-----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, AjPby2coBGpovgfXsUfxSMAWRJzrFN0ktaV9GeJtnzS9aWB8yEyaj34bRbNPmYK3 FFlV+ixE//JkaSZbq8MKwA== 0000759699-05-000147.txt : 20050922 0000759699-05-000147.hdr.sgml : 20050922 20050922135909 ACCESSION NUMBER: 0000759699-05-000147 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20050922 DATE AS OF CHANGE: 20050922 EFFECTIVENESS DATE: 20050922 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAILY TAX FREE INCOME FUND INC CENTRAL INDEX KEY: 0000704480 IRS NUMBER: 133125130 STATE OF INCORPORATION: NY FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03522 FILM NUMBER: 051097764 BUSINESS ADDRESS: STREET 1: C/O REICH & TANG ASSET MANAGEMENT LLC STREET 2: 600 FIFTH AVENUE 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020-2302 BUSINESS PHONE: 2128305200 MAIL ADDRESS: STREET 1: C/O REICH & TANG ASSET MANAGEMENT LLC STREET 2: 600 FIFTH AVENUE 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10020-2302 N-Q 1 dtifformnq0905.txt As filed with the Securities and Exchange Commission on September 22, 2005 Investment Company Act file number 811-3522 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY DAILY TAX FREE INCOME FUND, INC. (Exact name of registrant as specified in charter) 600 FIFTH AVENUE NEW YORK, NY 10020 (Address of principal executive offices) (Zip code) ROSANNE HOLTZER C/O REICH & TANG ASSET MANAGEMENT, LLC 600 FIFTH AVENUE NEW YORK, NEW YORK 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-830-5200 Date of fiscal year end: October 31 Date of reporting period: July 31, 2005 ITEM 1: SCHEDULE OF INVESTMENTS - -------------------------------------------------------------------------------- DAILY TAX FREE INCOME FUND STATEMENT OF NET ASSETS JULY 31, 2005 (UNAUDITED) ================================================================================
Ratings (a) Face Maturity Value Standard Amount Date Yield (Note 1) Moody's & Poor's ------ ---- ----- ------ ------- --------- Put Bonds (b) (3.13%) - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,400,000 Clipper Tax Exempt COPS - Series 2001 Insured by MBIA Insurance Corp. 09/08/05 2.30% $ 2,400,000 VMIG-1 3,340,000 Clipper Tax Exempt COPS - Series 2001-3 Insured by MBIA Insurance Corp. 09/08/05 2.30 3,340,000 VMIG-1 2,670,000 Pooled Puttable Floating Option Tax Exempt Receipts - Series PPT-33 LOC Merrill Lynch & Company, Inc. 12/15/05 2.70 2,670,000 A1+ 1,000,000 Plaquemines, LA Port & Harbor (Intern Marine Terminal Project) -Series 1984B ( c) LOC KBC Bank 03/15/06 2.60 1,000,000 - ----------- ------------ 9,410,000 Total Put Bonds 9,410,000 - ----------- ------------ Revenue Bond (0.83%) - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,500,000 Commonwealth of Puerto Rico Public Improvement Refunding Bonds, Series 2001 TICS/TOCS Trust- Series 2001-1 07/01/27 2.34% $ 2,500,000 A1+ - ----------- ------------ 2,500,000 Total Revenue Bond 2,500,000 - ----------- ------------ Tax Exempt Commercial Paper (6.16%) - ------------------------------------------------------------------------------------------------------------------------------------ $ 6,000,000 Maryland HEFA (John Hopkins University) 10/04/05 2.43% $ 6,000,000 P-1 A1+ 10,000,000 San Antonio, TX Water System - Series A 10/04/05 2.43 10,000,000 P-1 A1+ 2,500,000 Sunshine State Government Finance Commission - Series H 08/23/05 2.48 2,500,000 A1+ - ----------- ------------ 18,500,000 Total Tax Exempt Commercial Paper 18,500,000 - ----------- ------------ Tax Exempt General Obligation Notes & Bonds (22.42%) - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,800,000 Arrowhead, WI Union High School District TRAN (c) 09/19/05 1.68% $ 2,801,182 7,000,000 Carmel, IN Waterworks Revenue ( c ) 02/16/06 2.47 7,001,587 1,705,000 Clark County, OH BAN (c) 05/11/06 3.00 1,707,824 1,500,000 D.C. Everest Area School District, WI (c) 08/28/06 2.95 1,504,680 1,900,000 Dublin City, OH School District BAN 10/13/05 1.79 1,901,231 MIG-1 3,300,000 Glendale River Hills, WI School District Tax and Revenue Promissory Notes (c) 08/10/05 1.65 3,300,280 5,095,000 Grafton, WI School District TRAN (c) 10/13/05 1.70 5,097,999 800,000 Lancaster, WI Community School District TRAN (c) 10/28/05 2.00 800,235 5,000,000 Lebanon City, OH School District School Facility Construction & Improvement Notes 08/11/05 1.82 5,000,444 MIG-1 2,500,000 Maple Dale-Indian Hill, WI School District TRAN (c) 08/17/05 1.63 2,500,399 3,000,000 Mequon-Thiensville, WI School District TRAN (c) 09/09/05 1.83 3,002,394 1,250,000 Merton, WI Community School District TRAN (c) 10/28/05 1.83 1,250,500 800,000 Mount Horeb, WI Area School District TRAN (c) 10/28/05 2.05 800,187 1,650,000 Muskingum County, OH (c) 07/18/06 4.00 1,668,043 3,500,000 Pewaukee, WI School District TRAN (c) 09/09/05 1.68 3,501,173 3,650,000 Pulaski, WI Community School District TRAN (c) 09/27/05 1.74 3,651,454 4,300,000 Shorewood, WI School District TRAN (c) 09/02/05 1.65 4,301,296 2,500,000 State of Texas TRAN 08/31/05 1.60 2,502,829 MIG-1 SP-1+ 2.390,000 Sturgeon Bay, WI 10/15/05 2.67 2,390,452 MIG-1 5,000,000 Town of Bedford, MA BAN 09/28/05 2.12 5,008,818 MIG-1 SP-1+ 7,599,978 Wyandotte County, KS - Series VIII (c) 11/01/05 1.95 7,614,912 - ----------- ------------ 67,239,978 Total Tax Exempt General Obligation Notes & Bonds 67,307,919 - ----------- ------------ Variable Rate Demand Instruments (d) (59.79%) - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,000,000 Bradford County HFFA (Shands Teaching Hospital & Clinics) - Series 2001C 11/01/26 2.23% $ 1,000,000 VMIG-1 A1 5,000,000 City of Lakeland, FL Energy System RB - Series 2001A 10/01/35 2.38 5,000,000 VMIG-1 A1+ 3,000,000 City of Wilmington, DE (Delaware Art Museum, Inc.) - Series 2003 LOC Allied Irish Bank 10/01/37 2.35 3,000,000 VMIG-1 6,000,000 Collier County, FL Educational Facilities Authority (International College Project) LOC Fifth Third Bank 04/01/28 2.33 6,000,000 A1+ 2,000,000 Collier County, FL IDA Health Facilities RB (NCH Healthcare Systems, Inc.) LOC Fifth Third Bank 11/01/22 2.33 2,000,000 A1+ 3,000,0000 Colorado ABN AMRO Munitops Certificate Trust Non-AMT Single Asset Series 2005-14 (c) 06/01/13 2.37 3,000,000 2,000,000 Colorado Health Facilities (Catholic Health) Series B-4 03/01/23 2.35 2,000,000 VMIG-1 A1+ 2,000,000 Connecticut Special Tax Second Lien Insured By FSA 12/01/10 2.32 2,000,000 P-1 A1+ 2,200,000 Connecticut State Development Authority Health Care RB (Independent Living Project) LOC Chase Manhattan Bank, N.A. 07/01/15 2.32 2,200,000 VMIG-1 8,000,000 Cook County, IL Capital Improvement GO Bonds - Series 2004E 11/01/33 2.35 8,000,000 VMIG-1 A1+ 7,200,000 Cuyahoga County, OH HRB (The Metro Health System) - Series 2003 LOC Key Bank, N.A. 03/01/33 2.38 7,200,000 VMIG-1 2,500,000 Dade County, FL RB (Water And Sewer System) Insured By FGIC 10/05/22 2.33 2,500,000 VMIG-1 A1+ 2,000,000 Dutches County, NY IDA Civic Facilities RB (Marist College) - Series A LOC Bank of New York 07/01/35 2.30 2,000,000 A1+ 100,000 Fairfax, VA IDA (Fairfax Hospital System, Inc.) 10/01/25 2.28 100,000 VMIG-1 A1+ 1,000,000 Florida HFA MHRB (Town Colony) - Series EE LOC Credit Suisse First Boston 09/01/08 2.39 1,000,000 A1+ 1,985,000 Franklin County, OH RB (The Villas at Saint Therese Project) - Series 1997F (c) LOC Fifth Third Bank 10/01/22 2.42 1,985,000 7,200,000 Fulton County, GA Development Authority IRB (Siemens Energy Inc. Project) 12/15/14 2.39 7,200,000 VMIG-1 1,000,000 Greensboro, NC Public Improvement - Series B 04/01/14 2.37 1,000,000 VMIG-1 A1+ 4,700,000 Illinois Development Finance Authority (James Jordan Boys & Girls Club & Family Life Center Project) - Series 1995 08/01/30 2.35 4,700,000 A1+ 3,400,000 Illinois Development Finance Authority RB (Glenwood School For Boys) LOC Harris Trust & Savings Bank 02/01/33 2.35 3,400,000 A1+ 5,000,000 Illinois Finance Authority Revenue (North Park University Project) LOC J.P. Morgan Chase 07/01/35 2.38 5,000,000 A1+ 3,000,000 Jackson County, MI EDC (Thrifty Leoni) (c) LOC Bank One 12/01/14 2.35 3,000,000 6,700,000 Jacksonville, FL Capital Project Revenue - Series 1997-2 10/01/22 2.33 6,700,000 A1+ 6,100,000 Jacksonville, FL Capital Project RB Series 2002-1 Insured BY FGIC 10/01/34 2.33% $ 6,100,000 A1+ 2,400,000 Jacksonville, FL University (Health Science Center ) - Series 1989 07/01/19 2.38 2,400,000 VMIG-1 6,205,169 Koch Floating Rate Trust - Series 1 Insured by AMBAC Indemnity Corp. 04/01/09 2.53 6,205,169 A1+ 2,500,000 Lakeview, MI School District (School Building & Site Bonds) - Series 2002B 05/01/32 2.30 2,500,000 A1+ 2,500,000 Latrobe, PA IDA RB (Diocese of Greensburg) LOC Allied Irish Bank 06/01/33 2.40 2,500,000 VMIG-1 1,750,000 Lowell, MI Area School District GO - Series 2004 (c) 05/01/29 2.35 1,750,000 4,900,000 Lubbock, TX Educational Facilities Authority (Lubbock Christian University) LOC Allied Irish Bank 05/01/29 2.41 4,900,000 VMIG-1 3,350,000 Montgomery County, MD EDC RB (Brooke Grove Foundations, Inc. Facilities) - Series 1995 LOC First National Bank of Maryland 01/01/16 2.48 3,350,000 A1 2,520,000 Munimae National TICs/TOCs Trust Insured by MBIA Insurance Corp. 10/01/40 2.40 2,520,000 A1+ 3,100,000 New Britain, CT GO - Series B (c) Insured by AMBAC Indemnity Corp. 04/01/20 2.30 3,100,000 4,800,000 New Ulm, MN Hospital Facility RB (Health Center System Project) - Series 1985 LOC Wells Fargo Bank, N.A 08/01/14 2.45 4,800,000 A1+ 2,000,000 New York City, NY GO - Series A-6 LOC Landesbank Hessen 08/01/19 2.29 2,000,000 VMIG-1 A1+ 2,000,000 New York State Local Government Assistance Corporation - Series C LOC Landesbank Hessen 04/01/25 2.20 2,000,000 VMIG-1 A1+ 3,000,000 Orlando, FL Utilities Commission - Series B Insured By SunTrust Bank 10/01/22 2.35 3,000,000 VMIG-1 A1+ 1,900,000 Palm Beach County, FL RB (Raymond F. Kravis Center Project) LOC Northern Trust Bank 07/01/32 2.30 1,900,000 VMIG-1 7,350,000 Phoenix, AZ IDA MHRB (Bell Square Apartments Project) - Series 1995 LOC General Electric Capital Corporation 06/01/25 2.41 7,350,000 A1+ 3,500,000 Phoenix, AZ IDA MHRB (Paradise Lake Apartments Project) - Series 1995 LOC General Electric Capital Corporation 07/01/25 2.41 3,500,000 A1+ 2,500,000 Port Orange, FL RB (Palmer College) - Series 2002 LOC LaSalle National Bank 10/01/32 2.34 2,500,000 A1+ 950,000 Richmond, VA Capital Region Airport (Richmond International Airport) Insured by AMBAC Indemnity Corp. 07/01/25 2.34 950,000 VMIG-1 A1+ 2,900,000 Salina, KS (Dillards Project) (c) LOC Bank of America 12/01/14 2.54 2,900,000 7,500,000 Savannah, GA EDA RB (Savannah Country Day School) LOC Suntrust Bank 09/01/29 2.50 7,500,000 VMIG-1 1,660,000 St. Cloud, MN Commercial Development (Kelly Inn Project) LOC First Bank of South Dakota 04/01/13 1.92 1,660,000 A1+ 500,000 Suffolk, VA Redevelopment and Housing Authority (Oak Spring Apartments LLC) Guaranteed by Federal Home Loan Mortgage Corporation 12/01/19 2.36 500,000 VMIG-1 2,000,000 Sunshine State Government Financing Commission RB - Series 1986 Insured by AMBAC Indemnity Corp. 07/01/16 2.30% $ 2,000,000 VMIG-1 1,000,000 Tampa, FL Health Care Facilities (c ) (Lifelink Foundation Inc. Project) LOC SunTrust Bank 08/01/22 2.35 1,000,000 1,765,000 Tulsa, OK IDA (Indiana Health Care Project) (c) LOC Bank One 06/01/14 2.45 1,765,000 6,200,000 University of North Carolina at Chapel Hill RB - Series 2001C 12/01/25 2.27 6,200,000 VMIG-1 A1+ 4,300,000 University of Southern Indiana (Student Fee) - Series G LOC Bank One 10/01/19 2.35 4,300,000 VMIG-1 A1 3,000,000 Vancouver, WA Housing Authority (Village Park Apartments) LOC US Bank, N.A. 11/02/05 2.38 3,000,000 A1 925,000 Virginia College Building Authority (University of Richmond Project) 11/01/26 2.34 925,000 VMIG-1 1,500,000 Washington State Public Power Supply (Nuclear Project #1) - Series 1993A LOC Bank of America 07/01/17 2.32 1,500,000 VMIG-1 A1+ 3,000,000 Woodhaven Brownstown, MI School District GO (School Building / Site Bonds) - Series2004 B LOC Fifth Third Bank 05/01/34 2.33 3,000,000 A1+ - ----------- ------------ 179,560,169 Total Tax Exempt Variable Rate Demand Instruments 179,560,169 - ----------- ------------ Variable Rate Demand Instruments - Participation Note (d) (0.01%) - ------------------------------------------------------------------------------------------------------------------------------------ $ 29,653 The Woodlands Fire Dept., Inc. Tax Exempt Loan LOC Chase Manhattan Bank, N.A. 06/30/06 3.44% $ 29,653 P-1 A1+ - ----------- ------------ 29,653 Total Variable Rate Demand Instruments - Participation Note 29,653 - ----------- ------------ Variable Rate Demand Instruments - Private Placements (d) (7.82%) - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,349,000 Anaheim, CA (West Anaheim Convalescent Home) LOC Union Bank of California 12/01/15 3.75% $ 2,349,000 P-1 A1 3,439,000 Anaheim, CA HA MHRB (West Anaheim Royale Project) - Series 1985C LOC Union Bank of California 12/01/15 3.75 3,439,000 P-1 A1 3,418,000 Culver City, CA RDRB (Culver City Royale Project) - Series 1985 LOC Union Bank of California 12/01/15 3.75 3,418,000 P-1 A1 1,597,210 Franklin County, OH EDRB (Norwich Limited Partnership Project) - Series 1985 LOC Huntington National Bank 10/01/05 4.25 1,597,210 P-1 A1 1,500,000 Harford County, MD EDRB (Harrigan Roller Company, Inc. Project) - Series 1984 LOC Dresdner Bank, A.G. 12/28/14 3.75 1,500,000 P-1 A1 4,155,000 Howard County, MD RB (The Bluffs & Hawthorne Apartment Facility) - Series 1995 LOC First National Bank of Maryland 12/01/20 2.51 4,155,000 P-1 A1 1,966,000 West Jordan, UT IDRB (The Lynn Partnership Nursing Home Project) - Series 1985 LOC Bank of America 07/01/15 4.06 1,966,000 P-1 A1+ 2,000,000 Wood Dale, IL IDRB (Bohler Bros. of America, Inc. Project) - Series 1985 LOC Creditanstalt-Bankverein 06/01/10 3.75 2,000,000 P-1 A2 3,060,000 York County IDA RB (York Outlet Mall Limited Partnership Project) - Series 1987 LOC Manufacturers & Traders Bank & Trust 12/01/14 2.50% 3,060,000 P-1 A1 - ----------- ------------ 23,484,210 Total Variable Rate Demand Instruments - Private Placements 23,484,210 - ----------- ------------ Total Investments (100.16%) (cost $300,791,951+) 300,791,951 Cash and other assets in excess of liabilities (-0.16%) -482,086 ------------ Net Assets (100.00%) $300,309,865 ============ Net asset value, offering and redemption price per share: Class A Shares, 82,867,506 shares outstanding (Note 3) $ 1.00 ============ Class B Shares, 165,058,329 shares outstanding (Note 3) $ 1.00 ============ Thornburg Shares, 7,962,025 shares outstanding (Note 3) $ 1.00 ============ First Southwest Shares, 44,606,979 shares outstanding (Note 3) $ 1.00 ============ + Aggregate cost for federal income tax purposes is identical
FOOTNOTES: (a) Unless the variable rate demand instruments are assigned their own ratings, the ratings are those of the holding company of the bank whose letter of credit guarantees the issue or the insurance company who insures the issue. All letters of credit and insurance are irrevocable and direct pay covering both principal and interest. (b) The maturity date indicated for the put bonds is the next put date. (c) Securities that are not rated that the Adviser has determined to be of comparable quality to those rated securities in which the Fund invests. (d) Securities payable on demand at par including accrued interest (usually with seven days notice) and unconditionally secured as to principal and interest by a bank letter of credit. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown is the rate in effect at the date of this statement.
KEY: BAN = Bond Anticipation Note IRB = Industrial Revenue Bond COPS = Certificates of Participation LOC = Letter of Credit EDA = Economic Development Authority RB = Revenue Bond EDC = Economic Development Corporation ROCS = Reset Option Certificates EDRB = Economic Development Revenue Bond RN = Revenue Note FGIC = Financial Guaranty Insurance Company TICs = Trust Inverse Certificates GO = General Obligation TOCs = Tender Option Certificates HEFA = Health & Education Facilities Authority TRAN = Tax and Revenue Anticipation Note HFA = Housing Finance Authority HFFA = Health Facility Finance Authority HRB = Hospital Revenue Bond IDA = Industrial Development Authority IDRB = Industrial Development Revenue Bond
ITEM 2: CONTROLS AND PROCEDURES (a) The registrant's Principal Executive Officer and Principal Financial Officer have evaluated the design and operation of the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported on a timely basis. (b) There were no changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to affect, the registrant's internal controls over financial reporting. ITEM 3: EXHIBITS Certifications of Principal Executive Officer and Principal Financial Officer, under Rule 30a-2(a) of the Investment Company Act of 1940. 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) Daily Tax Free Income Fund, Inc. By (Signature and Title)* /s/ Rosanne Holtzer ------------------- Rosanne Holtzer, Secretary Date: September 22, 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/ Steven W. Duff ------------------ Steven W. Duff, President Date: September 22, 2005 By (Signature and Title)* /s/ Anthony Pace ---------------- Anthony Pace, Treasurer Date: September 22, 2005 * Print the name and title of each signing officer under his or her signature. EX-99.CERT 3 dtifcert0905.txt EX-99.CERT CERTIFICATIONS I, Steven W. Duff, certify that: 1. I have reviewed this report on Form N-Q of Daily Tax Free Income Fund, Inc.; 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 officers 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 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) 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 (c) 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 officers 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: September 22, 2005 /s/ Steven W. Duff ------------------ Steven W. Duff President EX-99.CERT CERTIFICATIONS I, Anthony Pace, certify that: 1. I have reviewed this report on Form N-Q of Daily Tax Free Income Fund, Inc.; 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 officers 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 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) 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 (c) 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 officers 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: September 22, 2005 /s/ Anthony Pace ---------------- Anthony Pace Treasurer -----END PRIVACY-ENHANCED MESSAGE-----