UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 21287
John Hancock Preferred Income Fund III
(Exact name of registrant as specified in charter)
601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Alfred P. Ouellette, Senior Counsel and Assistant Secretary
601 Congress Street
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-663-4324
Date of fiscal year end: | May 31 |
Date of reporting period: | August 31, 2007 |
ITEM 1. SCHEDULE OF INVESTMENTS
John Hancock
Preferred Income Fund III
Securities owned by the Fund on
August 31, 2007 (unaudited)
Interest | Maturity | Credit | Par value | ||
Issuer, description | rate | date | rating (A) | (000) | Value |
| |||||
Bonds 11.99% | $82,513,336 | ||||
(Cost $84,314,510) | |||||
Automobile Manufacturers 0.30% | 2,066,250 | ||||
| |||||
Ford Motor Co., | |||||
Note | 7.450% | 07-16-31 | CCC+ | $2,755 | 2,066,250 |
Consumer Finance 0.39% | 2,695,092 | ||||
| |||||
General Motors Acceptance Corp., | |||||
Bond | 8.000 | 11-01-31 | BB+ | 3,000 | 2,695,092 |
Electric Utilities 5.48% | 37,700,764 | ||||
| |||||
Black Hills Corp., | |||||
Note | 6.500 | 05-15-13 | BBB- | 15,000 | 15,156,645 |
DPL, Inc., | |||||
Sr Note | 6.875 | 09-01-11 | BBB- | 5,036 | 5,269,998 |
Entergy Gulf States, Inc., | |||||
1st Mtg Bond | 6.200 | 07-01-33 | BBB+ | 15,000 | 14,027,925 |
Kentucky Power Co., | |||||
Sr Note, Ser D | 5.625 | 12-01-32 | BBB | 3,565 | 3,246,196 |
Gas Utilities 1.89% | 12,985,759 | ||||
| |||||
Southern Union Co., | |||||
Jr Sub Note Ser A (P) | 7.200 | 11-01-66 | BB | 12,900 | 12,985,759 |
Integrated Oil & Gas 0.77% | 5,328,210 | ||||
| |||||
Amerada Hess Corp., | |||||
Note | 7.125 | 03-15-33 | BBB- | 5,000 | 5,328,210 |
Multi-Utilities 1.65% | 11,328,025 | ||||
| |||||
DTE Energy Co., | |||||
Sr Note | 6.375 | 04-15-33 | BBB- | 7,500 | 7,420,965 |
TECO Energy, Inc., | |||||
Note | 7.000 | 05-01-12 | BB | 3,810 | 3,907,060 |
Oil & Gas Refining & Marketing 1.51% | 10,409,236 | ||||
| |||||
Valero Energy Corp., | |||||
Note | 7.500 | 04-15-32 | BBB | 9,500 | 10,409,236 |
Page 1
John Hancock
Preferred Income Fund III
Securities owned by the Fund on
August 31, 2007 (unaudited)
Interest | Maturity | Credit | Par value | ||
Issuer, description | rate | date | rating (A) | (000) | Value |
| |||||
Capital preferred securities 10.40% | $71,570,515 | ||||
(Cost $75,987,356) | |||||
Diversified Banks 6.18% | 42,530,000 | ||||
| |||||
Credit Agricole Preferred Funding Trust | 7.000 | 01-29-49 | A | $9,000 | 8,730,000 |
HBOS Capital Funding L.P. (United | |||||
Kingdom) (F) | 6.850 | 03-29-49 | A | 10,000 | 9,425,000 |
Lloyds TSB Bank Plc (United Kingdom) (F) | 6.900 | 11-29-49 | A+ | 25,000 | 24,375,000 |
Electric Utilities 1.02% | 7,041,945 | ||||
| |||||
DPL Capital Trust II | 8.125 | 09-01-31 | BB+ | 6,225 | 7,041,945 |
Gas Utilities 1.82% | 12,534,106 | ||||
| |||||
KN Capital Trust I, 8.56%, Ser B | 8.560 | 04-15-27 | B- | 8,735 | 8,202,226 |
KN Capital Trust III | 7.630 | 04-15-28 | B- | 4,960 | 4,331,880 |
Multi-Utilities 1.38% | 9,464,464 | ||||
| |||||
Dominion Resources Capital Trust I | 7.830 | 12-01-27 | BB+ | 9,097 | 9,464,464 |
Issuer | Shares | Value | |||
| |||||
Common stocks 2.21% | $15,218,754 | ||||
(Cost $15,965,889) | |||||
Electric Utilities 1.12% | 7,687,140 | ||||
| |||||
Great Plains Energy, Inc. | 271,247 | 7,687,140 | |||
Integrated Oil & Gas 0.41% | 2,835,452 | ||||
| |||||
BP Plc, ADR (United Kingdom) (F) | 42,094 | 2,835,452 | |||
Multi-Utilities 0.68% | 4,696,162 | ||||
| |||||
CH Energy Group, Inc. | 20,600 | 973,762 | |||
TECO Energy, Inc. | 235,000 | 3,722,400 | |||
Credit | |||||
Issuer, description | rating (A) | Shares | Value | ||
| |||||
Preferred stocks 125.10% | $860,610,865 | ||||
(Cost $916,675,563) | |||||
Agricultural Products 2.46% | 16,904,063 | ||||
| |||||
Ocean Spray Cranberries, Inc., 6.25%, | |||||
Ser A (S) | BB+ | 195,000 | 16,904,063 | ||
Automobile Manufacturers 3.50% | 24,105,212 | ||||
| |||||
Ford Motor Co., 7.50% | CCC+ | 761,385 | 13,369,921 | ||
General Motors Corp., 7.25%, Ser 07-15-41 | B- | 50,641 | 888,750 | ||
General Motors Corp., 7.375%, Ser 05-15-48 | Caa1 | 558,194 | 9,846,541 |
Page 2
John Hancock
Preferred Income Fund III
Securities owned by the Fund on
August 31, 2007 (unaudited)
Broadcasting & Cable TV 3.39% | 23,290,756 | ||||
| |||||
CBS Corp., 6.75% | BBB | 91,600 | 2,183,744 | ||
Comcast Corp., 6.625% | BBB+ | 130,000 | 3,094,000 | ||
Comcast Corp., 7.00% | BBB+ | 119,900 | 3,033,470 | ||
Comcast Corp., 7.00%, Ser B | BBB+ | 602,556 | 14,979,542 | ||
Consumer Finance 3.85% | 26,516,555 | ||||
| |||||
Ford Motor Credit Co., 7.60% | B1 | 25,000 | 487,000 | ||
HSBC Finance Corp., 6.36%, Depositary | |||||
Shares, Ser B | A | 250,000 | 6,187,500 | ||
HSBC Finance Corp., 6.875% | AA- | 636,118 | 15,832,976 | ||
SLM Corp., 6.00% | BBB+ | 142,495 | 2,567,760 | ||
SLM Corp., 6.97%, Ser A | BBB- | 31,299 | 1,441,319 | ||
Diversified Banks 8.71% | 59,886,038 | ||||
| |||||
BAC Capital Trust II, 7.00% | A+ | 94,600 | 2,354,594 | ||
BAC Capital Trust III, 7.00% | A+ | 22,000 | 544,720 | ||
BAC Capital Trust IV, 5.875% | A+ | 131,400 | 2,982,780 | ||
Fleet Capital Trust VIII, 7.20% | A+ | 20,400 | 512,856 | ||
Royal Bank of Scotland Group Plc, 5.75%, | |||||
Ser L (United Kingdom) (F) | A | 960,000 | 21,033,600 | ||
Santander Finance Preferred SA, | |||||
Unipersonal, 6.41%, Ser 1 (Spain) (F) | A+ | 100,000 | 2,385,000 | ||
USB Capital VIII, 6.35%, Ser 1 | A+ | 269,700 | 6,224,676 | ||
USB Capital X, 6.50% | A+ | 85,000 | 2,019,600 | ||
Wachovia Preferred Funding Corp., 7.25%, | |||||
Ser A | A | 674,800 | 17,376,100 | ||
Wells Fargo Capital Trust IV, 7.00% | AA- | 177,800 | 4,452,112 | ||
Electric Utilities 16.83% | 115,783,549 | ||||
| |||||
Consolidated Edison, Inc., $5.00, Ser A | BBB+ | 30,000 | 2,700,000 | ||
DTE Energy Trust II, 7.50% | BB+ | 37,400 | 944,350 | ||
Entergy Mississippi, Inc., 7.25% | A- | 113,668 | 2,849,656 | ||
FPC Capital I, 7.10%, Ser A | BBB- | 772,400 | 19,310,000 | ||
FPL Group Capital Trust I, 5.875% | BBB+ | 490,000 | 11,343,500 | ||
Georgia Power Co., 6.00%, Ser R | A | 730,000 | 17,651,400 | ||
HECO Capital Trust III, 6.50% | BB+ | 140,000 | 3,430,000 | ||
Interstate Power & Light Co., 7.10%, Ser C | BBB- | 354,900 | 8,872,500 | ||
Interstate Power & Light Co., 8.375%, | |||||
Ser B | Baa2 | 54,500 | 1,672,469 | ||
PPL Electric Utilities Corp., 6.25%, | |||||
Depositary Shares | BBB | 189,000 | 4,843,125 | ||
PPL Energy Supply, LLC, 7.00% | BBB | 857,770 | 21,710,159 | ||
Southern California Edison Co., 6.00%, | |||||
Ser C | BBB- | 30,000 | 2,996,250 | ||
Southern California Edison Co., 6.125% | BBB- | 20,000 | 2,048,750 | ||
Virginia Power Capital Trust, 7.375% | BB+ | 500,000 | 12,525,000 | ||
Westar Energy, Inc., 6.10% | AAA | 117,000 | 2,886,390 |
Page 3
John Hancock
Preferred Income Fund III
Securities owned by the Fund on
August 31, 2007 (unaudited)
Gas Utilities 5.14% | 35,360,671 | ||||
| |||||
Laclede Capital Trust I, 7.70% | BBB+ | 82,800 | 2,070,828 | ||
Southern Union Co., 7.55%, Ser A | BB | 449,000 | 11,480,930 | ||
Southwest Gas Capital II, 7.70% | BB | 850,250 | 21,808,913 | ||
Hotels, Resorts & Cruise Lines 0.42% | 2,893,840 | ||||
| |||||
Hilton Hotels Corp., 8.00% | BB- | 118,600 | 2,893,840 | ||
Integrated Telecommunication Services 4.43% | 30,473,151 | ||||
| |||||
Telephone & Data Systems, Inc., 6.625% | BB+ | 497,600 | 10,170,944 | ||
Telephone & Data Systems, Inc., 7.60%, | |||||
Ser A | BB+ | 647,876 | 14,778,052 | ||
Verizon New England, Inc., 7.00%, Ser B | A3 | 222,300 | 5,524,155 | ||
Investment Banking & Brokerage 13.91% | 95,681,617 | ||||
| |||||
Fleet Capital Trust IX, 6.00% | A+ | 469,200 | 10,847,904 | ||
Goldman Sachs Group, Inc., 6.20%, Ser B | A | 240,000 | 5,880,000 | ||
Lehman Brothers Holdings Capital Trust | |||||
III, 6.375%, Ser K | A- | 793,400 | 18,287,870 | ||
Lehman Brothers Holdings, Inc., 5.67%, | |||||
Depositary Shares, Ser D | A- | 142,500 | 6,412,500 | ||
Merrill Lynch Preferred Capital | |||||
Trust III, 7.00% | A | 457,017 | 11,288,320 | ||
Merrill Lynch Preferred Capital | |||||
Trust IV, 7.12% | A | 232,700 | 5,815,173 | ||
Merrill Lynch Preferred Capital | |||||
Trust V, 7.28% | A | 373,700 | 9,368,659 | ||
Morgan Stanley Capital Trust III, 6.25% | A | 764,025 | 17,526,734 | ||
Morgan Stanley Capital Trust IV, 6.25% | A | 393,925 | 9,048,457 | ||
Morgan Stanley Capital Trust VI, 6.60% | A | 50,000 | 1,206,000 | ||
Life & Health Insurance 8.29% | 57,034,892 | ||||
| |||||
Lincoln National Capital VI, 6.75%, Ser F | A- | 304,000 | 7,584,800 | ||
MetLife, Inc., 6.50%, Ser B | BBB | 1,108,850 | 27,954,109 | ||
Phoenix Cos., Inc. (The), 7.45% | BBB- | 578,149 | 14,077,928 | ||
PLC Capital Trust IV, 7.25% | BBB+ | 141,400 | 3,485,510 | ||
PLC Capital Trust V, 6.125% | BBB+ | 83,300 | 1,865,920 | ||
Prudential Plc, 6.50% (United Kingdom) (F) | A- | 83,500 | 2,066,625 | ||
Movies & Entertainment 4.12% | 28,348,283 | ||||
| |||||
Viacom, Inc., 6.85% | BBB | 1,196,635 | 28,348,283 | ||
Multi-Line Insurance 6.02% | 41,448,306 | ||||
| |||||
Aegon NV, 6.375% (Netherlands) (F) | A- | 241,265 | 5,816,899 | ||
Aegon NV, 6.50% (Netherlands) (F) | A- | 157,750 | 3,849,100 | ||
ING Groep NV, 7.05% (Netherlands) (F) | A | 603,970 | 14,960,337 | ||
ING Groep NV, 7.20% (Netherlands) (F) | A | 671,000 | 16,821,970 |
Page 4
John Hancock
Preferred Income Fund III
Securities owned by the Fund on
August 31, 2007 (unaudited)
Multi-Utilities 9.61% | 66,116,271 | ||||
| |||||
Avista Corp., $6.95, Ser K | BB- | 129,860 | 12,953,535 | ||
BGE Capital Trust II, 6.20% | BBB- | 807,028 | 18,747,260 | ||
DTE Energy Trust I, 7.80% | BB+ | 229,400 | 5,753,352 | ||
PNM Resources, Inc., 6.75%, Conv | BBB- | 322,999 | 14,121,516 | ||
PSEG Funding Trust II, 8.75% | BB+ | 462,275 | 11,848,108 | ||
Public Service Electric & Gas Co., 5.05%, | |||||
Ser D | BB+ | 30,000 | 2,692,500 | ||
Oil & Gas Exploration & Production 6.04% | 41,553,172 | ||||
| |||||
Chesapeake Energy Corp., 6.25%, Conv (G) | B+ | 7,330 | 1,832,500 | ||
Devon Energy Corp., 6.49%, Ser A | BB+ | 25,250 | 2,577,868 | ||
Nexen, Inc., 7.35% (Canada) (F) | BB+ | 1,494,079 | 37,142,804 | ||
Other Diversified Financial Services 14.49% | 99,697,708 | ||||
| |||||
ABN AMRO Capital Funding Trust V, 5.90% | A | 750,500 | 16,848,725 | ||
ABN AMRO Capital Funding Trust VI, 6.25% | A | 353,900 | 8,546,685 | ||
Citigroup Capital VII, 7.125% | A+ | 153,042 | 3,812,276 | ||
Citigroup Capital VIII, 6.95% | A+ | 321,200 | 7,965,760 | ||
Citigroup Capital X, 6.10% | A+ | 720,000 | 16,646,400 | ||
DB Capital Funding VIII, 6.375% | A+ | 427,850 | 10,238,451 | ||
DB Capital Trust II, 6.55% | A+ | 486,050 | 11,670,061 | ||
JPMorgan Chase Capital XI, 5.875%, Ser K | A | 985,000 | 21,975,350 | ||
JPMorgan Chase Capital XIV, 6.20%, Ser N | A | 25,000 | 572,000 | ||
JPMorgan Chase Capital XVI, 6.35% | A | 60,000 | 1,422,000 | ||
Real Estate Management & Development 5.20% | 35,749,912 | ||||
| |||||
Duke Realty Corp., 6.50%, Depositary | |||||
Shares, Ser K REIT | BBB | 151,600 | 3,411,000 | ||
Duke Realty Corp., 6.60%, Depositary | |||||
Shares, Ser L REIT | BBB | 118,500 | 2,669,805 | ||
Duke Realty Corp., 6.625%, Depositary | |||||
Shares, Ser J REIT | BBB | 638,100 | 14,421,060 | ||
Public Storage, Inc., 6.18%, Depositary | |||||
Shares, Ser D REIT | BBB+ | 25,000 | 559,750 | ||
Public Storage, Inc., 6.50%, Depositary | |||||
Shares, Ser W REIT | BBB+ | 450,000 | 10,093,500 | ||
Public Storage, Inc., 7.50%, Depositary | |||||
Shares, Ser V REIT | BBB+ | 184,530 | 4,594,797 | ||
Regional Banks 3.51% | 24,157,331 | ||||
| |||||
PFGI Capital Corp., 7.75% | A | 926,900 | 24,157,331 | ||
Reinsurance 0.39% | 2,681,244 | ||||
| |||||
RenaissanceRe Holdings Ltd., 6.08%, Ser C | |||||
(Bermuda) (F) | BBB | 127,800 | 2,681,244 | ||
Specialized Finance 0.91% | 6,273,050 | ||||
| |||||
CIT Group, Inc., 6.35%, Ser A | BBB+ | 130,000 | 2,827,500 | ||
Repsol International Capital Ltd., 7.45%, | |||||
Ser A (Cayman Islands) (F) | BB+ | 137,000 | 3,445,550 |
Page 5
John Hancock
Preferred Income Fund III
Securities owned by the Fund on
August 31, 2007 (unaudited)
Thrifts & Mortgage Finance 1.23% | 8,451,270 | ||||
| |||||
Abbey National Plc, 7.375% (United | |||||
Kingdom) (F) | A+ | 339,000 | 8,451,270 | ||
Wireless Telecommunication Services 2.65% | 18,203,974 | ||||
| |||||
United States Cellular Corp., 7.50% | BB+ | 754,100 | 18,203,974 | ||
Interest | Maturity | Credit | Par value | ||
Issuer, description | rate | date | rating (A) | (000) | Value |
| |||||
Short-term investments 0.15% | $1,000,000 | ||||
(Cost $999,650) | |||||
Government U.S. Agency 0.15% | 1,000,000 | ||||
| |||||
Federal Home Loan Bank, | |||||
Discount Note | 4.200 | 09-04-07 | AAA | $1,000 | 1,000,000 |
Total investments (Cost $1,093,942,968) 149.85% | $1,030,913,470 | ||||
Other assets and liabilities, net 1.02% | $7,026,313 | ||||
Fund preferred shares, at | ($349,998,241) | ||||
liquidation value (50.87%) | |||||
Total net assets applicable to common shareholders 100.00% | $687,941,542 |
The percentage shown for each investment category is the total value of that category, at liquidation value as a percentage of the net assets applicable to common shareholders.
Page 6
John Hancock
Preferred Income Fund III
Notes to Schedule of Investments
August 31, 2007 (unaudited)
ADR American depositary receipt.
REIT Real Estate Investment Trust
(A) Credit ratings are unaudited and are rated by Moody's Investors Service where Standard & Poor's ratings are not available, unless indicated otherwise.
(F) Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated.
(G) Security rated internally by John Hancock Advisers, LLC.
(P) Represents rate in effect on August 31, 2007.
(S) This security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $16,904,063 or 2.46% of the net assets applicable to common shareholders as of August 31, 2007.
The cost of investments owned on August 31, 2007, including short-term investments, was $1,093,942,968. Gross unrealized appreciation and depreciation of investments aggregated $5,648,780 and $68,678,278, respectively, resulting in net unrealized depreciation of $63,029,498.
Notes to Schedule of Investments - Page 1
John Hancock
Preferred Income Fund III
Interest rate swap contracts
August 31, 2007 (unaudited)
Rate type | ||||||
|
||||||
Notional | Payments made | Payments received | Termination | |||
amount | by Fund | by Fund | date | Counterparty | Appreciation | |
| ||||||
$ 35,000,000 | 3.998% | (a) | 3-month LIBOR | Apr 09 | Morgan Stanley | $485,317 |
|
(a) Fixed rate
Interest rate swap contracts
Notes to portfolio of investments
Security valuation
The net asset value of the common shares of the Fund is determined daily as of the close of the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. Short-term debt investments that have a remaining maturity of 60 days or less are valued at amortized cost, and thereafter assume a constant amortization to maturity of any discount or premium, which approximates market value. Investments in John Hancock Cash Investment Trust (JHCIT), an affiliate of John Hancock Advisers, LLC (the Adviser), a wholly owned subsidiary of John Hancock Financial Services, Inc., a subsidiary of Manulife Financial Corporation (MFC), are valued at their net asset value each business day. All other securities held by the Fund are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) as of the close of business on the principal securities exchange (domestic or foreign) on which they trade or, lacking any sales, at the closing bid price. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Securities for which there are no such quotations, principally debt securities, are valued based on the valuation provided by an independent pricing service, which utilizes both dealer-supplied and electronic data processing techniques, which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data.
Other assets and securities for which no such quotations are readily available are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. The values of such securities used in computing the net asset value of the Funds shares are generally determined as of such times. Occasionally, significant events that affect the values of such securities may occur between the times at which such values are generally determined and the close of the NYSE. Upon such an occurrence, these securities will be valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board of Trustees.
Swap contracts
The Fund may enter into swap transactions in order to hedge the value of the Funds portfolio against interest rate fluctuations or to enhance the Funds income. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the two interest rates, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net receivable or payable under the swap contracts on a periodic basis. Net upfront payments received (paid) by the Fund are included as part of unrealized appreciation/depreciation on the Statement of Operations. The Fund records changes in the value of the swaps as unrealized gains or losses on swap contracts. Net periodic payments accrued, but not yet received (paid) are included in change in the unrealized appreciation/depreciation on the Statement of Operations. Swap contracts are subject to risks related to the counterpartys ability to perform under the contract, and may decline in value if the counterpartys creditworthiness deteriorates. The risks may arise from unanticipated movement in interest rates. The Fund may also suffer losses if it is unable to terminate outstanding swap contracts or reduce its exposure through offsetting transactions.
Notes to Schedule of Investments - Page 2
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal financial officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control 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.
Separate certifications for the registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
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.
John Hancock Preferred Income Fund III
By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and
Chief Executive Officer
Date: October 26, 2007
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: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and
Chief Executive Officer
Date: October 26, 2007
By: /s/ Charles A. Rizzo
-------------------------------------
Charles A. Rizzo
Chief Financial Officer
Date: October 26, 2007