220,000
700 Noble Corp. ...................Dec. 05/80 52,500
600 Noble Corp. ...................Jan. 06/80 76,500
1,500,000 Oxiana Ltd.(c) ................Oct. 05/1.008 285,976
1,500 Oxiana Ltd.(c) ................Nov. 05/1.38375 68,634
45 Peabody Energy Corp. ..........Oct. 05/65 87,525
105 Peabody Energy Corp. ..........Dec. 05/70 171,150
150 Peabody Energy Corp. ..........Dec. 05/75 189,000
150 Peabody Energy Corp. ..........Dec. 05/90 60,000
50 Peabody Energy Corp. ..........Mar. 06/100 17,500
290 Phelps Dodge Corp. ............Oct. 05/95 1,029,500
195 Placer Dome Inc. ..............Oct. 05/15 50,700
140 Placer Dome Inc. ..............Dec. 05/15 35,700
4,163 Placer Dome Inc. ..............Dec. 05/17.50 457,930
2,325 Placer Dome Inc. ..............Jan. 06/17.50 313,875
2,755 Placer Dome Inc. ..............Jan. 06/20 165,300
1,000 Plum Creek Timber
Co. Inc. ....................Nov. 05/40 40,000
63 Potlatch Corp. ................Nov. 05/55 5,040
500 Randgold Resources
Ltd., ADR ...................Dec. 05/17.50 31,250
750 Randgold Resources
Ltd., ADR ...................Nov. 06/15.50 86,100
50 Rio Tinto plc, ADR ............Oct. 05/130 172,500
100 Rio Tinto plc, ADR ............Jan. 06/150 207,000
240 Rowan Companies Inc. ..........Oct. 05/30 135,600
634 Rowan Companies Inc. ..........Oct. 05/35 107,780
50 Rowan Companies Inc. ..........Jan. 06/40 8,125
500 Suncor Energy Inc. ............Dec. 05/65 155,000
330 Suncor Energy Inc. ............Jan. 06/70 90,750
250 Teck Cominco Ltd.,
Cl. B(a) ....................Oct. 05/50 104,301
350 Teck Cominco Ltd.,
Cl. B(a) ....................Nov. 05/52 85,806
600 Tesoro Corp. ..................Nov. 05/60 618,000
400 Total SA, ADR .................Jan. 06/145.62 108,960
385 Transocean Inc. ...............Nov. 05/60 180,950
4
THE GABELLI GLOBAL GOLD, NATURAL RESOURCES & INCOME TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2005 (UNAUDITED)
NUMBER OF EXPIRATION DATE/ MARKET
CONTRACTS EXERCISE PRICE VALUE*
--------- ------------- ------
385 Transocean Inc. ...............Nov. 05/65 $ 80,850
80 Transocean Inc. ...............Jan. 06/70 19,800
306 Valero Energy Corp. ...........Jan. 06/120 260,100
701 Valero Energy Corp. ...........Jan. 06/125 462,660
85 Weatherford International
Ltd. ........................Nov. 05/55 120,275
60 Weatherford International
Ltd. ........................Nov. 05/60 62,400
878 Weatherford International
Ltd. ........................Nov. 05/70 254,620
25 Weyerhaeuser Co. ..............Oct. 05/65 9,250
405 Weyerhaeuser Co. ..............Oct. 05/70 36,450
125 Weyerhaeuser Co. ..............Jan. 06/70 33,125
35 Weyerhaeuser Co. ..............Jan. 06/75 4,288
450 Williams Companies Inc. .......Nov. 05/22.50 153,000
840 Williams Companies Inc. .......Jan. 06/25 176,400
400 XTO Energy Inc. ...............Nov. 05/40 280,000
1,300 XTO Energy Inc. ...............Dec. 05/41.17 770,770
------------
TOTAL CALL OPTIONS WRITTEN
(Premiums received $9,871,575) .............$ 32,329,086
============
--------------
(a) Exercise price denoted in Canadian dollars.
(b) Exercise price denoted in British pounds.
(c) Exercise price denoted in Australian dollars.
(d) Securities, or a portion thereof, with a value of $98,203,508 pledged as
collateral for options written.
+ Non-income producing security.
++ Represents annualized yield at date of purchase.
ADR American Depository Receipt
* Portfolio securities are valued at the last quoted sale price or
closing values. If these are unavailable, then the average of the
closing bid and asked prices is used. If there is no asked price, the
security is valued at the closing bid price on that day. Debt
instruments are valued at the average of the closing bid and asked
prices. If the security matures in 60 days or less and is not
credit-impaired, it is valued at amortized cost. All securities and
assets for which market quotations are not readily available or any
security that the Board determines does not reflect its fair market
value are valued in good faith under procedures established by the
Board.
5
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are
effective, as of a date within 90 days of the filing date of the
report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures
required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 3. EXHIBITS.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of
the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Gabelli Global Gold, Natural Resources & Income Trust
--------------------------------------------------------------------
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, President &
Principal Executive Officer
Date November 28, 2005
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Bruce N. Alpert
-------------------------------------------------------
Bruce N. Alpert, President &
Principal Executive Officer
Date November 28, 2005
----------------------------------------------------------------------------
By (Signature and Title)* /s/ Joseph H. Egan
-------------------------------------------------------
Joseph H. Egan, Treasurer &
Principal Financial Officer
Date November 28, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.