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 811-09243
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The Gabelli Utility Trust
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(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, 2006
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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, 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.
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS -- 89.6%
AEROSPACE -- 0.2%
65,000 Rolls-Royce Group plc+ ............... $ 551,312
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AGRICULTURE -- 0.0%
800 Cadiz Inc.+ .......................... 15,760
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CABLE AND SATELLITE -- 2.8%
5,000 Cablevision Systems Corp., Cl. A+ .... 113,550
5,000 Cogeco Cable Inc. .................... 115,768
20,000 Cogeco Inc. .......................... 420,488
8,000 Comcast Corp., Cl. A+ ................ 294,800
60,000 EchoStar Communications Corp.,
Cl. A+ .............................. 1,964,400
35,000 Liberty Global Inc., Cl. A+ .......... 900,900
20,000 Liberty Global Inc., Cl. C+ .......... 501,200
10,000 Rogers Communications Inc.,
Cl. B ............................... 548,700
150,000 The DIRECTV Group Inc.+ .............. 2,952,000
------------
7,811,806
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UNITS
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CLOSED-END FUNDS -- 0.1%
4,350 Bell Aliant Regional
Communications Income Fund .......... 136,017
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SHARES
------
COMMUNICATIONS EQUIPMENT -- 0.7%
280,000 The Furukawa Electric Co. Ltd. ....... 1,848,889
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COMPUTER SOFTWARE AND SERVICES -- 0.2%
20,000 MRO Software Inc.+ ................... 513,400
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DIVERSIFIED INDUSTRIAL -- 1.4%
18,000 Catalytica Energy Systems Inc.+ ...... 19,980
15,000 Cooper Industries Ltd., Cl. A ........ 1,278,300
75,000 General Electric Co. ................. 2,647,500
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3,945,780
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ELECTRONICS -- 0.2%
30,000 Symbol Technologies Inc. ............. 445,800
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ENERGY AND UTILITIES: ALTERNATIVE ENERGY -- 0.1%
12,000 Ormat Technologies Inc. .............. 392,640
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ENERGY AND UTILITIES: ELECTRIC INTEGRATED -- 44.1%
350,000 Allegheny Energy Inc.+ ............... 14,059,500
24,000 ALLETE Inc. .......................... 1,042,800
75,000 Alliant Energy Corp. ................. 2,679,750
20,000 Ameren Corp. ......................... 1,055,800
80,000 American Electric Power Co. Inc. ..... 2,909,600
550,000 Aquila Inc.+ ......................... 2,381,500
6,000 Avista Corp. ......................... 142,080
35,000 Black Hills Corp. .................... 1,176,350
30,000 Cleco Corp. .......................... 757,200
185,000 CMS Energy Corp.+ .................... 2,671,400
MARKET
SHARES VALUE*
------ ------
76,000 Constellation Energy Group ........... $ 4,499,200
3,000 Dominion Resources Inc. .............. 229,470
160,000 DPL Inc. ............................. 4,339,200
24,000 DTE Energy Co. ....................... 996,240
240,000 Duke Energy Corp. .................... 7,248,000
90,000 Edison International ................. 3,747,600
195,500 El Paso Electric Co.+ ................ 4,367,470
3,000 Entergy Corp. ........................ 234,690
55,979 FirstEnergy Corp. .................... 3,126,987
131,850 Florida Public Utilities Co. ......... 1,819,530
130,000 FPL Group Inc. ....................... 5,850,000
105,000 Great Plains Energy Inc. ............. 3,257,100
62,000 Green Mountain Power Corp. ........... 2,068,940
50,000 Hawaiian Electric Industries Inc. .... 1,353,000
63,000 Maine & Maritimes Corp.+ ............. 1,055,250
66,000 MGE Energy Inc. ...................... 2,137,080
45,000 NiSource Inc. ........................ 978,300
40,000 NorthWestern Corp. ................... 1,399,200
101,000 OGE Energy Corp. ..................... 3,647,110
24,000 Otter Tail Corp. ..................... 701,760
50,000 PG&E Corp. ........................... 2,082,500
20,000 PNM Resources Inc. ................... 551,400
100,000 Progress Energy Inc. ................. 4,538,000
40,000 Progress Energy Inc., CVO+ ........... 13,200
20,000 Public Service Enterprise
Group Inc. .......................... 1,223,800
35,000 Puget Energy Inc. .................... 795,550
60,000 SCANA Corp. .......................... 2,416,200
30,000 Sierra Pacific Resources+ ............ 430,200
105,000 TECO Energy Inc. ..................... 1,643,250
20,000 The Empire District Electric Co. ..... 447,600
25,000 TXU Corp. ............................ 1,563,000
165,000 Unisource Energy Corp. ............... 5,499,450
27,500 Unitil Corp. ......................... 668,250
47,000 Vectren Corp. ........................ 1,261,950
252,500 Westar Energy Inc. ................... 5,936,275
80,000 Wisconsin Energy Corp. ............... 3,451,200
52,000 WPS Resources Corp. .................. 2,580,760
250,000 Xcel Energy Inc. ..................... 5,162,500
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122,197,192
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ENERGY AND UTILITIES:
ELECTRIC TRANSMISSION AND DISTRIBUTION -- 8.9%
55,000 CH Energy Group Inc. ................. 2,830,850
57,000 Consolidated Edison Inc. ............. 2,633,400
220,000 Duquesne Light Holdings Inc. ......... 4,325,200
80,000 Energy East Corp. .................... 1,897,600
170,000 Northeast Utilities .................. 3,955,900
215,000 NSTAR ................................ 7,172,400
22,500 Pepco Holdings Inc. .................. 543,825
36,666 UIL Holdings Corp. ................... 1,374,975
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24,734,150
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2
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
ENERGY AND UTILITIES: GLOBAL UTILITIES -- 2.4%
1,500 Areva ................................ $ 910,336
8,000 Chubu Electric Power Co. Inc. ........ 207,915
9,600 Electric Power Development Co. Ltd. .. 342,146
200,000 Enel SpA ............................. 1,824,730
300,000 Hera SpA ............................. 1,120,326
8,000 Hokkaido Electric Power Co. Inc. ..... 194,032
8,000 Hokuriku Electric Power Co. .......... 167,280
30,000 Korea Electric Power Corp., ADR ...... 586,500
8,000 Kyushu Electric Power Co. Inc. ....... 188,952
2,000 Niko Resources Ltd. .................. 118,989
8,000 Shikoku Electric Power Co. Inc. ...... 174,391
8,000 The Chugoku Electric Power Co. Inc. .. 168,635
8,000 The Kansai Electric Power Co. Inc. ... 184,550
8,000 The Tokyo Electric Power Co. Inc. .... 230,265
15,000 Tohoku Electric Power Co. Inc. ....... 328,254
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6,747,301
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ENERGY AND UTILITIES: MERCHANT ENERGY -- 1.9%
20,000 Calpine Corp.+ ....................... 6,900
35,000 Dynegy Inc., Cl. A+ .................. 193,900
8,130 Mirant Corp.+ ........................ 222,030
230,000 The AES Corp.+ ....................... 4,689,700
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5,112,530
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ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 6.3%
180,000 El Paso Corp. ........................ 2,455,200
25,000 EnergySouth Inc. ..................... 843,750
35,000 Kinder Morgan Inc. ................... 3,669,750
100,000 National Fuel Gas Co. ................ 3,635,000
104,000 ONEOK Inc. ........................... 3,930,160
110,000 Southern Union Co. ................... 2,905,100
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17,438,960
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ENERGY AND UTILITIES: NATURAL GAS UTILITIES -- 8.8%
28,000 AGL Resources Inc. ................... 1,022,000
60,000 Atmos Energy Corp. ................... 1,713,000
60,000 Cascade Natural Gas Corp. ............ 1,565,400
10,000 Chesapeake Utilities Corp. ........... 300,500
3,000 Corning Natural Gas Corp.+ ........... 48,150
29,700 Delta Natural Gas Co. Inc. ........... 743,985
127,000 KeySpan Corp. ........................ 5,224,780
90,000 Nicor Inc. ........................... 3,848,400
52,000 Peoples Energy Corp. ................. 2,113,800
36,000 Piedmont Natural Gas Co. Inc. ........ 911,160
6,000 RGC Resources Inc. ................... 155,400
144,000 SEMCO Energy Inc.+ ................... 812,160
180,000 Southwest Gas Corp. .................. 5,997,600
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24,456,335
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MARKET
SHARES VALUE*
------ ------
ENERGY AND UTILITIES: OIL -- 0.6%
4,000 Anadarko Petroleum Corp. ............. $ 175,320
20,000 Exxon Mobil Corp. .................... 1,342,000
4,000 Royal Dutch Shell plc, Cl. A, ADR .... 264,400
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1,781,720
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ENERGY AND UTILITIES: SERVICES -- 0.3%
70,000 ABB Ltd., ADR ........................ 922,600
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ENERGY AND UTILITIES: WATER -- 3.1%
14,000 American States Water Co. ............ 535,500
21,333 Aqua America Inc. .................... 468,046
24,750 Artesian Resources Corp., Cl. A ...... 465,547
20,500 BIW Ltd. ............................. 329,025
20,520 California Water Service Group ....... 757,804
7,500 Connecticut Water Service Inc. ....... 165,600
51,333 Middlesex Water Co. .................. 987,133
24,088 Pennichuck Corp. ..................... 446,351
120,200 SJW Corp. ............................ 3,595,182
8,101 Southwest Water Co. .................. 99,075
12,000 Suez SA .............................. 527,105
12,000 Suez SA, Strips+ ..................... 152
9,000 York Water Co. ....................... 171,180
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8,547,700
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ENTERTAINMENT -- 0.9%
60,000 Time Warner Inc. ..................... 1,093,800
40,000 Vivendi .............................. 1,442,031
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2,535,831
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EQUIPMENT AND SUPPLIES -- 0.1%
50,000 Capstone Turbine Corp.+ .............. 70,500
7,000 Mueller Industries Inc. .............. 246,190
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316,690
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METALS AND MINING -- 0.2%
20,000 Compania de Minas
Buenaventura SA, ADR ................ 540,000
3,000 Peabody Energy Corp. ................. 110,340
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650,340
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REAL ESTATE -- 0.1%
4,050 Brookfield Asset
Management Inc., Cl. A .............. 179,577
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SPECIALTY CHEMICALS -- 0.2%
10,000 Ashland Inc. ......................... 637,800
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3
THE GABELLI UTILITY TRUST
SCHEDULE OF INVESTMENTS (CONTINUED)
SEPTEMBER 30, 2006 (UNAUDITED)
MARKET
SHARES VALUE*
------ ------
COMMON STOCKS (CONTINUED)
TELECOMMUNICATIONS -- 4.7%
70,000 AT&T Inc. ............................ $ 2,279,200
54,900 BCE Inc. ............................. 1,487,241
30,000 BellSouth Corp. ...................... 1,282,500
30,000 BT Group plc, ADR .................... 1,517,100
180,000 Cincinnati Bell Inc.+ ................ 867,600
10,200 Commonwealth Telephone
Enterprises Inc. .................... 420,546
20,000 D&E Communications Inc. .............. 252,200
22,000 Deutsche Telekom AG, ADR ............. 349,140
2,000 France Telecom SA, ADR ............... 46,620
200 Hutchison Telecommunications
International Ltd.+ ................. 354
500 Mobistar SA .......................... 41,402
200 PT Indosat Tbk ....................... 112
1,200 Tele2 AB, Cl. B ...................... 12,118
6,000 Telecom Italia SpA, ADR .............. 169,980
266 Telefonica SA, ADR ................... 13,781
40,000 Touch America Holdings Inc.+ ......... 4
115,000 Verizon Communications Inc. .......... 4,269,950
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13,009,848
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TRANSPORTATION -- 0.4%
25,000 GATX Corp. ........................... 1,034,250
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WIRELESS COMMUNICATIONS -- 0.9%
600 America Movil SA de CV, Cl. L, ADR ... 23,622
2,000 China Mobile Ltd., ADR ............... 70,700
2,000 China Unicom Ltd., ADR ............... 19,560
200 Cosmote Mobile
Telecommunications SA ............... 4,793
4,000 Mobile TeleSystems, ADR .............. 151,080
190 MobileOne Ltd. ....................... 252
3,000 QUALCOMM Inc. ........................ 109,050
600 SK Telecom Co. Ltd., ADR ............. 14,178
200 SmarTone Telecommunications
Holdings Ltd. ....................... 192
28,000 United States Cellular Corp.+ ........ 1,671,600
6,000 Vimpel-Communications, ADR+ .......... 363,540
------------
2,428,567
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TOTAL COMMON STOCKS .................. 248,392,795
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CONVERTIBLE PREFERRED STOCKS -- 1.6%
ENERGY AND UTILITIES: NATURAL GAS INTEGRATED -- 0.9%
2,000 El Paso Corp., 4.990% Cv. Pfd. (a) ... 2,432,168
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MARKET
SHARES VALUE*
------ ------
TELECOMMUNICATIONS -- 0.7%
31,033 Citizens Communications Co.,
5.000% Cv. Pfd. ..................... $ 1,866,790
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TOTAL CONVERTIBLE PREFERRED STOCKS ... 4,298,958
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WARRANTS -- 0.1%
ENERGY AND UTILITIES: MERCHANT ENERGY -- 0.1%
26,107 Mirant Corp., Ser. A,
expire 01/03/11+ .................... 266,291
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PRINCIPAL
AMOUNT
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SHORT TERM OBLIGATIONS -- 8.7%
REPURCHASE AGREEMENTS -- 8.7%
$24,225,000 Barclays Capital Inc., 4.950%,
dated 09/29/06, due 10/02/06,
proceeds at maturity,
$24,234,993 (b) .................... 24,225,000
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TOTAL INVESTMENTS -- 100.0%
(Cost $225,724,001) ............................. $277,183,044
============
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Aggregate book cost ..................... $225,724,001
============
Gross unrealized appreciation ........... $ 53,792,628
Gross unrealized depreciation ........... (2,333,585)
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Net unrealized appreciation
(depreciation) ......................... $ 51,459,043
============
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INTEREST RATE SWAP
FLOATING
NOTIONAL RATE RECEIVED++ TERMINATION UNREALIZED
AMOUNT FIXED RATE PAID (RATE RESET MONTHLY) DATE APPRECIATION
------ --------------- ------------------ ------ ------------
$25,000,000 4.00% 5.33000% June 2, 2010 $819,805
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(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. The security may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September 30,
2006, the Rule 144A security is considered liquid and the market value
amounted to $2,432,168 or 0.88% of total investments.
(b) Collateralized by $18,570,000 U.S. Treasury Bond, 8.125%, due 08/15/19,
market value $24,709,500.
+ Non-income producing security.
++ Based on Libor (London Interbank Offered Rate).
ADR American Depository Receipt
CVO Contingent Value Obligation
* 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.
4
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) The Gabelli Utility Trust
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By (Signature and Title)* /s/ Bruce N. Alpert
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Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
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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
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Bruce N. Alpert, Principal Executive Officer
Date 11/03/06
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By (Signature and Title)* /s/ Agnes Mullady
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Agnes Mullady,
Principal Financial Officer & Treasurer
Date 11/03/06
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* Print the name and title of each signing officer under his or her signature.