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

 

811-09143

 

 

 

 

 

 

Eaton Vance National Municipal Income Trust

(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:

 

November 30

 

 

 

Date of Reporting Period:

 

August 31, 2008

 

 

 



 

Item 1. Schedule of Investments

 



 

Eaton Vance National Municipal Income Trust

 

as of August 31, 2008

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Tax-Exempt Investments — 176.7%

 

Principal
Amount
(000’s omitted)

 

Security

 

Value

 

Education — 6.5%

 

 

 

$

1,000

 

Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59

 

$

1,078,110

 

2,500

 

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38 (1)

 

2,564,165

 

 

 

 

 

$

3,642,275

 

Electric Utilities — 0.9%

 

 

 

$

500

 

Brazos River Authority, TX, PCR, (Texas Energy Co.), (AMT), 8.25%, 5/1/33

 

$

502,745

 

 

 

 

 

$

502,745

 

Escrowed/Prerefunded — 4.0%

 

 

 

$

500

 

Stoneybrook West, FL, Community Development District, Escrowed to 5/1/10, 7.00%, 5/1/32

 

$

539,550

 

1,500

 

Tobacco Settlement Management Authority, SC, Escrowed to Maturity, 6.375%, 5/15/30

 

1,697,775

 

 

 

 

 

$

2,237,325

 

Health Care-Miscellaneous — 0.6%

 

 

 

$

140

 

Osceola County, FL, Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17

 

$

140,080

 

200

 

Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37

 

188,454

 

 

 

 

 

$

328,534

 

Hospital — 16.8%

 

 

 

$

515

 

California Health Facilities Financing Authority, (Kaiser Permanente), 5.00%, 4/1/37

 

$

488,009

 

275

 

California Statewide Communities Development Authority, (Catholic Healthcare West), 5.50%, 7/1/30

 

274,631

 

365

 

California Statewide Communities Development Authority, (Catholic Healthcare West), 5.50%, 7/1/31

 

361,459

 

175

 

California Statewide Communities Development Authority, (Catholic Healthcare West), 5.625%, 7/1/35

 

174,384

 

350

 

Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35

 

304,696

 

210

 

Highlands County, FL, Health Facilities Authority, (Adventist Health System), 5.25%, 11/15/36

 

203,232

 

2,000

 

Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/32

 

1,900,280

 

2,500

 

New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/36 (1)

 

2,534,775

 

315

 

New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29

 

307,689

 

635

 

New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37

 

621,576

 

1,000

 

Virginia Small Business Financing Authority, (Wellmort Health), 5.25%, 9/1/37

 

885,040

 

1,400

 

West Orange, FL, Health Care District, 5.80%, 2/1/31

 

1,418,830

 

 

 

 

 

$

9,474,601

 

Housing — 10.4%

 

 

 

$

330

 

California Housing Finance Agency, (AMT), 4.75%, 8/1/42

 

$

267,663

 

2,000

 

Delaware Housing Authority, (Senior Single Family Mortgage Revenue), (AMT), 5.30%, 1/1/49

 

1,758,080

 

505

 

Escambia County, FL, Housing Finance Authority, Single Family Mortgage Revenue, (Multi-County Program), (AMT), 5.50%, 10/1/31

 

474,831

 

455

 

Florida Capital Projects Finance Authority, Student Housing Revenue, (Florida University), Prerefunded to 8/15/10, 7.75%, 8/15/20

 

507,462

 

1,000

 

Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37

 

894,550

 

710

 

Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37

 

639,987

 

1,500

 

Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35

 

1,325,745

 

 

 

 

 

$

5,868,318

 

 

1



 

Industrial Development Revenue — 19.7%

 

 

 

$

1,000

 

Brazos River, TX, Harbor Navigation District, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33

 

$

941,450

 

702

 

Broward County, FL, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19

 

656,919

 

1,060

 

Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32

 

909,141

 

1,055

 

Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32

 

694,084

 

875

 

Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32

 

620,393

 

1,000

 

Gulf Coast Waste Disposal Authority, TX, (Valero Energy Corp.), 5.60%, 4/1/32

 

893,420

 

1,000

 

Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29

 

805,200

 

2,250

 

Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35 (1)

 

2,279,295

 

1,000

 

New Morgan, PA, Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19

 

981,890

 

280

 

Phoenix, AZ, Industrial Development Authority, (America West Airlines, Inc.), (AMT), 6.25%, 6/1/19

 

222,020

 

650

 

Puerto Rico Port Authority, (American Airlines), (AMT), 6.30%, 6/1/23

 

365,274

 

2,000

 

St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37

 

1,728,480

 

 

 

 

 

$

11,097,566

 

Insured-Education — 1.3%

 

 

 

$

735

 

University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40

 

$

732,405

 

 

 

 

 

$

732,405

 

Insured-Electric Utilities — 2.7%

 

 

 

$

1,600

 

Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34 (2)

 

$

1,520,848

 

 

 

 

 

$

1,520,848

 

Insured-Escrowed/Prerefunded — 4.5%

 

 

 

$

650

 

Dade County, FL, Professional Sports Franchise Facility, (MBIA), Escrowed to Maturity, 5.25%, 10/1/30

 

$

701,109

 

1,844

 

Tampa Bay, FL, Water Utility System, (FGIC), Prerefunded to 10/1/08, 4.75%, 10/1/27 (1)

 

1,867,899

 

 

 

 

 

$

2,569,008

 

Insured-General Obligations — 10.0%

 

 

 

$

1,500

 

King County, WA, Public Hospital District No. 1, (AGC), 5.00%, 12/1/37 (3)

 

$

1,477,215

 

1,500

 

Puerto Rico, (FSA), Variable Rate, 9.32%, 7/1/27 (4)(5)

 

1,781,130

 

5,040

 

San Juan, CA, Unified School District, (FSA), 0.00%, 8/1/23

 

2,408,515

 

 

 

 

 

$

5,666,860

 

Insured-Hospital — 19.5%

 

 

 

$

2,500

 

Illinois Finance Authority, (Rush University Medical Center), (MBIA), 5.25%, 11/1/35

 

$

2,345,275

 

3,250

 

Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (FSA), 5.25%, 5/15/41 (1)

 

3,261,992

 

2,000

 

Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32

 

2,022,400

 

1,000

 

Maricopa County, AZ, Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37

 

1,002,830

 

2,500

 

Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/47 (1)

 

2,383,388

 

 

 

 

 

$

11,015,885

 

Insured-Housing — 1.8%

 

 

 

$

1,100

 

Broward County, FL, Housing Finance Authority, Multifamily Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32

 

$

1,017,236

 

 

 

 

 

$

1,017,236

 

Insured-Lease Revenue/Certificates of Participation — 8.2%

 

 

 

$

1,585

 

Newberry, SC, (Newberry County School District), (AGC), 5.00%, 12/1/30

 

$

1,593,496

 

3,000

 

San Diego County, CA, Water Authority, (FSA), 5.00%, 5/1/38 (1)

 

3,031,890

 

 

 

 

 

$

4,625,386

 

Insured-Other Revenue — 0.8%

 

 

 

$

425

 

Kentucky Economic Development Finance Authority, (Louisville Arena Project), (AGC), 6.00%, 12/1/33 (6)

 

$

434,078

 

 

 

 

 

$

434,078

 

 

2



 

Insured-Special Tax Revenue — 10.7%

 

 

 

$

670

 

Baton Rouge, LA, Public Improvement, (FSA), 4.25%, 8/1/32

 

$

608,930

 

690

 

Louisiana Gas and Fuels Tax, (FGIC), (FSA), 5.00%, 5/1/41

 

691,263

 

3,040

 

Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/35

 

638,917

 

5,000

 

Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/38

 

869,250

 

5,610

 

Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/40

 

852,383

 

14,850

 

Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54

 

1,063,111

 

2,535

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44

 

331,984

 

5,030

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45

 

620,702

 

3,165

 

Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46

 

367,140

 

 

 

 

 

$

6,043,680

 

Insured-Transportation — 15.4%

 

 

 

$

1,960

 

Central Puget Sound Regional Transportation Authority, WA, Sales & Use Tax Revenue, (FSA), 5.00%, 11/1/34

 

$

1,991,595

 

670

 

Chicago, IL, (O’Hare International Airport), (FSA), 4.50%, 1/1/38

 

615,797

 

240

 

Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.10%, 11/1/24

 

241,373

 

200

 

Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.25%, 11/1/28

 

201,272

 

2,100

 

Maryland Transportation Authority, (FSA), 5.00%, 7/1/41 (1)

 

2,137,443

 

3,870

 

Miami-Dade County, FL, Aviation Revenue (Miami International Airport), (AGC), (CIFG), (AMT), 5.00%, 10/1/38

 

3,518,217

 

 

 

 

 

$

8,705,697

 

Insured-Water and Sewer — 17.9%

 

 

 

$

3,750

 

Austin, TX, Water and Wastewater System, (FSA), 5.00%, 11/15/33 (1)

 

$

3,767,288

 

1,000

 

Emerald Coast, FL, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31

 

921,040

 

85

 

Fernley, NV, Water and Sewer, (AGC), 5.00%, 2/1/38

 

85,377

 

3,250

 

Fernley, NV, Water and Sewer, (AGC), 5.00%, 2/1/38 (1)

 

3,264,430

 

640

 

Miami Beach, FL, Storm Water, (FGIC), 5.375%, 9/1/30

 

640,435

 

280

 

Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34

 

258,602

 

1,156

 

Tampa Bay, FL, Water Utility System, (FGIC), 4.75%, 10/1/27 (1)

 

1,149,862

 

 

 

 

 

$

10,087,034

 

Nursing Home — 1.8%

 

 

 

$

265

 

Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24

 

$

266,020

 

735

 

Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34

 

736,838

 

 

 

 

 

$

1,002,858

 

Other Revenue — 4.3%

 

 

 

$

16,500

 

Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47

 

$

780,450

 

1,000

 

Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48

 

833,730

 

1,000

 

Salt Verde, AZ, Financial Corporation, Senior Gas Revenue, 5.00%, 12/1/37

 

832,950

 

 

 

 

 

$

2,447,130

 

Special Tax Revenue — 14.6%

 

 

 

$

85

 

Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21

 

$

85,042

 

500

 

Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/31

 

477,135

 

240

 

Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10

 

232,020

 

205

 

Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12

 

191,935

 

355

 

Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37

 

279,126

 

310

 

Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.20%, 5/1/35

 

311,225

 

230

 

Heritage Springs, FL, Community Development District, 5.25%, 5/1/26

 

211,931

 

340

 

New River, FL, Community Development District (Capital Improvements), 5.00%, 5/1/13

 

301,873

 

140

 

New River, FL, Community Development District, (Capital Improvements), 5.35%, 5/1/38

 

96,093

 

340

 

North Springs, FL, Improvement District, (Heron Bay), 5.20%, 5/1/27

 

261,922

 

595

 

North Springs, FL, Improvement District, (Heron Bay), 7.00%, 5/1/19

 

595,589

 

985

 

River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36

 

762,439

 

475

 

Southern Hills, FL, Plantation I Community Development District, 5.80%, 5/1/35

 

410,851

 

600

 

Sterling Hill, FL, Community Development District, 6.20%, 5/1/35

 

602,064

 

990

 

Tisons Landing, FL, Community Development District, 5.625%, 5/1/37

 

688,317

 

740

 

University Square, FL, Community Development District, 6.75%, 5/1/20

 

755,355

 

685

 

Waterlefe, FL, Community Development District, 6.95%, 5/1/31

 

707,105

 

175

 

West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/29

 

155,549

 

1,270

 

West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community), 5.00%, 3/1/35

 

1,094,245

 

 

 

 

 

$

8,219,816

 

 

3



 

Transportation — 4.3%

 

 

 

$

1,000

 

Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.375%, 5/15/33

 

$

985,790

 

1,500

 

North Texas Tollway Authority Revenue, 5.75%, 1/1/38

 

1,452,405

 

 

 

 

 

$

2,438,195

 

Total Tax-Exempt Investments — 176.7%
(identified cost $103,525,106)

 

$

99,677,480

 

Other Assets, Less Liabilities — (41.0)%

 

$

(23,124,896

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (35.7)%

 

$

(20,156,193

)

Net Assets Applicable to Common Shares — 100.0%

 

$

56,396,391

 

 

AGC

 

Assured Guaranty Corp.

AMBAC

 

AMBAC Financial Group, Inc.

AMT

 

Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC

 

Berkshire Hathaway Assurance Corp.

CIFG

 

CIFG Assurance North America, Inc.

FGIC

 

Financial Guaranty Insurance Company

FSA

 

Financial Security Assurance, Inc.

MBIA

 

Municipal Bond Insurance Association

PCR

 

Pollution Control Revenue

 

At August 31, 2008, the concentration of the Fund’s investments in the various states, determined as a percentage of total investments, is as follows:

 

Florida

 

26.3

%

 

Others, representing less than 10% individually

 

73.7

%

 

 

 

The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at August 31, 2008, 52.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.0% to 21.6% of total investments.

 

 

 

(1)

 

Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(2)

 

Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(3)

 

Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

(4)

 

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2008, the aggregate value of these securities is $1,781,130 or 3.2% of the Trust’s net assets applicable to common shares.

(5)

 

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2008.

(6)

 

When-issued security.

 

A summary of financial instruments at August 31, 2008 is as follows:

 

Futures Contracts

 

Expiration
Date

 

Contracts

 

Position

 

Aggregate
Cost

 

Value

 

Net Unrealized
Appreciation

 

12/08

 

60 U.S. Treasury Bond

 

Short

 

(7,059,165

)

$

(7,038,750

)

$

20,415

 

 

Interest Rate Swaps

 

Counterparty

 

Notional
Amount

 

Annual
Fixed Rate
Paid By Trust

 

Floating
Rate
Paid To Trust

 

Effective Date/
Termination
Date

 

Net Unrealized
Depreciation

 

Lehman Brothers, Inc.

 

$

2,475,000

 

4.985

%

3-month USD-LIBOR-BBA

 

September 28, 2008 /
September 28, 2038

 

$

(60,160

)

Merrill Lynch Capital Services, Inc.

 

3,975,000

 

5.065

 

3-month USD-LIBOR-BBA

 

April 1, 2009 /
April 1, 2039

 

(107,652

)

Morgan Stanley Capital Services, Inc.

 

1,500,000

 

5.428

 

3-month USD-LIBOR-BBA

 

September 10, 2008 /
September 10, 2038

 

(144,164

)

 

 

 

 

 

 

 

 

 

 

$

(311,976

 

The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.

 

At August 31, 2008, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

 

4



 

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

 

Aggregate cost

 

$

78,882,512

 

Gross unrealized appreciation

 

$

1,173,419

 

Gross unrealized depreciation

 

(4,563,451

)

Net unrealized depreciation

 

$

(3,390,032

)

 

The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective December 1, 2007. 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 August 31, 2008, the inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

 

 

Valuation Inputs

 

Investment in
Securities

 

Other Financial
Instruments*

 

Level 1

 

Quoted Prices

 

$

 

$

20,415

 

Level 2

 

Other Significant Observable Inputs

 

99,677,480

 

(311,976

)

Level 3

 

Significant Unobservable Inputs

 

 

 

Total

 

 

 

$

99,677,480

 

$

(291,561

)

 

* Other financial instruments include futures and interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Trust held no investments or other financial instruments as of November 30, 2007 whose fair value was determined using Level 3 inputs.

 

Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendor’s 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 to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued based on the closing price on the primary exchange on which such contracts trade. Interest rate swaps are normally valued using valuations provided by a pricing vendor.  Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract.  Future cash flows are discounted to their present value using swap curves provided  by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value.

 

5



 

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 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 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 National Municipal Income Trust

 

By:

 

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President

 

 

 

Date:

 

October 23, 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/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

 

President

 

 

 

Date:

 

October 23, 2008

 

 

 

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer

 

 

 

Date:

 

October 23, 2008

 


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