N-Q 1 a08-13025_1nq.htm N-Q

 

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

 

811-22044

 

 

 

 

 

 

Eaton Vance Risk-Managed Diversified Equity Income Fund

(Exact Name of Registrant as Specified in Charter)

 

 

 

The Eaton Vance Building,
255 State Street, Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip code)

 

 

 

Maureen A. Gemma

Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Service)

 

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

 

 

 

Date of Fiscal Year End:

 

December 31

 

 

 

Date of Reporting Period:

 

March 31, 2008

 

 


 

Item 1. Schedule of Investments

 


 

Eaton Vance Risk-Managed Diversified Equity Income Fund

 

as of March 31, 2008

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Common Stocks — 91.4%

 

Security

 

Shares

 

Value

 

Aerospace & Defense — 4.8%

 

 

 

 

 

Boeing Co. (The)

 

87,428

 

$

6,502,020

 

General Dynamics Corp.

 

182,783

 

15,238,619

 

Lockheed Martin Corp.

 

137,147

 

13,618,697

 

Raytheon Co.

 

174,136

 

11,250,927

 

United Technologies Corp.

 

269,731

 

18,562,887

 

 

 

 

 

$

65,173,150

 

Auto Components — 0.7%

 

 

 

 

 

Johnson Controls, Inc.

 

279,440

 

$

9,445,072

 

 

 

 

 

$

9,445,072

 

Beverages — 2.3%

 

 

 

 

 

Coca-Cola Co. (The)

 

164,389

 

$

10,006,358

 

PepsiCo, Inc.

 

298,863

 

21,577,909

 

 

 

 

 

$

31,584,267

 

Biotechnology — 3.0%

 

 

 

 

 

Biogen Idec, Inc. (1)

 

83,048

 

$

5,123,231

 

Genzyme Corp. (1)

 

241,337

 

17,989,260

 

Gilead Sciences, Inc. (1)

 

345,602

 

17,808,871

 

 

 

 

 

$

40,921,362

 

Capital Markets — 2.7%

 

 

 

 

 

Bank of New York Mellon Corp. (The)

 

147,228

 

$

6,143,824

 

Goldman Sachs Group, Inc.

 

55,283

 

9,143,255

 

Invesco, Ltd.

 

174,990

 

4,262,756

 

Julius Baer Holding AG

 

68,522

 

5,078,636

 

State Street Corp.

 

75,630

 

5,974,770

 

T. Rowe Price Group, Inc.

 

126,483

 

6,324,150

 

 

 

 

 

$

36,927,391

 

Chemicals — 1.5%

 

 

 

 

 

E.I. Du Pont de Nemours & Co.

 

271,707

 

$

12,705,019

 

Monsanto Co.

 

75,614

 

8,430,961

 

 

 

 

 

$

21,135,980

 

Commercial Banks — 1.7%

 

 

 

 

 

Banco Bradesco SA ADR

 

84,221

 

$

2,337,975

 

Banco Itau Holding Financeira SA ADR

 

270,401

 

6,154,327

 

PNC Financial Services Group, Inc.

 

67,465

 

4,423,680

 

U.S. Bancorp

 

296,528

 

9,595,646

 

 

 

 

 

$

22,511,628

 

Communications Equipment — 3.5%

 

 

 

 

 

Cisco Systems, Inc. (1)

 

971,585

 

$

23,405,483

 

QUALCOMM, Inc.

 

320,575

 

13,143,575

 

Research In Motion, Ltd. (1)

 

97,275

 

10,917,173

 

 

 

 

 

$

47,466,231

 

Computer Peripherals — 4.8%

 

 

 

 

 

Apple, Inc. (1)

 

121,477

 

$

17,431,949

 

EMC Corp. (1)

 

454,958

 

6,524,098

 

Hewlett-Packard Co.

 

363,966

 

16,618,688

 

International Business Machines Corp.

 

209,675

 

24,141,979

 

 

 

 

 

$

64,716,714

 

Diversified Financial Services — 3.2%

 

 

 

 

 

Bank of America Corp.

 

530,204

 

$

20,100,034

 

Citigroup, Inc.

 

162,927

 

3,489,896

 

JPMorgan Chase & Co.

 

457,126

 

19,633,562

 

 

 

 

 

$

 43,223,492

 

Diversified Telecommunication Services — 3.4%

 

 

 

 

 

AT&T, Inc.

 

778,787

 

$

29,827,542

 

Verizon Communications, Inc.

 

469,744

 

17,122,169

 

 

 

 

 

$

46,949,711

 

 

1


 

Electric Utilities — 2.1%

 

 

 

 

 

E.ON AG

 

93,187

 

$

17,305,385

 

Edison International

 

239,876

 

11,758,722

 

 

 

 

 

$

29,064,107

 

Electrical Equipment — 1.2%

 

 

 

 

 

Emerson Electric Co.

 

307,680

 

$

15,833,213

 

 

 

 

 

$

15,833,213

 

Energy Equipment & Services — 4.2%

 

 

 

 

 

Diamond Offshore Drilling, Inc.

 

107,633

 

$

12,528,481

 

Schlumberger, Ltd.

 

288,995

 

25,142,565

 

Transocean, Inc. (1)

 

141,000

 

19,063,200

 

 

 

 

 

$

56,734,246

 

Food & Staples Retailing — 2.3%

 

 

 

 

 

CVS Caremark Corp.

 

312,404

 

$

12,655,486

 

Wal-Mart Stores, Inc.

 

353,107

 

18,601,677

 

 

 

 

 

$

31,257,163

 

Food Products — 1.1%

 

 

 

 

 

Nestle SA ADR

 

120,462

 

$

14,997,519

 

 

 

 

 

$

14,997,519

 

Health Care Equipment & Supplies — 2.2%

 

 

 

 

 

Baxter International, Inc.

 

78,507

 

$

4,539,275

 

Covidien, Ltd.

 

282,904

 

12,518,502

 

Medtronic, Inc.

 

148,795

 

7,197,214

 

Zimmer Holdings, Inc. (1)

 

73,316

 

5,708,384

 

 

 

 

 

$

29,963,375

 

Hotels, Restaurants & Leisure — 1.6%

 

 

 

 

 

International Game Technology

 

101,436

 

$

4,078,742

 

Marriott International, Inc., Class A

 

202,011

 

6,941,098

 

McDonald’s Corp.

 

188,692

 

10,523,353

 

 

 

 

 

$

21,543,193

 

Household Products — 1.4%

 

 

 

 

 

Colgate-Palmolive Co.

 

92,585

 

$

7,213,297

 

Kimberly-Clark Corp.

 

133,338

 

8,606,968

 

Procter & Gamble Co.

 

44,603

 

3,125,332

 

 

 

 

 

$

18,945,597

 

Industrial Conglomerates — 3.2%

 

 

 

 

 

General Electric Co.

 

1,177,700

 

$

43,586,677

 

 

 

 

 

$

43,586,677

 

Insurance — 5.8%

 

 

 

 

 

AFLAC, Inc.

 

154,592

 

$

10,040,750

 

Berkshire Hathaway, Inc., Class A (1)

 

230

 

30,682,000

 

Chubb Corp.

 

147,278

 

7,287,315

 

Lincoln National Corp.

 

85,159

 

4,428,268

 

MetLife, Inc.

 

193,767

 

11,676,399

 

Travelers Companies, Inc. (The)

 

159,789

 

7,645,904

 

Zurich Financial Services AG

 

21,901

 

6,931,651

 

 

 

 

 

$

78,692,287

 

Internet Software & Services — 1.7%

 

 

 

 

 

eBay, Inc. (1)

 

157,083

 

$

4,687,357

 

Google, Inc., Class A (1)

 

42,587

 

18,758,296

 

 

 

 

 

$

23,445,653

 

IT Services — 1.0%

 

 

 

 

 

MasterCard, Inc., Class A

 

62,813

 

$

14,006,671

 

 

 

 

 

$

14,006,671

 

Life Sciences Tools & Services — 0.6%

 

 

 

 

 

Thermo Fisher Scientific, Inc. (1)

 

132,791

 

$

7,547,840

 

 

 

 

 

$

7,547,840

 

Machinery — 1.7%

 

 

 

 

 

Danaher Corp.

 

163,328

 

$

12,417,828

 

Deere & Co.

 

64,851

 

5,216,614

 

Illinois Tool Works, Inc.

 

116,491

 

5,618,361

 

 

 

 

 

$

23,252,803

 

 

2


 

Media — 2.3%

 

 

 

 

 

Comcast Corp., Class A

 

679,341

 

$

13,138,455

 

Time Warner, Inc.

 

402,286

 

5,640,050

 

Walt Disney Co.

 

416,343

 

13,064,843

 

 

 

 

 

$

31,843,348

 

Metals & Mining — 2.1%

 

 

 

 

 

Companhia Vale do Rio Doce ADR

 

345,752

 

$

11,976,849

 

Goldcorp, Inc.

 

424,817

 

16,461,659

 

 

 

 

 

$

28,438,508

 

Multiline Retail — 0.3%

 

 

 

 

 

JC Penney Co., Inc.

 

105,639

 

$

3,983,647

 

 

 

 

 

$

3,983,647

 

Multi-Utilities — 0.9%

 

 

 

 

 

Public Service Enterprise Group, Inc.

 

296,212

 

$

11,904,760

 

 

 

 

 

$

11,904,760

 

Oil, Gas & Consumable Fuels — 9.4%

 

 

 

 

 

Anadarko Petroleum Corp.

 

355,190

 

$

22,387,626

 

ConocoPhillips

 

230,066

 

17,533,330

 

Exxon Mobil Corp.

 

490,539

 

41,489,789

 

Hess Corp.

 

238,139

 

20,999,097

 

Occidental Petroleum Corp.

 

216,612

 

15,849,500

 

Williams Cos., Inc.

 

278,501

 

9,184,963

 

 

 

 

 

$

127,444,305

 

Pharmaceuticals — 4.8%

 

 

 

 

 

Abbott Laboratories

 

351,935

 

$

19,409,215

 

Allergan, Inc.

 

87,374

 

4,927,020

 

Johnson & Johnson

 

291,102

 

18,883,787

 

Merck & Co., Inc.

 

430,816

 

16,349,467

 

Wyeth Corp.

 

141,658

 

5,915,638

 

 

 

 

 

$

65,485,127

 

Real Estate Investment Trusts (REITs) — 0.6%

 

 

 

 

 

Boston Properties, Inc.

 

50,900

 

$

4,686,363

 

Simon Property Group, Inc.

 

44,288

 

4,114,798

 

 

 

 

 

$

8,801,161

 

Semiconductors & Semiconductor Equipment — 1.7%

 

 

 

 

 

ASML Holding NV (1)

 

412,568

 

$

10,235,812

 

Intel Corp.

 

349,538

 

7,403,215

 

Texas Instruments, Inc.

 

210,318

 

5,945,690

 

 

 

 

 

$

23,584,717

 

Software — 2.8%

 

 

 

 

 

Microsoft Corp.

 

953,666

 

$

27,065,041

 

Oracle Corp. (1)

 

585,511

 

11,452,595

 

 

 

 

 

$

38,517,636

 

Specialty Retail — 1.9%

 

 

 

 

 

Best Buy Co., Inc.

 

136,247

 

$

5,648,801

 

Home Depot, Inc.

 

364,281

 

10,188,940

 

Staples, Inc.

 

453,138

 

10,018,881

 

 

 

 

 

$

25,856,622

 

Tobacco — 2.5%

 

 

 

 

 

Altria Group, Inc.

 

380,319

 

$

8,443,082

 

British American Tobacco PLC

 

175,247

 

6,591,710

 

Philip Morris International, Inc. (1)

 

380,319

 

19,236,535

 

 

 

 

 

$

34,271,327

 

Wireless Telecommunication Services — 0.4%

 

 

 

 

 

Rogers Communications, Inc., Class B

 

141,055

 

$

5,066,696

 

 

 

 

 

$

5,066,696

 

Total Common Stocks
(identified cost $1,256,201,622)

 

 

 

$

1,244,123,196

 

 

3


 

Put Options Purchased — 5.8%

 

 

 

Number

 

Strike

 

Expiration

 

 

 

Description

 

of Contracts

 

Price

 

Date

 

Value

 

S&P 500 Index

 

4,598

 

$

1,300

 

6/21/08

 

$

23,449,800

 

S&P 500 Index

 

2,802

 

1,215

 

6/21/08

 

7,285,200

 

S&P 500 Index

 

5,818

 

1,315

 

9/20/08

 

48,143,950

 

 

 

 

 

 

 

 

 

 

 

Total Put Options Purchased
(identified cost $84,507,163)

 

 

 

 

 

 

 

$

78,878,950

 

 

Short-Term Investments — 5.7%

 

 

 

Interest

 

 

 

Description

 

(000’s omitted)

 

Value

 

Investment in Cash Management Portfolio, 2.81% (2)

 

$

78,158

 

$

78,157,746

 

 

 

 

 

 

 

Total Short-Term Investments
(identified cost $78,157,746)

 

 

 

$

78,157,746

 

 

 

 

 

 

 

Total Investments — 102.9%
(identified cost $1,418,866,531)

 

 

 

$

1,401,159,892

 

 

Covered Call Options Written — (1.2%)

 

 

 

Number

 

Strike

 

Expiration

 

 

 

Description

 

of Contracts

 

Price

 

Date

 

Value

 

S&P 500 Index

 

253

 

$

1,315

 

4/19/08

 

$

(910,800

)

S&P 500 Index

 

4,014

 

1,400

 

4/19/08

 

(1,043,640

)

S&P 500 Index

 

880

 

1,265

 

4/19/08

 

(6,094,000

)

S&P 500 Index

 

1,628

 

1,280

 

4/19/08

 

(8,872,600

)

 

 

 

 

 

 

 

 

 

 

Total Covered Call Options Written
(premiums received $15,958,743)

 

 

 

 

 

 

 

$

(16,921,040

)

 

Put Options Written — (1.2%)

 

 

 

Number

 

Strike

 

Expiration

 

 

 

Security

 

of Contracts

 

Price

 

Date

 

Value

 

Accenture, Ltd.

 

3,710

 

$

30

 

5/16/2008

 

$

(111,300

)

Akamai Technologies, Inc.

 

3,710

 

30

 

5/16/2008

 

(1,261,400

)

Allied Waste Industries, Inc.

 

10,759

 

10

 

6/20/2008

 

(376,565

)

Bank of America Corp.

 

2,869

 

37.5

 

5/16/2008

 

(654,132

)

BJ Services Co.

 

3,710

 

25

 

7/18/2008

 

(408,100

)

Cephalon, Inc.

 

2,023

 

55

 

5/16/2008

 

(151,725

)

Danaher Corp.

 

1,655

 

65

 

6/20/2008

 

(128,262

)

Hershey Foods Corp.

 

3,710

 

35

 

5/16/2008

 

(204,050

)

Hospira, Inc.

 

2,782

 

40

 

5/16/2008

 

(292,110

)

Illinois Tool Works, Inc.

 

2,390

 

45

 

6/20/2008

 

(322,650

)

Invesco, Ltd.

 

4,781

 

22.5

 

7/18/2008

 

(645,435

)

Johnson Controls, Inc.

 

3,586

 

30

 

7/18/2008

 

(537,900

)

Kroger Co.

 

5,771

 

22.5

 

7/18/2008

 

(432,825

)

M&T Bank Corp.

 

1,434

 

75

 

7/18/2008

 

(702,660

)

Medtronic, Inc.

 

2,473

 

45

 

5/16/2008

 

(160,745

)

Mirant Corp.

 

3,424

 

32.5

 

6/20/2008

 

(342,400

)

Nabors Industries, Inc.

 

3,372

 

27.5

 

6/20/2008

 

(151,740

)

Niko Resources, Ltd.

 

1,106

 

85

 

4/18/2008

 

(366,493

)

Paychex, Inc.

 

3,710

 

30

 

6/20/2008

 

(222,600

)

PNC Financial Services Group, Inc.

 

1,956

 

55

 

5/16/2008

 

(190,710

)

Republic SVCA, Inc.

 

3,586

 

30

 

7/18/2008

 

(878,570

)

Rogers Communications, Inc.

 

3,180

 

35

 

7/18/2008

 

(771,150

)

Shire PLC ADR

 

2,023

 

55

 

7/18/2008

 

(809,200

)

Texas Instruments, Inc.

 

4,047

 

27.5

 

7/18/2008

 

(663,708

)

Time Warner, Inc.

 

7,172

 

15

 

7/18/2008

 

(1,111,660

)

Toronto-Dominion Bank

 

1,793

 

60

 

7/18/2008

 

(717,200

)

 

4


 

Tyson Foods, Inc.

 

10,388

 

12.5

 

7/18/2008

 

$

(311,640

)

Unibanco

 

827

 

130

 

7/18/2008

 

(1,720,160

)

Wal-Mart Stores, Inc.

 

2,885

 

45

 

6/20/2008

 

(132,710

)

Weyerhaeuser

 

1,855

 

60

 

7/18/2008

 

(612,150

)

Williams Cos., Inc.

 

2,853

 

32.5

 

5/16/2008

 

(427,950

)

Total Put Options Written
(premiums received $14,442,659)

 

 

 

 

 

 

 

$

(15,819,900

)

Other Assets, Less Liabilities — (0.5)%

 

 

 

 

 

 

 

 

(7,215,831

)

Net Assets — 100.0%

 

 

 

 

 

 

 

$

1,361,321,961

 

 

ADR

—

American Depository Receipt

(1)

 

Non-income producing security.

(2)

 

Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2008. Net income allocated from the Investment in Cash Management Portfolio for the fiscal year to date ended March 31, 2008 was $742,009.

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2008, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

1,438,489,502

 

Gross unrealized appreciation

 

 

45,073,523

 

Gross unrealized depreciation

 

(82,403,133

)

Net unrealized depreciation

 

$

(37,329,610

)

 

Written call and put options activity for the period ended March 31, 2008 was as follows:

 

 

 

Number of
Contracts

 

Premiums Received

 

Outstanding, beginning of period

 

70,117

 

$

21,506,649

 

Options written

 

218,512

 

92,156,487

 

Options terminated in closing purchase transactions

 

(126,616

)

(77,897,177

)

Options exercised

 

(15,852

)

(1,822,857

)

Options expired

 

(29,846

)

(3,541,700

)

Outstanding, end of period

 

116,315

 

$

30,401,402

 

 

All of the assets of the Fund are subject to segregation to satisfy the requirements of the escrow agent.  At March 31, 2008, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

 

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective January 1, 2008.  FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)

 

At March 31, 2008, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

 

 

Valuation Inputs

 

Investments in
Securities

 

Other Financial
Instruments*

 

Level 1

 

Quoted Prices

 

$

1,365,252,510

 

$

(32,740,940

)

Level 2

 

Other Significant Observable Inputs

 

35,907,382

 

—

 

Level 3

 

Significant Unobservable Inputs

 

—

 

—

 

Total

 

 

 

$

1,401,159,892

 

$

(32,740,940

)

 

5


 

*Other financial instruments include written call and put options, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Fund held no investments or other financial instruments as of December 31, 2007 whose fair value was determined using Level 3 inputs.

 

Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Exchange-traded options are valued at the last sale price for the day of valuation as quoted on the principal exchange or board of trade on which the options are traded or, in the absence of sales on such date, at the mean between the latest bid and asked prices therefore. Over-the-counter options are valued based on broker quotations. Short-term debt securities with a remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service. Other fixed income and debt securities, including listed securities and securities for which price quotations are available, will normally be valued on the basis of valuations furnished by a pricing service. Valuations for debt obligations are derived from the pricing vendors’ proprietary pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach which considers information regarding securities with similar characteristics in order to determine the valuation for a security. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The independent service uses a proprietary model to determine the exchange rate.  Inputs to the model include reported trades and implied bid/ask spreads.  The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments for which valuations or market quotations are not readily available are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.

 

6


 

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 Risk-Managed Diversified Equity Income Fund

 

By:

 

/s/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

 

President

 

 

 

Date:

 

May 21, 2008

 

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/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

 

President

 

 

 

Date:

 

May 21, 2008

 

 

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer

 

 

 

Date:

 

May 21, 2008