N-Q 1 d18144dnq.htm EATON VANCE TAX-MANAGED BUY-WRITE INCOME FUND Eaton Vance Tax-Managed Buy-Write Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21676

Investment Company Act File Number

Eaton Vance Tax-Managed Buy-Write Income Fund

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

December 31

Date of Fiscal Year End

September 30, 2015

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

Tax-Managed Buy-Write Income Fund

September 30, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.9%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 3.9%

     

Boeing Co. (The)

     24,383       $ 3,192,954   

Honeywell International, Inc.

     43,114         4,082,464   

Northrop Grumman Corp.

     21,600         3,584,520   

Textron, Inc.

     11,648         438,431   

United Technologies Corp.

     33,819         3,009,553   
     

 

 

 
   $ 14,307,922   
     

 

 

 

Air Freight & Logistics — 0.4%

     

C.H. Robinson Worldwide, Inc.

     7,252       $ 491,541   

United Parcel Service, Inc., Class B

     10,003         987,196   
     

 

 

 
   $ 1,478,737   
     

 

 

 

Airlines — 0.4%

     

American Airlines Group, Inc.

     6,461       $ 250,880   

Southwest Airlines Co.

     36,616         1,392,873   
     

 

 

 
   $ 1,643,753   
     

 

 

 

Auto Components — 0.8%

     

Dana Holding Corp.

     31,658       $ 502,729   

Goodyear Tire & Rubber Co. (The)

     3,713         108,902   

Johnson Controls, Inc.

     36,367         1,504,139   

Lear Corp.

     7,250         788,655   
     

 

 

 
   $ 2,904,425   
     

 

 

 

Automobiles — 0.2%

     

Ford Motor Co.

     56,137       $ 761,779   
     

 

 

 
   $ 761,779   
     

 

 

 

Banks — 7.0%

     

Bank of America Corp.

     131,359       $ 2,046,573   

BankUnited, Inc.

     10,483         374,767   

Citigroup, Inc.

     104,586         5,188,512   

Fifth Third Bancorp

     57,446         1,086,304   

JPMorgan Chase & Co.

     97,731         5,958,659   

KeyCorp

     85,122         1,107,437   

M&T Bank Corp.

     5,096         621,457   

PNC Financial Services Group, Inc. (The)

     18,419         1,642,975   

SunTrust Banks, Inc.

     5,538         211,773   

Wells Fargo & Co.

     149,399         7,671,639   
     

 

 

 
   $ 25,910,096   
     

 

 

 

Beverages — 2.7%

     

Coca-Cola Co. (The)

     138,646       $ 5,562,477   

PepsiCo, Inc.

     47,142         4,445,491   
     

 

 

 
   $ 10,007,968   
     

 

 

 

Biotechnology — 4.0%

  

AbbVie, Inc.

     29,670       $ 1,614,345   

Amgen, Inc.

     18,988         2,626,420   

Baxalta, Inc.

     37,878         1,193,536   

 

1

 

 


                                                 
Security    Shares      Value  

Celgene Corp.(1)

     40,861       $ 4,419,934   

Gilead Sciences, Inc.

     44,082         4,328,411   

Regeneron Pharmaceuticals, Inc.(1)

     205         95,354   

Vertex Pharmaceuticals, Inc.(1)

     3,386         352,618   
     

 

 

 
   $ 14,630,618   
     

 

 

 

Capital Markets — 1.2%

     

Invesco, Ltd.

     38,480       $ 1,201,730   

Lazard, Ltd., Class A

     21,525         932,032   

Legg Mason, Inc.

     7,629         317,443   

State Street Corp.

     27,413         1,842,428   
     

 

 

 
   $ 4,293,633   
     

 

 

 

Chemicals — 1.9%

     

CF Industries Holdings, Inc.

     17,295       $ 776,545   

Dow Chemical Co. (The)

     45,132         1,913,597   

E.I. du Pont de Nemours & Co.

     46,387         2,235,853   

Eastman Chemical Co.

     3,608         233,510   

Sherwin-Williams Co. (The)

     9,183         2,045,789   
     

 

 

 
   $ 7,205,294   
     

 

 

 

Commercial Services & Supplies — 0.1%

     

Waste Management, Inc.

     4,649       $ 231,567   
     

 

 

 
   $ 231,567   
     

 

 

 

Communications Equipment — 2.1%

     

Brocade Communications Systems, Inc.

     42,403       $ 440,143   

Cisco Systems, Inc.

     134,376         3,527,370   

QUALCOMM, Inc.

     67,609         3,632,632   
     

 

 

 
   $ 7,600,145   
     

 

 

 

Consumer Finance — 1.1%

     

American Express Co.

     27,933       $ 2,070,673   

Discover Financial Services

     40,754         2,118,801   
     

 

 

 
   $ 4,189,474   
     

 

 

 

Containers & Packaging — 0.5%

     

Avery Dennison Corp.

     15,307       $ 865,917   

WestRock Co.

     16,727         860,437   
     

 

 

 
   $ 1,726,354   
     

 

 

 

Distributors — 0.6%

     

Genuine Parts Co.

     27,494       $ 2,278,978   
     

 

 

 
   $ 2,278,978   
     

 

 

 

Diversified Financial Services — 1.7%

  

Berkshire Hathaway, Inc., Class B(1)

     26,717       $ 3,483,897   

McGraw Hill Financial, Inc.

     34,144         2,953,456   
     

 

 

 
   $ 6,437,353   
     

 

 

 

Diversified Telecommunication Services — 2.1%

     

AT&T, Inc.

     132,177       $ 4,306,326   

CenturyLink, Inc.

     12,000         301,440   

Frontier Communications Corp.

     170,861         811,590   

Verizon Communications, Inc.

     52,772         2,296,110   
     

 

 

 
   $ 7,715,466   
     

 

 

 

Electric Utilities — 1.1%

     

Duke Energy Corp.

     23,843       $ 1,715,265   

Edison International

     21,133         1,332,858   

Pepco Holdings, Inc.

     8,189         198,338   

 

2

 

 


                                                 
Security    Shares      Value  

Pinnacle West Capital Corp.

     7,168       $ 459,755   

Xcel Energy, Inc.

     12,009         425,239   
     

 

 

 
   $ 4,131,455   
     

 

 

 

Electrical Equipment — 0.5%

     

Emerson Electric Co.

     44,837       $ 1,980,450   
     

 

 

 
   $ 1,980,450   
     

 

 

 

Energy Equipment & Services — 1.4%

     

Halliburton Co.

     53,378       $ 1,886,912   

Schlumberger, Ltd.

     47,378         3,267,661   
     

 

 

 
   $ 5,154,573   
     

 

 

 

Food & Staples Retailing — 2.2%

     

CVS Health Corp.

     54,186       $ 5,227,865   

Wal-Mart Stores, Inc.

     33,228         2,154,504   

Walgreens Boots Alliance, Inc.

     9,883         821,277   
     

 

 

 
   $ 8,203,646   
     

 

 

 

Food Products — 1.5%

     

Kellogg Co.

     14,423       $ 959,851   

Keurig Green Mountain, Inc.

     15,366         801,183   

Kraft Heinz Co. (The)

     8,326         587,649   

Mondelez International, Inc., Class A

     46,954         1,965,964   

Tyson Foods, Inc., Class A

     28,696         1,236,797   
     

 

 

 
   $ 5,551,444   
     

 

 

 

Health Care Equipment & Supplies — 1.9%

     

Abbott Laboratories

     73,588       $ 2,959,709   

Baxter International, Inc.

     37,878         1,244,292   

Halyard Health, Inc.(1)

     2,481         70,560   

Stryker Corp.

     26,801         2,521,974   

Zimmer Biomet Holdings, Inc.

     3,848         361,443   
     

 

 

 
   $ 7,157,978   
     

 

 

 

Health Care Providers & Services — 1.7%

     

DaVita HealthCare Partners, Inc.(1)

     2,916       $ 210,914   

UnitedHealth Group, Inc.

     46,878         5,438,317   

VCA, Inc.(1)

     11,050         581,783   
     

 

 

 
   $ 6,231,014   
     

 

 

 

Hotels, Restaurants & Leisure — 1.3%

     

Marriott International, Inc., Class A

     14,651       $ 999,198   

Marriott Vacations Worldwide Corp.

     2,064         140,641   

McDonald’s Corp.

     27,950         2,753,913   

Starbucks Corp.

     5,088         289,202   

Wyndham Worldwide Corp.

     11,235         807,797   
     

 

 

 
   $ 4,990,751   
     

 

 

 

Household Durables — 1.2%

     

Leggett & Platt, Inc.

     11,383       $ 469,549   

Lennar Corp., Class A

     18,642         897,239   

Newell Rubbermaid, Inc.

     76,798         3,049,649   
     

 

 

 
   $ 4,416,437   
     

 

 

 

Household Products — 1.6%

     

Clorox Co. (The)

     6,843       $ 790,572   

Kimberly-Clark Corp.

     19,850         2,164,444   

Procter & Gamble Co. (The)

     41,964         3,018,890   
     

 

 

 
   $ 5,973,906   
     

 

 

 

 

3

 

 


                                                 
Security    Shares      Value  

Industrial Conglomerates — 1.8%

     

3M Co.

     21,663       $ 3,071,164   

General Electric Co.

     147,129         3,710,593   
     

 

 

 
   $ 6,781,757   
     

 

 

 

Insurance — 4.1%

     

ACE, Ltd.

     12,980       $ 1,342,132   

Allstate Corp. (The)

     47,607         2,772,632   

AmTrust Financial Services, Inc.

     3,045         191,774   

Cincinnati Financial Corp.

     18,908         1,017,250   

Lincoln National Corp.

     47,210         2,240,587   

Marsh & McLennan Cos., Inc.

     50,188         2,620,817   

MetLife, Inc.

     14,938         704,327   

Principal Financial Group, Inc.

     29,001         1,372,907   

Prudential Financial, Inc.

     21,629         1,648,346   

Travelers Cos., Inc. (The)

     13,969         1,390,335   
     

 

 

 
   $ 15,301,107   
     

 

 

 

Internet & Catalog Retail — 1.7%

     

Amazon.com, Inc.(1)

     5,031       $ 2,575,319   

Netflix, Inc.(1)

     5,495         567,414   

Priceline Group, Inc. (The)(1)

     1,797         2,222,637   

Shutterfly, Inc.(1)

     28,875         1,032,281   
     

 

 

 
   $ 6,397,651   
     

 

 

 

Internet Software & Services — 4.6%

     

Facebook, Inc., Class A(1)

     37,484       $ 3,369,812   

Google, Inc., Class A(1)

     8,610         5,496,366   

Google, Inc., Class C(1)

     8,633         5,252,490   

VeriSign, Inc.(1)

     41,883         2,955,264   
     

 

 

 
   $ 17,073,932   
     

 

 

 

IT Services — 3.2%

     

Fidelity National Information Services, Inc.

     26,132       $ 1,752,935   

International Business Machines Corp.

     31,001         4,494,215   

MasterCard, Inc., Class A

     51,803         4,668,486   

Visa, Inc., Class A

     9,876         687,962   

Xerox Corp.

     7,778         75,680   
     

 

 

 
   $ 11,679,278   
     

 

 

 

Leisure Products — 0.0%(2)

     

Mattel, Inc.

     5,179       $ 109,070   
     

 

 

 
   $ 109,070   
     

 

 

 

Life Sciences Tools & Services — 0.9%

     

Thermo Fisher Scientific, Inc.

     27,884       $ 3,409,655   
     

 

 

 
   $ 3,409,655   
     

 

 

 

Machinery — 0.9%

     

Caterpillar, Inc.

     22,774       $ 1,488,509   

Snap-on, Inc.

     6,380         962,997   

Stanley Black & Decker, Inc.

     8,690         842,756   
     

 

 

 
   $ 3,294,262   
     

 

 

 

Media — 4.7%

     

CBS Corp., Class B

     31,276       $ 1,247,912   

Comcast Corp., Class A

     97,683         5,556,209   

Omnicom Group, Inc.

     35,123         2,314,606   

Time Warner, Inc.

     28,358         1,949,612   

Walt Disney Co. (The)

     62,258         6,362,768   
     

 

 

 
   $ 17,431,107   
     

 

 

 

 

4

 

 


                                                 
Security    Shares      Value  

Metals & Mining — 0.3%

     

Nucor Corp.

     31,251       $ 1,173,475   
     

 

 

 
   $ 1,173,475   
     

 

 

 

Multi-Utilities — 1.7%

     

Centerpoint Energy, Inc.

     14,223       $ 256,583   

CMS Energy Corp.

     77,060         2,721,759   

Dominion Resources, Inc.

     1,997         140,549   

DTE Energy Co.

     10,342         831,187   

NiSource, Inc.

     49,999         927,481   

Public Service Enterprise Group, Inc.

     37,896         1,597,695   
     

 

 

 
   $ 6,475,254   
     

 

 

 

Multiline Retail — 1.0%

     

Macy’s, Inc.

     48,228       $ 2,475,061   

Nordstrom, Inc.

     12,248         878,304   

Target Corp.

     3,374         265,399   
     

 

 

 
   $ 3,618,764   
     

 

 

 

Oil, Gas & Consumable Fuels — 6.1%

     

Chesapeake Energy Corp.

     113,799       $ 834,147   

Chevron Corp.

     62,708         4,946,407   

Columbia Pipeline Group, Inc.

     49,999         914,482   

ConocoPhillips

     22,653         1,086,438   

EOG Resources, Inc.

     33,718         2,454,670   

Exxon Mobil Corp.

     72,231         5,370,375   

Kinder Morgan, Inc.

     12,255         339,218   

Occidental Petroleum Corp.

     1,064         70,384   

Phillips 66

     24,334         1,869,824   

Range Resources Corp.

     20,840         669,381   

Tesoro Corp.

     19,643         1,910,085   

Williams Cos., Inc. (The)

     57,536         2,120,202   
     

 

 

 
   $ 22,585,613   
     

 

 

 

Personal Products — 0.1%

     

Estee Lauder Cos., Inc. (The), Class A

     3,326       $ 268,342   
     

 

 

 
   $ 268,342   
     

 

 

 

Pharmaceuticals — 5.5%

     

Allergan PLC(1)

     1,940       $ 527,312   

Bristol-Myers Squibb Co.

     80,700         4,777,440   

Eli Lilly & Co.

     2,509         209,978   

Johnson & Johnson

     51,433         4,801,271   

Merck & Co., Inc.

     106,916         5,280,581   

Pfizer, Inc.

     150,447         4,725,540   
     

 

 

 
   $ 20,322,122   
     

 

 

 

Professional Services — 0.3%

     

ManpowerGroup, Inc.

     1,193       $ 97,695   

Robert Half International, Inc.

     18,170         929,577   
     

 

 

 
   $ 1,027,272   
     

 

 

 

Real Estate Investment Trusts (REITs) — 2.4%

     

Apartment Investment & Management Co., Class A

     12,428       $ 460,085   

AvalonBay Communities, Inc.

     11,002         1,923,370   

Crown Castle International Corp.

     1,897         149,616   

Equity Residential

     14,774         1,109,823   

Host Hotels & Resorts, Inc.

     58,590         926,308   

Iron Mountain, Inc.

     6,152         190,835   

Kimco Realty Corp.

     78,276         1,912,283   

 

5

 

 


                                                 
Security    Shares      Value  

ProLogis, Inc.

     22,296       $ 867,314   

Realty Income Corp.

     4,920         233,159   

Ventas, Inc.

     17,990         1,008,519   

Welltower, Inc.

     1,146         77,607   
     

 

 

 
   $ 8,858,919   
     

 

 

 

Real Estate Management & Development — 0.1%

     

CBRE Group, Inc., Class A(1)

     8,158       $ 261,056   
     

 

 

 
   $ 261,056   
     

 

 

 

Road & Rail — 0.9%

     

J.B. Hunt Transport Services, Inc.

     3,521       $ 251,399   

Kansas City Southern

     11,539         1,048,664   

Norfolk Southern Corp.

     27,357         2,090,075   
     

 

 

 
   $ 3,390,138   
     

 

 

 

Semiconductors & Semiconductor Equipment — 1.9%

     

Altera Corp.

     3,936       $ 197,115   

Analog Devices, Inc.

     16,160         911,585   

Applied Materials, Inc.

     15,313         224,948   

Avago Technologies, Ltd.

     10,000         1,250,100   

Broadcom Corp., Class A

     3,705         190,548   

Cree, Inc.(1)

     21,482         520,509   

Cypress Semiconductor Corp.(1)

     60,131         512,316   

Intel Corp.

     56,723         1,709,631   

KLA-Tencor Corp.

     3,859         192,950   

NVIDIA Corp.

     24,772         610,630   

Teradyne, Inc.

     32,470         584,785   
     

 

 

 
   $ 6,905,117   
     

 

 

 

Software — 3.5%

     

Electronic Arts, Inc.(1)

     2,703       $ 183,128   

Microsoft Corp.

     196,258         8,686,379   

Oracle Corp.

     103,117         3,724,586   

salesforce.com, inc.(1)

     4,316         299,660   
     

 

 

 
   $ 12,893,753   
     

 

 

 

Specialty Retail — 2.4%

     

Advance Auto Parts, Inc.

     3,365       $ 637,769   

AutoNation, Inc.(1)

     3,083         179,369   

Home Depot, Inc. (The)

     55,067         6,359,688   

L Brands, Inc.

     1,800         162,234   

Lowe’s Companies, Inc.

     6,671         459,765   

Tiffany & Co.

     14,641         1,130,578   
     

 

 

 
   $ 8,929,403   
     

 

 

 

Technology Hardware, Storage & Peripherals — 4.5%

     

Apple, Inc.

     151,109       $ 16,667,323   
     

 

 

 
   $ 16,667,323   
     

 

 

 

Textiles, Apparel & Luxury Goods — 0.7%

     

Coach, Inc.

     9,456       $ 273,562   

NIKE, Inc., Class B

     15,997         1,967,151   

Under Armour, Inc., Class A(1)

     3,075         297,599   
     

 

 

 
      $ 2,538,312   
     

 

 

 

Tobacco — 1.4%

     

Altria Group, Inc.

     3,415       $ 185,776   

Philip Morris International, Inc.

     63,379         5,027,856   

Reynolds American, Inc.

     3,120         138,122   
     

 

 

 
      $ 5,351,754   
     

 

 

 

 

6

 

 


                                                 
Security    Shares      Value  

Trading Companies & Distributors — 0.1%

     

Fastenal Co.

     10,080       $ 369,029   
     

 

 

 
      $ 369,029   
     

 

 

 

Total Common Stocks — 99.9%
(identified cost $176,315,677)

      $     370,228,681   
     

 

 

 

Call Options Written — (0.2)%

     

 

                                                                                                   
Description    Number of
Contracts
     Strike
Price
     Expiration
Date
     Value  

S&P 500 Index

     480       $ 1,970         10/2/15       $ (33,600

S&P 500 Index

     425         1,990         10/9/15         (123,250

S&P 500 Index

     500         2,000         10/16/15         (200,000

S&P 500 Index

     395         1,980         10/23/15         (472,025
           

 

 

 

Total Call Options Written
(premiums received $4,364,689)

            $ (828,875
           

 

 

 

Other Assets, Less Liabilities — 0.3%

            $ 1,177,578   
           

 

 

 

Net Assets — 100.0%

            $     370,577,384   
           

 

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

(1) Non-income producing security.

 

(2) Amount is less than 0.05%.

The cost and unrealized appreciation (depreciation) of investments of the Fund at September 30, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $ 176,208,842   
  

 

 

 

Gross unrealized appreciation

   $ 194,205,239   

Gross unrealized depreciation

     (185,400
  

 

 

 

Net unrealized appreciation

   $     194,019,839   
  

 

 

 

Written options activity for the fiscal year to date ended September 30, 2015 was as follows:

 

     Number of
Contracts
     Premiums
Received
 
Outstanding, beginning of period      1,835       $ 2,677,434   
Options written      17,775         25,599,366   
Options terminated in closing purchase transactions      (5,980      (8,454,474
Options expired      (11,830      (15,457,637
  

 

 

    

 

 

 
Outstanding, end of period      1,800       $ 4,364,689   
  

 

 

    

 

 

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent. At September 30, 2015, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes index call options above the current value of the index to generate premium income. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying index decline.

At September 30, 2015, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is equity price risk was $828,875.

 

7

 

 


Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

Level 1 — quoted prices in active markets for identical investments

 

 

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At September 30, 2015, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Common Stocks

   $     370,228,681    $     —       $     —       $ 370,228,681   

Total Investments

   $ 370,228,681       $       $       $     370,228,681   
Liability Description                                

Call Options Written

   $ (828,875    $       $       $ (828,875

Total

   $ (828,875    $       $       $ (828,875

 

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Fund held no investments or other financial instruments as of December 31, 2014 whose fair value was determined using Level 3 inputs. At September 30, 2015, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

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Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.


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.

Eaton Vance Tax-Managed Buy-Write Income Fund

 

By:   /s/ Michael A. Allison
  Michael A. Allison
  President
Date:   November 23, 2015

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/ Michael A. Allison
  Michael A. Allison
  President
Date:   November 23, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   November 23, 2015