N-Q 1 cushing_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS cushing_nq.htm
 
As filed with the Securities and Exchange Commission on October 28, 2013



 
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  811-22428


Cushing Funds Trust
(Exact name of registrant as specified in charter)


8117 Preston Road Suite 440
Dallas, TX 75225
(Address of principal executive offices) (Zip code)


Jerry V. Swank
8117 Preston Road Suite 440
Dallas, TX 75225
(Name and address of agent for service)


214-692-6334
Registrant's telephone number, including area code


Date of fiscal year end: November 30


Date of reporting period:  August 31, 2013


 
 
 
 
Item 1. Schedule of Investments.
 
The Cushing MLP Premier Fund
            
SCHEDULES OF INVESTMENTS (Unaudited)
            
       
   
August 31, 2013
  
             
Common Stock - 11.8% (1)
  
Shares
    
Fair Value
  
General Partnership - 3.3% (1)
            
United States - 3.3% (1)
            
Targa Resources Corp.
     553,100     $ 37,660,579  
                 
Large Cap Diversified - 8.5% (1)
                
United States - 8.5% (1)
                
ONEOK, Inc.
     998,800       51,378,272  
Williams Companies, Inc.
     1,220,700       44,238,168  
              95,616,440  
                 
Total Common Stock (Cost $120,037,557)
           $ 133,277,019  
                 
Master Limited Partnerships and Related Companies - 87.8% (1)
                
Crude Oil/Refined Products Pipelines and Storage - 1.6% (1)
                
United States - 1.6% (1)
                
Blueknight Energy Partners, L.P.
     2,144,700     $ 18,637,443  
                 
Crude Oil & Refined Products - 11.5% (1)
                
United States - 11.5% (1)
                
Genesis Energy, L.P.
     1,089,000       53,001,630  
Nustar Energy, L.P.
     540,500       22,544,255  
Sunoco Logistics Partners, L.P.
     379,700       24,391,928  
Tesoro Logistics, L.P.
     546,600       29,297,760  
              129,235,573  
Large Cap Diversified - 28.4% (1)
                
United States - 28.4% (1)
                
Enbridge Energy Partners, L.P.
     1,351,800       40,310,676  
Energy Transfer Partners, L.P.
     897,312       46,005,186  
Enterprise Products Partners, L.P.
     878,400       52,194,528  
Kinder Morgan Management, LLC (3)
     420,795       33,596,239  
Magellan Midstream Partners, L.P.
     732,615       39,751,690  
ONEOK Partners, L.P.
     318,600       15,799,374  
Plains All American Pipeline, L.P.
     1,025,600       51,854,336  
Williams Partners, L.P.
     818,800       40,391,404  
              319,903,433  
General Partnerships - 8.5% (1)
                
United States - 8.5% (1)
                
Alliance Holdings GP, L.P.
     282,000       17,326,080  
Energy Transfer Equity, L.P.
     836,300       53,799,179  
Inergy, L.P.
     1,800,500       24,738,870  
              95,864,129  
Natural Gas Gatherers & Processors - 22.9% (1)
                
United States - 22.9% (1)
                
Access Midstream Partners, L.P.
     1,156,300       52,738,843  
Atlas Pipeline Partners, L.P.
     737,100       28,599,480  
Crosstex Energy, L.P.
     1,645,700       30,807,504  
MarkWest Energy Partners, L.P.
     607,400       40,568,246  
PVR Partners, L.P.
     1,151,500       26,726,315  
Regency Energy Partners, L.P.
     423,800       11,455,314  
Targa Resources Partners, L.P.
     805,000       39,332,300  
Western Gas Partners, L.P.
     476,600       28,186,124  
              258,414,126  
Natural Gas Transportation & Storage - 4.5% (1)
                
United States - 4.5% (1)
                
Boardwalk Pipeline Partners, L.P.
     572,467       17,208,358  
El Paso Pipeline Partners, L.P.
     395,000       16,483,350  
Inergy Midstream, L.P.
     726,154       16,875,819  
              50,567,527  
 
 
 
 
Propane - 5.4% (1)
                
United States - 5.4% (1)
                
NGL Energy Partners, L.P.
     1,443,652       44,579,974  
Suburban Propane Partners, L.P.
     366,617       16,791,059  
              61,371,033  
Shipping - 0.9% (1)
                
Republic of the Marshall Islands - 0.9% (1)
                
Capital Product Partners, L.P.
     1,111,111       9,844,443  
                 
Upstream - 4.1% (1)
                
United States - 4.1% (1)
                
BreitBurn Energy Partners, L.P.
     1,734,500       30,648,615  
Linn Energy, LLC
     632,800       15,256,808  
              45,905,423  
                 
Total Master Limited Partnerships and Related Companies (Cost $821,805,538)
           $ 989,743,130  
                 
Preferred Stock - 1.4% (1)
                
Crude Oil/Refined Products Pipelines and Storage - 1.4% (1)
                
United States - 1.4% (1)
                
Blueknight Energy Partners, L.P.
     1,763,541     $ 15,854,234  
Total Preferred Stock (Cost $14,492,149)
           $ 15,854,234  
                 
Short-Term Investments - Investment Companies - 3.7% (1)
                
United States - 3.7% (1)
                
AIM Short-Term Treasury Portfolio Fund - Institutional Class, 0.02% (2)
     8,471,225     $ 8,471,225  
Fidelity Government Portfolio Fund - Institutional Class, 0.01% (2)
     8,471,225       8,471,225  
Fidelity Money Market Portfolio - Institutional Class, 0.05% (2)
     8,471,225       8,471,225  
First American Government Obligations Fund - Class Z, 0.02% (2)
     8,471,224       8,471,224  
Invesco STIC Prime Portfolio, 0.02% (2)
     8,471,225       8,471,225  
Total Short-Term Investments (Cost $42,356,124)
           $ 42,356,124  
                 
Total Investments - 104.7% (1) (Cost $998,691,368)
           $ 1,181,230,507  
Liabilities in Excess of Other Assets - (4.7)% (1)
             (53,483,045 )
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
           $ 1,127,747,462  
 
(1)
Calculated as a percentage of net assets applicable to common stockholders.
          
(2)
Rate reported is the current yield as of August 31, 2013.
                
(3)
Security distributions are paid-in-kind.
                

 
 
 
 
 
The Cushing Royalty Energy Income Fund
            
SCHEDULES OF INVESTMENTS (Unaudited)
            
       
   
August 31, 2013
  
             
Common Stock - 7.9% (1)
  
Shares
    
Fair Value
  
Upstream - 7.9%(1)
            
Canada - 7.9%(1)
            
Arc Resources LTD
     37,712     $ 902,968  
Crescent Point Energy Corporation
     31,187       1,137,572  
Enerplus Corporation
     76,230       1,266,180  
Total Common Stock (Cost $3,266,756)
           $ 3,306,720  
                 
Master Limited Partnerships and Related Companies - 67.1% (1)
                
Coal - 1.2%(1)
                
United States - 1.2% (1)
                
Natural Resource Partners, L.P.
     25,751     $ 504,977  
                 
Crude Oil & Refined Products - 0.8%(1)
                
United States - 0.8% (1)
                
Delek Logistics Partners, L.P.
     10,800       319,680  
                 
Natural Gas Gatherers & Processors - 1.2%(1)
                
United States - 1.2% (1)
                
PVR Partners, L.P.
     21,642       502,311  
                 
Other - 1.2%(1)
                
United States - 1.2% (1)
                
Calumet Specialty Products Partners, L.P.
     15,986       488,692  
                 
Shipping - 1.4%(1)
                
Republic of the Marshall Islands - 1.4% (1)
                
Capital Product Partners, L.P.
     65,442       579,816  
                 
Upstream - 60.1%(1)
                
United States - 60.1% (1)
                
Atlas Resource Partners, L.P.
     29,296       607,892  
BreitBurn Energy Partners, L.P.
     158,161       2,794,705  
Dorchester Minerals, L.P.
     53,292       1,278,475  
EV Energy Partners, L.P.
     13,700       499,913  
Legacy Reserves, L.P.
     120,629       3,254,570  
Linn Energy, LLC
     89,533       2,158,641  
LRR Energy, L.P.
     73,389       1,104,504  
Memorial Production Partners, L.P
     146,552       2,966,213  
MID-CON Energy Partners, L.P.
     137,364       3,274,758  
Pioneer Southwest Energy Partners, L.P.
     19,976       817,018  
QR Energy, L.P.
     192,719       3,172,155  
Vanguard Natural Resources, LLC
     115,908       3,181,675  
              25,110,519  
                 
Variable Distribution - 1.2%(1)
                
United States - 1.2% (1)
                
Northern Tier Energy, L.P.
     24,298       506,127  
                 
Total Master Limited Partnerships and Related Companies (Cost $28,389,249)
           $ 28,012,122  
                 
Royalty Trusts - 10.0% (1)
                
Upstream - 10.0% (1)
                
United States - 10.0% (1)
                
Hugoton Royalty Trust
     166,541     $ 1,332,328  
Pacific Coast Oil Trust
     99,669       1,810,986  
Sabine Royalty Trust
     19,173       1,023,455  
Total Royalty Trusts (Cost $4,215,262)
           $ 4,166,769  
                 
Short-Term Investments - Investment Companies - 11.9% (1)
                
United States - 11.9% (1)
                
AIM Short-Term Treasury Portfolio Fund - Institutional Class, 0.02% (2)
     992,016     $ 992,016  
Fidelity Government Portfolio Fund - Institutional Class, 0.01% (2)
     992,016       992,016  
Fidelity Money Market Portfolio - Institutional Class, 0.05% (2)
     992,016       992,016  
First American Government Obligations Fund - Class Z, 0.02% (2)
     992,015       992,015  
Invesco STIC Prime Portfolio, 0.02% (2)
     992,015       992,015  
Total Short-Term Investments (Cost $4,960,078)
           $ 4,960,078  
 
 
 
 
 
 
Total Investments - 96.9% (1) (Cost $40,831,345)
           $ 40,445,689  
Other Assets in Excess of Liabilities - 3.1% (1)
             1,315,265  
Net Assets Applicable to Common Stockholders - 100.0% (1)
           $ 41,760,954  
                 
 
(1)
Calculated as a percentage of net assets applicable to common stockholders.
    
(2)
Rate reported is the current yield as of August 31, 2013.
    
 
 
 
 
 
The Cushing® Renaissance Advantage Fund
            
SCHEDULES OF INVESTMENTS (Unaudited)
            
       
   
August 31, 2013
  
             
Common Stock  - 73.6% (1)
  
Shares
    
Fair Value
  
Chemicals - 9.0%(1)
            
United States - 7.3%(1)
            
Axiall Corp
     1,800     $ 72,054  
CF Industrial Holdings, Inc.
     850       161,789  
Eastman Chemical Co.
     2,000       152,000  
Westlake Chemical Corp.
     2,000       202,360  
Netherlands - 1.7%(1)
                
LyondellBasell Industries NV
     1,892       132,724  
              720,927  
Commercial Services & Supplies - 2.2%(1)
                
United States - 2.2%(1)
                
Mine Safety Appliances Co.
     1,800       86,634  
Tetra Technologies Inc.(2)
     7,500       88,125  
              174,759  
Engineering & Construction - 7.0% (1)
                
Switzerland - 2.2% (1)
                
Foster Wheeler AG(2)
     7,750       179,645  
United States - 4.8% (1)
                
Chart Industries Inc.(2)
     800       91,344  
KBR, Inc.
     3,000       89,580  
Quanta SVCS Inc.(2)
     7,600       198,664  
              559,233  
Exploration & Production - 3.7%(1)
                
United States - 3.7%(1)
                
Occidental Petroleum Corporation
     1,200       105,852  
Range Resources Corporation
     1,600       119,968  
Rosetta Resources, Inc.(2)
     1,461       67,980  
              293,800  
Industrials - 8.7%(1)
                
United States - 8.7%(1)
                
Flowserve Corporation
     2,600       145,054  
Lincoln Electric Holdings, Inc.
     3,300       206,349  
MRC Global, Inc.(2)
     4,000       105,000  
Trinity Industrials, Inc.
     1,700       71,774  
United Rentals, Inc.(2)
     3,000       164,310  
              692,487  
Machinery - 3.2%(1)
                
United States- 3.2%(1)
                
ITT Corporation
     2,900       95,265  
Wabash National Corporation(2)
     8,000       83,360  
Wabtec Corporation
     1,400       81,928  
              260,553  
Manufacturing - 2.2% (1)
                
United States - 2.2% (1)
                
Dresser-Rand Group Inc.(2)
     1,700       103,598  
Greenbrier Cos Inc.(2)
     3,300       74,481  
              178,079  
Oil and Gas Services - 12.9%(1)
                
Bermuda - 0.1%(1)
                
Seadrill, LTD
     100       4,626  
Marshall Islands - 1.0%(1)
                
Ardmore Shipping Corporation(2)
     2,011       27,470  
Scorpio Tankers Inc.
     6,000       56,580  
Netherlands - 1.4%(1)
                
Franks International N V(2)
     4,000       110,840  
United States - 10.4%(1)
                
Cabot Oil & Gas Corporation
     1,800       70,434  
Cameron International Corporation(2)
     3,000       170,370  
Dril-Quip, Inc.(2)
     900       91,809  
Halliburton Co.
     2,000       96,000  
Hornbeck Offshore SVCS Inc.(2)
     2,100       114,408  
Noble Energy, Inc.
     2,000       122,860  
Oasis Pete, Inc.(2)
     1,594       62,485  
Pioneer Natural Resource Co.
     600       104,982  
              1,032,864  
Refining - 10.1%(1)
                
United States - 10.1%(1)
                
HollyFrontier Corporation
     500       22,240  
Marathon Petroleum Corporation
     3,300       239,283  
Phillips 66
     3,600       205,560  
Tesoro Corporation
     3,500       161,315  
Western Refining Inc.
     6,000       175,980  
              804,378  
 
 
 
 
Transportation - 10.4%(1)
                
Canada - 1.1% (1)
                
Canadian Pac, LTD
     750       88,522  
United States - 9.3%(1)
                
Genesee & Wyoming Inc.(2)
     2,400       207,792  
Kansas City Southern
     800       84,336  
Kirby Corp.(2)
     2,600       209,118  
Quality Distribution Inc.(2)
     8,000       73,360  
SAIA Inc.(2)
     3,000       90,030  
Swift Transportation Co.(2)
     4,300       77,228  
              830,386  
Utilities - 4.2%(1)
                
United States - 4.2%(1)
                
CMS Energy Corporation
     3,200       84,896  
Duke Energy Corporation
     1,200       78,720  
Great Plains Energy, Inc
     4,000       87,680  
Pinnacle West Cap Corporation
     1,600       86,832  
              338,128  
                 
Total Common Stock (Cost $5,958,543)
           $ 5,885,594  
                 
Master Limited Partnerships and Related Companies  - 13.1% (1)
                
Chemicals - 0.9%(1)
                
United States - 0.9%(1)
                
Petrologistics, L.P.
     6,000     $ 72,060  
                 
Crude Oil & Refined Products - 3.2%(1)
                
Unitied States - 3.2%(1)
                
Phillips 66 Partners, L.P.(2)
     1,700       52,309  
Rose Rock Midstream, L.P.
     3,000       98,010  
Tesoro Logistics, L.P.
     1,200       64,320  
World Point Terminals, L.P.(2)
     1,900       38,190  
              252,829  
General Partnerships - 0.2%(1)
                
United States - 0.2%(1)
                
Energy Transfer Equity, L.P.
     300       19,299  
                 
Natural Gas Gatherers & Processors - 4.8%(1)
                
United States - 4.8%(1)
                
Access Midstream Partners, L.P.
     1,000       45,610  
DCP Midstream Partners, L.P.
     2,500       119,825  
PVR Partners, L.P.
     7,000       162,470  
Targa Resources Partners, L.P.
     1,100       53,746  
              381,651  
Large Cap Divisified - 0.7%(1)
                
United States - 0.7%(1)
                
Williams Partners, L.P.
     1,200       59,196  
                 
Other - 0.5%(1)
                
Marshall Islands - 0.5%(1)
                
Seadrill Partners, LLC
     1,200       37,164  
                 
Shipping - 2.8%(1)
                
Marshall Islands - 2.4% (1)
                
Capital Product Partners, L.P.
     16,500       146,190  
Knot Offshore Partners, L.P.(2)
     630       15,152  
Teekay Offshore Partners, L.P.
     1,000       31,770  
United States - 0.4%(1)
                
Cheniere Energy Partners, L.P.
     1,200       31,704  
              224,816  
                 
                 
Total Master Limited Partnerships and Related Companies (Cost $1,004,934)
           $ 1,047,015  
                 
                 
Short-Term Investments - Investment Companies - 28.7% (1)
                
United States - 28.7% (1)
                
AIM Short-Term Treasury Portfolio Fund - Institutional Class, 0.02% (3)
     458,739     $ 458,739  
Fidelity Government Portfolio Fund - Institutional Class, 0.01% (3)
     458,739       458,739  
Fidelity Money Market Protfolio - Institutional Class, 0.05% (3)
     458,739       458,739  
First American Treasury Obligations Fund - Class Z, 0.00% (3)
     458,740       458,740  
First American Prime Obligations Fund - Class Z, 0.00% (3)
     458,740       458,740  
                 
Total Short-Term Investments (Cost $2,293,697)
           $ 2,293,697  
                 
                 
Total Investments - 115.4% (1) (Cost $9,257,174)
           $ 9,226,306  
Other Assets in Excess of Liabilities - (15.4)% (1)
             (1,229,865 )
Net Assets Applicable to Common Stockholders - 100.0% (1)
           $ 7,996,441  
 
(1)
Calculated as a percentage of net assets applicable to common stockholders.
      
(2)
No distribution or dividend was made during the period ended August 31, 2013.
      
 
As such, it is classified as a non-income producing security as of August 31, 2013.
      
(3)
Rate reported is the current yield as of August 31, 2013.
      
 
 
 
 
Tax Basis

The cost basis of investments for federal income tax purposes at August 31, 2013 for The Cushing MLP Premier Fund was as follows*:
 
Cost of investments   $ 993,531,181  
Gross unrealized appreciation     195,928,318  
Gross unrealized depreciation     (8,228,992 )
Net unrealized appreciation   $ 187,699,326  
 
The cost basis of investments for federal income tax purposes at August 31, 2013 for The Cushing Royalty Energy Income Fund was as follows*:
 
Cost of investments   $ 40,830,547  
Gross unrealized appreciation      948,586  
Gross unrealized depreciation     (1,333,444 )
Net unrealized depreciation   $ (384,858 )
 
The cost basis of investments for federal income tax purposes at August 31, 2013 for The Cushing Renaissance Advantage Fund was as follows*:
 
Cost of investments   $ 9,257,174  
Gross unrealized appreciation     74,343  
Gross unrealized depreciation     (105,211  )
Net unrealized depreciation       $ (30,868 )
 
*The above tables only reflects tax adjustments through November 30, 2012.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual reports.

 
Fair Value Measurements
 
Various inputs that are used in determining the fair value of each Fund’s investments are summarized in the three broad levels listed below:
 

·
Level 1 — quoted prices in active markets for identical securities
 
 
 
 
 
·
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
·
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

These inputs are summarized in the three levels listed below.
 
The Cushing MLP Premier Fund
    
Fair Value Measurements at Reporting Date Using
  
         
Quoted Prices in
          
Significant
  
         
Active Markets for
    
Significant Other
    
Unobservable
  
   
Fair Value at
    
Identical Assets
    
Observable Inputs
    
Inputs
  
Description
  
August 31, 2013
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Equity Securities
                        
Common Stock (a)
   $ 133,277,019     $ 133,277,019     $ -     $ -  
Master Limited
  Partnerships and
  Related Companies (a)
     989,743,130       989,743,130       -       -  
Preferred Stock (a)
     15,854,234       15,854,234       -       -  
Total Equity Securities
     1,138,874,383       1,138,874,383       -       -  
Other
                                
Short-Term Investments
     42,356,124       42,356,124       -       -  
Total Other
     42,356,124       42,356,124       -       -  
Total
   $ 1,181,230,507     $ 1,181,230,507     $ -     $ -  
 

The Cushing Royalty Energy Income Fund
    
Fair Value Measurements at Reporting Date Using
  
         
Quoted Prices in
          
Significant
  
         
Active Markets for
    
Significant Other
    
Unobservable
  
   
Fair Value at
    
Identical Assets
    
Observable Inputs
    
Inputs
  
Description
  
August 31, 2013
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Equity Securities
                        
Common Stock (a)
   $ 3,306,720     $ 3,306,720     $ -     $ -  
Master Limited
  Partnerships and
  Related Companies (a)
     28,012,122       28,012,122       -       -  
Royalty Trusts (a)
     4,166,769       4,166,769       -       -  
Total Equity Securities
     35,485,611       35,485,611       -       -  
Other
                                
Short-Term Investments
     4,960,078       4,960,078       -       -  
Total Other
     4,960,078       4,960,078       -       -  
Total
   $ 40,445,689     $ 40,445,689     $ -     $ -  
 
 
 
 
 
 
The Cushing Renaissance Advantage Fund
    
Fair Value Measurements at Reporting Date Using
  
         
Quoted Prices in
          
Significant
  
         
Active Markets for
    
Significant Other
    
Unobservable
  
   
Fair Value at
    
Identical Assets
    
Observable Inputs
    
Inputs
  
Description
  
August 31, 2013
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Equity Securities
                        
Common Stock (a)
   $ 5,885,594     $ 5,885,594     $ -     $ -  
Master Limited
  Partnerships and
  Related Companies (a)
     1,047,015       1,047,015       -       -  
Total Equity Securities
     6,932,609       6,932,609       -       -  
Other
                                
Short-Term Investments
     2,293,697       2,293,697       -       -  
Total Other
     2,293,697       2,293,697       -       -  
Total
   $ 9,226,306     $ 9,226,306     $ -     $ -  

There were no transfers between any levels in any of the Funds during the period ended August 31, 2013.

Derivative Financial Instruments

The Funds did not hold any derivative financial instruments during the period ended August 31, 2013.

 
Item 2. 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-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.
 

 
 
 
 
 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)  Cushing Funds Trust                                                      

 
By (Signature and Title)              /s/ Daniel L. Spears                         
Daniel L. Spears, President

Date          October 28, 2013                                                                    



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 (Signature and Title)              /s/ Daniel L. Spears                         
Daniel L. Spears, President

Date          October 28, 2013                                                                    

 
By (Signature and Title)              /s/ John H. Alban                            
John H. Alban, Treasurer

Date          October 28, 2013