-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MiNQ4ADJieqTn74TQ3TGVK4HAjZPp4HdvUSemBgTbzDVN8APafHpmHo8fFadwTLl Nfols0tYaxfhExewr6SSDQ== 0000909012-06-000581.txt : 20060525 0000909012-06-000581.hdr.sgml : 20060525 20060525161923 ACCESSION NUMBER: 0000909012-06-000581 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060525 DATE AS OF CHANGE: 20060525 EFFECTIVENESS DATE: 20060525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORNERSTONE STRATEGIC VALUE FUND INC/ NEW CENTRAL INDEX KEY: 0000814083 IRS NUMBER: 133407699 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05150 FILM NUMBER: 06867379 BUSINESS ADDRESS: STREET 1: BEAR STEARNS FUNDS MANAGEMENT INC. STREET 2: 383 MADISON AVENUE - 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10179 BUSINESS PHONE: 2122722093 MAIL ADDRESS: STREET 1: BEAR STEARNS FUNDS MANAGEMENT INC. STREET 2: 383 MADISON AVENUE - 23RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10179 FORMER COMPANY: FORMER CONFORMED NAME: CLEMENTE STRATEGIC VALUE FUND INC DATE OF NAME CHANGE: 19990622 FORMER COMPANY: FORMER CONFORMED NAME: CLEMENTE GLOBAL GROWTH FUND INC DATE OF NAME CHANGE: 19920703 N-Q 1 t302589.txt QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05150 -------------------------------- Cornerstone Strategic Value Fund, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 383 Madison Avenue, New York, NY 10179 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Jodi Levine Cornerstone Strategic Value Fund, Inc., 383 Madison Avenue, New York, NY 10179 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (212) 272-3550 ----------------------------- Date of fiscal year end: December 31, 2006 ------------------- Date of reporting period: March 31, 2006 ------------------------------------------ ITEM 1: SCHEDULE OF INVESTMENTS CORNERSTONE STRATEGIC VALUE FUND, INC. SCHEDULE OF INVESTMENTS -- MARCH 31, 2006 (UNAUDITED) NO. OF DESCRIPTION SHARES VALUE EQUITY SECURITIES - 99.68% CLOSED-END DOMESTIC FUNDS - 1.68% Adams Express Company 49,500 $ 658,350 General American Investors Company 3,000 113,520 Tri-Continental Corporation 29,000 586,960 Zweig Fund, Inc. ^ 176,600 971,300 ------------ 2,330,130 ------------ CONSUMER DISCRETIONARY - 10.65% Acco Brands Corporation + 235 5,217 Bed Bath & Beyond Inc. + 4,200 161,280 Best Buy Co., Inc. 7,125 398,501 Black & Decker Corporation (The) 3,000 260,670 Carnival Corporation ^ 11,800 558,966 CBS Corporation 9,150 219,417 Circuit City Stores, Inc. 5,000 122,400 Clear Channel Communications, Inc. ^ 8,800 255,288 Comcast Corporation, Class A + 35,037 916,568 D.R. Horton, Inc. ^ 7,000 232,540 Eastman Kodak Company 1,400 39,816 eBay Inc. + 19,000 742,140 Federated Department Stores, Inc. 5,526 403,398 Ford Motor Company ^ 6,000 47,760 Fortune Brands, Inc. 3,500 282,205 Gannett Co., Inc. 6,000 359,520 Gap, Inc. (The) 12,200 227,896 Goodyear Tire & Rubber Company (The) + ^ 4,500 65,160 Harley-Davidson, Inc. 4,400 228,272 Hilton Hotels Corporation 11,200 285,152 Home Depot, Inc. (The) 28,100 1,188,630 J.C. Penney Company, Inc. 4,500 271,845 Kohl's Corporation + 5,000 265,050 Live Nation Inc. + 1,100 21,824 Lowe's Companies, Inc. 11,200 721,728 Marriott International, Inc., Class A 2,100 144,060 Mattel, Inc. ^ 5,500 99,715 McDonald's Corporation 17,600 604,736 News Corporation 30,000 498,300 NIKE, Inc. 2,300 195,730 Omnicom Group Inc. ^ 4,100 341,325 Sears Holdings Corporation + 503 66,517 Staples, Inc. 10,800 275,616 Starbucks Corporation + 10,800 406,512 Target Corporation 11,800 613,718 Time Warner Inc. 76,000 1,276,040 TJX Companies, Inc. (The) ^ 7,000 173,740 Univision Communications Inc., Class A + 7,000 241,290 Viacom Inc., Class B + 11,950 463,660 Walt Disney Company (The) 29,200 814,388 Yum! Brands, Inc. 6,000 293,160 ------------ 14,789,750 ------------ CONSUMER STAPLES - 9.75% Altria Group, Inc. 29,300 2,076,198 2 NO. OF DESCRIPTION SHARES VALUE Anheuser-Busch Companies, Inc. 12,200 521,794 Archer-Daniels-Midland Company 5,460 183,729 Campbell Soup Company 2,000 64,800 Coca-Cola Company (The) 23,500 983,945 Coca-Cola Enterprises Inc. 6,500 132,210 Colgate-Palmolive Company 11,100 633,810 ConAgra Foods, Inc. 4,400 94,424 Costco Wholesale Corporation ^ 6,500 352,040 CVS Corporation 5,000 149,350 General Mills, Inc. 9,500 481,460 H.J. Heinz Company 6,600 250,272 Kroger Co. (The) ^ 4,800 97,728 Pepsi Bottling Group, Inc. (The) 4,000 121,560 PepsiCo, Inc. ^ 24,800 1,433,192 Procter & Gamble Company (The) 53,297 3,070,973 Sara Lee Corporation 11,500 205,620 Sysco Corporation ^ 5,800 185,890 Walgreen Co. ^ 14,300 616,759 Wal-Mart Stores, Inc. 39,800 1,880,152 ------------ 13,535,906 ------------ ENERGY - 9.24% Anadarko Petroleum Corp. 5,900 595,959 Baker Hughes Incorporated 8,100 554,040 Chevron Corporation 27,532 1,596,030 ConocoPhillips 17,974 1,135,058 Devon Energy Corporation 5,000 305,850 Exxon Mobil Corporation 84,000 5,112,240 Marathon Oil Corp. 7,500 571,275 Occidental Petroleum Corporation 8,000 741,200 Peabody Energy Corporation 4,000 201,640 Schlumberger Limited 11,000 1,392,270 Transocean Inc. + 2,500 200,750 Western Gas Resources, Inc. 4,400 212,300 XTO Energy, Inc. 5,000 217,850 ------------ 12,836,462 ------------ FINANCIALS - 20.21% AFLAC Incorporated ^ 7,000 315,910 Allstate Corporation (The) 9,300 484,623 American Express Company ^ 15,600 819,780 American International Group, Inc. 37,531 2,480,424 Ameriprise Financial, Inc. 3,120 140,587 Aon Corporation 4,900 203,399 Bank of America Corporation ^ 67,938 3,093,897 Bank of New York Company, Inc. (The) 11,400 410,856 Charles Schwab Corporation (The) 12,000 206,520 Citigroup Inc. 74,300 3,509,932 Fannie Mae ^ 13,000 668,200 Fifth Third Bancorp ^ 2,500 98,400 Franklin Resources, Inc. ^ 3,700 348,688 Freddie Mac 14,500 884,500 Goldman Sachs Group, Inc. (The) 7,300 1,145,808 Hartford Financial Services Group, Inc. (The) 6,000 483,300 JPMorgan Chase & Co. 48,332 2,012,544 Lehman Brothers Holdings Inc. 3,600 520,308 Marsh & McLennan Companies, Inc. ^ 10,100 296,536 Merrill Lynch & Co., Inc. 10,700 842,732 MetLife, Inc. 15,200 735,224 Morgan Stanley ^ 15,500 973,710 3 NO. OF DESCRIPTION SHARES VALUE National City Corporation 12,700 443,230 Northern Trust Corporation 3,500 183,750 PNC Financial Services Group, Inc. 7,100 477,901 Prudential Financial, Inc. 8,200 621,642 St. Paul Travelers Companies, Inc. (The) ^ 9,476 396,002 State Street Corporation 3,500 211,505 SunTrust Banks, Inc. 7,600 552,976 U.S. Bancorp 28,401 866,230 UnumProvident Corporation ^ 8,100 165,888 Wachovia Corporation ^ 22,600 1,266,730 Washington Mutual, Inc. 15,550 662,741 Wells Fargo & Company 24,200 1,545,654 ------------ 28,070,127 ------------ HEALTHCARE - 12.70% Abbott Laboratories 28,000 1,189,160 Aetna Inc. 12,000 589,680 Amgen Inc. + 18,900 1,374,975 Applera Corporation 8,000 217,120 Becton, Dickinson and Company 6,900 424,902 Biogen Idec Inc. + 8,000 376,800 Boston Scientific Corporation + 12,300 283,515 Bristol-Myers Squibb Company ^ 30,500 750,605 Cardinal Health, Inc. 5,450 406,134 Caremark Rx, Inc. + 9,000 442,620 Eli Lilly and Company 14,500 801,850 Guidant Corporation 6,400 499,584 HCA, Inc. 8,500 389,215 Hospira, Inc. + 3,700 146,002 IMS Health Incorporated. 7,400 190,698 Johnson & Johnson 40,900 2,422,098 McKesson Corporation 2,300 119,899 Medco Health Solutions, Inc. + 6,687 382,630 Medtronic, Inc. 21,500 1,091,125 Merck & Co. Inc. 25,000 880,750 Pfizer Inc. ^ 84,560 2,107,235 Schering-Plough Corporation 17,000 322,830 Tenet Healthcare Corporation + 2,250 16,605 UnitedHealth Group Incorporated 23,000 1,284,780 Wyeth 19,200 931,584 ------------ 17,642,396 ------------ INDUSTRIALS - 11.85% 3M Co. 10,400 787,176 Boeing Company (The) 11,700 911,781 Caterpillar Inc. 11,800 847,358 Cendant Corporation 28,000 485,800 CSX Corporation ^ 9,000 538,200 Danaher Corporation 3,500 222,425 Emerson Electric Co. 8,500 710,855 FedEx Corp. 4,500 508,230 General Dynamics Corporation ^ 6,200 396,676 General Electric Company 141,700 4,928,326 Honeywell International Inc. 12,500 534,625 Illinois Tool Works Inc. 5,400 520,074 Lockheed Martin Corporation 4,000 300,520 Masco Corporation 4,200 136,458 Norfolk Southern Corporation 10,000 540,700 Northrop Grumman Corporation 5,000 341,450 Rockwell Automation, Inc. 2,500 179,775 4 NO. OF DESCRIPTION SHARES VALUE Southwest Airlines Co. 6,450 116,036 Tyco International Ltd. 25,897 696,111 Union Pacific Corporation ^ 2,000 186,700 United Parcel Service, Inc., Class B 16,300 1,293,894 United Technologies Corporation 14,400 834,768 Waste Management, Inc. 12,200 430,660 ------------ 16,448,598 ------------ INFORMATION TECHNOLOGY - 14.47% Adobe Systems Incorporated + 9,200 321,264 Altera Corporation + ^ 3,400 70,176 Analog Devices, Inc. 6,700 256,543 Apple Computer, Inc. + 3,000 188,160 Applied Materials, Inc. 23,800 416,738 Automatic Data Processing, Inc. 9,900 452,232 Cisco Systems, Inc. + 96,400 2,088,988 Corning Incorporated + 17,000 457,470 Dell Inc. + 18,700 556,512 Electronic Arts Inc. + 2,000 109,440 Electronic Data Systems Corporation 10,000 268,300 EMC Corporation + ^ 212,648 2,898,392 First Data Corporation 11,324 530,190 Freescale Semiconductor Inc., Class B + 6,512 180,838 Hewlett-Packard Company 27,900 917,910 Intel Corporation 82,500 1,596,375 International Business Machines Corporation 12,600 1,039,122 Linear Technology Corporation 6,500 228,020 Lucent Technologies Inc. + 10,700 32,635 Maxim Integrated Products, Inc. 2,300 85,445 Micron Technology, Inc. + 11,500 169,280 Microsoft Corporation 120,900 3,289,689 Motorola, Inc. 34,700 794,977 Oracle Corporation + 43,872 600,608 Paychex, Inc. 4,200 174,972 QUALCOMM Inc. 21,000 1,062,810 Sanmina-SCI Corporation + ^ 5,500 22,550 Solectron Corporation + 3,000 12,000 Sun Microsystems, Inc. + 7,500 38,475 Symantec Corporation + 10,000 168,300 Texas Instruments Incorporated 23,900 776,033 Yahoo! Inc. + 8,800 283,888 ------------ 20,088,332 ------------ MATERIALS - 2.30% Air Products & Chemicals, Inc. ^ 1,000 67,190 Alcoa Inc. 14,200 433,952 Dow Chemical Company (The) 15,400 625,240 E. I. du Pont de Nemours and Company 14,800 624,708 International Paper Company 10,500 362,985 Monsanto Company ^ 5,080 430,530 Newmont Mining Corporation 7,000 363,230 Praxair, Inc. 3,000 165,450 Rohm and Hass Company ^ 1,000 48,870 Weyerhaeuser Company 1,000 72,430 ------------ 3,194,585 ------------ REAL ESTATE INVESTMENT TRUST - 0.24% Simon Property Group, Inc. ^ 4,000 336,560 TELECOMMUNICATIONS SERVICES - 3.18% 5 NO. OF DESCRIPTION SHARES VALUE ALLTEL Corporation ^ 4,000 259,000 AT&T Inc. 48,364 1,307,763 BellSouth Corporation 23,000 796,950 Sprint Nextel Corporation 38,446 993,445 Verizon Communications Inc. 30,900 1,052,454 ------------ 4,409,612 ------------ UTILITIES - 3.41% American Electric Power Company, Inc. 10,700 364,014 CenterPoint Energy, Inc. 13,900 165,827 Dominion Resources, Inc. 7,100 490,113 Duke Energy Corporation 13,300 387,695 Edison International ^ 4,000 164,720 Exelon Corporation ^ 11,000 581,900 FirstEnergy Corp. 5,000 244,500 FPL Group, Inc. ^ 7,000 280,980 PG&E Corporation 9,000 350,100 Progress Energy, Inc. 3,500 153,930 Public Service Enterprise Group Incorporated 6,000 384,240 Southern Company (The) 11,900 389,963 TXU Corp. 9,400 420,744 Williams Companies, Inc. (The) 10,000 213,900 Xcel Energy, Inc. 8,200 148,830 ------------ 4,741,456 ------------ TOTAL EQUITY SECURITIES (cost - $121,776,557) 138,423,914 ------------ PRINCIPAL AMOUNT (000'S) --------- SHORT-TERM INVESTMENTS - 1.99% REPURCHASE AGREEMENTS - 1.99% Bear, Stearns & Co. Inc. * ** $ 1,241 1,240,947 (Agreement dated 3/31/2006 to be repurchased at $1,241,199), 2.4375%, 4/3/2006, collateralized by $1,278,758 in U.S. Treasury Bonds) Bear, Stearns & Co. Inc. * ** 1,051 1,050,680 (Agreement dated 3/31/2006 to be repurchased at $1,051,107), 4.8750%, 4/3/2006, collateralized by $1,081,300 in U.S. Treasury Bonds and STRIPS) Bear, Stearns & Co. Inc. 473 472,926 (Agreement dated 3/31/2006 to be repurchased at $473,103), 4.5000%, 4/3/2006, collateralized by $487,243 in U.S. Treasury Bonds) TOTAL SHORT-TERM INVESTMENTS (cost - $2,764,553) 2,764,553 ------------ 6 NO. OF DESCRIPTION SHARES VALUE TOTAL INVESTMENTS - 101.67% (cost - $124,541,110) 141,188,467 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS - (1.67)% (2,317,663) ------------ NET ASSETS - 100.00% $138,870,804 ============ - ---------- + Non-income producing security. * Stated interest rate, before rebate earned by borrower of securities on loan. ** Represents investment purchased with collateral received for securities on loan. ^ Security or a portion thereof is out on loan. Federal Income Tax Cost - At March 31, 2006, the identified cost for federal income tax purposes, as well as the gross unrealized appreciation from investments for those securities having an excess of value over cost, gross unrealized depreciation from investments for those securities having an excess of cost over value and the net unrealized appreciation from investments were $124,541,110, $21,267,592, ($4,620,235), and $16,647,357, respectively. Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the Fund's annual report previously filed with the Securities and Exchange Commission on the Form N-CSR on March 10, 2006 with a file number 811-05150. Other information regarding the Fund is available in the Fund's most recent annual report filed with the Securities and Exchange Commission on Form N-CSR on March 10, 2006, file number 811-05150. This information is also available to registered shareholders by calling (800) 937-5449. For general inquiries, please call (212) 272-3550. This information is also available on the website of the Securities and Exchange Commission - http://www.sec.gov. 7 ITEM 2: CONTROLS AND PROCEDURES (a) As of a date within 90 days from the filing date of this report, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")), were effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities and Exchange Act of 1934. (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3: EXHIBITS 1. The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this report. 8 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. Cornerstone Strategic Value Fund, Inc. /s/ Ralph W. Bradshaw -------------------------------- Name: Ralph W. Bradshaw Title: Principal Executive Officer Date: May 25, 2006 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. /s/ Ralph W. Bradshaw -------------------------------- Name: Ralph W. Bradshaw Title: Principal Executive Officer Date: May 25, 2006 /s/ Jodi B. Levine -------------------------------- Name: Jodi B. Levine Title: Principal Financial Officer (Treasurer) Date: May 25, 2006 9 EX-99.CERT 2 exh99cert.txt CERTIFICATIONS EXHIBIT 99.CERT I, Ralph W. Bradshaw, certify that: 1. I have reviewed this report on Form N-Q of Cornerstone Strategic Value Fund, Inc.; 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 schedules 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 filed; 4. The registrant's 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 registrant's 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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting. Date: May 25, 2006 /s/ Ralph W. Bradshaw ------------------------------------ Name: Ralph W. Bradshaw Title: Principal Executive Officer I, Jodi B. Levine, certify that: 1. I have reviewed this report on Form N-Q of Cornerstone Strategic Value Fund, Inc.; 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 schedules 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 filed; 4. The registrant's 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 registrant's 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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting. Date: May 25, 2006 /s/ Jodi B. Levine ----------------------------------------------- Name: Jodi B. Levine Title: Principal Financial Officer (Treasurer) -----END PRIVACY-ENHANCED MESSAGE-----