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 811-21380
FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INCORPORATED
-----------------------------------------------------------
(Exact name of registrant as specified in charter)
301 E. Colorado Boulevard, Suite 720
PASADENA, CA 91101
-----------------------------------------------------------
(Address of principal executive offices) (Zip code)
Donald F. Crumrine
Flaherty & Crumrine Inc.
301 E. Colorado Boulevard, Suite 720
PASADENA, CA 91101
-----------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 626-795-7300
--------------
Date of fiscal year end: NOVEMBER 30, 2005
-------------------
Date of reporting period: FEBRUARY 28, 2005
-------------------
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.
--------------------------------------------------------------------------------
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2005 (UNAUDITED)
-----------------------------------------------------------
SHARES/$ PAR VALUE
------------ ---------
PREFERRED SECURITIES -- 72.5%
BANKING -- 33.6%
-----------------------------------------------------------------------------------------------------------------
1,000 ABN AMRO North America, Inc., 6.59% Pfd., 144A**** ............................ $ 1,041,680*
$ 4,750,000 Astoria Capital Trust I, 9.75% 11/01/29 Capital Security, Series B ............ 5,901,471
38,800 BAC Capital Trust I, 7.00% Pfd. ............................................... 1,027,230
25,000 BAC Capital Trust III, 7.00% Pfd. ............................................. 661,250
10,900 BAC Capital Trust V, 7.00% Pfd. ............................................... 286,452
50,900 Bank One Capital Trust VI, 7.20% Pfd. ......................................... 1,344,523
$ 1,000,000 BT Preferred Capital Trust II, 7.875% 02/25/27 Capital Security ............... 1,092,695(1)
$10,000,000 Chase Capital I, 7.67% 12/01/26 Capital Security .............................. 10,859,450
14,400 Chase Capital XI, 5.875% Pfd. 06/15/33 ........................................ 355,248
40,000 Cobank, ACB, 7.00% Pfd., 144A**** ............................................. 2,223,000*
20,000 Colonial Capital Trust IV, 7.875% Pfd. ........................................ 528,600
11,000 Comerica (Imperial) Capital Trust I, 7.60% Pfd. ............................... 289,850
$ 2,000,000 First Chicago NBD Capital A, 7.95% 12/01/26 Capital Security, 144A**** ........ 2,189,010
$ 400,000 First Empire Capital Trust I, 8.234% 02/01/27 Capital Security ................ 440,982
$ 1,900,000 First Hawaiian Capital I, 8.343% 07/01/27 Capital Security, Series B .......... 2,109,712(1)
$ 2,000,000 First Midwest Capital Trust I, 6.95% Pfd. 12/01/33, Capital Security .......... 2,220,210
$ 1,500,000 First Tennessee Capital Trust II, 6.30% 04/15/34 Capital Security, Series B ... 1,531,290
$ 2,000,000 First Union Institutional Capital II, 7.85% 01/01/27 Capital Security ......... 2,181,430
$ 1,000,000 Fleet Capital Trust II, 7.92% 12/11/26 Capital Security ....................... 1,091,250
18,000 Fleet Capital Trust VII, 7.20% Pfd. ........................................... 474,570
2 FT Real Estate Securities Company, 9.50% Pfd., 144A**** ....................... 2,884,381
$ 7,100,000 GreenPoint Capital Trust I, 9.10% 06/01/27 Capital Security ................... 8,025,378
$ 8,000,000 HBOS Capital Funding LP, 6.85% Pfd. ........................................... 8,443,560(1)
$ 855,000 HSBC Capital Trust II, 8.38% 05/15/27 Capital Security, 144A**** .............. 951,068(1)
$ 3,000,000 Haven Capital Trust I, 10.46% 02/01/27 Capital Security ....................... 3,447,435
4,200 Household Capital Trust VI, 8.25% Pfd. ........................................ 110,040
$ 2,944,000 J.P. Morgan Capital Trust I, 7.54% 01/15/27 Capital Security .................. 3,193,430
3,955 J.P. Morgan Chase & Co., 6.625% Pfd., Series H ................................ 203,959*
$ 5,000,000 Keycorp Institutional Capital A, 7.826% 12/01/26 Capital Security, Series A ... 5,424,775
10 Marshall & Ilsley Investment II, 8.875% Pfd., 144A**** ........................ 1,082,455
$ 1,000,000 NB Capital Trust IV, 8.25% Capital Security ................................... 1,112,265
$ 2,500,000 North Fork Capital Trust I, 8.70% 12/15/26 Capital Security ................... 2,781,575
$ 810,000 North Fork Capital Trust II, 8.00% 12/15/27 Capital Security .................. 898,505
$ 4,000,000 RBS Capital Trust B, 6.80% Pfd. ............................................... 4,198,060**(1)
2,100 Regions Financial Trust I, 8.00% Pfd. ......................................... 55,073
$ 1,600,000 Republic New York Capital I, 7.75% 11/15/26 Capital Security .................. 1,732,720(1)
$ 716,000 Republic New York Capital II, 7.53% 12/04/26 Capital Security ................. 773,978(1)
25 Roslyn Real Estate, 8.95% Pfd., Pvt., Series C, 144A**** ...................... 2,699,688
4
--------------------------------------------------------------------------------
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
-----------------------------------------------------------
SHARES/$ PAR VALUE
------------ ---------
PREFERRED SECURITIES - (CONTINUED)
BANKING - (CONTINUED)
-----------------------------------------------------------------------------------------------------------------
Royal Bank of Scotland Group PLC:
20,000 6.40% Pfd., Series .......................................................... $ 527,500**(1)
$ 6,820,000 7.648% Pfd. ................................................................. 8,506,450**(1)
$ 5,050,000 Union Planters Capital Trust, 8.20% 12/15/26 Capital Security ................. 5,547,173
19,000 USB Capital V, 7.25% Pfd. ..................................................... 504,545
$ 5,000,000 Wachovia Capital Trust I, 7.64% 01/15/27 Capital Security, 144A**** ........... 5,456,025
$ 1,170,000 Wachovia Capital Trust V, 7.965% 06/01/27 Capital Security, 144A**** .......... 1,291,996
350,000 Wachovia Preferred Funding, 7.25% Pfd., Series A .............................. 10,143,000
$ 4,000,000 Webster Capital Trust I, 9.36% 01/29/2027 Capital Security, 144A**** .......... 4,472,520
7,900 Wells Fargo Capital Trust IV, 7.00% Pfd. ...................................... 204,966
20,000 Wells Fargo Capital Trust IX, 5.625% Pfd. ..................................... 492,800
------------------------------------------------------------------------------------------------------------
123,015,223
-------------
FINANCIAL SERVICES -- 6.7%
-----------------------------------------------------------------------------------------------------------------
141,000 Fannie Mae, Adj. Rate Pfd. .................................................... 7,938,300*
Lehman Brothers Holdings, Inc.:
86,500 5.94% Pfd., Series C ........................................................ 4,438,315*
232,100 6.50% Pfd., Series F ........................................................ 6,209,836*
9,700 Merril Lynch Capital Trust III, 7.00% Pfd. .................................... 260,736
168,650 Merrill Lynch Capital Trust V, 7.28% Pfd. ..................................... 4,617,637
17,200 Morgan Stanley Capital Trust II, 7.25% Pfd. ................................... 449,092
15,000 Morgan Stanley Capital Trust IV, 6.25% Pfd. ................................... 384,150
6,000 Morgan Stanley Capital Trust V, 5.75% Pfd. .................................... 147,840
------------------------------------------------------------------------------------------------------------
24,445,906
-------------
INSURANCE -- 11.0%
-----------------------------------------------------------------------------------------------------------------
15,000 AAG Holding Company, Inc., 7.25% Pfd. ......................................... 385,875
177,380 ACE Ltd., 7.80% Pfd., Series C ................................................ 4,754,671**(1)
$ 6,420,000 AON Capital Trust A, 8.205% 01/01/27 Capital Security ......................... 7,353,404
189,400 Everest Re Capital Trust II, 6.20% Pfd., Series B ............................. 4,649,770(1)
ING Groep NV:
36,000 7.05% Pfd. .................................................................. 951,120**(1)
125,000 7.20% Pfd. .................................................................. 3,326,250**(1)
30,000 Renaissancere Holdings Ltd., 6.08% Pfd., Series C ............................. 731,700**(1)
40,000 St. Paul Capital Trust I, 7.60% Pfd. .......................................... 1,051,600
$ 500,000 Sun Life Canada, 8.526% Pfd., 144A**** ........................................ 556,255(1)
$ 4,815,000 USF&G Capital, 8.312% 07/01/46 Capital Security, 144A**** ..................... 5,955,119
30,000 XL Capital Ltd., 7.625% Pfd., Series B ........................................ 807,450**(1)
9,175 Zurich RegCaPS Funding Trust, 6.58% Pfd., 144A**** ............................ 9,692,149*
------------------------------------------------------------------------------------------------------------
40,215,363
-------------
5
--------------------------------------------------------------------------------
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
------------------------------------------------------------
SHARES/$ PAR VALUE
------------ ---------
PREFERRED SECURITIES - (CONTINUED)
UTILITIES -- 13.4%
-----------------------------------------------------------------------------------------------------------------
222,700 Alabama Power Company, 5.30% Pfd. ............................................. $ 5,689,985*
45,700 Baltimore Gas & Electric Company, 6.70% Pfd., Series 1993 ..................... 4,771,308*
$ 2,750,000 COMED Financing II, 8.50% 01/15/27 Capital Security, Series B ................. 3,049,420
$ 2,500,000 Dominion Resources Capital Trust I, 7.83% 12/01/27 Capital Security ........... 2,755,425
Duke Energy Corporation:
50,214 7.04% Pfd., Series Y ........................................................ 5,182,838*
22,934 7.85% Pfd., Series S ........................................................ 2,377,224*
20,000 Energy East Capital Trust I, 8.25% Pfd. ....................................... 527,900
758 Entergy Arkansas, Inc., 7.40% Pfd. ............................................ 78,866*
70,000 FPC Capital I, 7.10% Pfd., Series A ........................................... 1,764,000
$ 4,500,000 Houston Light & Power, Capital Trust II, 8.257%, 02/01/37 Capital Security .... 4,937,423
30,445 Indianapolis Power & Light Company, 5.65% Pfd. ................................ 2,898,821*
Interstate Power & Light Company:
90,000 7.10% Pfd., Series C ........................................................ 2,447,550*
38,600 8.375% Pfd., Series B ....................................................... 1,303,136*
$ 5,000,000 PECO Energy Capital Trust IV, 5.75% 06/15/33 Capital Security ................. 4,910,650
16,200 PSEG Funding Trust II, 8.75% Pfd. ............................................. 454,248
120,000 Southern Union Company, 7.55% Pfd. ............................................ 3,316,200*
10,000 Southwest Gas Capital II, 7.70% Pfd. .......................................... 271,250
5,000 Union Electric Company, $7.64 Pfd. ............................................ 521,975*
82,717 Wisconsin Power & Light Company, 6.50% Pfd. ................................... 2,065,857*
------------------------------------------------------------------------------------------------------------
49,324,076
------------
OIL AND GAS -- 0.8%
-----------------------------------------------------------------------------------------------------------------
2,750 EOG Resources, Inc., 7.195% Pfd., Series B .................................... 2,934,690*
------------------------------------------------------------------------------------------------------------
2,934,690
------------
REAL ESTATE INVESTMENT TRUST (REIT) -- 6.2%
-----------------------------------------------------------------------------------------------------------------
16,020 AMB Property Corporation, 6.75% Pfd., REIT, Series M .......................... 408,590
40,000 BRE Properties, Inc., 6.75% Pfd., REIT, Series C .............................. 1,018,600
38,750 Carramerica Realty Corporation, 7.50% Pfd., REIT, Series E .................... 1,012,344
Duke Realty Corporation:
50,000 6.50% Pfd., REIT, Series K .................................................. 1,252,750
10,000 6.60% Pfd., REIT, Series L .................................................. 251,800
19,549 6.625% Pfd., REIT, Series J ................................................. 493,124
Equity Residential Properties:
18,962 6.48% Pfd., REIT, Series N .................................................. 478,316
85,000 8.29% Pfd., REIT, Series K .................................................. 5,408,125
6
--------------------------------------------------------------------------------
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
-----------------------------------------------------------
SHARES/$ PAR VALUE
------------ ---------
PREFERRED SECURITIES - (CONTINUED)
REAL ESTATE INVESTMENT TRUST (REIT) -- (CONTINUED)
-----------------------------------------------------------------------------------------------------------------
PS Business Parks, Inc.:
57,000 6.875% Pfd., REIT, Series I ................................................. $ 1,418,445
16,900 7.00% Pfd., REIT, Series H .................................................. 424,781
44,500 7.60% Pfd., REIT, Series L .................................................. 1,165,233
45,000 7.95% Pfd., REIT, Series K .................................................. 1,198,575
Public Storage, Inc.:
44,200 7.50% Pfd., REIT, Series V .................................................. 1,177,709
1,400 7.625% Pfd., REIT, Series T ................................................. 36,918
48,600 8.00% Pfd., REIT, Series R .................................................. 1,294,704
125,000 Regency Centers Corporation, 7.25% Pfd., REIT ................................. 3,254,375
86,000 Weingarten Realty Investment, 6.95% Pfd., REIT ................................ 2,323,720
------------------------------------------------------------------------------------------------------------
22,618,109
------------
MISCELLANEOUS INDUSTRIES -- 0.8%
-----------------------------------------------------------------------------------------------------------------
34,000 Ocean Spray Cranberries, Inc., 6.25% Pfd., 144A****............................ 2,859,570*
------------------------------------------------------------------------------------------------------------
2,859,570
------------
TOTAL PREFERRED SECURITIES
(Cost $254,083,997) ......................................................... 265,412,937
------------
CORPORATE DEBT SECURITIES -- 22.1%
FINANCIAL SERVICES -- 1.4%
-----------------------------------------------------------------------------------------------------------------
600 Corp-Backed Trust Certificates, 5.80% Pfd., Series Goldman Sachs .............. 14,967
$ 5,018,000 Lehman Brothers, Guaranteed Note, Variable Rate, 12/16/16, 144A**** ........... 5,030,545
------------------------------------------------------------------------------------------------------------
5,045,512
------------
INSURANCE -- 4.8%
-----------------------------------------------------------------------------------------------------------------
20,000 American Financial Group, Inc., 7.125% 02/03/34, Senior Note .................. 529,400
$ 8,700,000 OneAmerica Financial Partners, 7.00% 10/15/33, 144A**** ....................... 9,778,887
$ 7,000,000 UnumProvident Corporation, 7.25% 03/15/28, Senior Notes ....................... 7,114,380
------------------------------------------------------------------------------------------------------------
17,422,667
------------
OIL AND GAS -- 2.6%
-----------------------------------------------------------------------------------------------------------------
356,200 Nexen, Inc., 7.35% Subordinated Notes ......................................... 9,592,466(1)
------------------------------------------------------------------------------------------------------------
9,592,466
------------
UTILITIES -- 11.0%
-----------------------------------------------------------------------------------------------------------------
$ 2,000,000 AEP Texas Central Company, 6.65% 02/15/33, Senior Notes, Series E............. 2,257,960
$ 6,100,000 Constellation Energy Group, 7.60% Pfd., 04/01/32, Senior Notes ................ 7,507,880
7
--------------------------------------------------------------------------------
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
-----------------------------------------------------------
SHARES/$ PAR VALUE
------------ ---------
CORPORATE DEBT SECURITIES - (CONTINUED)
UTILITIES -- (CONTINUED)
-----------------------------------------------------------------------------------------------------------------
27,200 Corp-Backed Trust Certificates, 7.875% 02/15/32, Series Duke Capital .......... $ 730,864
$ 5,000,000 Duke Capital Corporation, 8.00% 10/01/19 Senior Notes ......................... 6,160,275
5,000 Entergy Mississippi, Inc., 7.25% 1st Mortgage ................................. 133,300
66,700 Georgia Power Company, 6.00%, 08/15/44, Senior Notes, FGIC Insured ............ 1,772,219
$ 4,000,000 Indianapolis Power & Light Company, 6.60% 01/01/34, 1st Mortgage, 144A**** .... 4,481,820
$ 4,000,000 Interstate Power & Light Company, 6.45% 10/15/33, Senior Notes ................ 4,426,860
$ 5,670,000 Oncor Electric Delivery Company, 7.25% 01/15/33, Secured ...................... 6,889,560
$ 1,200,000 TXU Corporation, 6.55% 11/15/34, 144A**** ..................................... 1,227,744
$ 4,000,000 Wisconsin Electric Power Company, 6.875% 12/01/95 ............................. 4,745,140
------------------------------------------------------------------------------------------------------------
40,333,622
------------
MISCELLANEOUS -- 2.3%
-----------------------------------------------------------------------------------------------------------------
19,625 Ford Motor Company, 7.50% 06/10/43, Senior Notes .............................. 496,905
$ 6,265,000 General Motors Corporation, 8.80% 03/01/21 .................................... 6,438,916
25,300 Maytag Corporation, 7.875% 08/01/31 ........................................... 641,608
$ 950,000 Verizon Maryland, 7.15% 05/01/23 .............................................. 1,036,004
------------------------------------------------------------------------------------------------------------
8,613,433
------------
TOTAL CORPORATE DEBT SECURITIES
(Cost $75,942,231) .......................................................... 81,007,700
------------
COMMON STOCK AND CONVERTIBLE SECURITIES -- 2.7%
INSURANCE -- 0.2%
-----------------------------------------------------------------------------------------------------------------
36,000 XL Capital Ltd., 6.50% Mandatory Convertible, 05/15/07 ........................ 878,940(1)
------------------------------------------------------------------------------------------------------------
878,940
------------
UTILITIES -- 2.5%
-----------------------------------------------------------------------------------------------------------------
114,077 FPL Group, Inc ................................................................ 9,066,270*
------------------------------------------------------------------------------------------------------------
9,066,270
------------
TOTAL COMMON STOCK AND CONVERTIBLE SECURITIES
(Cost $8,889,977) .......................................................... 9,945,210
------------
OPTION CONTRACTS -- 1.1%
2,300 June Put Options on June U.S. Treasury Bond Futures, Expiring 05/20/05 ........ 3,935,937+
------------------------------------------------------------------------------------------------------------
TOTAL OPTION CONTRACTS
(Cost $2,773,916) .......................................................... 3,935,937
------------
8
--------------------------------------------------------------------------------
Flaherty & Crumrine/Claymore Total Return Fund Incorporated
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2005 (UNAUDITED)
-----------------------------------------------------------
SHARES/$ PAR VALUE
------------ ---------
MONEY MARKET FUND -- 0.0%
110,327 BlackRock Provident Institutional, TempFund .................................. $ 110,327
------------------------------------------------------------------------------------------------------------
TOTAL MONEY MARKET FUND
(Cost $110,327) ............................................................ 110,327
-------------
TOTAL INVESTMENTS (Cost $341,800,448***) ....................................... 98.4% 360,412,111
OTHER ASSETS AND LIABILITIES (NET) ............................................. 1.6% 5,702,707
------- -------------
TOTAL NET ASSETS AVAILABLE TO COMMON STOCK AND PREFERRED STOCK ................. 100.0%++ $ 366,114,818
------- -------------
AUCTION MARKET PREFERRED STOCK (AMPS) REDEMPTION VALUE .................................... (128,500,000)
-------------
TOTAL NET ASSETS AVAILABLE TO COMMON STOCK ................................................ $ 237,614,818
=============
-------------
* Securities eligible for the Dividends Received Deduction and distributing
Qualified Dividend Income.
** Securities distributing Qualified Dividend Income only.
*** Aggregate cost of securities held.
**** Securities exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
(1) Foreign Issuer
+ Non-income producing.
++ The percentage shown for each investment category is the total value of
that category as a percentage of net assets available to Common and
Preferred Stock.
ABBREVIATIONS:
REIT -- Real Estate Investment Trust
PFD. -- Preferred Securities
PVT. -- Private Placement Securities
Capital Securities are treated as debt instruments for financial
statement purposes and the amounts shown in the Shares/$ Par column
are dollar amounts of par value.
9
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) FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INCORPORATED
------------------------------------------------------------
By (Signature and Title)* /S/ DONALD F. CRUMRINE
-------------------------------------------------------
Donald F. Crumrine, Director, Chairman of the Board and
Chief Executive Officer
(principal executive officer)
Date APRIL 18, 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/ DONALD F. CRUMRINE
-------------------------------------------------------
Donald F. Crumrine, Director, Chairman of the Board and
Chief Executive Officer
(principal executive officer)
Date APRIL 18, 2005
----------------------------------------------------------------------------
By (Signature and Title)* /S/ R. ERIC CHADWICK
------------------------------------------------------
R. Eric Chadwick, Chief Financial Officer, Treasurer,
Vice President and Secretary
(principal financial officer)
Date APRIL 18, 2005
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.