Eaton Vance Enhanced Equity Income Fund II

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21670

Investment Company Act File Number

Eaton Vance Enhanced Equity Income Fund II

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

December 31

Date of Fiscal Year End

March 31, 2013

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

Enhanced Equity Income Fund II

March 31, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.5%(1)

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 3.3%

      

Boeing Co. (The)

      115,514       $ 9,916,877   

United Technologies Corp.

      110,273         10,302,806   
     

 

 

  
      $ 20,219,683   
     

 

 

  

Air Freight & Logistics — 0.9%

      

United Parcel Service, Inc., Class B

      61,728       $ 5,302,435   
     

 

 

  
      $ 5,302,435   
     

 

 

  

Beverages — 3.5%

      

Beam, Inc.

      87,921       $ 5,586,500   

Coca-Cola Co. (The)

      382,838         15,481,969   
     

 

 

  
      $ 21,068,469   
     

 

 

  

Biotechnology — 4.6%

      

Celgene Corp.(2)

      109,686       $ 12,713,704   

Gilead Sciences, Inc.(2)

      309,052         15,121,915   
     

 

 

  
      $ 27,835,619   
     

 

 

  

Capital Markets — 0.5%

      

Charles Schwab Corp. (The)

      97,951       $ 1,732,753   

Walter Investment Management Corp.(2)

      41,937         1,562,153   
     

 

 

  
      $ 3,294,906   
     

 

 

  

Chemicals — 4.6%

      

Air Products and Chemicals, Inc.

      45,828       $ 3,992,536   

Ecolab, Inc.

      60,766         4,872,218   

LyondellBasell Industries NV, Class A

      65,442         4,141,824   

Monsanto Co.

      107,719         11,378,358   

PPG Industries, Inc.

      23,330         3,124,820   
     

 

 

  
      $ 27,509,756   
     

 

 

  

Commercial Banks — 1.4%

      

PNC Financial Services Group, Inc.

      49,340       $ 3,281,110   

Wells Fargo & Co.

      141,318         5,227,353   
     

 

 

  
      $ 8,508,463   
     

 

 

  

Communications Equipment — 2.3%

      

QUALCOMM, Inc.

      210,889       $ 14,119,018   
     

 

 

  
      $ 14,119,018   
     

 

 

  

Computers & Peripherals — 5.5%

      

Apple, Inc.

      65,241       $ 28,877,624   

EMC Corp.(2)

      120,104         2,869,284   

NCR Corp.(2)

      55,314         1,524,454   
     

 

 

  
      $ 33,271,362   
     

 

 

  

Consumer Finance — 1.4%

      

American Express Co.

      123,410       $ 8,325,239   
     

 

 

  
      $ 8,325,239   
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Diversified Telecommunication Services — 2.3%

      

Verizon Communications, Inc.

      279,208       $ 13,723,073   
     

 

 

  
      $ 13,723,073   
     

 

 

  

Electrical Equipment — 2.4%

      

Emerson Electric Co.

      161,565       $ 9,026,637   

Generac Holdings, Inc.

      154,904         5,474,307   
     

 

 

  
      $ 14,500,944   
     

 

 

  

Energy Equipment & Services — 1.9%

      

Cameron International Corp.(2)

      46,291       $ 3,018,173   

Schlumberger, Ltd.

      113,844         8,525,777   
     

 

 

  
      $ 11,543,950   
     

 

 

  

Food & Staples Retailing — 1.2%

      

Costco Wholesale Corp.

      69,157       $ 7,338,249   
     

 

 

  
      $ 7,338,249   
     

 

 

  

Food Products — 3.5%

      

Green Mountain Coffee Roasters, Inc.(2)

      93,112       $ 5,285,037   

Hershey Co. (The)

      71,147         6,227,497   

Kraft Foods Group, Inc.

      61,166         3,151,884   

Mondelez International, Inc., Class A

      214,445         6,564,161   
     

 

 

  
      $ 21,228,579   
     

 

 

  

Health Care Equipment & Supplies — 2.7%

      

Abbott Laboratories

      141,798       $ 5,008,305   

Covidien PLC

      111,929         7,593,264   

Varian Medical Systems, Inc.(2)

      54,936         3,955,392   
     

 

 

  
      $ 16,556,961   
     

 

 

  

Health Care Providers & Services — 0.8%

      

Express Scripts Holding Co.(2)

      80,874       $ 4,662,386   
     

 

 

  
      $ 4,662,386   
     

 

 

  

Hotels, Restaurants & Leisure — 1.7%

      

McDonald’s Corp.

      103,025       $ 10,270,562   
     

 

 

  
      $ 10,270,562   
     

 

 

  

Household Products — 1.9%

      

Colgate-Palmolive Co.

      98,091       $ 11,577,681   
     

 

 

  
      $ 11,577,681   
     

 

 

  

Industrial Conglomerates — 2.0%

      

Danaher Corp.

      194,273       $ 12,074,067   
     

 

 

  
      $ 12,074,067   
     

 

 

  

Insurance — 0.6%

      

AmTrust Financial Services, Inc.

      103,787       $ 3,596,220   
     

 

 

  
      $ 3,596,220   
     

 

 

  

Internet & Catalog Retail — 3.6%

      

Amazon.com, Inc.(2)

      59,757       $ 15,924,643   

Netflix, Inc.(2)

      29,136         5,518,650   
     

 

 

  
      $ 21,443,293   
     

 

 

  

Internet Software & Services — 7.1%

      

eBay, Inc.(2)

      217,809       $ 11,809,604   

Equinix, Inc.(2)

      13,744         2,972,965   

Google, Inc., Class A(2)

      30,660         24,344,960   

 

2

 

 

                                                 
Security    Shares      Value  

VeriSign, Inc.(2)

      73,883       $ 3,493,188   
     

 

 

  
      $ 42,620,717   
     

 

 

  

IT Services — 7.0%

      

Accenture PLC, Class A

      149,846       $ 11,383,801   

International Business Machines Corp.

      101,888         21,732,710   

Visa, Inc., Class A

      51,956         8,824,207   
     

 

 

  
      $ 41,940,718   
     

 

 

  

Machinery — 1.5%

      

Deere & Co.

      103,764       $ 8,921,629   
     

 

 

  
      $ 8,921,629   
     

 

 

  

Media — 4.1%

      

Comcast Corp., Class A

      231,116       $ 9,709,183   

Lions Gate Entertainment Corp.(2)

      135,317         3,216,485   

Walt Disney Co. (The)

      204,005         11,587,484   
     

 

 

  
      $ 24,513,152   
     

 

 

  

Multiline Retail — 3.6%

      

Dollar General Corp.(2)

      225,489       $ 11,405,234   

Macy’s, Inc.

      125,010         5,230,418   

Target Corp.

      73,031         4,998,972   
     

 

 

  
      $ 21,634,624   
     

 

 

  

Oil, Gas & Consumable Fuels — 2.7%

      

EOG Resources, Inc.

      27,831       $ 3,564,316   

Phillips 66

      63,477         4,441,486   

Range Resources Corp.

      103,940         8,423,297   
     

 

 

  
      $ 16,429,099   
     

 

 

  

Pharmaceuticals — 5.5%

      

Actavis, Inc.(2)

      92,729       $ 8,541,268   

Perrigo Co.

      72,236         8,576,580   

Pfizer, Inc.

      235,524         6,797,223   

Roche Holding AG PC

      14,982         3,492,649   

Shire PLC ADR

      60,628         5,538,974   
     

 

 

  
      $ 32,946,694   
     

 

 

  

Real Estate Investment Trusts (REITs) — 1.5%

      

American Tower Corp.

      46,913       $ 3,608,548   

AvalonBay Communities, Inc.

      13,100         1,659,377   

Public Storage, Inc.

      27,040         4,118,733   
     

 

 

  
      $ 9,386,658   
     

 

 

  

Road & Rail — 1.9%

      

Kansas City Southern

      43,188       $ 4,789,549   

Union Pacific Corp.

      45,181         6,434,226   
     

 

 

  
      $ 11,223,775   
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.9%

      

Analog Devices, Inc.

      79,170       $ 3,680,613   

Broadcom Corp., Class A

      47,315         1,640,411   
     

 

 

  
      $ 5,321,024   
     

 

 

  

Software — 4.7%

      

Microsoft Corp.

      637,001       $ 18,224,599   

 

3

 

 

                                                 
Security    Shares      Value  

Oracle Corp.

      312,254       $ 10,098,294   
     

 

 

  
      $ 28,322,893   
     

 

 

  

Specialty Retail — 2.8%

      

Home Depot, Inc. (The)

      83,834       $ 5,849,937   

TJX Companies, Inc. (The)

      143,018         6,686,091   

Urban Outfitters, Inc.(2)

      108,951         4,220,762   
     

 

 

  
      $ 16,756,790   
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.3%

      

NIKE, Inc., Class B

      134,986       $ 7,965,524   
     

 

 

  
      $ 7,965,524   
     

 

 

  

Tobacco — 2.3%

      

Philip Morris International, Inc.

      150,873       $ 13,987,436   
     

 

 

  
      $ 13,987,436   
     

 

 

  

Total Common Stocks
(identified cost $403,502,650)

   

    $ 599,941,648   
     

 

 

  

Put Options Purchased — 0.0%(3)

  

 

                                                                                                   
Security    Number of
Contracts		     

Strike

Price

      Expiration
Date		      Value  

Netflix, Inc.

      285       $     170.00         4/20/13       $ 51,300   

Netflix, Inc.

      6         175.00         4/20/13         1,662   
           

 

 

  

Total Put Options Purchased
(identified cost $372,117)

   

    $ 52,962   
           

 

 

  

Short-Term Investments — 1.3%

  

Description                    Interest
(000’s omitted)		      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.11%(4)

          $ 7,738       $ 7,737,701   
           

 

 

  

Total Short-Term Investments
(identified cost $7,737,701)

   

    $ 7,737,701   
           

 

 

  

Total Investments — 100.8%
(identified cost $411,612,468)

   

    $     607,732,311   
           

 

 

  

Covered Call Options Written — (0.7)%

 

                                                                                                   
Security    Number of
Contracts		     

Strike

Price

      Expiration
Date		      Value  

Abbott Laboratories

      710       $ 36.00         4/20/13       $ (15,620 ) 

Accenture PLC, Class A

      750         77.50         4/20/13         (22,500 ) 

Actavis, Inc.

      465         90.00         5/18/13             (186,000 ) 

Amazon.com, Inc.

      300             280.00         4/20/13         (42,600 ) 

American Express Co.

      620         70.00         5/18/13         (36,890 ) 

 

4

 

 

                                                                                                   
Security    Number of
Contracts		     

Strike

Price

      Expiration
Date		      Value  

American Tower Corp.

      235       $ 82.50         4/20/13       $ (587 ) 

AmTrust Financial Services, Inc.

      520         35.00         4/20/13         (37,700 ) 

Analog Devices, Inc.

      400         47.00         4/20/13         (21,000 ) 

Apple, Inc.

      330             490.00         4/20/13         (31,515 ) 

AvalonBay Communities, Inc.

      70         135.00         4/20/13         (350 ) 

Beam, Inc.

      440         65.00         5/18/13         (50,600 ) 

Boeing Co. (The)

      580         85.00         5/18/13             (166,750 ) 

Broadcom Corp., Class A

      240         37.00         4/20/13         (1,320 ) 

Cameron International Corp.

      235         67.50         5/18/13         (36,425 ) 

Celgene Corp.

      550         115.00         4/20/13         (165,825 ) 

Charles Schwab Corp. (The)

      490         19.00         6/22/13         (11,025 ) 

Coca-Cola Co. (The)

      1,915         41.00         6/22/13         (140,753 ) 

Colgate-Palmolive Co.

      490         120.00         5/18/13         (62,720 ) 

Comcast Corp., Class A

      1,160         42.00         4/20/13         (64,380 ) 

Costco Wholesale Corp.

      350         105.00         5/18/13         (96,250 ) 

Covidien PLC

      560         70.00         5/18/13         (42,000 ) 

Danaher Corp.

      975         65.00         6/22/13         (78,000 ) 

Deere & Co.

      520         95.00         5/18/13         (11,180 ) 

Dollar General Corp.

      1,130         55.00         5/18/13         (76,275 ) 

eBay, Inc.

      1,090         60.00         4/20/13         (26,705 ) 

Ecolab, Inc.

      305         82.50         5/18/13         (30,500 ) 

EMC Corp.

      605         26.00         4/20/13         (1,815 ) 

Emerson Electric Co.

      810         60.00         4/20/13         (2,025 ) 

EOG Resources, Inc.

      140         145.00         4/20/13         (1,050 ) 

Equinix, Inc.

      70         230.00         6/22/13         (36,050 ) 

Express Scripts Holding Co.

      405         62.50         5/18/13         (13,365 ) 

Gilead Sciences, Inc.

      1,545         52.50         6/22/13         (175,358 ) 

Google, Inc., Class A

      155         840.00         4/20/13         (93,775 ) 

Green Mountain Coffee Roasters, Inc.

      470         62.50         5/18/13         (137,240 ) 

Hershey Co. (The)

      280         85.00         5/18/13         (95,200 ) 

Home Depot, Inc. (The)

      420         72.50         5/18/13         (27,930 ) 

International Business Machines Corp.

      495             210.00         4/20/13         (295,763 ) 

Kansas City Southern

      220         115.00         6/22/13         (80,300 ) 

Kraft Foods Group, Inc.

      310         52.50         6/22/13         (31,000 ) 

Lions Gate Entertainment Corp.

      680         26.00         6/22/13         (39,100 ) 

LyondellBasell Industries NV, Class A

      330         70.00         5/18/13         (16,500 ) 

Macy’s, Inc.

      625         44.00         5/18/13         (37,187 ) 

McDonald’s Corp.

      515         97.50         4/20/13         (141,368 ) 

Microsoft Corp.

      1,915         29.00         4/20/13         (58,407 ) 

Microsoft Corp.

      1,270         29.00         5/18/13         (61,595 ) 

Mondelez International, Inc., Class A

      1,075         32.00         6/22/13         (62,887 ) 

NCR Corp.

      280         29.00         5/18/13         (12,600 ) 

Netflix, Inc.

      285         190.00         4/20/13         (220,163 ) 

Netflix, Inc.

      6         195.00         4/20/13         (3,390 ) 

NIKE, Inc., Class B

      675         57.50         4/20/13         (132,638 ) 

Oracle Corp.

      1,565         38.00         5/18/13         (1,565 ) 

Perrigo Co.

      365         120.00         4/20/13         (31,937 ) 

Pfizer, Inc.

      1,180         30.00         6/22/13         (35,400 ) 

Philip Morris International, Inc.

      755         92.50         5/18/13         (157,795 ) 

Phillips 66

      320         70.00         5/18/13         (91,200 ) 

 

5

 

 

                                                                                                   
Security    Number of
Contracts		     

Strike

Price

      Expiration
Date		      Value  

PNC Financial Services Group, Inc.

      250       $ 67.50         5/18/13       $ (24,250 ) 

PPG Industries, Inc.

      120         145.00         5/18/13         (9,300 ) 

Public Storage, Inc.

      135         155.00         5/18/13         (25,987 ) 

QUALCOMM, Inc.

      925         70.00         4/20/13         (10,175 ) 

QUALCOMM, Inc.

      130         70.00         6/22/13         (15,275 ) 

Range Resources Corp.

      520         80.00         4/20/13         (136,500 ) 

Shire PLC ADR

      305         100.00         5/18/13         (22,875 ) 

Target Corp.

      365         70.00         5/18/13         (32,120 ) 

TJX Companies, Inc. (The)

      715         47.50         4/20/13         (23,237 ) 

Union Pacific Corp.

      230             145.00         5/18/13         (57,270 ) 

United Parcel Service, Inc., Class B

      310         85.00         4/20/13         (46,345 ) 

United Technologies Corp.

      555         95.00         5/18/13         (82,140 ) 

Urban Outfitters, Inc.

      545         44.00         6/22/13         (29,975 ) 

Varian Medical Systems, Inc.

      275         75.00         5/18/13         (37,125 ) 

VeriSign, Inc.

      370         48.00         4/20/13         (20,720 ) 

Verizon Communications, Inc.

      1,400         50.00         5/18/13         (68,600 ) 

Visa, Inc., Class A

      260         165.00         6/22/13         (234,650 ) 

Walt Disney Co. (The)

      1,020         57.50         4/20/13         (52,020 ) 

Wells Fargo & Co.

      710         38.00         5/18/13         (28,400 ) 
           

 

 

  

Total Covered Call Options Written
(premiums received $4,446,060)

   

    $     (4,507,037 ) 
           

 

 

  

 

                                                                                                   

Covered Put Options Written — (0.0)%(3)

  

Security    Number of
Contracts		     

Strike

Price

      Expiration
Date		      Value  

Netflix, Inc.

      285       $     135.00         4/20/13       $ (2,993 ) 

Netflix, Inc.

      6         140.00         4/20/13         (63 ) 
           

 

 

  

Total Covered Put Options Written
(premiums received $80,049)

             $ (3,056 ) 
           

 

 

  

Other Assets, Less Liabilities — (0.1)%

             $ (600,959 ) 
           

 

 

  

Net Assets — 100.0%

             $     602,621,259   
           

 

 

  

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

 

ADR

   -   American Depositary Receipt

PC

   -   Participation Certificate

 

(1) A portion of each applicable common stock for which a written call option is outstanding at March 31, 2013 has been pledged as collateral for such written option.

 

(2) Non-income producing security.

 

(3) Amount is less than 0.05%.

 

6

 

 

(4) 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, 2013. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended March 31, 2013 was $1,977.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     412,295,848   
  

 

 

  

Gross unrealized appreciation

    $     196,003,012   

Gross unrealized depreciation

      (566,549 ) 
  

 

 

  

Net unrealized appreciation

    $ 195,436,463   
  

 

 

  

Written options activity for the fiscal year to date ended March 31, 2013 was as follows:

 

     Number of
Contracts		   Premiums
Received		  
Outstanding, beginning of period     48,785   $ 7,700,699   
Options written     89,198     8,348,251   
Options terminated in closing purchase transactions    (76,382)         (8,713,241 ) 
Options exercised      (1,129)     (124,798 ) 
Options expired    (17,845)     (2,684,802 ) 
  

 

  

 

 

  
Outstanding, end of period     42,627   $ 4,526,109   
  

 

  

 

 

  

At March 31, 2013, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund writes covered call options on individual stocks above the current value of the stock to generate premium income. In writing call options on individual stocks, the Fund in effect, sells potential appreciation in the value of the applicable stock above the exercise price in exchange for the option premium received. The Fund retains the risk of loss, minus the premium received, should the price of the underlying stock decline. The Fund may also enter into option transactions or a combination of option transactions on individual securities to seek return and/or to seek to reduce the Fund’s exposure to a decline in the stock price.

At March 31, 2013, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and in a liability position and whose primary underlying risk exposure is equity price risk was $52,962 and $4,510,093, respectively.

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

 

  •  

Level 1 — quoted prices in active markets for identical investments

 

  •  

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

 

  •  

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

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

 

7

 

 

At March 31, 2013, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1     Level 2     Level 3      Total  

Common Stocks

          

Consumer Discretionary

    $ 102,583,945      $     —      $     —       $     102,583,945   

Consumer Staples

      75,200,414        —        —         75,200,414   

Energy

      27,973,049        —        —         27,973,049   

Financials

      33,111,486        —        —         33,111,486   

Health Care

      78,509,011        3,492,649        —         82,001,660   

Industrials

      72,242,533        —        —         72,242,533   

Information Technology

      165,595,732        —        —         165,595,732   

Materials

      27,509,756        —        —         27,509,756   

Telecommunication Services

      13,723,073        —        —         13,723,073   

Total Common Stocks

    $ 596,448,999      $ 3,492,649 *    $     —       $     599,941,648   

Put Options Purchased

    $ 52,962      $ —      $ —       $ 52,962   

Short-Term Investments

      —        7,737,701        —         7,737,701   

Total Investments

    $     596,501,961      $     11,230,350      $ —       $ 607,732,311   
Liability Description                              

Covered Call Options Written

    $ (4,507,037 )    $ —      $ —       $ (4,507,037 ) 

Covered Put Options Written

      (3,056 )      —        —         (3,056 ) 

Total

    $ (4,510,093 )    $ —      $ —       $ (4,510,093 ) 

 

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

The Fund held no investments or other financial instruments as of December 31, 2012 whose fair value was determined using Level 3 inputs. At March 31, 2013, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

 

8

 

 

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 Enhanced Equity Income Fund II

 

By:   /s/ Walter A. Row, III
  Walter A. Row, III
  President
Date:   May 24, 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/ Walter A. Row, III
  Walter A. Row, III
  President

Date:

   May 24, 2013

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   May 24, 2013