United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-10625
(Investment Company Act File Number)
Federated Core Trust II, L.P.
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, Pennsylvania 15237-7000
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/03
Date of Reporting Period: Six months ended 5/31/03
Item 1. Reports to Stockholders
EMERGING MARKETS FIXED INCOME CORE FUND
FINANCIAL HIGHLIGHTS
(For a Share Outstanding Throughout each Period)
Six Months
Ended Period
(unaudited) Ended
5/31/2003 11/30/2002 1
Net Asset Value, Beginning of
Period $10.98 $10.00
Income From Investment Operations:
Net investment income 0.45 0.83 2
Net realized and unrealized gain
on investments and foreign
currency transactions 2.27 0.15 2
Total From Investment Operations 2.72 0.98
Net Asset Value, End of Period $13.70 $10.98
Total Return3 24.77% 9.80%
Ratios to Average Net Assets:
Expenses 0.05 %4 0.05 %4
Net investment income 9.31 %4 10.58 %2,4
Expense waiver/reimbursement5 0.12 %4 0.42 %4
Supplemental Data:
Net assets, end of period (000
omitted) $111,240 $80,515
Portfolio turnover 41 % 178 %
1 Reflects operations for the period from January 14, 2002 (date of initial
investment) to November 30, 2002.
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2 Effective January 14, 2002, the Fund adopted the provisions of the American
Institute of Certified Public Accountants (AICPA) Audit and Accounting
Guide for Investment Companies and began accreting discount/amortizing
premium on long-term debt securities. The effect of this change for the
period ended November 30, 2002 was to increase net investment income per
share by $0.01, decrease net realized and unrealized gain/loss per share by
$0.01, and increase the ratio of net investment income to average net
assets from 10.39% to 10.58%.
3 Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable.
4 Computed on an annualized basis.
5 This voluntary expense decrease is reflected in both the expense and the
net investment income ratios shown above.
See Notes which are an integral part of the Financial Statements
EMERGING MARKETS FIXED INCOME CORE FUND
PORTFOLIO OF INVESTMENTS
May 31, 2003 (unaudited)
Principal Value in
Amount U.S.Dollars
Corporate Bonds--15.4%
Broadcast Radio & TV--1.3%
$ 1,400,000 Grupo Televisa SA, Sr. Note, 8.50%, 3/11/2032 $ 1,510,250
Cable & Wireless Television--1.3%
1,400,000 Innova S De R.L., Sr. Note, 12.875%, 4/1/2007 1,407,865
Container & Glass Products--1.3%
1,600,000 Vicap SA, Sr. Note, Series EXCH, 11.375%, 5/15/2007 1,416,000
Oil & Gas--7.6%
2,000,000 Gazprom, Note, Series 144A, 9.625%, 3/1/2013 2,230,000
3,000,000 Pemex Project Funding Master, Company Guarantee,
7.375%, 12/15/2014 3,333,570
1,500,000(1) Petronas Capital Ltd., Company Guarantee, Series
144A, 7.875%, 5/22/2022 1,790,475
1,300,000(1) Petrozuata Finance Inc., Company Guarantee, Series
144A, 8.22%, 4/1/2017 1,066,000
Total 8,420,045
Paper Products--0.5%
600,000(2) Corporacion Durango SA De CV, Sr. Note, 13.125%,
8/1/2006 327,000
500,000(2) Corporacion Durango SA De CV, Sr. Note, Series 144A,
13.75%, 7/15/2009 265,000
Total 592,000
Retailers--0.9%
1,000,000 Grupo Elektra SA de CV, Sr. Note, 12.00%, 4/1/2008 995,000
Telecommunications & Cellular--2.5%
1,300,000 PCCW-HKTC Capital Ltd., Company Guarantee, Series
REGS, 7.75%, 11/15/2011 1,474,057
1,300,000 Philippine Long Distance Telephone Co., Sr. Unsub.,
11.375%, 5/15/2012 1,332,500
Total 2,806,557
Total Corporate Bonds (identified cost
$15,913,753) 17,147,717
Government AgencY--0.7%
600,000 Banque Centrale de Tunisie, Unsub., 7.375%, 4/25/2012
(IDENTIFIED COST $592,182) 703,500
SOVEREIGN Governments--81.0%
5,850,000 Brazil, Government of, 10.125%, 5/15/2027 5,189,535
3,100,000 Brazil, Government of, Bond, 11.50%, 3/12/2008 3,278,250
5,726,057 Brazil, Government of, C Bond, 8.00%, 4/15/2014 5,061,834
500,000 Brazil, Government of, Note, 10.00%, 1/16/2007 515,000
2,710,000 Brazil, Government of, Note, 11.00%, 1/11/2012 2,764,200
3,400,000 Brazil, Government of, Note, 12.00%, 4/15/2010 3,621,000
550,000 Bulgaria, Government of, Bond, 8.25%, 1/15/2015 656,920
1,100,000(1) Bulgaria, Government of, Bond, 8.25%, 1/15/2015 1,304,600
3,380,000 Colombia, Government of, 10.00%, 1/23/2012 3,794,050
1,140,000 Dominican Republic, Government of, Bond, 9.50%,
9/27/2006 1,145,700
1,400,000 El Salvador, Government of, Bond, 8.25%, 4/10/2032 1,400,000
4,000,000 Mexico, Government of, Bond, 8.00%, 9/24/2022 4,601,000
3,500,000 Mexico, Government of, Bond, 8.30%, 8/15/2031 4,160,625
2,600,000 Mexico, Government of, Note, 4.625%, 10/8/2008 2,698,800
1,400,000 Mexico, Government of, Note, 7.50%, 1/14/2012 1,629,600
3,650,000 Mexico, Government of, Note, 8.375%, 1/14/2011 4,462,125
3,200,000 Mexico, Government of, Note, 9.875%, 2/1/2010 4,160,800
1,115,000 Panama, Government of, Bond, 9.375%, 1/16/2023 1,265,525
1,800,000 Peru, Government of, Note, 9.875%, 2/6/2015 2,094,300
1,450,000 Philippines, Government of, 9.875%, 1/15/2019 1,605,875
1,225,000 Philippines, Government of, Note, 10.625%, 3/16/2025 1,428,227
2,000,000 Russia, Government of, 10.00%, 6/26/2007 2,454,600
4,550,000 Russia, Government of, 8.25%, 3/31/2010 5,323,500
2,500,000 Russia, Government of, Unsub., 12.75%, 6/24/2028 4,233,750
9,950,000 Russia, Government of, Unsub., 5.00%, 3/31/2030 9,723,140
1,000,000 South Africa, Government of, Note, 7.375%, 4/25/2012 1,186,250
1,500,000 South Africa, Government of, Note, 8.50%, 6/23/2017 1,910,625
610,000 Turkey, Government of, 11.00%, 1/14/2013 630,587
2,330,000 Turkey, Government of, Sr. Unsub., 11.875%, 1/15/2030 2,501,838
448,002 Ukraine, Government of, Sr. Note, 11.00%, 3/15/2007 500,105
6,700,000 Venezuela, Government of, Bond, 9.25%, 9/15/2027 4,807,250
Total SOVEREIGN Governments (IDENTIFIED COST
$76,830,318) 90,109,611
Repurchase Agreement--1.0%
1,133,000 Interest in $515,000,001 joint repurchase agreement
with Bank of America LLC, 1.35%, dated 5/30/2003, to
be repurchased at $1,133,127 on 6/2/2003,
collateralized by U.S. Government Agency Obligations
with various maturities to 6/25/2033.
------------------------------------------------------
(AT AMORTIZED COST) 1,133,000
Total Investments - 98.1%
======================================================
(identified cost $94,469,253)3 $ 109,093,828
OTHER ASSETS AND LIABILITIES - NET--1.9% 2,146,032
total NET ASSETS - 100% $ 111,239,860
============================================================================================
1 Denotes a restricted security which is subject to restrictions on
resale under federal securities laws. These securities have been
deemed liquid based upon criteria approved by the Fund's Board of
Trustees. At May 31, 2003 these securities amounted to $4,161,075
which represents 3.7% of net assets.
2 Non-income producing security.
3 The cost of investments for federal tax purposes amounts to
$94,370,986.
Note: The categories of investments are shown as a percentage of total net
assets at May 31, 2003.
See Notes which are an integral part of the Financial Statements
EMERGING MARKETS FIXED INCOME CORE FUND
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2003 (unaudited)
Assets:
Total investments in securities, at value
(identified cost $94,469,253) $ 109,093,828
Cash 29
Income receivable 2,107,818
Receivable for investments sold 60,664
Total assets 111,262,339
Liabilities:
Accrued expenses 22,479
Total liabilities 22,479
Net assets for 8,117,990 shares outstanding $ 111,239,860
Net Assets Consist of:
Paid in capital $ 82,840,678
Net unrealized appreciation of investments
and translatioin of assets and liabilities
in foreign currency 14,624,575
Accumulated net realized gain on
investments and foreign currency
transactions 3,394,857
Accumulated net investment income 10,379,750
Total Net Assets $ 111,239,860
Net Asset Value, Offering Price and
Redemption Proceeds Per Share
Net Asset Value Per Share ($111,239,860 /
8,117,990 shares outstanding) $13.70
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See Notes which are an integral part of the Financial Statements
EMERGING MARKETS FIXED INCOME CORE FUND
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2003 (unaudited)
Investment Income:
Interest $ 4,317,993
Expenses:
Custodian fees 16,562
Transfer and dividend disbursing
agent fees and expenses 10,154
Directors'/Trustees' fees 4,014
Auditing fees 8,777
Legal fees 3,252
Portfolio accounting fees 24,589
Insurance premiums 770
Professional service fee 12,902
Miscellaneous 525
Total expenseS 81,545
Reimbursement:
Reimbursement of other operating
expenses (56,228 )
Net expenses 25,317
Net investment income 4,292,676
Realized and Unrealized Gain on
Investments and Foreign Currency
Transactions:
Net realized gain on investments
and foreign currency transactions 1,134,407
Net change in unrealized
depreciation of investments and
translation of assets and
liabilities in foreign currency 15,298,246
Net realized and unrealized gain on
investments and foreign
====================================
currency transactions 16,432,653
Change in net assets resulting from
operations $ 20,725,329
See Notes which are an integral part of the Financial Statements
================================================================================
EMERGING MARKETS FIXED INCOME CORE FUND
STATEMENT OF CHANGES IN NET ASSETS
Six Months
Ended Period
(unaudited) Ended
5/31/2003 11/30/2002 1
Increase (Decrease) in Net Assets
Operations:
Net investment income $ 4,292,676 $ 6,087,074
Net realized gain on investments and
foreign currency transactions 1,134,407 2,260,450
Net change in unrealized
appreciation/depreciation of investments
and translation of assets and liabilities
in foreign currency 15,298,246 (673,671 )
Change in net assets resulting from
operations 20,725,329 7,673,853
Share Transactions:
Proceeds from contributions 23,000,000 133,407,699
Fair value of withdrawals (13,000,000 ) (60,567,021 )
Change in net assets resulting from share
transactions 10,000,000 72,840,678
Change in net assets 30,725,329 80,514,531
Net Assets:
Beginning of period 80,514,531 ---
End of period $ 111,239,860 $ 80,514,531
1 For the period from January 14, 2002 (date of initial investment) to
November 30, 2002.
================================================================================
See Notes which are an integral part of the Financial Statements
Emerging Markets Fixed Income Core Fund
Notes to Financial Statements
May 31, 2003 (unaudited)
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ORGANIZATION
Emerging Markets Fixed Income Core Fund (the "Fund") is a non-diversified
portfolio of Federated Core Trust II, L.P. (the "Trust"). The Trust is
registered under the Investment Company Act of 1940, as amended (the "Act"). The
Trust is a limited partnership that was established under the laws of the State
of Delaware on November 13, 2000 and offered only to registered investment
companies and other accredited investors.
The Fund's investment objective is to achieve total return on assets and a
high level of income, by investing in an unhedged portfolio of foreign,
high-yield, fixed-income securities. Currently, the Fund is only available for
purchase by other Federated funds and their affiliates.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles
("GAAP").
Investment Valuation
Fixed income securities (government securities, asset back securities and
other fixed income securities), listed corporate bonds, unlisted securities and
private placement securities are generally valued at the mean of the latest bid
and asked price as furnished by an independent pricing service. With respect to
valuation of foreign securities, trading in foreign cities may be completed at
times that vary from the closing of the New York Stock Exchange. Therefore,
foreign securities are valued at the latest closing price on the exchange on
which they are traded prior to the closing of the New York Stock Exchange.
Foreign securities quoted in foreign currencies are translated into U.S. dollars
at the foreign exchange rate in effect at noon, Eastern Time, on the day the
value of the foreign security is determined. Short-term securities are valued at
the prices provided by an independent pricing service. However, short-term
securities with remaining maturities of 60 days or less at the time of purchase
may be valued at amortized cost, which approximates fair market value.
Investments in other open-end regulated investment companies are valued at net
asset value. Securities for which no quotations are readily available, or whose
values have been affected by a significant event occurring after the close of
their primary markets, are valued at fair value as determined in good faith
using methods approved by the Board of Trustees (the "Trustees").
Repurchase Agreements
It is the policy of the Fund to require the custodian bank to take
possession, to have legally segregated in the Federal Reserve Book Entry System,
or to have segregated within the custodian bank's vault, all securities held as
collateral under repurchase agreement transactions. Additionally, procedures
have been established by the Fund to monitor, on a daily basis, the market value
of each repurchase agreement's collateral to ensure that the value of collateral
at least equals the repurchase price to be paid under the repurchase agreement.
The Fund will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed by
the Fund's adviser to be creditworthy pursuant to the guidelines and/or
standards reviewed or established by the Trustees. Risks may arise from the
potential inability of counterparties to honor the terms of the repurchase
agreement. Accordingly, the Fund could receive less than the repurchase price on
the sale of collateral securities. The Fund, along with other affiliated
investment companies, may utilize a joint trading account for the purpose of
entering into one or more repurchase agreements.
Investment Income, Expenses and Distributions Interest income and expenses
are accrued daily. All net income and gain/loss (realized and unrealized) will
be allocated daily to the shareholders based on their capital contributions to
the Fund. The Fund does not currently intend to declare and pay distributions.
Premium and Discount Amortization - All premiums and discounts on fixed
income securities are amortized/accreted for financial reporting purposes.
Federal Taxes
As a partnership, the Fund is not subject to U.S. federal income tax.
Instead, each investor reports separately on its own federal income tax return
its allocated portion of the Fund's income, gains, losses, deductions and
credits (including foreign tax credits for creditable foreign taxes imposed on
the Fund).
When-Issued and Delayed Delivery Transactions
The Fund may engage in when-issued or delayed delivery transactions. The
Fund records when-issued securities on the trade date and maintains security
positions such that sufficient liquid assets will be available to make payment
for the securities purchased. Securities purchased on a when-issued or delayed
delivery basis are marked to market daily and begin earning interest on the
settlement date. Losses may occur on these transactions due to changes in market
conditions or the failure of counterparties to perform under the contract.
Foreign Exchange Contract
The Fund may enter into foreign currency commitments for the delayed
delivery of securities or foreign currency exchange transactions. The Fund may
enter into foreign currency contract transactions to protect assets against
adverse changes in foreign currency exchange rates or exchange control
regulations. Purchased contracts are used to acquire exposure to foreign
currencies; whereas, contracts to sell are used to hedge the Fund's securities
against currency fluctuations. Risks may arise upon entering these transactions
from the potential inability of counterparties to meet the terms of their
commitments and from unanticipated movements in security prices or foreign
exchange rates. The foreign currency transactions are adjusted by the daily
exchange rate of the underlying currency and any gains or losses are recorded
for financial statement purposes as unrealized until the settlement date.
At May 31, 2003, the Fund had no outstanding foreign currency commitments:
Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars. All
assets and liabilities denominated in foreign currencies ("FC") are translated
into U.S. dollars based on the rate of exchange of such currencies against U.S.
dollars on the date of valuation. Purchases and sales of securities, income and
expenses are translated at the rate of exchange quoted on the respective date
that such transactions are recorded. The Fund does not isolate that portion of
the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of
portfolio securities, sales and maturities of short-term securities, sales of
FCs, currency gains or losses realized between the trade and settlement dates on
securities transactions, the difference between the amounts of dividends,
interest and foreign withholding taxes recorded on the Fund's books, and the
U.S. dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the value of assets and
liabilities other than investments in securities at fiscal year end, resulting
from changes in the exchange rate.
Restricted Securities
Restricted securities are securities that may only be resold upon
registration under federal securities laws or in transactions exempt from such
registration. In some cases, the issuer of restricted securities has agreed to
register such securities for resale, at the issuer's expense either upon demand
by the Fund or in connection with another registered offering of the securities.
Many restricted securities may be resold in the secondary market in transactions
exempt from registration. Such restricted securities may be determined to be
liquid under criteria established by the Trustees. The Fund will not incur any
registration costs upon such resales. The Fund's restricted securities are
valued at the price provided by dealers in the secondary market or, if no market
prices are available, at the fair value as determined in good faith using
methods approved by the Trustees.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the amounts of assets,
liabilities, expenses and revenues reported in the financial statements. Actual
results could differ from those estimated.
Other
Investment transactions are accounted for on a trade date basis.
Change in Accounting Policy
Effective January 14, 2002, the Fund adopted the provisions of the revised
AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). For
financial statement purposes, the revised Guide requires the Fund to amortize
premium and discount on all fixed income securities
Upon initial adoption, the Fund adjusted its cost of fixed income
securities by the cumulative amount of amortization that would have been
recognized had amortization been in effect from the purchase date of each
holding with a corresponding reclassification between unrealized
appreciation/depreciation on investments and undistributed net investment
income. Adoption of these accounting principles does not affect the Fund's net
asset value or distributions, but changes the classification of certain amounts
between interest income and realized and unrealized gain/loss on the Statement
of Operations. The cumulative effect to the Fund resulting from the adoption of
premium and discount amortization on the financial statements is as follows:
For the Period Ended
11/30/2002
-----------------------------------------------
----------------------------------------------
Net Net
Investment Unrealized Net
Income Appreciation Realized
(Depreciation) Gain(Loss)
----------------------------------------------
----------------------------------------------
Increase $108,955 $(71,193) $(37,762)
(Decrease)
----------------------------------------------
----------------------------------------------
Contributions/Withdrawals
Transactions in shares were as follows:
Six Months Period
Ended Ended
5/31/2003 11/30/2002 1
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- ---------------------------------------------------------------------------
Proceeds from contributions 1,863,046 13,036,698
- -----------------------------------------
- -----------------------------------------
Fair value of withdrawals (1,074,757) (5,706,997)
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Total Change Resulting from
CONTRIBUTIONS/WITHdrawals 788,289 7,329,701
- ---------------------------------------------------------------------------
1 For the period from January 14, 2002 (date of initial investment) to
November 30, 2002.
FEDERAL TAX INFORMATION
At May 31, 2003, the cost of investments for federal tax purposes was
$94,370,986. The net unrealized appreciation of investments for federal tax
purposes was $14,722,842. This consists of net unrealized appreciation from
investments for those securities having an excess of value over cost of
$15,216,837 and net unrealized depreciation from investments for those
securities having an excess of cost over value of $493,995.
The difference between book-basis and tax-basis unrealized
appreciation/depreciation is attributable primarily to the
amortization/accretion tax elections on fixed income securities.
INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee
Federated Investment Management Company is the Fund's investment adviser (the
"Adviser") subject to the direction of the Trustees. The Adviser provides
investment adviser services at no fee. The Adviser may voluntarily choose to
reimburse certain operating expenses of the Fund. The Adviser can modify or
terminate this reimbursement at any time at its sole discretion.
Administrative Fee
Federated Services Company ("FServ"), a subsidiary of Federated Investors, Inc.,
provides administrative personnel and services (including certain legal and
financial reporting services) necessary to operate the Fund. FServ provides
these services at no fee.
Transfer and Dividend Disbursing Agent Fees and Expenses
FServ, through its subsidiary Federated Shareholder Services Company ("FSSC"),
serves as transfer and dividend disbursing agent for the Fund. The fee paid to
FSSC is based on the size, type and number of accounts and transactions made by
shareholders.
Portfolio Accounting Fees
FServ maintains the Fund's accounting records for which it receives a fee. The
fee is based on the level of the Fund's average daily net assets for the period,
plus out-of-pocket expenses.
General
Certain of the Officers and Trustees of the Trust are Officers and Directors or
Trustees of the above companies.
INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S. government
securities and short-term obligations (and in-kind contributions), for the six
months ended May 31 2003, were as follows:
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Purchases $50,193,445
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- ------------------------------------------------------------------------------
Sales $36,658,644
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Concentration of Credit Risk
Compared to diversified mutual funds, the Fund may invest a higher percentage of
its assets among fewer issuers of portfolio securities. This increases the
Fund's risk by magnifying the impact (positively or negatively) that any one
issuer has on the Fund's share price and performance. The Fund invests in
securities of non-U.S. issuers. The political or economic developments within a
particular country or region may have an adverse effect on the ability of
domiciled issuers to meet their obligations. Additionally, political or economic
developments may have an effect on the liquidity or volatility of portfolio
securities and currency holdings.
At May 31, 2003, the diversification of countries was as follows:
Country Percentage of
Net Assets
Mexico 27.8%
Russia 21.6%
Brazil 18.4%
Venezuela 5.3%
Philippines 3.9%
Colombia 3.4%
Turkey 2.8%
South Africa 2.8%
Peru 1.9%
Bulgaria 1.8%
Malaysia 1.6%
Hong Kong 1.3%
El Salvador 1.3%
Panama 1.1%
Dominican Republic 1.0%
Tunisia 0.6%
Ukraine 0.5%
Item 2. Code of Ethics
Not Applicable
Item 3. Audit Committee Financial Expert
Not Applicable
Item 4. Principal Accountant Fees and Services
Not Applicable
Items 5-6 [Reserved]
Item 7. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies
Not Applicable
Item 8. [Reserved]
Item 9. Controls and Procedures
(a) The registrant's President and Treasurer have concluded that the
registrant's disclosure controls and procedures (as defined in rule 30a-2
under the Investment Company Act of 1940 (the "Act")) are effective in
design and operation and are sufficient to form the basis of the
certifications required by Rule 30a-2 under the Act, based on their
evaluation of these disclosure controls and procedures within 90 days of
the filing date of this report on Form N-CSR.
(b) There were no significant changes in the registrant's internal controls, or
the internal controls of its service providers, or in other factors that
could significantly affect these controls subsequent to the date of their
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
Item 10. Exhibits
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 Federated Core Trust II, L.P.
By /S/ Richard J. Thomas, Principal Financial Officer
Date July 28, 2003
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/ J. Christopher Donahue, Principal Executive Officer
Date July 28, 2003
By /S/ Richard J. Thomas, Principal Financial Officer
Date July 28, 2003