N-Q 1 main.htm

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 811-1193

Fidelity Magellan Fund
 (Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

March 31

 

 

Date of reporting period:

June 30, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Magellan® Fund

June 30, 2013 

1.803299.109

MAG-QTLY-0813

Investments June 30, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 15.2%

Automobiles - 0.9%

Honda Motor Co. Ltd.

373,500

$ 13,875

Tesla Motors, Inc. (a)

1,064,400

114,348

 

128,223

Diversified Consumer Services - 0.4%

H&R Block, Inc.

1,640,400

45,521

Kroton Educacional SA

1,006,500

13,938

 

59,459

Hotels, Restaurants & Leisure - 1.8%

Brinker International, Inc.

2,683,515

105,811

Dunkin' Brands Group, Inc.

664,698

28,462

Yum! Brands, Inc.

1,848,900

128,203

 

262,476

Household Durables - 0.7%

D.R. Horton, Inc.

1,559,011

33,176

Lennar Corp. Class A

956,185

34,461

Ryland Group, Inc. (d)

311,960

12,510

Toll Brothers, Inc. (a)

904,654

29,519

 

109,666

Internet & Catalog Retail - 1.9%

Amazon.com, Inc. (a)

442,104

122,768

Liberty Media Corp. Interactive Series A (a)

1,384,700

31,862

priceline.com, Inc. (a)

138,800

114,806

 

269,436

Media - 2.6%

CBS Corp. Class B

1,468,900

71,785

Comcast Corp. Class A

7,069,000

296,050

 

367,835

Multiline Retail - 0.3%

Macy's, Inc.

838,506

40,248

Specialty Retail - 5.0%

American Eagle Outfitters, Inc.

754,500

13,777

Best Buy Co., Inc.

3,183,000

86,991

Home Depot, Inc.

3,419,800

264,932

L Brands, Inc.

1,670,748

82,284

Ross Stores, Inc.

1,340,503

86,878

TJX Companies, Inc.

3,586,400

179,535

 

714,397

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 1.6%

lululemon athletica, Inc. (a)

568,999

$ 37,281

Michael Kors Holdings Ltd. (a)

678,000

42,050

Ralph Lauren Corp.

291,100

50,576

VF Corp.

505,830

97,656

 

227,563

TOTAL CONSUMER DISCRETIONARY

2,179,303

CONSUMER STAPLES - 9.7%

Beverages - 2.5%

Anheuser-Busch InBev SA NV

239,760

21,586

Beam, Inc.

722,600

45,603

Dr. Pepper Snapple Group, Inc.

1,750,073

80,381

The Coca-Cola Co.

5,120,802

205,395

 

352,965

Food & Staples Retailing - 3.1%

CVS Caremark Corp.

4,641,272

265,388

Kroger Co.

2,818,900

97,365

Walgreen Co.

642,400

28,394

Whole Foods Market, Inc.

916,326

47,172

 

438,319

Food Products - 0.5%

Mead Johnson Nutrition Co. Class A

431,900

34,219

Unilever NV (Certificaten Van Aandelen) (Bearer)

1,048,300

41,266

 

75,485

Household Products - 3.3%

Colgate-Palmolive Co.

2,174,632

124,585

Energizer Holdings, Inc.

722,500

72,618

Procter & Gamble Co.

3,688,700

283,993

 

481,196

Personal Products - 0.3%

Herbalife Ltd.

936,300

42,265

TOTAL CONSUMER STAPLES

1,390,230

ENERGY - 8.2%

Energy Equipment & Services - 1.5%

Cameron International Corp. (a)

1,170,200

71,569

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Ensco PLC Class A

1,276,000

$ 74,161

National Oilwell Varco, Inc.

946,000

65,179

 

210,909

Oil, Gas & Consumable Fuels - 6.7%

Anadarko Petroleum Corp.

3,303,300

283,853

Cabot Oil & Gas Corp.

1,251,418

88,876

Canadian Natural Resources Ltd.

1,865,100

52,582

Chevron Corp.

173,400

20,520

Concho Resources, Inc. (a)

172,700

14,458

ConocoPhillips

708,500

42,864

Exxon Mobil Corp.

1,935,224

174,847

Marathon Oil Corp.

1,615,200

55,854

Occidental Petroleum Corp.

1,052,800

93,941

Suncor Energy, Inc.

2,432,200

71,692

The Williams Companies, Inc.

1,751,500

56,871

 

956,358

TOTAL ENERGY

1,167,267

FINANCIALS - 19.7%

Capital Markets - 3.1%

BlackRock, Inc. Class A

265,000

68,065

Charles Schwab Corp.

3,038,668

64,511

Goldman Sachs Group, Inc.

676,700

102,351

KKR & Co. LP

1,762,469

34,650

Morgan Stanley

2,877,668

70,301

TD Ameritrade Holding Corp.

907,876

22,052

The Blackstone Group LP

2,238,900

47,151

UBS AG (NY Shares)

2,051,000

34,764

Virtus Investment Partners, Inc. (a)

22,900

4,037

 

447,882

Commercial Banks - 3.9%

Barclays PLC sponsored ADR

786,900

13,472

Comerica, Inc.

1,245,400

49,604

U.S. Bancorp

3,814,459

137,893

Wells Fargo & Co.

8,428,555

347,846

 

548,815

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Consumer Finance - 0.9%

Capital One Financial Corp.

1,023,800

$ 64,305

SLM Corp.

2,906,200

66,436

 

130,741

Diversified Financial Services - 6.2%

Bank of America Corp.

21,960,600

282,413

Citigroup, Inc.

6,468,216

310,280

JPMorgan Chase & Co.

5,348,898

282,368

ORIX Corp.

1,039,100

14,180

 

889,241

Insurance - 4.3%

American International Group, Inc. (a)

2,712,800

121,262

Berkshire Hathaway, Inc. Class B (a)

3,083,866

345,146

Genworth Financial, Inc. Class A (a)

1,947,700

22,223

MetLife, Inc.

2,732,721

125,049

 

613,680

Real Estate Investment Trusts - 0.7%

American Tower Corp.

1,395,361

102,099

Real Estate Management & Development - 0.3%

Rialto Real Estate Fund LP (e)(g)(h)

500,000

26,646

RREF CMBS AIV, LP (e)(h)(i)

500,000

16,296

RREF Midtown Colony REIT, Inc. (e)(h)(j)

500,000

1,437

 

44,379

Thrifts & Mortgage Finance - 0.3%

MGIC Investment Corp. (a)

2,215,400

13,447

Nationstar Mortgage Holdings, Inc. (a)(d)

873,000

32,685

 

46,132

TOTAL FINANCIALS

2,822,969

HEALTH CARE - 13.3%

Biotechnology - 6.9%

Acorda Therapeutics, Inc. (a)(e)

2,110,054

69,611

Alexion Pharmaceuticals, Inc. (a)

930,360

85,816

Alkermes PLC (a)

711,100

20,394

Alnylam Pharmaceuticals, Inc. (a)

340,171

10,549

Amgen, Inc.

2,975,766

293,589

Amicus Therapeutics, Inc. (a)(d)

1,271,104

2,962

ARIAD Pharmaceuticals, Inc. (a)

591,071

10,338

Biogen Idec, Inc. (a)

684,104

147,219

BioMarin Pharmaceutical, Inc. (a)

196,739

10,976

Bluebird Bio, Inc.

27,700

692

Bluebird Bio, Inc.

181,073

4,069

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Clinical Data, Inc. rights 4/4/18 (a)

988,714

$ 0

Exelixis, Inc. (a)

1,225,184

5,562

Gilead Sciences, Inc. (a)

4,342,900

222,400

Infinity Pharmaceuticals, Inc. (a)

178,990

2,909

KaloBios Pharmaceuticals, Inc.

762,146

3,882

KaloBios Pharmaceuticals, Inc.

366,900

2,077

Medivation, Inc. (a)

215,400

10,598

Neurocrine Biosciences, Inc. (a)

975,093

13,047

Prothena Corp. PLC (a)

85,929

1,109

Regeneron Pharmaceuticals, Inc. (a)

60,400

13,583

Synageva BioPharma Corp. (a)

175,120

7,355

Theravance, Inc. (a)

755,700

29,117

Threshold Pharmaceuticals, Inc. (a)(d)

2,613,700

13,748

 

981,602

Health Care Equipment & Supplies - 0.9%

Alere, Inc. (a)

1,142,711

27,996

Boston Scientific Corp. (a)

11,478,300

106,404

 

134,400

Health Care Providers & Services - 0.1%

Express Scripts Holding Co. (a)

260,900

16,095

Health Care Technology - 0.8%

athenahealth, Inc. (a)(d)

385,400

32,651

Cerner Corp. (a)

903,200

86,788

 

119,439

Life Sciences Tools & Services - 0.1%

Illumina, Inc. (a)

234,100

17,520

Pharmaceuticals - 4.5%

AbbVie, Inc.

889,300

36,764

Actavis, Inc. (a)

724,500

91,446

Bristol-Myers Squibb Co.

784,100

35,041

Eli Lilly & Co.

597,779

29,363

Merck & Co., Inc.

3,832,400

178,015

Pfizer, Inc.

5,901,400

165,298

Valeant Pharmaceuticals International, Inc. (Canada) (a)

431,000

37,162

ViroPharma, Inc. (a)

477,400

13,678

Warner Chilcott PLC

2,501,500

49,730

 

636,497

TOTAL HEALTH CARE

1,905,553

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 7.8%

Aerospace & Defense - 0.4%

Esterline Technologies Corp. (a)

383,960

$ 27,756

Textron, Inc.

1,336,210

34,808

 

62,564

Airlines - 1.0%

Delta Air Lines, Inc.

7,237,000

135,404

Construction & Engineering - 0.2%

EMCOR Group, Inc.

736,200

29,927

Electrical Equipment - 0.4%

AMETEK, Inc.

691,878

29,266

Hubbell, Inc. Class B

301,000

29,799

 

59,065

Industrial Conglomerates - 3.3%

Danaher Corp.

1,288,700

81,575

General Electric Co.

16,691,778

387,082

 

468,657

Machinery - 1.8%

Cummins, Inc.

556,570

60,366

ExOne Co. (d)

29,400

1,815

Illinois Tool Works, Inc.

1,249,000

86,393

Manitowoc Co., Inc.

4,138,200

74,115

Timken Co.

530,200

29,840

 

252,529

Professional Services - 0.5%

Bureau Veritas SA

189,948

4,919

Manpower, Inc.

530,120

29,051

Michael Page International PLC

2,215,200

12,500

Towers Watson & Co.

357,900

29,326

 

75,796

Road & Rail - 0.2%

CSX Corp.

1,381,100

32,028

TOTAL INDUSTRIALS

1,115,970

INFORMATION TECHNOLOGY - 19.5%

Communications Equipment - 2.8%

Cisco Systems, Inc.

8,305,400

201,904

Juniper Networks, Inc. (a)

4,485,500

86,615

QUALCOMM, Inc.

1,823,100

111,355

 

399,874

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 2.8%

Apple, Inc.

951,559

$ 376,893

Stratasys Ltd. (a)

206,500

17,292

 

394,185

Internet Software & Services - 5.5%

Cornerstone OnDemand, Inc. (a)

655,700

28,385

eBay, Inc. (a)

1,859,400

96,168

Facebook, Inc. Class A (a)

2,463,800

61,250

Google, Inc. Class A (a)

591,500

520,744

LinkedIn Corp. (a)

167,000

29,776

Marketo, Inc. (d)

79,200

1,970

Rackspace Hosting, Inc. (a)

783,500

29,687

Responsys, Inc. (a)

1,161,779

16,625

 

784,605

IT Services - 2.8%

Accenture PLC Class A

1,687,473

121,431

Cognizant Technology Solutions Corp. Class A (a)

894,959

56,033

EPAM Systems, Inc. (a)

143,200

3,892

Maximus, Inc.

196,100

14,606

Total System Services, Inc.

1,694,040

41,470

Visa, Inc. Class A

898,000

164,110

 

401,542

Semiconductors & Semiconductor Equipment - 1.3%

Applied Materials, Inc.

5,904,600

88,038

ASML Holding NV

451,703

35,730

NVIDIA Corp.

61,336

861

Skyworks Solutions, Inc. (a)

3,139,600

68,726

 

193,355

Software - 4.3%

Guidewire Software, Inc. (a)

679,678

28,580

Microsoft Corp.

2,091,500

72,219

Oracle Corp.

8,390,500

257,756

salesforce.com, Inc. (a)

2,829,181

108,018

Sourcefire, Inc. (a)

740,472

41,133

Tableau Software, Inc.

27,300

1,513

Ultimate Software Group, Inc. (a)

249,900

29,311

Workday, Inc. Class A

1,197,100

76,722

 

615,252

TOTAL INFORMATION TECHNOLOGY

2,788,813

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 4.6%

Chemicals - 3.8%

LyondellBasell Industries NV Class A

1,997,319

$ 132,342

Monsanto Co.

2,791,284

275,779

Praxair, Inc.

912,932

105,133

W.R. Grace & Co. (a)

353,705

29,725

 

542,979

Construction Materials - 0.6%

Vulcan Materials Co.

1,657,800

80,254

Metals & Mining - 0.2%

Goldcorp, Inc.

905,401

22,487

Ivanplats Ltd. (f)

2,434,971

3,542

Turquoise Hill Resources Ltd. (a)

1,413,713

8,388

 

34,417

TOTAL MATERIALS

657,650

TELECOMMUNICATION SERVICES - 0.5%

Wireless Telecommunication Services - 0.5%

SBA Communications Corp. Class A (a)

984,763

72,991

UTILITIES - 0.7%

Multi-Utilities - 0.7%

Sempra Energy

1,116,300

91,269

TOTAL COMMON STOCKS

(Cost $11,951,266)


14,192,015

Convertible Preferred Stocks - 0.2%

 

 

 

 

CONSUMER DISCRETIONARY - 0.0%

Household Durables - 0.0%

Roku, Inc. 8.00% (h)

12,145,838

11,000

INFORMATION TECHNOLOGY - 0.2%

Internet Software & Services - 0.1%

HubSpot, Inc. (h)

2,670,845

15,000

Convertible Preferred Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 0.1%

DocuSign, Inc. Series D (h)

2,371,047

$ 11,000

TOTAL INFORMATION TECHNOLOGY

26,000

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $37,000)


37,000

Money Market Funds - 0.7%

 

 

 

 

Fidelity Cash Central Fund, 0.13% (b)

61,706,798

61,707

Fidelity Securities Lending Cash Central Fund, 0.13% (b)(c)

33,744,775

33,745

TOTAL MONEY MARKET FUNDS

(Cost $95,452)


95,452

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $12,083,718)

14,324,467

NET OTHER ASSETS (LIABILITIES) - (0.1)%

(15,334)

NET ASSETS - 100%

$ 14,309,133

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,542,000 or 0.0% of net assets.

(g) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $81,379,000 or 0.6% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

DocuSign, Inc. Series D

6/29/12

$ 11,000

HubSpot, Inc.

10/25/12

$ 15,000

Rialto Real Estate Fund LP

2/24/11-
8/17/12

$ 33,049

RREF CMBS AIV, LP

8/10/11-
8/17/12

$ 15,528

RREF Midtown Colony REIT, Inc.

12/31/12

$ 1,423

Roku, Inc. 8.00%

5/7/13

$ 11,000

(i) Investment represents the Fund's ownership interest in a limited partnership, which is under common ownership and management with Rialto Real Estate Fund, LP.

(j) Investment represents the Fund's ownership interest in a real estate investment trust, which is under common ownership and management with Rialto Real Estate Fund, LP.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 48

Fidelity Securities Lending Cash Central Fund

349

Total

$ 397

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Acorda Therapeutics, Inc.

$ 61,672

$ 10,283

$ 3,639

$ -

$ 69,611

Brinker International, Inc.

147,919

-

48,307

537

-

Rialto Real Estate Fund LP

40,891

-

-

-

26,646

RREF CMBS AIV, LP

18,361

-

-

4,604

16,296

RREF Midtown Colony REIT, Inc.

1,397

-

-

-

1,437

Total

$ 270,240

$ 10,283

$ 51,946

$ 5,141

$ 113,990

Other Information

The following is a summary of the inputs used, as of June 30, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 2,190,303

$ 2,165,428

$ 13,875

$ 11,000

Consumer Staples

1,390,230

1,327,378

62,852

-

Energy

1,167,267

1,167,267

-

-

Financials

2,822,969

2,764,410

14,180

44,379

Health Care

1,905,553

1,897,602

7,951

-

Industrials

1,115,970

1,115,970

-

-

Information Technology

2,814,813

2,788,813

-

26,000

Materials

657,650

657,650

-

-

Telecommunication Services

72,991

72,991

-

-

Utilities

91,269

91,269

-

-

Money Market Funds

95,452

95,452

-

-

Total Investments in Securities:

$ 14,324,467

$ 14,144,230

$ 98,858

$ 81,379

Income Tax Information

At June 30, 2013, the cost of investment securities for income tax purposes was $12,122,276,000. Net unrealized appreciation aggregated $2,202,191,000, of which $2,452,483,000 related to appreciated investment securities and $250,292,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and these securities are generally categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Magellan Fund's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Magellan Fund

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 29, 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:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

August 29, 2013

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

August 29, 2013