N-Q 1 v017879_n-q.htm

 THE PARNASSUS INCOME FUNDS


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: 811-06673

The Parnassus Income Funds
(Exact name of registrant as specified in charter)

One Market—Steuart Tower #1600, San Francisco, California 94105
(Address of principal executive offices) (Zip code)

Debra A. Early
The Parnassus Income Funds
One Market - Steuart Tower #1600, San Francisco, California 94105
(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 778-0200
Date of fiscal year end: December 31
Date of reporting period: March 31, 2005

 
ITEM 1. SCHEDULE OF INVESTMENTS.
 
 
 
Parnassus Equity Income Fund
Portfolio of Investments By Industry Classification as of March 31, 2005
(Unaudited)


 
Number of Shares
 
Common Stocks
Percent of
Net Assets
    
Market Value
  
 
 
  
APPAREL
          
 
725,000
  
Ross Stores Inc.
2.3%
  
$
21,126,500
  
                 
     
AUTO PARTS
          
 
350,000
  
Genuine Parts Co.
1.6%
  
$
15,221,500
  
                 
     
BANKING
          
 
600,000
  
Amsouth BanCorporation
      
15,570,000
  
 
1,350,000
  
J.P.Morgan Chase & Co.
      
46,710,000
  
 
200,000
  
New York Community BanCorp Inc.
      
3,632,000
  
 
300,000
  
North Fork BanCorporation Inc.
      
8,322,000
  
 
260,000
  
Washington Mutual Inc.
      
10,270,000
  
 
785,000
  
Wells Fargo & Company
      
46,943,000
  
       
13.8%
  
$
131,447,000
  
                 
     
BIOTECHNOLOGY
          
 
75,000
  
Amgen Inc. (1)
0.5%
  
$
4,365,750
  
                 
     
COMPUTERS
          
 
1,500,000
  
Hewlett-Packard Co.
      
32,910,000
  
 
350,000
  
Radisys Corp. (1)
      
4,956,000
  
       
4.0%
  
$
37,866,000
  
                 
     
CONSUMER PRODUCTS
          
 
225,000
  
Colgate-Palmolive Co.
      
11,738,250
  
 
125,000
  
Kimberly-Clark Corp.
      
8,216,250
  
 
425,000
  
Procter & Gamble Co.
      
22,525,000
  
       
4.5%
  
$
42,479,500
  
                 
     
ENTERTAINMENT
          
 
555,000
  
Cedar Fair L.P.
1.9%
  
$
17,465,850
  
                 
     
FINANCIAL SERVICES
          
 
450,000
  
Automatic Data Processing
      
20,227,500
  
 
115,000
  
Freddie Mac
      
7,268,000
  
 
300,000
  
GATX Corp.
      
9,957,000
  
 
275,000
  
SLM Corp.
      
13,706,000
  
 
350,000
  
Synovus Financial Corp.
      
9,751,000
  
       
6.5%
  
$
60,909,500
  
                 
     
INDUSTRIAL
          
 
305,000
  
3M Co.
      
26,135,450
  
 
135,000
  
Teleflex Inc.
      
6,909,300
  
 
200,000
  
WD-40 Co.
      
6,498,000
  
       
4.2%
  
$
39,542,750
  
                 
     
INSURANCE
          
 
500,000
  
Aflac Inc.
      
18,630,000
  
 
75,000
  
Jefferson-Pilot Corp.
      
3,678,750
  
 
100,000
  
Lincoln National Corp.
      
4,514,000
  
 
125,000
  
Montpelier Re Holdings Ltd.
      
4,393,750
  
 
700,000
  
Arthur J Gallagher & Co.
      
20,160,000
  
       
5.5%
  
$
51,376,500
  
                 
     
MACHINERY
          
 
250,000
  
The Stanley Works
1.2%
  
$
11,317,500
  
                 
     
MEDICAL EQUIPMENT
          
 
525,000
  
Boston Scientific Corp. (1)
      
15,377,250
  
 
250,000
  
Invitrogen Corp. (1)
      
17,300,000
  
       
3.5%
  
$
32,677,250
  
                 
     
MICROELECTRONIC PRODUCTS
          
 
400,000
  
Applied Materials Inc.
      
6,500,000
  
 
450,000
  
Electro Scientific Inds Inc. (1)
      
8,725,500
  
       
1.6%
  
$
15,225,500
  
                 
     
OFFICE EQUIPMENT
          
 
600,000
  
Pitney Bowes Inc.
2.9%
  
$
27,072,000
  
                 
     
PACKAGED FOODS
          
 
550,000
  
General Mills Inc.
      
27,032,500
  
 
350,000
  
H.J. Heinz Co.
      
12,894,000
  
       
4.3%
  
$
39,926,500
  
                 
     
PHARMACEUTICALS
          
 
200,000
  
Johnson & Johnson
      
13,432,000
  
 
900,000
  
Pfizer Inc.
      
23,643,000
  
       
4.0%
  
$
37,075,000
  
                 
     
PRINTING
          
 
100,000
  
Ennis Inc.
0.2%
  
$
1,692,000
  
                 
     
PUBLISHING
          
 
580,000
  
Gannett Co. Inc.
      
45,866,400
  
 
525,000
  
Knight-Ridder Inc.
      
35,306,250
  
 
225,000
  
McGraw-Hill Companies Inc.
      
19,631,250
  
       
10.8%
  
$
100,803,900
  
                 
     
REAL ESTATE INVESTMENT TRUST
          
 
100,000
  
Alexandria Real Estate Equity
      
6,438,000
  
 
550,000
  
Maguire Properties Inc.
      
13,134,000
  
       
2.1%
  
$
19,572,000
  
                 
     
RETAIL
          
 
50,000
  
Home Depot Inc.
      
1,912,000
  
 
275,000
  
Nautilus Inc.
      
6,534,000
  
       
0.9%
  
$
8,446,000
  
                 
     
SERVICES
          
 
1,300,000
  
The ServiceMaster Company
1.9%
  
$
17,550,000
  
                 
     
SOFTWARE
          
 
1,300,000
  
Mentor Graphics Corp. (1)
1.9%
  
$
17,810,000
  
                 
     
TELECOMMUNICATIONS
          
 
1,325,000
  
Cisco Systems Inc. (1)
      
23,704,250
  
 
300,000
  
Nokia Corp. (ADR)
      
4,629,000
  
 
425,000
  
Bellsouth Corp.
      
11,173,250
  
 
475,000
  
Verizon Communications Inc.
      
16,862,500
  
       
6.0%
  
$
56,369,000
  
                 
     
UTILITIES
          
 
150,000
  
Apache Corp.
      
9,184,500
  
 
100,000
  
Devon Energy Corporation
      
4,775,000
  
 
150,000
  
Energen Corp.
      
9,990,000
  
 
280,000
  
KeySpan Corp.
      
10,911,600
  
 
150,000
  
Kinder Morgan Inc.
      
11,355,000
  
 
350,000
  
ONEOK Inc.
      
10,787,000
  
       
6.1%
  
$
57,003,100
  
                 
     
Total common stocks
          
     
(cost $820,449,943)
92.2%
  
$
864,340,600
  
                 
 
Principal Amount
  
Convertible Bonds
 
    
Market Value
  
$
2,000,000
  
Brocade Communications, 2.000%, 01/01/07
    
$
1,912,500
  
 
1,000,000
  
E*Trade Financial Corp., 6.000%, 02/01/07
      
1,012,500
  
                 
     
Total convertible bonds
          
     
(cost $2,798,331)
0.3%
  
$
2,925,000
  
                 
 
Number of Shares
  
Preferred Stocks
 
    
Market Value
  
 
350,000
  
Baxter International, 7.000%, 02/16/06
    
$
18,847,500
  
 
55,439
  
First Republic Bank, 8.875%,
     
1,431,989
  
 
50,000
  
KeySpan Corporation, 8.750%, 05/16/05
      
2,529,500
  
 
325,000
  
ONEOK Inc., 8.500%, 02/16/06
      
12,255,750
  
 
175,000
  
St. Paul Companies Inc., 9.000%, 08/16/05
      
11,371,500
  
 
275,000
  
Toys R Us Inc., 6.250%, 08/16/05
      
16,926,250
  
 
55,000
  
Zions BanCorporation, 8.000%, 09/01/32
      
1,452,550
  
                 
     
Total preferred stocks
          
     
(cost $53,940,799)
6.9%
  
$
64,815,039
  
                 
     
Total long-term investments
          
     
(cost $877,189,073)
99.4%
  
$
932,080,639
  
                 
 
Principal Amount
  
Short-Term Investments
 
    
Market Value
  
     
Registered Investment
 
        
     
Companies--Money Market
 
        
     
Funds
 
        
$
95,192
  
Goldman Sachs FS Government Fund
 
        
     
variable rate 1.930%
 
  
$
95,192
  
 
3,390,168
  
Janus Government Fund
 
        
     
variable rate 1.980%
 
    
3,390,168
  
 
114,729
  
Scudder Government Fund
 
        
     
variable rate 1.910%
 
    
114,729
  
     
 
0.4%
  
$
3,600,088
  
     
 
 
        
     
Community Development Loans and Certificates of Deposit (2)
          
 
100,000
  
Boston Community
 
        
     
Loan Fund
 
        
     
2.000%, matures 06/30/05
 
    
98,521
  
 
100,000
  
Community Bank of the Bay
 
        
     
Certificate of Deposit
 
        
     
3.000%, matures 08/22/05
 
    
96,840
  
 
100,000
  
Ecologic Finance
 
        
     
Loan Fund
 
      
 
     
2.000%, matures 01/25/06
 
    
95,085
  
 
100,000
  
Vermont Community
 
        
     
Loan Fund
 
        
     
2.000%, matures 04/16/05
 
    
99,754
  
     
 
0.0%
  
$
390,200
  
               
 
     
Total short-term securities
          
     
(cost $3,990,288)
0.4%
  
$
3,990,288
  
                 
     
Total securities
          
     
(cost $881,179,361)
99.8%
  
$
936,070,927
  
                 
     
Other assets and
          
     
liabilities--net
0.2%
  
$
1,557,592
  
                 
     
Total net assets
100.0%
  
$
937,628,519
  

(1)
These securities are non-income producing.
   
(2)
Market value adjustments may have been made on these securities to reflect early withdrawal/call penalties.
 
The portfolio of investments as of March 31, 2005 has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund, portfolio holdings and other significant accounting policies, please see the fund's most recent prospectus and annual report.
 
Fund holdings will vary over time.
 
Fund shares are not FDIC insured.
   
Income Taxes:
 
At March 31, 2005, the net unrealized appreciation (depreciation) based on the cost of investments for income tax purposes was as follows:
 
   
   
Equity Income
 
   
Fund
 
       
Cost of investments
  
$
881,179,361
  
Unrealized appreciation
  
$
72,366,739
  
Unrealized depreciation
    
(17,475,173
)
         
Net unrealized appreciation (depreciation)
  
$
54,891,566
  
 
Parnassus Fixed-Income Fund
Portfolio of Investments By Industry Classification as of March 31, 2005
(Unaudited)

 
Principal Amount
 
Corporate Bonds
Percent of
Net Assets
    
Market Value
  
     
FINANCIAL SERVICES
          
$
500,000
  
Bank One Corp.
          
     
6.000% Due 02/17/09
    
$
522,788
  
 
500,000
  
Goldman Sachs Group Inc.
          
     
6.650% Due 05/15/09
      
536,567
  
 
500,000
  
Wells Fargo Financial, Inc.
          
     
6.850% Due 07/15/09
      
546,816
  
       
4.3%
  
$
1,606,171
  
                 
     
RETAIL
          
 
400,000
  
Target Corp.
          
     
7.500% Due 08/15/10
1.2%
  
$
453,034
  
                 
     
Total investment in corporate bonds
          
     
(cost $1,886,821)
5.5%
  
$
2,059,205
  
                 
 
Principal Amount
  
Convertible Bonds
 
    
Market Value
  
$
1,000,000
  
Cymer Inc.
          
     
3.500% Due 02/15/09
    
$
942,500
  
                 
     
Total convertible bonds
          
     
(cost $990,301)
2.5%
  
$
942,500
  
                 
 
Principal Amount
  
U.S. Government Agency Bonds
 
    
Market Value
  
$
3,000,000
  
Fannie Mae
          
     
5.125% Due 04/22/13
    
$
2,986,338
  
 
1,000,000
  
Federal Home Loan Bank
          
     
5.000% Due 05/28/15
      
980,638
  
                 
     
Total U.S. government agency bonds
          
     
(cost $4,000,000)
10.4%
  
$
3,966,976
  
                 
 
Number of Shares
  
Convertible Preferred Stocks
 
    
Market Value
  
 
55,000
  
ONEOK Inc.
          
     
8.500% Due 02/16/06
    
$
2,074,050
  
 
23,000
  
St. Paul Companies Inc.
          
     
9.000% Due 08/16/05
      
1,494,540
  
                 
     
Total preferred stocks
          
     
(cost $3,379,872)
9.5%
  
$
3,568,590
  
                 
     
Total long-term investments
          
     
(cost $10,256,995)
27.9%
  
$
10,537,271
  
                 
 
Principal Amount
  
Short-Term Investments
 
    
Market Value
  
     
U.S. Government Agency Discount Notes
          
$
2,500,000
  
Federal Home Loan Mortgage Corporation
          
     
Zero Coupon, 2.866% equivalent,
          
     
matures 07/12/05
    
$
2,479,954
  
 
3,000,000
  
Federal Home Loan Mortgage Corporation
          
     
Zero Coupon, 2.799% equivalent,
          
     
matures 07/19/05
      
2,974,926
  
 
3,000,000
  
Federal National Mortgage Association
          
     
Zero Coupon, 2.747% equivalent,
          
     
matures 07/25/05
      
2,974,053
  
 
1,000,000
  
Federal National Mortgage Association
          
     
Zero Coupon, 2.772% equivalent,
          
     
matures 08/01/05
      
990,750
  
 
14,000,000
  
Federal National Mortgage Association
          
     
Zero Coupon, 2.906% equivalent,
          
     
matures 08/22/05
      
13,841,412
  
       
61.7%
  
$
23,261,095
  
                 
     
Registered Investment Companies-
          
     
Money Market Funds
          
                 
 
284,648
  
Goldman Sachs FS Government Fund
          
     
variable rate 2.480%
    
$
284,648
  
 
447,507
  
Janus Government Fund
          
     
variable rate 2.530%
      
447,507
  
 
1,275
  
Scudder Government Fund
          
     
variable rate 2.50%
      
1,275
  
       
1.9%
  
$
733,430
  
                 
     
Total short-tem investments
          
     
(cost $23,994,525)
63.6%
    
23,994,525
  
                 
     
Total investments (cost $34,251,520)
91.5%
    
34,531,796
  
                 
     
Other assets and liabilities - net
8.5%
    
3,198,926
  
                 
     
Total net assets
100.0%
  
$
37,730,722
  
                 

The portfolio of investments as of March 31, 2005 has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund, portfolio holdings and other significant accounting policies, please see the fund's most recent prospectus and annual report.

Fund holdings will vary over time.
 
Fund shares are not FDIC insured.

Income Taxes:
At March 31, 2005, the net unrealized appreciation (depreciation) based on the cost of investments for income tax purposes was as follows:
  
   
Fixed-Income
 
   
Fund
 
Cost of investments
  
$
34,251,520
  
Unrealized appreciation
  
$
566,151
  
Unrealized depreciation
    
(285,875
)
         
Net unrealized appreciation (depreciation)
  
$
280,276
  

 
  
Parnassus California Tax-Exempt Fund
Portfolio of Investments By Industry Classification as of March 31, 2005
(Unaudited)
  
 
Principal Amount
  
Municipal Bonds
Percent of
Net Assets
    
Market Value
  
     
EDUCATION
          
$
300,000
  
Folsom School District, FGIC Insured
          
     
5.600% Due 08/01/11
    
$
323,661
  
 
450,000
  
Los Altos School District
          
     
5.250% Due 08/01/10
      
493,412
  
 
440,000
  
Los Angeles Unified School District, FGIC Insured
          
     
5.500% Due 07/01/13
      
487,538
  
 
450,000
  
Morgan Hill Unified School District
          
     
4.900% Due 08/01/13
      
480,902
  
 
410,000
  
Sacramento City Unified School District
          
     
5.750% Due 07/01/17
      
460,196
  
       
9.5%
  
$
2,245,709
  
                 
     
ENVIRONMENT
          
 
400,000
  
California State Department of Water Resources
          
     
5.125% Due 12/01/16
      
430,063
  
 
1,100,000
  
California State Department of Water Resources
          
     
5.500% Due 05/01/09
      
1,191,046
  
 
500,000
  
Central Coast Water Authority, AMBAC Insured
          
     
5.000% Due 10/01/16
      
520,135
  
 
200,000
  
City of Los Angeles, FGIC Insured
         
     
5.000% Due 06/01/11
      
213,334
  
 
315,000
  
Los Angeles County Public Works Financing Authority
          
     
5.500% Due 10/01/12
      
338,197
  
 
1,000,000
  
San Francisco City & County Public Utilities Commission
          
     
MBIA Insured, 5.000% Due 10/01/09
      
1,081,660
  
 
500,000
  
San Francisco City & County Public Utilities Commission
          
     
MBIA Insured, 3.000% Due 10/01/06
      
502,900
  
       
18.3%
  
$
4,277,335
  
                 
     
GENERAL OBLIGATION
          
 
300,000
  
City of Oakland, FGIC Insured
         
     
5.500% Due 12/15/11
      
319,800
  
 
1,000,000
  
State of California
          
     
5.000% Due 03/01/08
      
1,052,660
  
 
700,000
  
State of California
          
     
6.100% Due 10/01/09
      
780,843
  
 
1,000,000
  
State of California
          
     
6.600% Due 02/01/09
      
1,115,250
  
       
13.9%
  
$
3,268,553
  
                 
     
HEALTH CARE SERVICES
          
 
400,000
  
California Health Facilities Financing Authority
          
     
AMBAC Insured, 5.000% Due 10/01/08
      
427,680
  
 
415,000
  
Loma Linda Hospital
          
     
AMBAC Insured, 4.850% Due 12/01/10
      
447,698
  
       
3.7%
  
$
875,378
  
                 
     
HOUSING
          
 
1,000,000
  
ABAG Finance Authority for Nonprofit Corps
          
     
4.250% Due 11/15/12
      
1,013,610
  
 
275,000
  
Los Angeles Community Redevelopment Agency
          
     
MBIA Insured, 5.000% Due 07/01/13
      
293,329
  
       
5.5%
  
$
1,306,939
  
                 
     
INFRASTRUCTURE IMPROVEMENTS
          
 
500,000
  
California Infrastructure & Economic Development Bank
          
     
5.000% Due 10/01/12
      
547,654
  
 
1,000,000
  
California State Public Works Board
          
     
FSA Insured, 5.375% Due 10/01/13
      
1,099,760
  
 
960,000
  
California State Public Works Board
          
     
5.500% Due 12/01/09
      
1,045,651
  
 
910,000
  
California Statewide Communities Development Authority
          
     
ACA Insured, 4.500% Due 08/01/10
      
929,382
  
 
1,000,000
  
Indian Wells Redevelopment Agency
          
     
AMBAC Insured, 4.500% Due 09/01/11
      
1,059,270
  
 
600,000
  
La Quinta Redevelopment Agency Tax Allocation
          
     
MBIA Insured, 7.300% Due 09/01/11
      
727,494
  
 
350,000
  
Metropolitan Water District of Southern California
          
     
5.250% Due 07/01/15
      
372,036
  
 
450,000
  
Oakland Redevelopment Agency
          
     
3.400% Due 09/01/09
      
448,349
  
 
425,000
  
Rialto Redevelopment Agency
          
     
4.500% Due 09/01/13
      
432,595
  
 
860,000
  
Rialto Redevelopment Agency
          
     
4.000% Due 09/01/07
      
872,797
  
       
32.0%
  
$
7,534,988
  
                 
     
PUBLIC TRANSPORTATION
          
 
1,000,000
  
Contra Costa Transportation Authority
          
     
FGIC Insured, 4.000% Due 03/01/09
      
1,036,950
  
 
325,000
  
Los Angeles County Metropolitan Transportation Authority
          
     
AMBAC Insured, 5.500% Due 07/01/10
      
361,436
  
 
250,000
  
Los Angeles County Metropolitan Transportation Authority
          
     
AMBAC Insured, 5.000% Due 07/01/13
      
266,703
  
 
390,000
  
San Francisco Bay Area Rapid Transit Financing Authority
          
     
5.500% Due 07/01/07
      
412,246
  
 
400,000
  
San Francisco Bay Area Rapid Transit Financing Authority
          
     
5.250% Due 07/01/13
      
428,756
  
 
1,000,000
  
San Francisco City & County Airports Commission
          
     
FGIC Insured, 5.000% Due 05/01/10
      
1,083,150
  
       
15.2%
  
$
3,589,241
  
                 
     
Total investments in municipal bonds
          
     
(cost $22,629,053)
98.1%
  
$
23,098,143
  
                 
 
Principal Amount
  
Short-Term Securities
 
    
Market Value
  
     
Registered Investment Companies-
          
     
Money Market Funds
          
$ 
52,629
  
California Investment Trust Tax-Free Fund
    
$
52,629
  
     
variable rate 1.26%
          
 
204,272
  
Goldman Sachs California Tax-Exempt Fund
      
204,272
  
     
variable rate 1.50%
          
                 
     
Total investments in short-term securities
          
     
(cost $256,901)
1.1%
  
$
256,901
  
                 
     
Total investments (cost $22,885,954)
99.2%
  
$
23,355,044
  
                 
     
Other assets and liabilities - net
0.8%
  
$
194,030
  
                 
     
Total net assets
100.0%
  
$
23,549,074
  

The portfolio of investments as of March 31, 2005 has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund, portfolio holdings and other significant accounting policies, please see the fund's most recent prospectus and annual report.

Fund holdings will vary over time.

Fund shares are not FDIC insured.

Glossary of Terms
ACA
ACA Financial Guaranty Corp.
AMBAC
American Municipal Bond Assurance Corp.
FGIC
Financial Guaranty Insurance Co.
FSA
Financial Security Assistance
MBIA
Municipal Bond Investors Assurance Corp.
 
Income Taxes:

At March 31, 2005, the net unrealized appreciation (depreciation) based on the cost of investments for income tax purposes was as follows:

   
California Tax-Exempt
 
   
Fund
 
Cost of investments
  
$
22,855,954
  
Unrealized appreciation
  
$
500,576
  
Unrealized depreciation
    
(31,486
)
         
Net unrealized appreciation (depreciation)
  
$
469,090
  



ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) 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.

The certification of Principal Executive Officer and the certification of Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under Act (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.

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 Parnassus Income Funds
 
         
By: 
/s/ Jerome L. Dodson    
 
   
  Jerome L. Dodson,
President (as Principal Executive Officer)		    
         
Date: May 16, 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: 
/s/ Jerome L. Dodson    
 
   
  Jerome L. Dodson,
President (as Principal Executive Officer)		    
         
Date:  May 16, 2005      

  
 
 
        
By: 
/s/ Debra A. Early    
 
   
  Debra A. Early,
Treasurer (as Principal Financial Officer)		    
         
Date:  May 16, 2005