UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-09151
Investment Company Act File Number
Eaton Vance Pennsylvania Municipal Income 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
(Registrants Telephone Number, Including Area Code)
November 30
Date of Fiscal Year End
February 29, 2012
Date of Reporting Period
Item 1. Schedule of Investments
Eaton Vance
Pennsylvania Municipal Income Trust
February 29, 2012
PORTFOLIO OF INVESTMENTS (Unaudited)
Tax-Exempt Investments 156.5%
Security | Principal Amount (000s omitted) |
Value | ||||||
Cogeneration 1.9% |
||||||||
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13(1) |
$ | 100 | $ | 60,120 | ||||
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19(1) |
500 | 301,400 | ||||||
Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15 |
375 | 375,514 | ||||||
|
|
|||||||
$ | 737,034 | |||||||
|
|
|||||||
Education 17.8% |
||||||||
Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31 |
$ | 1,050 | $ | 1,192,338 | ||||
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39 |
500 | 552,660 | ||||||
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39 |
1,200 | 1,310,436 | ||||||
Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39 |
500 | 541,605 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Saint Josephs University), 5.00%, 11/1/40 |
440 | 472,120 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40 |
625 | 678,375 | ||||||
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31 |
750 | 853,515 | ||||||
University of Pittsburgh, 5.25%, 9/15/29 |
500 | 587,055 | ||||||
Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30 |
575 | 632,857 | ||||||
|
|
|||||||
$ | 6,820,961 | |||||||
|
|
|||||||
Electric Utilities 1.6% |
||||||||
York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20 |
$ | 600 | $ | 607,164 | ||||
|
|
|||||||
$ | 607,164 | |||||||
|
|
|||||||
Escrowed/Prerefunded 3.0% |
||||||||
Bucks County Industrial Development Authority, (Pennswood Village), Prerefunded to 10/1/12, 6.00%, 10/1/27 |
$ | 600 | $ | 626,184 | ||||
Washington County Hospital Authority, (Monongahela Hospital), Prerefunded to 6/1/12, 5.50%, 6/1/17 |
500 | 511,865 | ||||||
|
|
|||||||
$ | 1,138,049 | |||||||
|
|
|||||||
General Obligations 10.3% |
||||||||
Chester County, 5.00%, 7/15/27(2) |
$ | 500 | $ | 589,260 | ||||
Daniel Boone Area School District, 5.00%, 8/15/32 |
1,000 | 1,085,150 | ||||||
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 |
1,000 | 1,157,310 | ||||||
Philadelphia School District, 6.00%, 9/1/38 |
1,000 | 1,139,030 | ||||||
|
|
|||||||
$ | 3,970,750 | |||||||
|
|
|||||||
Hospital 21.4% |
||||||||
Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34 |
$ | 500 | $ | 553,565 |
1
Security | Principal Amount (000s omitted) |
Value | ||||||
Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40 |
$ | 750 | $ | 800,655 | ||||
Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29 |
750 | 832,387 | ||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32 |
1,215 | 1,247,744 | ||||||
Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39 |
750 | 792,397 | ||||||
Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43 |
1,500 | 1,534,920 | ||||||
Northampton County General Purpose Authority, (Saint Lukes Hospital), 5.50%, 8/15/33 |
250 | 265,168 | ||||||
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(3) |
1,000 | 1,179,180 | ||||||
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31 |
675 | 735,365 | ||||||
South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29 |
250 | 267,118 | ||||||
|
|
|||||||
$ | 8,208,499 | |||||||
|
|
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Housing 16.1% |
||||||||
Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37 |
$ | 435 | $ | 447,454 | ||||
Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35 |
1,115 | 1,139,965 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37 |
840 | 852,255 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25 |
500 | 518,520 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26 |
885 | 901,718 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31 |
500 | 507,040 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.90%, 10/1/37 |
970 | 978,691 | ||||||
Pennsylvania Housing Finance Agency, SFMR, (AMT), 5.15%, 10/1/37 |
830 | 845,048 | ||||||
|
|
|||||||
$ | 6,190,691 | |||||||
|
|
|||||||
Industrial Development Revenue 8.3% |
||||||||
Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39 |
$ | 200 | $ | 220,452 | ||||
Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 |
750 | 795,315 | ||||||
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39 |
250 | 289,070 | ||||||
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 |
1,115 | 1,384,830 | ||||||
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 |
500 | 514,750 | ||||||
|
|
|||||||
$ | 3,204,417 | |||||||
|
|
|||||||
Insured-Education 12.4% |
||||||||
Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37 |
$ | 500 | $ | 540,015 | ||||
Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32 |
1,675 | 1,676,976 | ||||||
Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37 |
1,115 | 1,183,517 | ||||||
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29 |
375 | 410,003 | ||||||
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32 |
875 | 941,167 | ||||||
|
|
|||||||
$ | 4,751,678 | |||||||
|
|
|||||||
Insured-Escrowed/Prerefunded 8.7% |
||||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27 |
$ | 1,600 | $ | 1,615,136 |
2
Security | Principal Amount (000s omitted) |
Value | ||||||
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19 |
$ | 2,000 | $ | 1,744,920 | ||||
|
|
|||||||
$ | 3,360,056 | |||||||
|
|
|||||||
Insured-General Obligations 3.7% |
||||||||
Beaver County, (AGM), 5.55%, 11/15/31 |
$ | 500 | $ | 555,320 | ||||
Bethlehem Area School District, (AGM), 5.25%, 1/15/25 |
750 | 858,758 | ||||||
|
|
|||||||
$ | 1,414,078 | |||||||
|
|
|||||||
Insured-Hospital 10.7% |
| |||||||
Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24 |
$ | 250 | $ | 330,660 | ||||
Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26 |
355 | 355,380 | ||||||
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35 |
1,440 | 1,524,614 | ||||||
Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 |
1,900 | 1,902,698 | ||||||
|
|
|||||||
$ | 4,113,352 | |||||||
|
|
|||||||
Insured-Lease Revenue/Certificates of Participation 4.8% |
||||||||
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31 |
$ | 500 | $ | 552,555 | ||||
Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27 |
1,195 | 1,304,546 | ||||||
|
|
|||||||
$ | 1,857,101 | |||||||
|
|
|||||||
Insured-Special Tax Revenue 2.0% |
||||||||
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54 |
$ | 4,855 | $ | 402,139 | ||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 |
2,335 | 372,386 | ||||||
|
|
|||||||
$ | 774,525 | |||||||
|
|
|||||||
Insured-Transportation 9.2% |
||||||||
Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27 |
$ | 500 | $ | 526,075 | ||||
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 |
1,005 | 1,006,337 | ||||||
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(3) |
1,800 | 2,020,176 | ||||||
|
|
|||||||
$ | 3,552,588 | |||||||
|
|
|||||||
Insured-Water and Sewer 3.8% |
||||||||
Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35 |
$ | 500 | $ | 548,795 | ||||
Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36 |
525 | 542,104 | ||||||
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG), 5.00%, 11/1/31 |
360 | 363,287 | ||||||
|
|
|||||||
$ | 1,454,186 | |||||||
|
|
|||||||
Senior Living/Life Care 2.5% |
||||||||
Cliff House Trust, (AMT), 6.625%, 6/1/27(1) |
$ | 1,000 | $ | 530,140 | ||||
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24 |
200 | 207,902 | ||||||
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30 |
200 | 203,820 | ||||||
|
|
|||||||
$ | 941,862 | |||||||
|
|
|||||||
Special Tax Revenue 0.3% |
||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37 |
$ | 110 | $ | 126,543 | ||||
|
|
|||||||
$ | 126,543 | |||||||
|
|
|||||||
Transportation 12.6% |
||||||||
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35 |
$ | 465 | $ | 499,400 | ||||
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40 |
285 | 304,494 |
3
Security | Principal Amount (000s omitted) |
Value | ||||||
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31 |
$ | 270 | $ | 271,164 | ||||
Pennsylvania Turnpike Commission, 5.25%, 6/1/39 |
1,000 | 1,071,150 | ||||||
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30 |
1,430 | 1,313,798 | ||||||
Pennsylvania Turnpike Commission, 5.625%, 6/1/29 |
750 | 834,345 | ||||||
Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27 |
520 | 556,707 | ||||||
|
|
|||||||
$ | 4,851,058 | |||||||
|
|
|||||||
Utilities 1.6% |
| |||||||
Philadelphia Gas Works, 5.25%, 8/1/40 |
$ | 600 | $ | 624,618 | ||||
|
|
|||||||
$ | 624,618 | |||||||
|
|
|||||||
Water and Sewer 3.8% |
||||||||
Harrisburg Water Authority, 5.25%, 7/15/31 |
$ | 750 | $ | 629,318 | ||||
Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36 |
750 | 811,432 | ||||||
|
|
|||||||
$ | 1,440,750 | |||||||
|
|
|||||||
Total Tax-Exempt Investment 156.5% |
$ | 60,139,960 | ||||||
|
|
|||||||
Auction Preferred Shares Plus Cumulative Unpaid Dividends (55.1)% |
|
$ | (21,175,266 | ) | ||||
|
|
|||||||
Other Assets, Less Liabilities (1.4)% |
|
$ | (544,732 | ) | ||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 38,419,962 | |||||
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
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. | ||
CIFG |
- | CIFG Assurance North America, Inc. | ||
FGIC |
- | Financial Guaranty Insurance Company | ||
NPFG |
- | National Public Finance Guaranty Corp. | ||
SFMR |
- | Single Family Mortgage Revenue |
The Trust invests primarily in debt securities issued by Pennsylvania 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 February 29, 2012, 35.4% 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 3.4% to 11.6% of total investments.
(1) | Defaulted bond. |
(2) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. |
(3) | Security represents the municipal bond held by a trust that issues residual interest bonds. |
4
A summary of open financial instruments at February 29, 2012 is as follows:
Futures Contracts
Expiration Month/Year |
Contracts |
Position | Aggregate Cost | Value | Net Unrealized Depreciation |
|||||||||||
6/12 | 50 U.S. 30-Year Treasury Bond | Short | $ | (7,040,928 | ) | $ | (7,082,813 | ) | $ | (41,885 | ) |
At February 29, 2012, the Trust had sufficient cash and/or securities to cover commitments under these contracts.
The Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trust holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trust purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.
At February 29, 2012, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $41,885.
The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2012, as determined on a federal income tax basis, were as follows:
Aggregate cost |
$ | 54,806,856 | ||
|
|
|||
Gross unrealized appreciation |
$ | 4,474,759 | ||
Gross unrealized depreciation |
(791,655 | ) | ||
|
|
|||
Net unrealized appreciation |
$ | 3,683,104 | ||
|
|
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 funds 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 February 29, 2012, the hierarchy of inputs used in valuing the Trusts investments and open derivative instruments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Tax-Exempt Investments |
$ | | $ | 60,139,960 | $ | | $ | 60,139,960 | ||||||||
Total Investments |
$ | | $ | 60,139,960 | $ | | $ | 60,139,960 | ||||||||
Liability Description | ||||||||||||||||
Futures Contracts |
$ | (41,885 | ) | $ | | $ | | $ | (41,885 | ) | ||||||
Total |
$ | (41,885 | ) | $ | | $ | | $ | (41,885 | ) |
The Trust held no investments or other financial instruments as of November 30, 2011 whose fair value was determined using Level 3 inputs. At February 29, 2012, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.
For information on the Trusts policy regarding the valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements included in its semiannual or annual report to shareholders.
5
Item 2. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions 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 registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants 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 Pennsylvania Municipal Income Trust
By: | /s/ Cynthia J. Clemson | |
Cynthia J. Clemson | ||
President | ||
Date: | April 24, 2012 |
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: | April 24, 2012 |
By: | /s/ Barbara E. Campbell | |
Barbara E. Campbell | ||
Treasurer | ||
Date: | April 24, 2012 |
Eaton Vance Pennsylvania Municipal Income Trust
Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003
I, Cynthia J. Clemson, certify that:
1. I have reviewed this report on Form N-Q of Eaton Vance Pennsylvania Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is being filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: | /s/ Cynthia J. Clemson | |
Cynthia J. Clemson | ||
President | ||
Date: | April 24, 2012 |
Eaton Vance Pennsylvania Municipal Income Trust
Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003
I, Barbara E. Campbell, certify that:
1. I have reviewed this report on Form N-Q of Eaton Vance Pennsylvania Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is being filed;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
By: | /s/ Barbara E. Campbell | |
Barbara E. Campbell | ||
Treasurer | ||
Date: | April 24, 2012 |