-----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, P9+JK7v9zyJrS2HrN/FgfFm3RUZ9jiBMAMja9cXeWDlY8RvxHVpPmj/eV3KvmGMH MfTnKZyNmuODTebbXD1vbw== 0000928816-05-000842.txt : 20050630 0000928816-05-000842.hdr.sgml : 20050630 20050630155140 ACCESSION NUMBER: 0000928816-05-000842 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050430 FILED AS OF DATE: 20050630 DATE AS OF CHANGE: 20050630 EFFECTIVENESS DATE: 20050630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JOHN HANCOCK PREFERRED INCOME FUND II CENTRAL INDEX KEY: 0001189740 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21202 FILM NUMBER: 05928499 BUSINESS ADDRESS: STREET 1: 101 HUNTINGTON AVENUE CITY: BOSTON STATE: MA ZIP: 02199 BUSINESS PHONE: 6173751617 MAIL ADDRESS: STREET 1: 101 HUNTINGTON AVENUE CITY: BOSTON STATE: MA ZIP: 02199-7603 N-Q 1 jhp1.txt JOHN HANCOCK PREFERRED INCOME FUND II 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 811-21202 John Hancock Preferred Income Fund II (Exact name of registrant as specified in charter) 101 Huntington Avenue, Boston, Massachusetts 02199 (Address of principal executive offices) (Zip code) Alfred E. Ouellette, Attorney and Assistant Secretary 101 Huntington Avenue Boston, Massachusetts 02199 (Name and address of agent for service) Registrant's telephone number, including area code: 617-375-1702 Date of fiscal year end: July 31 Date of reporting period: April 30, 2005 ITEM 1. SCHEDULE OF INVESTMENTS JOHN HANCOCK Preferred Income Fund II 4.30.2005 Quarterly Portfolio Holdings [A 2" x 1" John Hancock (Signature)/John Hancock Funds logo in lower, center middle of page. A tag line below reads "JOHN HANCOCK FUNDS."]
John Hancock Preferred Income Fund II Securities owned by the Fund on April 30, 2005 (unaudited) Interest Maturity Credit Par value Issuer, description rate (%) date rating (A) ($000) Value - --------------------------------------------------------------------------------------------------------------------------------- Bonds 1.33% $10,365,675 (Cost $9,990,100) Electric Utilities 1.33% 10,365,675 Black Hills Corp., Note 6.500 05-15-2013 BBB- 5,000 5,254,620 Entergy Gulf States, Inc., 1st Mtg Bond 6.200 07-01-2033 BBB+ 5,000 5,111,055 Credit Par value Issuer, description, maturity date rating (A) ($000) Value - --------------------------------------------------------------------------------------------------------------------------------- Capital preferred securities 12.92% $100,730,502 (Cost $91,747,498) Asset Management & Custody Banks 0.66% 5,148,653 BNY Capital, 7.97%, Ser B, 12-31-26 A- 4,700 5,148,653 Diversified Banks 0.53% 4,138,400 Lloyds TSB Bank Plc, 6.90%, 11-29-49 (United Kingdom) A+ 4,000 4,138,400 Diversified Financial Services 1.66% 12,899,640 JPM Capital Trust I, 7.54%, 01-15-27 A- 12,000 12,899,640 Electric Utilities 3.28% 25,602,365 DPL Capital Trust II, 8.125%, 09-01-31 B 22,150 25,602,365 Gas Utilities 2.95% 22,988,706 KN Capital Trust I, 8.56%, Ser B, 04-15-27 BB+ 10,000 10,983,630 KN Capital Trust III, 7.63%, 04-15-28 BB+ 10,673 12,005,076 Integrated Telecommunication Services 1.34% 10,443,610 TCI Communications Financing Trust III, 9.65%, 03-31-27 BB+ 9,243 10,443,610 Multi-Utilities & Unregulated Power 2.03% 15,862,014 Dominion Resources Capital Trust I, 7.83%, 12-01-27 BBB- 8,450 9,394,964 Dominion Resources Capital Trust III, 8.40%, 01-15-31 BBB- 5,000 6,467,050 Regional Banks 0.47% 3,647,114 Summit Capital Trust I, 8.40%, Ser B, 03-15-27 A 3,300 3,647,114 Issuer Shares Value - --------------------------------------------------------------------------------------------------------------------------------- Common stocks 2.42% $18,828,640 (Cost $15,781,112) Electric Utilities 2.42% 18,828,640 Alliant Energy Corp. 220,000 5,794,800 CH Energy Group, Inc. 42,000 1,791,300 Cinergy Corp. 148,946 5,898,262 Progress Energy, Inc. 33,500 1,406,665 Scottish Power Plc, American Depositary Receipt (ADR) (United Kingdom) 121,344 3,937,613 Credit Issuer, description rating (A) Shares Value - --------------------------------------------------------------------------------------------------------------------------------- Preferred stocks 82.24% $641,163,344 (Cost $623,854,925) Agricultural Products 1.75% 13,645,008 Ocean Spray Cranberries, Inc., 6.25%, Ser A (S) BB+ 160,000 13,645,008 Asset Management & Custody Banks 0.12% 978,000 BNY Capital V, 5.95%, Ser F A- 40,000 978,000 Automobile Manufacturers 2.17% 16,906,981 Ford Motor Co., 7.50% BBB- 50,000 1,094,500 General Motors Corp., 7.25%, Ser 02-15-52 BBB- 447,300 8,118,495 General Motors Corp., 7.25%, Ser 04-15-41 BBB- 87,900 1,631,424 General Motors Corp., 7.25%, Ser 07-15-41 BBB- 233,500 4,343,100 General Motors Corp., 7.375% BBB- 91,025 1,719,462 Broadcasting & Cable TV 0.72% 5,640,264 Shaw Communications, Inc., 8.50% (Canada) B+ 223,200 5,640,264 Consumer Finance 1.77% 13,785,923 Ford Motor Credit Co., 7.375% BBB- 30,000 646,200 Ford Motor Credit Co., 7.60% A3 100,000 2,245,000 Household Finance Corp., 6.00% A 72,200 1,800,668 Household Finance Corp., 6.875% A 349,100 9,094,055 Diversified Banks 7.90% 61,626,782 BAC Capital Trust IV, 5.875% A 46,150 1,126,060 Comerica Capital Trust I, 7.60% BBB+ 120,400 3,103,912 Fleet Capital Trust VII, 7.20% A 459,900 11,911,410 Fleet Capital Trust VIII, 7.20% A 310,000 8,143,700 Republic New York Corp., 6.25%, Ser HSBC A 50,000 1,238,000 Royal Bank of Scotland Group Plc, 5.75%, Ser L (United Kingdom) A 475,500 11,549,895 Santander Finance Preferred S.A., Unipersonal, 6.41%, Ser 1 (Spain) BBB+ 225,000 5,711,400 USB Capital III, 7.75% A- 134,300 3,442,109 USB Capital IV, 7.35% A- 152,800 3,926,960 USB Capital V, 7.25% A- 252,000 6,531,840 Wells Fargo Capital Trust IV, 7.00% A 140,800 3,642,496 Wells Fargo Capital Trust VI, 6.95% A- 50,000 1,299,000 Diversified Financial Services 4.87% 37,983,800 ABN AMRO Capital Funding Trust V, 5.90% A 312,400 7,575,700 ABN AMRO Capital Funding Trust VII, 6.08% A 265,000 6,593,200 Citigroup Capital VII, 7.125% A 61,700 1,604,200 Citigroup Capital VIII, 6.95% A 339,000 8,715,690 Citigroup Capital IX, 6.00% A 140,000 3,481,800 General Electric Capital Corp., 6.10% AAA 22,863 583,692 J.P. Morgan Chase Capital IX, 7.50%, Ser I A- 73,800 1,896,660 J.P. Morgan Chase Capital X, 7.00%, Ser J A1 259,000 6,731,410 J.P. Morgan Chase Capital XI, 5.875%, Ser K A- 33,200 801,448 Electric Utilities 16.23% 126,497,254 Ameren Corp., 9.75%, Conv BBB+ 193,000 5,421,370 American Electric Power Co., Inc., 9.25%, Conv BBB 135,000 5,971,050 Boston Edison Co., 4.78% BBB+ 15,143 1,396,942 Cleveland Electric Financing Trust I, 9.00% BB 210,000 5,649,000 Entergy Mississippi, Inc., 7.25% A- 66,000 1,739,100 FPC Capital I, 7.10%, Ser A BB+ 559,503 14,166,616 FPL Group Capital Trust I, 5.875% BBB+ 436,800 10,810,800 FPL Group, Inc., 8.00%, Conv A- 140,000 8,734,600 Georgia Power Capital Trust V, 7.125% BBB+ 201,500 5,251,090 Georgia Power Capital Trust VII, 5.875% BBB+ 116,500 2,860,075 Great Plains Energy, Inc., 8.00%, Conv BBB- 524,100 14,019,675 HECO Capital Trust III, 6.50% BBB- 120,000 3,163,200 Interstate Power & Light Co., 8.375%, Ser B BBB- 700,000 23,800,000 Monongahela Power Co., $7.73, Ser L B- 55,500 5,536,125 Monongahela Power Co., 4.50%, Ser C CCC+ 24,100 1,861,725 Northern States Power Co., 8.00% BBB- 175,800 4,700,892 NVP Capital III, 7.75% CCC+ 108,500 2,700,565 Southern Co. Capital Trust VI, 7.125% BBB+ 30,000 787,800 Virginia Power Capital Trust, 7.375% BBB- 304,519 7,926,629 Gas Utilities 4.51% 35,165,030 AGL Capital Trust II, 8.00% BBB 41,000 1,054,930 KeySpan Corp., 8.75%, Conv A 325,000 16,584,750 SEMCO Capital Trust I, 10.25% B- 152,847 3,863,972 Southern Union Co., 5.75%, Conv Baa3 12,000 845,400 Southern Union Co., 7.55% BB+ 190,000 5,082,500 Southwest Gas Capital II, 7.70% BB 233,600 6,279,168 Vectren Utillity Holdings, Inc., 7.25% A- 56,500 1,454,310 Hotels, Resorts & Cruise Lines 0.41% 3,223,750 Hilton Hotels Corp., 8.00% BBB- 125,000 3,223,750 Integrated Telecommunication Services 2.97% 23,191,795 Telephone & Data Systems, Inc., 6.625% A- 150,000 3,708,000 Telephone & Data Systems, Inc., 7.60%, Ser A A- 605,967 15,633,949 Verizon New England, Inc., 7.00%, Ser B A2 150,150 3,849,846 Investment Banking & Brokerage 8.56% 66,700,885 Bear Stearns Cos., Inc. (The), 5.49%, Depositary Shares, Ser G BBB 27,400 1,386,440 Bear Stearns Cos., Inc. (The), 5.72%, Depositary Shares, Ser F BBB 64,400 3,290,840 Bear Stearns Cos., Inc. (The), 6.15%, Depositary Shares, Ser E BBB 248,600 12,927,200 Lehman Brothers Holdings Capital Trust III, 6.375%, Ser K BBB+ 170,000 4,270,400 Lehman Brothers Holdings Capital Trust V, 6.00%, Ser M BBB+ 40,000 984,000 Lehman Brothers Holdings, Inc., 5.94%, Depositary Shares, Ser C BBB+ 145,200 7,499,580 Merrill Lynch Preferred Capital Trust III, 7.00% A- 360,400 9,395,628 Merrill Lynch Preferred Capital Trust IV, 7.12% A- 167,400 4,409,316 Merrill Lynch Preferred Capital Trust V, 7.28% A- 273,200 7,237,068 Morgan Stanley Capital Trust III, 6.25% A- 248,779 6,199,573 Morgan Stanley Capital Trust IV, 6.25% A- 57,000 1,414,170 Morgan Stanley Capital Trust V, 5.75% A1 329,900 7,686,670 Life & Health Insurance 1.12% 8,707,272 PLC Capital Trust IV, 7.25% BBB+ 331,075 8,707,272 Multi-Line Insurance 2.59% 20,235,164 ING Groep N.V., 7.05% (Netherlands) A- 774,700 20,235,164 Multi-Utilities & Unregulated Power 14.43% 112,471,161 Baltimore Gas & Electric Co., 6.99%, Ser 1995 Baa1 39,870 4,176,382 BGE Capital Trust II, 6.20% BBB- 525,000 13,303,500 Consumers Energy Co. Financing IV, 9.00% Ba2 217,000 5,652,850 Dominion CNG Capital Trust I, 7.80% BBB- 150,000 3,874,500 DTE Energy Co., 8.75%, Conv BBB- 224,200 5,699,164 DTE Energy Trust I, 7.80% BB+ 253,000 6,552,700 Energy East Capital Trust I, 8.25% BBB- 424,800 11,019,312 Enterprise Capital Trust I, 7.44%, Ser A BB+ 35,400 890,664 ONEOK, Inc., 8.50%, Conv BBB+ 470,000 16,548,700 PSEG Funding Trust II, 8.75% BB+ 680,000 18,428,000 Public Service Electric & Gas Co., 4.18%, Ser B BB+ 7,900 624,890 Public Service Enterprise Group, Inc., 10.25%, Conv BBB- 75,450 5,583,300 Puget Sound Energy Capital Trust II, 8.40% BB 232,060 6,028,919 South Carolina Electric & Gas Co., 6.52% Baa1 15,000 1,567,500 TECO Capital Trust I, 8.50% B 490,434 12,520,780 Oil & Gas Exploration & Production 4.81% 37,469,686 Anadarko Petroleum Corp., 5.46%, Depositary Shares, Ser B BBB- 62,000 6,128,316 Apache Corp., 5.68%, Depositary Shares, Ser B BBB 25,000 2,564,845 Devon Energy Corp., 6.49%, Ser A BB+ 32,355 3,399,297 Nexen, Inc., 7.35% (Canada) BB+ 973,800 25,377,228 Real Estate Investment Trusts 4.56% 35,525,882 Duke Realty Corp., 6.50%, Depositary Shares, Ser K BBB 110,000 2,728,000 Duke Realty Corp., 6.60%, Depositary Shares, Ser L BBB 109,840 2,741,606 Duke Realty Corp., 6.625%, Depositary Shares, Ser J BBB 449,400 11,221,518 Duke Realty Corp., 7.99%, Depositary Shares, Ser B BBB 10,650 554,799 Kimco Realty Co., 6.65%, Depositary Shares, Ser F BBB+ 37,030 944,265 Public Storage, Inc., 6.45%, Depositary Shares, Ser X BBB+ 30,000 736,500 Public Storage, Inc., 7.50%, Depositary Shares, Ser V BBB+ 307,100 7,981,529 Public Storage, Inc., 8.00%, Depositary Shares, Ser R BBB+ 304,500 7,926,135 Public Storage, Inc., 8.60%, Depositary Shares, Ser Q BBB+ 26,700 691,530 Regional Banks 0.69% 5,362,500 PFGI Capital Corp., 7.75% A3 200,000 5,362,500 Reinsurance 0.12% 916,000 RenaissanceRe Holdings Ltd., 6.08%, Ser C (Bermuda) BBB+ 40,000 916,000 Thrifts & Mortgage Finance 1.38% 10,764,963 Abbey National Plc, 7.25% (United Kingdom) A- 275,620 7,036,579 Abbey National Plc, 7.375% (United Kingdom) A- 140,800 3,728,384 Wireless Telecommunication Services 0.56% 4,365,244 United States Cellular, 7.50% A- 165,100 4,365,244 Interest Maturity Credit Par value Issuer, description, maturity date rate (%) date rating (A) ($000) Value - --------------------------------------------------------------------------------------------------------------------------------- Short-term investments 1.09% $8,500,000 (Cost $8,498,725) Government U.S. Agency 1.09% 8,500,000 Federal Home Loan Bank, Disc Note Zero 05-02-2005 AAA 8,500 8,500,000 Total investments 100.00% $779,588,161
John Hancock Preferred Income Fund II Financial futures contracts April 30, 2005 (unaudited) Number of Appreciation Open contracts contracts Position Expiration (depreciation) - ---------------------------------------------------------------------------------------------------------- U.S. 10-year Treasury Note 720 Short June 2005 ($635,044)
John Hancock Preferred Income Fund II Interest rate swap contracts April 30, 2005 (unaudited) - --------------------------------------------------------------------------------------------------------- Rate type -------------------------------------------------- Notional Payments made Payments received Termination Appreciation amount by Fund by Fund date (depreciation) $63,500,000 2.56% (a) 3-month LIBOR June 2008 $2,961,425 (a) Fixed rate
John Hancock Preferred Income Fund II Footnotes to Schedule of Investments April 30, 2005 (unaudited) (A) Credit ratings are unaudited and are rated by Moody's Investors Service where Standard & Poor's ratings are not available. (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 $13,645,008 or 1.75% of the Fund's total investments as of April 30, 2005. Parenthetical disclosure of a foreign country in the security description represents country of a foreign issuer; however, security is U.S. dollar-denominated. The percentage shown for each investment category is the total value of that category as a percentage of the total investments of the Fund. The cost of investments owned on April 30, 2005, including short-term investments, was $749,872,360. Gross unrealized appreciation and depreciation of investments aggregated $39,774,595 and $10,058,794, respectively, resulting in net unrealized appreciation of $29,715,801. For more information Trustees Charles L. Ladner, Chairman* James F. Carlin Richard P. Chapman, Jr.* William H. Cunningham Ronald R. Dion Dr. John A. Moore* Patti McGill Peterson* Steven R. Pruchansky James A. Shepherdson Lt. Gen. Norman H. Smith, USMC (Ret.) *Members of the Audit Committee Officers James A. Shepherdson President and Chief Executive Officer William H. King Vice President and Treasurer Investment Adviser John Hancock Advisers, LLC 101 Huntington Avenue Boston, Massachusetts 02199-7603 Custodian The Bank of New York One Wall Street New York, New York 10286 Transfer Agent and Dividend Disburser Mellon Investor Services 85 Challenger Road Overpeck Centre Ridgefield Park, New Jersey 07660 Transfer Agent for APS Deutsche Bank Trust Company Americas 280 Park Avenue New York, New York 10017 Legal Counsel Wilmer Cutler Pickering Hale and Dorr LLP 60 State Street Boston, Massachusetts 02109-1803 Stock Symbol Listed New York Stock Exchange: HPF
How to contact us Internet www.jhfunds.com Mail Regular mail: Mellon Investor Services 85 Challenger Road Overpeck Centre Ridgefield Park, NJ 07660 Phone Customer service representatives 1-800-852-0218 Portfolio commentary 1-800-344-7054 24-hour automated information 1-800-843-0090 TDD line 1-800-231-5469
This report is for the information of the shareholders of John Hancock Preferred Income Fund II. P11Q3 4/05 6/05 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 accounting 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 accounting 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 II By: ------------------------------ James A. Shepherdson President and Chief Executive Officer Date: June 30, 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: ------------------------------ James A. Shepherdson President and Chief Executive Officer Date: June 30, 2005 By: ------------------------------ William H. King Vice President and Treasurer Date: June 30, 2005 EX-99.CERT 2 exnn2.txt CERTIFICATION CERTIFICATION I, James A. Shepherdson, certify that: 1. I have reviewed this report on Form N-Q of John Hancock Preferred Income Fund II; 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 officer 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) for the registrant 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 officer 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: June 30, 2005 - --------------------------------- James A. Shepherdson President and Chief Executive Officer CERTIFICATION I, William H. King, certify that: 1. I have reviewed this report on Form N-Q of John Hancock Preferred Income Fund II; 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 officer 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) for the registrant 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 officer 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: June 30, 2005 - --------------------------------- William H. King Vice President and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----