Eaton Vance Municipal Income 2028 Term Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-22777

Investment Company Act File Number

Eaton Vance Municipal Income 2028 Term Trust

(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)

January 31

Date of Fiscal Year End

October 31, 2016

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

 

Eaton Vance

Municipal Income 2028 Term Trust

October 31, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 151.5%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Bond Bank — 1.4%

      

Rickenbacker Port Authority, OH, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32

    $ 2,790       $ 3,136,406   
     

 

 

  
   $ 3,136,406   
     

 

 

  

Education — 8.5%

      

Portland Community College District, OR, 3.25%, 6/15/32(1)(2)

    $ 10,250       $ 10,551,852   

Rutgers State University, NJ, 4.00%, 5/1/30(1)

      8,425         9,163,030   
     

 

 

  
   $ 19,714,882   
     

 

 

  

Electric Utilities — 6.0%

      

Apache County Industrial Development Authority, AZ, (Tucson Electric Power Co.), 4.50%, 3/1/30

    $ 655       $ 722,727   

Nebraska Public Power District, 5.00%, 1/1/28(3)

      1,000         1,217,240   

Salt River Agricultural Improvement and Power District, AZ, 5.00%, 12/1/30(1)

      10,000         11,795,400   
     

 

 

  
   $ 13,735,367   
     

 

 

  

General Obligations — 37.6%

      

Clackamas Community College District, OR, 0.00%, 6/15/28

    $ 1,830       $ 1,275,986   

Clackamas Community College District, OR, 0.00%, 6/15/29

      1,000         662,870   

Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/28

      1,000         681,080   

Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/29

      2,395         1,545,398   

Clovis Unified School District, CA, (Election of 2012), 0.00%, 8/1/30

      2,575         1,574,896   

Fort Worth Independent School District, TX, (PSF Guaranteed), 5.00%, 2/15/28

      2,500         3,112,450   

Fresno Unified School District, CA, (Election of 2010), 0.00%, 8/1/30

      800         469,880   

Fresno Unified School District, CA, (Election of 2010), 0.00%, 8/1/31

      955         540,072   

Hawaii, 5.00%, 11/1/28(1)(2)

      8,000         9,573,760   

Illinois, 5.00%, 5/1/33

      3,200         3,361,152   

Leander Independent School District, TX, (PSF Guaranteed), 0.00%, 8/15/31

      5,000         3,027,100   

Pennsylvania, 4.00%, 4/1/29(1)(2)

      10,000         10,902,700   

Riverside County Community College District, CA, (Election of 2004), 0.00%, 8/1/29

      1,500         953,220   

Riverside County Community College District, CA, (Election of 2004), 0.00%, 8/1/30

      1,250         751,212   

San Bernardino Community College District, CA, 4.00%, 8/1/30(1)(2)

      10,000         11,030,600   

Springfield School District No. 19, Lane County, OR, 0.00%, 6/15/32

      4,395         2,737,557   

Tempe Union High School District No. 213, AZ, 4.00%, 7/1/29(1)(2)

      4,200         4,595,388   

Tempe Union High School District No. 213, AZ, 4.00%, 7/1/30(1)(2)

      4,350         4,712,137   

Texas, (Texas Transportation Commission), 4.00%, 10/1/31(1)(2)

      10,000         11,009,500   

University City School District, MO, 0.00%, 2/15/32

      1,200         778,188   

University City School District, MO, 0.00%, 2/15/33

      2,850         1,786,779   

Washington, 4.00%, 7/1/29(1)

      10,000         11,084,100   

Wentzville R-IV School District, MO, 0.00%, 3/1/25

      600         505,056   
     

 

 

  
   $ 86,671,081   
     

 

 

  

Hospital — 17.2%

  

California Health Facilities Financing Authority, (Providence Health & Services), 4.00%, 10/1/28(1)(2)

    $ 10,000       $ 11,214,200   

Delaware Health Facilities Authority, (Nanticoke Memorial Hospital), 5.00%, 7/1/28

      2,500         2,740,625   

Illinois Finance Authority, (Presence Health Network), 5.00%, 2/15/28

      2,635         3,016,232   

Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/28

      850         1,031,866   

 

1

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/28

    $ 2,720       $ 3,315,027   

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/29(4)

      450         503,555   

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/30(4)

      1,000         1,119,010   

Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/29

      985         1,099,122   

Tallahassee, FL, (Tallahassee Memorial HealthCare, Inc.), 5.00%, 12/1/28

      650         776,243   

Tarrant County Cultural Education Facilities Finance Corp., TX, (Baylor Health Care System), 4.00%, 11/15/32(1)

      10,000         10,498,700   

West Virginia Hospital Finance Authority, (West Virginia United Health System Obligated Group), 4.00%, 6/1/31

      2,500         2,740,675   

Yavapai County Industrial Development Authority, AZ, (Yavapai Regional Medical Center), 5.00%, 8/1/28

      1,500         1,700,310   
     

 

 

  
   $ 39,755,565   
     

 

 

  

Housing — 7.7%

      

Pennsylvania Housing Finance Agency, SFMR, (AMT), 3.90%, 10/1/28(1)

    $ 5,500       $ 5,745,135   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.20%, 10/1/33(1)

      1,500         1,596,015   

Virginia Housing Development Authority, 3.625%, 1/1/31(1)(2)

      10,000         10,330,900   
     

 

 

  
   $ 17,672,050   
     

 

 

  

Industrial Development Revenue — 5.9%

      

Louisiana Public Facilities Authority, (Cleco Power LLC), 4.25%, 12/1/38

    $ 2,395       $ 2,536,185   

Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27(4)

      2,500         2,521,850   

Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-1, 4.00%, 6/1/30

      680         728,348   

Matagorda County Navigation District No. 1, TX, (AEP Texas Central Co.), Series 2008-2, 4.00%, 6/1/30

      3,000         3,213,300   

New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30

      500         574,065   

New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30

      855         982,310   

Public Finance Authority, WI, (Celanese Corp.), 4.05%, 11/1/30

      3,000         3,089,520   
     

 

 

  
   $ 13,645,578   
     

 

 

  

Insured-Electric Utilities — 3.3%

      

Puerto Rico Electric Power Authority, (AGM), 1.087%, 7/1/29(5)

    $ 2,000       $ 1,495,220   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29

      500         545,020   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/30

      5,000         5,465,600   
     

 

 

  
   $ 7,505,840   
     

 

 

  

Insured-General Obligations — 2.9%

      

Grossmont Union High School District, CA, (Election of 2008), (AGM), 0.00%, 8/1/29

    $ 4,000       $ 2,527,360   

Luzerne County, PA, (AGM), 5.00%, 11/15/29

      2,000         2,290,120   

McHenry County Community Unit School District No. 12, IL, (AGM), 4.25%, 1/1/29

      1,230         1,306,408   

Puerto Rico Public Buildings Authority, (NPFG), 6.00%, 7/1/28

      500         518,925   
     

 

 

  
   $ 6,642,813   
     

 

 

  

Insured-Industrial Development Revenue — 1.8%

      

Massachusetts Port Authority, (Delta Airlines, Inc.), (AMBAC), (AMT), 5.00%, 1/1/27

    $ 4,200       $ 4,216,674   
     

 

 

  
   $ 4,216,674   
     

 

 

  

Insured-Special Tax Revenue — 1.5%

      

Puerto Rico Convention Center District Authority, (AMBAC), 5.00%, 7/1/31

    $ 1,475       $ 1,478,481   

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/35

      1,115         367,504   

Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/28

      1,480         1,593,442   
     

 

 

  
   $ 3,439,427   
     

 

 

  

 

2

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Insured-Transportation — 4.5%

      

Foothill/Eastern Transportation Corridor Agency, CA, (AGM), 5.625%, (0.00% until 1/15/24), 1/15/32

    $ 795       $ 700,482   

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31

      1,340         1,530,173   

New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28

      8,780         5,582,236   

Puerto Rico Highway and Transportation Authority, (AGM), 5.50%, 7/1/31

      1,000         1,190,370   

Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/20

      1,625         1,403,594   
     

 

 

  
   $ 10,406,855   
     

 

 

  

Insured-Water and Sewer — 2.3%

      

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/27

    $ 875       $ 577,351   

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/29

      1,225         704,412   

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/30

      1,045         559,127   

Jefferson County, AL, Sewer Revenue, (AGM), 0.00%, 10/1/33

      5,870         2,553,039   

Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28

      1,000         1,028,350   
     

 

 

  
   $ 5,422,279   
     

 

 

  

Lease Revenue/Certificates of Participation — 0.5%

      

Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/31

    $ 1,000       $ 1,075,010   
     

 

 

  
   $ 1,075,010   
     

 

 

  

Other Revenue — 6.0%

      

Oregon Department of Administrative Services, Lottery Revenue, 4.00%, 4/1/29(1)

    $ 10,000       $ 10,989,900   

Salt Verde Financial Corp., AZ, Senior Gas Revenue, 5.00%, 12/1/32

      2,460         2,971,729   
     

 

 

  
   $ 13,961,629   
     

 

 

  

Senior Living/Life Care — 6.9%

      

Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/28

    $ 1,360       $ 1,549,394   

Harris County Cultural Education Facilities Finance Corp., TX, (Brazos Presbyterian Homes, Inc.), 5.75%, 1/1/28

      140         174,376   

Illinois Finance Authority, (Plymouth Place, Inc.), 5.00%, 5/15/30

      2,750         2,972,007   

Lancaster Industrial Development Authority, PA, (Garden Spot Village), 5.375%, 5/1/28

      600         674,238   

Lorain County Port Authority, OH, (Kendal at Oberlin), 5.00%, 11/15/30

      1,250         1,412,212   

Multnomah County Hospital Facilities Authority, OR, (Mirabella at South Waterfront), 5.125%, 10/1/34

      1,500         1,649,805   

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.00%, 7/1/27

      765         799,127   

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.00%, 7/1/28

      910         943,679   

Palm Beach County Health Facilities Authority, FL, (Sinai Residences of Boca Raton), 7.25%, 6/1/34

      1,060         1,282,017   

Public Finance Authority, WI, (Church Home of Hartford, Inc.), 5.00%, 9/1/25(4)

      1,200         1,346,364   

Savannah Economic Development Authority, GA, (Marshes of Skidaway Island), 6.00%, 1/1/24

      500         572,125   

Tarrant County Cultural Education Facilities Finance Corp., TX, (Trinity Terrace), 5.00%, 10/1/29

      1,000         1,151,200   

Warren County, OH, (Otterbein Homes Obligated Group), 5.00%, 7/1/28

      1,200         1,383,540   
     

 

 

  
   $ 15,910,084   
     

 

 

  

Special Tax Revenue — 16.9%

      

Lakewood Ranch Stewardship District, FL, (Villages of Lakewood Ranch), 4.25%, 5/1/26

    $ 1,500       $ 1,534,230   

Michigan Finance Authority, Detroit Financial Recovery Income Tax Revenue, 4.50%, 10/1/29

      895         981,287   

New York Dormitory Authority, Sales Tax Revenue, 4.00%, 3/15/30(1)

      10,000         11,096,000   

New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/30(1)

      12,000         14,455,920   

Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/30(1)

      2,000         2,235,720   

Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/31(1)

      5,680         6,288,669   

Scottsdale Municipal Property Corp., AZ, Excise Tax Revenue, 4.00%, 7/1/32(1)

      2,120         2,331,639   
     

 

 

  
   $ 38,923,465   
     

 

 

  

 

3

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Student Loan — 3.9%

      

Massachusetts Educational Financing Authority, (AMT), 4.125%, 1/1/29

    $ 2,000       $ 2,139,380   

Massachusetts Educational Financing Authority, (AMT), 5.00%, 1/1/27

      3,000         3,490,620   

New Jersey Higher Education Student Assistance Authority, Series 2013-1A, (AMT), 4.00%, 12/1/28

      2,000         2,096,780   

New Jersey Higher Education Student Assistance Authority, Series 2015-1A, (AMT), 4.00%, 12/1/28

      1,310         1,383,923   
     

 

 

  
   $ 9,110,703   
     

 

 

  

Transportation — 10.3%

      

Foothill/Eastern Transportation Corridor Agency, CA, 5.90%, (0.00% until 1/15/24), 1/15/27

    $ 2,000       $ 1,665,720   

Grand Parkway Transportation Corp., TX, 4.95%, (0.00% until 10/1/23), 10/1/29

      800         741,280   

Grand Parkway Transportation Corp., TX, 5.05%, (0.00% until 10/1/23), 10/1/30

      1,500         1,387,500   

Grand Parkway Transportation Corp., TX, 5.20%, (0.00% until 10/1/23), 10/1/31

      2,000         1,844,940   

Houston, TX, (United Airlines, Inc.), (AMT), 5.00%, 7/1/29

      1,470         1,648,032   

Kentucky Public Transportation Infrastructure Authority, (Downtown Crossing Project), 0.00%, 7/1/28

      1,240         717,650   

Mid-Bay Bridge Authority, FL, 5.00%, 10/1/29

      2,725         3,200,376   

Port Authority of New York and New Jersey, (AMT), 4.00%, 7/15/36(1)(2)

      10,000         10,498,368   

Triborough Bridge and Tunnel Authority, NY, 0.00%, 11/15/31

      3,325         2,111,874   
     

 

 

  
   $ 23,815,740   
     

 

 

  

Water and Sewer — 6.4%

      

Detroit, MI, Water Supply System, 5.25%, 7/1/27

    $ 1,000       $ 1,118,990   

Michigan Finance Authority, (Detroit Water and Sewerage Department), 5.00%, 7/1/30

      5,000         5,742,900   

Northeast Ohio Regional Sewer District, 4.00%, 11/15/33(1)(2)

      7,500         8,025,000   
     

 

 

  
   $ 14,886,890   
     

 

 

  

Total Tax-Exempt Municipal Securities — 151.5%
(identified cost $325,077,208)

       $ 349,648,338   
     

 

 

  

Taxable Municipal Securities — 4.0%

      
Security    Principal
Amount
(000’s omitted)		      Value  

General Obligations — 2.7%

      

Atlantic City, NJ, 7.00%, 3/1/28

    $ 3,115       $ 3,319,033   

Chicago, IL, 7.375%, 1/1/33

      1,000         1,078,330   

Chicago, IL, 7.781%, 1/1/35

      1,675         1,863,672   
     

 

 

  
      $ 6,261,035   
     

 

 

  

Insured-Transportation — 1.3%

      

Alameda Corridor Transportation Authority, CA, (AMBAC), 0.00%, 10/1/31

    $ 5,805       $ 3,012,969   
     

 

 

  
      $ 3,012,969   
     

 

 

  

Total Taxable Municipal Securities — 4.0%
(identified cost $7,899,823)

       $ 9,274,004   
     

 

 

  

 

4

 

 

                                                 

Institutional MuniFund Term Preferred Shares — 0.9%

      
Security    Shares      Value  

Nuveen Texas Quality Income Municipal Fund, (AMT), 1.53%, 11/1/18(4)(6)

      400       $ 1,996,800   
     

 

 

  

Total Institutional MuniFund Term Preferred Shares — 0.9%
(identified cost $2,000,000)

       $ 1,996,800   
     

 

 

  

Total Investments — 156.4%
(identified cost $334,977,031)

       $ 360,919,142   
     

 

 

  

Other Assets, Less Liabilities — (56.4)%

       $ (130,154,059 ) 
     

 

 

  

Net Assets — 100.0%

       $ 230,765,083   
     

 

 

  

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

At October 31, 2016, the concentration of the Trust’s investments in the various states and territories, determined as a percentage of total investments, is as follows:

 

                        

New York

      11.5 % 

Texas

      11.2 % 

Arizona

      10.3 % 

California

      10.2 % 

Others, representing less than 10% individually

      56.8 % 

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 October 31, 2016, 11.3% 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 or financial guaranty assurance agency ranged from 0.3% to 4.9% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $33,099,405.

 

(3) When-issued security.

 

(4) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2016, the aggregate value of these securities is $7,487,579 or 3.2% of the Trust’s net assets.

 

(5) Variable rate security. The stated interest rate represents the rate in effect at October 31, 2016.

 

(6) Variable rate security. The stated dividend rate represents the rate in effect at October 31, 2016. Maturity date represents the mandatory redemption date. Each share represents $5,000 par value.

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal 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.

NPFG

   -   National Public Finance Guaranty Corp.

PSF

   -   Permanent School Fund

SFMR

   -   Single Family Mortgage Revenue
 

 

The Trust did not have any open financial instruments at October 31, 2016.

 

5

 

 

The cost and unrealized appreciation (depreciation) of investments of the Trust at October 31, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     202,799,574   
  

 

 

  

Gross unrealized appreciation

    $ 26,279,863   

Gross unrealized depreciation

      (95,295 ) 
  

 

 

  

Net unrealized appreciation

    $ 26,184,568   
  

 

 

  

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.

At October 31, 2016, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

    $ —       $ 349,648,338       $ —       $ 349,648,338   

Taxable Municipal Securities

      —         9,274,004         —         9,274,004   

Institutional MuniFund Term Preferred Shares

      —         1,996,800         —         1,996,800   

Total Investments

    $     —       $     360,919,142       $     —       $     360,919,142   

The Trust held no investments or other financial instruments as of January 31, 2016 whose fair value was determined using Level 3 inputs. At October 31, 2016, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

 

6

 

 

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is 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 Municipal Income 2028 Term Trust

 

By:  

  /s/ Payson F. Swaffield

    Payson F. Swaffield
    President
Date:     December 19, 2016

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/ Payson F. Swaffield

    Payson F. Swaffield
    President
Date:     December 19, 2016

 

By:  

  /s/ James F. Kirchner

    James F. Kirchner
    Treasurer
Date:     December 19, 2016