350 Jericho Turnpike, Suite 206 Jericho, New York
|
11753
|
(Address of principal executive offices)
|
(Zip code)
|
Date of fiscal year end:
|
December 31, 2012
|
Date of reporting period:
|
December 31, 2012
|
ITEM 1.
|
REPORTS TO STOCKHOLDERS.
|
Portfolio Summary
|
1
|
Summary Schedule of Investments
|
2
|
Statement of Assets and Liabilities
|
5
|
Statement of Operations
|
6
|
Statement of Changes in Net Assets
|
7
|
Financial Highlights
|
8
|
Notes to Financial Statements
|
9
|
Report of Independent Registered Public Accounting Firm
|
14
|
Tax Information
|
15
|
Additional Information Regarding the Fund’s Directors and Corporate Officers
|
16
|
Description of Dividend Reinvestment Plan
|
19
|
Proxy Voting and Portfolio Holdings Information
|
21
|
Privacy Policy Notice
|
22
|
Summary of General Information
|
25
|
Stockholder Information
|
25
|
Sector
|
Percent of
Net Assets
|
Closed-End Funds
|
24.0
|
Information Technology
|
13.4
|
Financials
|
9.0
|
Consumer Staples
|
7.3
|
Health Care
|
6.4
|
Consumer Discretionary
|
6.3
|
Energy
|
6.0
|
Industrials
|
5.4
|
Materials
|
2.0
|
Telecommunication Services
|
1.8
|
Utilities
|
1.6
|
Other
|
16.8
|
|
Holding
|
Sector
|
Percent of
Net Assets
|
1.
|
Apple Inc.
|
Information Technology
|
4.1
|
2.
|
Exxon Mobil Corporation
|
Energy
|
3.0
|
3.
|
BlackRock International Growth and Income Trust
|
Closed-End Funds
|
2.4
|
4.
|
Wells Fargo & Company
|
Financials
|
2.2
|
5.
|
Wal-Mart Stores, Inc.
|
Consumer Staples
|
2.1
|
6.
|
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
|
Closed-End Funds
|
2.0
|
7.
|
Microsoft Corporation
|
Information Technology
|
1.9
|
8.
|
International Business Machines Corporation
|
Information Technology
|
1.9
|
9.
|
JPMorgan Chase & Co.
|
Financials
|
1.6
|
10.
|
Oracle Corporation
|
Information Technology
|
1.6
|
Description
|
No. of
Shares
|
Value
|
||||||
EQUITY SECURITIES — 83.14%
|
||||||||
CLOSED-END FUNDS — 24.04%
|
||||||||
CONVERTIBLE SECURITIES — 0.55%
|
||||||||
Total Convertible Securities (a)
|
$ | 280,571 | ||||||
CORE — 0.55%
|
||||||||
Total Core (a)
|
285,433 | |||||||
CORPORATE DEBT FUNDS INVESTMENT GRADE-RATED — 1.72%
|
||||||||
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
|
27,648 | 364,954 | ||||||
Western Asset/Claymore Inflation-Linked Securities & Income Fund
|
29,732 | 389,786 | ||||||
Other Corporate Debt Funds Investment Grade-Rated (a)
|
130,215 | |||||||
884,955 | ||||||||
DEVELOPED MARKET — 1.08%
|
||||||||
Total Developed Market (a)
|
558,915 | |||||||
EMERGING MARKETS — 1.11%
|
||||||||
Templeton Dragon Fund, Inc.
|
18,500 | 526,140 | ||||||
Other Emerging Markets (a)
|
48,256 | |||||||
574,396 | ||||||||
GENERAL & INSURED LEVERAGED — 0.71%
|
||||||||
Invesco Value Municipal Income Trust
|
21,816 | 366,727 | ||||||
GENERAL BOND — 0.32%
|
||||||||
Total General Bond (a)
|
162,450 | |||||||
Description
|
No. of
Shares
|
Value
|
GLOBAL — 3.80%
|
||||||||
Clough Global Opportunities Fund
|
60,413 | $ | 709,248 | |||||
Delaware Enhanced Global Dividend and Income Fund
|
36,266 | 420,686 | ||||||
Other Global (a)
|
829,214 | |||||||
1,959,148 | ||||||||
GLOBAL INCOME — 0.97%
|
||||||||
Nuveen Multi-Currency Short-Term Government Income Fund
|
39,014 | 502,110 | ||||||
INCOME & PREFERRED STOCK — 1.42%
|
||||||||
Zweig Total Return Fund, Inc. (The)
|
42,804 | 526,917 | ||||||
Other Income & Preferred Stock (a)
|
205,359 | |||||||
732,276 | ||||||||
OPTION ARBITRAGE/OPTIONS STRATEGIES — 9.86%
|
||||||||
BlackRock Enhanced Equity Dividend Trust
|
81,800 | 587,324 | ||||||
BlackRock International Growth and Income Trust
|
171,065 | 1,257,328 | ||||||
Eaton Vance Enhanced Equity Income Fund
|
45,872 | 488,996 | ||||||
Eaton Vance Enhanced Equity Income Fund II
|
48,428 | 505,588 | ||||||
Eaton Vance Tax-Managed Diversified Equity Income Fund
|
66,439 | 622,533 | ||||||
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
|
29,700 | 317,493 | ||||||
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
|
119,344 | 1,051,421 | ||||||
Other Option Arbitrage/Options Strategies (a)
|
255,225 | |||||||
5,085,908 |
Description
|
No. of
Shares
|
Value
|
REAL ESTATE — 0.65%
|
||||||||
Neuberger Berman Real Estate Securities Income Fund Inc.
|
73,524 | $ | 337,475 | |||||
SECTOR EQUITY — 1.30%
|
||||||||
BlackRock Real Asset Equity Trust
|
30,131 | 309,144 | ||||||
Other Sector Equity (a)
|
358,705 | |||||||
667,849 | ||||||||
TOTAL CLOSED-END FUNDS
|
12,398,213 | |||||||
CONSUMER DISCRETIONARY — 6.32%
|
||||||||
Comcast Corporation - Class A
|
9,012 | 336,868 | ||||||
Home Depot, Inc. (The)
|
7,500 | 463,875 | ||||||
Walt Disney Company (The)
|
6,500 | 323,635 | ||||||
Other Consumer Discretionary (a)
|
2,134,318 | |||||||
3,258,696 | ||||||||
CONSUMER STAPLES — 7.26%
|
||||||||
Coca-Cola Company (The)
|
20,000 | 725,000 | ||||||
Colgate-Palmolive Company
|
3,500 | 365,890 | ||||||
CVS Caremark Corporation
|
7,000 | 338,450 | ||||||
Philip Morris International, Inc.
|
6,000 | 501,840 | ||||||
Wal-Mart Stores, Inc.
|
16,000 | 1,091,680 | ||||||
Other Consumer Staples (a)
|
722,891 | |||||||
3,745,751 | ||||||||
ENERGY — 6.00%
|
||||||||
Chevron Corporation
|
3,500 | 378,490 | ||||||
ConocoPhillips
|
6,000 | 347,940 | ||||||
Exxon Mobil Corporation
|
18,000 | 1,557,900 | ||||||
Other Energy (a)
|
811,689 | |||||||
3,096,019 |
Description
|
No. of
Shares
|
Value
|
FINANCIALS — 8.96%
|
||||||||
American Express Company
|
8,000 | $ | 459,840 | |||||
JPMorgan Chase & Co.
|
19,200 | 844,224 | ||||||
U.S. Bancorp
|
12,500 | 399,250 | ||||||
Wells Fargo & Company
|
33,000 | 1,127,940 | ||||||
Other Financials (a)
|
1,787,815 | |||||||
4,619,069 | ||||||||
HEALTH CARE — 6.40%
|
||||||||
Abbott Laboratories
|
6,000 | 393,000 | ||||||
Amgen Inc.
|
4,000 | 345,280 | ||||||
Johnson & Johnson
|
6,500 | 455,650 | ||||||
Merck & Company, Inc.
|
16,000 | 655,040 | ||||||
Pfizer, Inc.
|
16,462 | 412,867 | ||||||
Other Health Care (a)
|
1,040,222 | |||||||
3,302,059 | ||||||||
INDUSTRIALS — 5.36%
|
||||||||
3M Company
|
4,000 | 371,400 | ||||||
General Electric Company
|
22,000 | 461,780 | ||||||
Union Pacific Corporation
|
2,500 | 314,300 | ||||||
Other Industrials (a)
|
1,619,135 | |||||||
2,766,615 | ||||||||
INFORMATION TECHNOLOGY — 13.45%
|
||||||||
Apple Inc.
|
4,000 | 2,132,120 | ||||||
Cisco Systems, Inc.
|
20,000 | 393,000 | ||||||
eBay Inc. *
|
7,000 | 357,140 | ||||||
International Business Machines Corporation
|
5,000 | 957,750 | ||||||
Microsoft Corporation
|
36,000 | 962,280 | ||||||
Oracle Corporation
|
24,600 | 819,672 | ||||||
QUALCOMM Incorporated
|
7,000 | 434,140 | ||||||
Visa Inc. - Class A
|
4,000 | 606,320 | ||||||
Other Information Technology (a)
|
273,220 | |||||||
6,935,642 | ||||||||
MATERIALS — 1.96%
|
||||||||
Total Materials (a)
|
1,010,364 |
Description
|
No. of
Shares
|
Value
|
TELECOMMUNICATION SERVICES — 1.82%
|
||||||||
AT&T, Inc.
|
17,589 | $ | 592,925 | |||||
Verizon Communications, Inc.
|
8,000 | 346,160 | ||||||
939,085 | ||||||||
UTILITIES — 1.57%
|
||||||||
Total Utilities (a)
|
808,055 | |||||||
TOTAL EQUITY SECURITIES
|
||||||||
(cost - $38,646,814)
|
42,879,568 | |||||||
SHORT-TERM INVESTMENTS — 25.56%
|
||||||||
MONEY MARKET FUNDS — 25.56%
|
||||||||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01%^ (cost - $13,185,093)
|
13,185,093 | 13,185,093 | ||||||
TOTAL INVESTMENTS — 108.70%
|
||||||||
(cost - $51,831,907)
|
56,064,661 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.70)%
|
(4,489,741 | ) | ||||||
NET ASSETS — 100.00%
|
$ | 51,574,920 |
+
|
A complete Schedule of Investments is available without charge upon request by calling (513) 326-3597 or on the SEC’s website at http://www.sec.gov.
|
(a)
|
Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2012.
|
*
|
Non-income producing security.
|
^
|
Variable rate security. The rate shown is the 7-day effective yield as of December 31, 2012.
|
ASSETS
|
||||
Investments, at value (cost – $51,831,907) (Notes B and C)
|
$ | 56,064,661 | ||
Cash
|
2,184 | |||
Receivables:
|
||||
Investments sold
|
340,629 | |||
Dividends
|
50,488 | |||
Total Assets
|
56,457,962 | |||
LIABILITIES
|
||||
Payables:
|
||||
Investments purchased
|
4,705,163 | |||
Investment management fees (Note D)
|
35,185 | |||
Directors' fees and expenses
|
11,329 | |||
Administration fees (Note D)
|
2,720 | |||
Accounting fees (Note D)
|
2,649 | |||
Other accrued expenses
|
125,996 | |||
Total Liabilities
|
4,883,042 | |||
NET ASSETS (applicable to 10,133,239 shares of common stock outstanding)
|
$ | 51,574,920 | ||
NET ASSET VALUE PER SHARE ($51,574,920 ÷ 10,133,239)
|
$ | 5.09 | ||
NET ASSETS CONSIST OF
|
||||
Common stock, $0.001 par value; 10,133,239 shares issued and outstanding
(15,000,000 shares authorized)
|
$ | 10,133 | ||
Paid-in capital
|
49,232,706 | |||
Accumulated net realized loss on investments
|
(1,900,673 | ) | ||
Net unrealized appreciation in value of investments
|
4,232,754 | |||
Net assets applicable to shares outstanding
|
$ | 51,574,920 |
INVESTMENT INCOME
|
||||
Income:
|
||||
Dividends from investments
|
$ | 933,451 | ||
Expenses:
|
||||
Investment management fees (Note D)
|
361,910 | |||
Printing
|
47,371 | |||
Directors' fees and expenses
|
46,312 | |||
Legal and audit fees
|
44,074 | |||
Accounting fees (Note D)
|
38,562 | |||
Administration fees (Note D)
|
36,191 | |||
Transfer agent fees
|
30,488 | |||
Custodian fees
|
8,728 | |||
Insurance
|
5,582 | |||
Stock exchange listing fees
|
3,412 | |||
Miscellaneous
|
3,009 | |||
Total Expenses
|
625,639 | |||
Net Investment Income
|
307,812 | |||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
||||
Net realized gain from investments
|
1,714,416 | |||
Capital gain distributions from regulated investment companies
|
20,751 | |||
Net change in unrealized appreciation in value of investments
|
2,522,710 | |||
Net realized and unrealized gain on investments
|
4,257,877 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ | 4,565,689 |
For the Years Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
INCREASE/(DECREASE) IN NET ASSETS
|
||||||||
Operations:
|
||||||||
Net investment income
|
$ | 307,812 | $ | 73,506 | ||||
Net realized gain/(loss) from investments
|
1,735,167 | (63,160 | ) | |||||
Net change in unrealized appreciation in value of investments
|
2,522,710 | 371,615 | ||||||
Net increase in net assets resulting from operations
|
4,565,689 | 381,961 | ||||||
Dividends and distributions to stockholders (Note B):
|
||||||||
Net investment income
|
(2,042,979 | ) | (73,075 | ) | ||||
Return-of-capital
|
(5,768,973 | ) | (5,159,948 | ) | ||||
Total dividends and distributions to stockholders
|
(7,811,952 | ) | (5,233,023 | ) | ||||
Common stock transactions:
|
||||||||
Proceeds from rights offerings of 3,364,521 and 2,628,010
shares of newly issued common stock, respectively
|
17,932,897 | 14,559,175 | ||||||
Offering expenses associated with the rights offering
|
(93,668 | ) | (93,487 | ) | ||||
Proceeds from 181,473 and 62,277 shares newly issued in
reinvestment of dividends and distributions, respectively
|
978,072 | 476,036 | ||||||
Net increase in net assets from capital stock transactions
|
18,817,301 | 14,941,724 | ||||||
Total increase in net assets
|
15,571,038 | 10,090,662 | ||||||
NET ASSETS
|
||||||||
Beginning of year
|
36,003,882 | 25,913,220 | ||||||
End of year
|
$ | 51,574,920 | $ | 36,003,882 |
For the Years Ended December 31,*
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE OPERATING PERFORMANCE
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 5.47 | $ | 6.65 | $ | 7.19 | $ | 7.75 | $ | 17.00 | ||||||||||
Net investment income/(loss) #
|
0.05 | 0.02 | (0.00 | )+ | (0.02 | ) | 0.12 | |||||||||||||
Net realized and unrealized gain/(loss) on investments
|
0.62 | 0.05 | 0.68 | 1.31 | (5.64 | ) | ||||||||||||||
Net increase/(decrease) in net assets resulting from operations
|
0.67 | 0.07 | 0.68 | 1.29 | (5.52 | ) | ||||||||||||||
Dividends and distributions to stockholders:
|
||||||||||||||||||||
Net investment income
|
(0.31 | ) | (0.02 | ) | — | — | (0.12 | ) | ||||||||||||
Return-of-capital
|
(0.86 | ) | (1.32 | ) | (1.46 | ) | (1.90 | ) | (3.77 | ) | ||||||||||
Total dividends and distributions to stockholders
|
(1.17 | ) | (1.34 | ) | (1.46 | ) | (1.90 | ) | (3.89 | ) | ||||||||||
Common stock transactions:
|
||||||||||||||||||||
Anti-dilutive effect due to shares issued:
|
||||||||||||||||||||
Rights offering
|
0.12 | 0.06 | 0.19 | — | — | |||||||||||||||
Reinvestment of dividends and distributions
|
0.00 | + | 0.03 | 0.05 | 0.05 | 0.16 | ||||||||||||||
Total anti-dilutive effect due to shares issued
|
0.12 | 0.09 | 0.24 | 0.05 | 0.16 | |||||||||||||||
Net asset value, end of year
|
$ | 5.09 | $ | 5.47 | $ | 6.65 | $ | 7.19 | $ | 7.75 | ||||||||||
Market value, end of year
|
$ | 5.35 | $ | 5.97 | $ | 7.88 | $ | 10.29 | $ | 7.60 | ||||||||||
Total investment return (a)
|
11.16% | (10.08% | ) | (10.28% | ) | 66.98% | (49.30% | ) | ||||||||||||
RATIOS/SUPPLEMENTAL DATA
|
||||||||||||||||||||
Net assets, end of year (000 omitted)
|
$ | 51,575 | $ | 36,004 | $ | 25,913 | $ | 20,400 | $ | 21,505 | ||||||||||
Ratio of expenses to average net assets, net of fee
waivers and fees paid indirectly, if any (b)
|
1.73% | 1.88% | 2.33% | 2.76% | 1.67% | |||||||||||||||
Ratio of expenses to average net assets, excluding fee
waivers and fees paid indirectly, if any (b)
|
1.73% | 1.88% | 2.37% | 3.20% | 1.94% | |||||||||||||||
Ratio of net investment income/(loss) to average net assets (c)
|
0.85% | 0.31% | (0.04% | ) | (0.24% | ) | 0.98% | |||||||||||||
Portfolio turnover rate
|
44.55% | 30.11% | 34.39% | 13.24% | 15.61% |
|
*
|
Effective December 23, 2008, a reverse stock split of 1:2 occurred. All per share amounts have been restated according to the terms of the split.
|
|
#
|
Based on average shares outstanding.
|
|
+
|
Amount rounds to less than $0.01 per share.
|
|
(a)
|
Total investment return at market value is based on the changes in market price of a share during the period and assumes reinvestment of dividends and distributions, if any, at actual prices pursuant to the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.
|
|
(b)
|
Expenses do not include expenses of investments companies in which the Fund invests.
|
(c)
|
Recognition of net investment income (loss) by the Fund may be affected by the timing of the declaration of dividends, if any, by investment companies in which the Fund invests.
|
|
•
|
Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
|
|
•
|
Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
|
|
•
|
Level 3 – model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.
|
Valuation Inputs
|
Investments
in Securities
|
Other
Financial
Instruments*
|
||||||
Level 1 - Quoted Prices
|
||||||||
Equity Investments
|
$ | 42,879,568 | $ | — | ||||
Short-Term Investments
|
13,185,093 | — | ||||||
Level 2 - Other Significant Observable Inputs
|
— | — | ||||||
Level 3 – Significant Unobservable Inputs
|
— | — | ||||||
Total
|
$ | 56,064,661 | $ | — |
*
|
Other financial instruments include futures, forwards and swap contracts.
|
Shares at beginning of year
|
6,587,245 | |||
Shares newly issued from rights offering
|
3,364,521 | |||
Shares newly issued in reinvestment of dividends and distributions
|
181,473 | |||
Shares at end of year
|
10,133,239 |
|
2012
|
2011
|
||||||
Ordinary Income
|
$ | 2,042,979 | $ | 73,075 | ||||
Return-of-Capital
|
5,768,973 | 5,159,948 | ||||||
Total Distributions
|
$ | 7,811,952 | $ | 5,233,023 |
Capital loss carryforwards
|
$ | (1,893,549 | ) | |
Net unrealized appreciation
|
4,225,630 | |||
Total accumulated earnings
|
$ | 2,332,081 |
Expires December 31, 2016 - short term
|
$ | 1,557,707 | ||
Expires December 31, 2017 - short term
|
260,903 | |||
Expires December 31, 2018 - short term
|
74,939 | |||
$ | 1,893,549 |
Cost of portfolio investments
|
$ | 51,839,031 | ||
Gross unrealized appreciation
|
$ | 4,798,357 | ||
Gross unrealized depreciation
|
(572,727 | ) | ||
Net unrealized appreciation
|
$ | 4,225,630 |
SOURCES OF DIVIDENDS AND DISTRIBUTIONS
(Per Share Amounts)
|
||||||||||||||||||||||||
Payment Dates:
|
1/31/2012
|
2/29/2012
|
3/30/2012
|
4/30/2012
|
5/31/2012
|
6/29/2012
|
||||||||||||||||||
Ordinary Income(1)
|
$ | 0.0255 | $ | 0.0255 | $ | 0.0255 | $ | 0.0255 | $ | 0.0255 | $ | 0.0255 | ||||||||||||
Return-of-Capital(2)
|
0.0721 | 0.0721 | 0.0721 | 0.0721 | 0.0721 | 0.0721 | ||||||||||||||||||
Total
|
$ | 0.0976 | $ | 0.0976 | $ | 0.0976 | $ | 0.0976 | $ | 0.0976 | $ | 0.0976 | ||||||||||||
Payment Dates:
|
7/31/2012
|
8/31/2012
|
9/28/2012
|
10/31/2012
|
11/30/2012
|
12/31/2012
|
||||||||||||||||||
Ordinary Income(1)
|
$ | 0.0255 | $ | 0.0255 | $ | 0.0255 | $ | 0.0255 | $ | 0.0255 | $ | 0.0255 | ||||||||||||
Return-of-Capital(2)
|
0.0721 | 0.0721 | 0.0721 | 0.0721 | 0.0721 | 0.0721 | ||||||||||||||||||
Total
|
$ | 0.0976 | $ | 0.0976 | $ | 0.0976 | $ | 0.0976 | $ | 0.0976 | $ | 0.0976 |
(1)
|
Ordinary Income Dividends – This is the total per share amount of ordinary income dividends and short-term capital gain distributions (if applicable) included in the amount reported in Box 1a on Form 1099-DIV.
|
|
(2)
|
Return-of-capital – This is the per share amount of return-of-capital, or sometimes called nontaxable, distributions reported in Box 3 – under the title “Nondividend distributions” – on Form 1099-DIV. This amount should not be reported as taxable income on your current return. Rather, it should be treated as a reduction in the original cost basis of your investment in the Fund.
|
Name and
Address*
(Birth Date)
|
Position(s)
Held with Fund
|
Principal Occupation
over Last 5 Years
|
Position
with Fund
Since
|
Number of
Portfolios in
Fund Complex
Overseen by
Directors
|
Ralph W. Bradshaw**
(Dec. 1950)
|
Chairman of the Board of Directors and President
|
President, Cornerstone Advisors, Inc.; Financial Consultant; President and Director of Cornerstone Strategic Value Fund, Inc.; President and Trustee of Cornerstone Progressive Return Fund.
|
2001
|
3
|
Edwin Meese III
(Dec. 1931)
|
Director; Audit, Nominating and Corporate Governance Committee Member
|
Distinguished Fellow, The Heritage Foundation Washington D.C.; Distinguished Visiting Fellow at the Hoover Institution, Stanford University; Senior Adviser, Revelation L.P.; Director of Cornerstone Strategic Value Fund, Inc.; Trustee of Cornerstone Progressive Return Fund.
|
2001
|
3
|
Scott B. Rogers
(July 1955)
|
Director; Audit, Nominating and Corporate Governance Committee Member
|
Director, Board of Health Partners, Inc.; Chief Executive Officer, Asheville Buncombe Community Christian Ministry (“ABCCM”); President, ABCCM Doctor’s Medical Clinic; Director of Cornerstone Strategic Value Fund, Inc.; Trustee of Cornerstone Progressive Return Fund.
|
2001
|
3
|
Name and
Address*
(Birth Date)
|
Position(s)
Held with Fund
|
Principal Occupation
over Last 5 Years
|
Position
with Fund
Since
|
Number of
Portfolios in
Fund Complex
Overseen by
Directors
|
Andrew A. Strauss
(Nov. 1953)
|
Director; Chairman of Nominating and Corporate Governance Committee and Audit Committee Member
|
Attorney and senior member of Strauss & Associates, P.A., Attorneys; Director of Cornerstone Strategic Value Fund, Inc.; Trustee of Cornerstone Progressive Return Fund.
|
2001
|
3
|
Glenn W. Wilcox, Sr.
(Dec. 1931)
|
Director; Chairman of Audit Committee, Nominating and Corporate Governance Committee Member
|
Chairman of the Board of Tower Associates, Inc.; Chairman of the Board of Wilcox Travel Agency, Inc.; Director of Champion Industries, Inc.; Director of Cornerstone Strategic Value Fund, Inc.; Trustee of Cornerstone Progressive Return Fund.
|
2001
|
3
|
Name and
Address*
(Birth Date)
|
Position(s)
Held with Fund
|
Principal Occupation
over Last 5 Years
|
Position
with Fund
Since
|
Gary A. Bentz
(June 1956)
|
Chief Compliance Officer, Secretary, and Assistant Treasurer
|
Chairman and Chief Financial Officer of Cornerstone Advisors, Inc.; Financial Consultant, C.P.A., Chief Compliance Officer, Secretary, and Assistant Treasurer of Cornerstone Strategic Value Fund, Inc. and Cornerstone Progressive Return Fund.
|
2004, 2008, 2009
|
Theresa M. Bridge, CPA
(Dec. 1969)
|
Treasurer
|
Vice President, Mutual Fund Controller of Ultimus Fund Solutions, LLC; Treasurer of Cornerstone Strategic Value Fund, Inc. and Cornerstone Progressive Return Fund.
|
2012
|
|
*
|
The mailing address of each Director and/or Officer with respect to the Fund’s operation is 350 Jericho Turnpike, Suite 206, Jericho, NY 11753.
|
|
**
|
Designates a director who is an “interested person” of the Fund as defined by the Investment Company Act of 1940, as amended. Mr. Bradshaw is an interested person of the Fund by virtue of his current position with the Investment Adviser of the Fund.
|
FACTS
|
WHAT DOES CORNERSTONE TOTAL RETURN FUND, INC. (THE “FUND”) DO WITH YOUR PERSONAL INFORMATION?
|
Why?
|
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
|
What?
|
The types of personal information we, and our service providers, on our behalf, collect and share depend on the product or service you have with us. This information can include:
• Social Security number
• account balances
• account transactions
• transaction history
• wire transfer instructions
• checking account information
When you are no longer our customer, we continue to share your information as described in this notice.
|
How?
|
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers ‘ personal information; the reasons the Fund, and our service providers, on our behalf, choose to share; and whether you can limit this sharing.
|
Reasons we can share your personal information
|
Does the Fund share?
|
Can you limit this sharing?
|
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
|
Yes
|
No
|
For our marketing purposes – to offer our products and services to you
|
No
|
We don’t share
|
For joint marketing with other financial companies
|
No
|
We don’t share
|
For our affiliates’ everyday business purposes – information about your transactions and experiences
|
Yes
|
No
|
For our affiliates’ everyday business purposes – information about your creditworthiness
|
No
|
We don’t share
|
For our affiliates to market to you
|
No
|
We don’t share
|
For nonaffiliates to market to you
|
No
|
We don’t share
|
What we do
|
|
Who is providing this notice?
|
Cornerstone Total Return Fund, Inc. (the “Fund”)
|
How does the Fund and the Fund’s service providers, on the Fund’s behalf protect my personal information?
|
To protect your personal information from unauthorized access and use, we and our service providers use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
|
How does the Fund and the Fund’s service providers, on the Fund’s behalf collect my personal information?
|
We collect your personal information, for example, when you:
• open an account
• provide account information
• give us your contact information
• make a wire transfer
We also collect your information from others, such as credit bureaus, affiliates, or other companies.
|
Why can’t I limit all sharing?
|
Federal law gives you the right to limit only
• sharing for affiliates’ everyday business purposes – information about your
creditworthiness
• affiliates from using your information to market to you
• sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing.
|
Definitions
|
|
Affiliates
|
Companies related by common ownership or control. They can be financial and nonfinancial companies.
• Cornerstone Advisors, Inc.
|
Nonaffiliates
|
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
• The Fund does not share with nonaffiliates so they can market to you.
|
Joint marketing
|
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
• The Fund does not jointly market.
|
Questions?
|
Call (513) 326 -3597.
|
ITEM 2.
|
CODE OF ETHICS.
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT.
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
(a)
|
Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $14,500 and $14,500 with respect to the registrant's fiscal years ended December 31, 2012 and 2011, respectively.
|
(b)
|
Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.
|
(c)
|
Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $3,500 and $3,500 with respect to the registrant's fiscal years ended December 31, 2012 and 2011, respectively. The services comprising these fees are the preparation of the registrant's federal and state income and federal excise tax returns.
|
(d)
|
All Other Fees. $1,500 and $1,500 in fees were billed in with respect to the registrant's fiscal years ended December 31, 2012 and 2011, respectively, related to the review of the registrant’s rights offering registration.
|
(e)(1)
|
Before the principal accountant is engaged by the registrant to render (i) audit, audit-related or permissible non-audit services to the registrant or (ii) non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, either (a) the audit committee shall pre-approve such engagement; or (b) such engagement shall be entered into pursuant to pre-approval policies and procedures established by the audit committee. Any such policies and procedures must be detailed as to the particular service and not involve any delegation of the audit committee's responsibilities to the registrant's investment adviser. The audit committee may delegate to one or more of its members the authority to grant pre-approvals. The pre-
|
|
approval policies and procedures shall include the requirement that the decisions of any member to whom authority is delegated under this provision shall be presented to the full audit committee at its next scheduled meeting. Under certain limited circumstances, pre-approvals are not required if certain de minimus thresholds are not exceeded, as such thresholds are determined by the audit committee in accordance with applicable Commission regulations.
|
(e)(2)
|
None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
|
(f)
|
Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
|
(g)
|
During the fiscal years ended December 31, 2012 and 2011, aggregate non-audit fees of $5,000 and $5,000, respectively, were billed by the registrant's principal accountant for services rendered to the registrant. No non-audit fees were billed in either of the last two fiscal years by the registrant's principal accountant for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
|
(h)
|
The principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.
|
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
(a)
|
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934. Glenn W. Wilcox, Sr., (Chairman), Edwin Meese, III, Andrew A. Strauss and Scott B. Rogers are the members of the registrant's audit committee.
|
(b)
|
Not applicable
|
ITEM 6.
|
SCHEDULE OF INVESTMENTS.
|
Description
|
No. of Shares
|
Value
|
||||||
EQUITY SECURITIES - 83.14%
|
||||||||
CLOSED-END FUNDS - 24.04%
|
||||||||
CONVERTIBLE SECURITIES - 0.55%
|
||||||||
Advent Claymore Global Convertible Securities and Income Fund II
|
43,298 | $ | 280,571 | |||||
CORE - 0.55%
|
||||||||
General American Investors Company, Inc.
|
10,260 | 285,433 | ||||||
CORPORATE DEBT FUNDS INVESTMENT GRADE-RATED - 1.72%
|
||||||||
Federated Enhanced Treasury Income Fund
|
9,183 | 130,215 | ||||||
Western Asset/Claymore Inflation-Linked Opportunities & Income Fund
|
27,648 | 364,954 | ||||||
Western Asset/Claymore Inflation-Linked Securities & Income Fund
|
29,732 | 389,786 | ||||||
884,955 | ||||||||
DEVELOPED MARKET - 1.08%
|
||||||||
Japan Smaller Capitalization Fund, Inc.
|
38,533 | 277,438 | ||||||
Singapore Fund, Inc. (The)
|
10,201 | 142,610 | ||||||
Swiss Helvetia Fund, Inc. (The)
|
12,300 | 138,867 | ||||||
558,915 | ||||||||
EMERGING MARKETS - 1.11%
|
||||||||
Templeton Dragon Fund, Inc.
|
18,500 | 526,140 | ||||||
Turkish Investment Fund, Inc. (The)
|
2,900 | 48,256 | ||||||
574,396 | ||||||||
GENERAL & INSURED LEVERAGED - 0.71%
|
||||||||
Invesco Value Municipal Income Trust
|
21,816 | 366,727 | ||||||
GENERAL BOND - 0.32%
|
||||||||
Nuveen Build America Bond Opportunity Fund
|
7,500 | 162,450 | ||||||
GLOBAL - 3.80%
|
||||||||
AGIC Global Equity & Convertible Income Fund
|
10,400 | 140,296 | ||||||
Clough Global Allocation Fund
|
7,298 | 99,983 | ||||||
Clough Global Equity Fund
|
8,694 | 113,022 | ||||||
Clough Global Opportunities Fund
|
60,413 | 709,248 | ||||||
Delaware Enhanced Global Dividend and Income Fund
|
36,266 | 420,686 | ||||||
First Trust Active Dividend Income Fund
|
19,814 | 149,596 | ||||||
Lazard World Dividend & Income Fund, Inc.
|
12,700 | 159,385 |
Description
|
No. of Shares
|
Value
|
||||||
GLOBAL (Continued)
|
||||||||
Nuveen Global Value Opportunities Fund
|
11,196 | $ | 166,932 | |||||
1,959,148 | ||||||||
GLOBAL INCOME - 0.97%
|
||||||||
Nuveen Multi-Currency Short-Term Government Income Fund
|
39,014 | 502,110 | ||||||
INCOME & PREFERRED STOCK - 1.42%
|
||||||||
Nuveen Quality Preferred Income Fund 3
|
23,100 | 205,359 | ||||||
Zweig Total Return Fund, Inc. (The)
|
42,804 | 526,917 | ||||||
732,276 | ||||||||
OPTION ARBITRAGE/OPTIONS STRATEGIES - 9.86%
|
||||||||
BlackRock Enhanced Equity Dividend Trust
|
81,800 | 587,324 | ||||||
BlackRock International Growth and Income Trust
|
171,065 | 1,257,328 | ||||||
Eaton Vance Enhanced Equity Income Fund
|
45,872 | 488,996 | ||||||
Eaton Vance Enhanced Equity Income Fund II
|
48,428 | 505,588 | ||||||
Eaton Vance Tax-Managed Buy-Write Opportunities Fund
|
12,700 | 158,750 | ||||||
Eaton Vance Tax-Managed Diversified Equity Income Fund
|
66,439 | 622,533 | ||||||
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund
|
29,700 | 317,493 | ||||||
Eaton Vance Tax-Managed Global Diversified Equity Income Fund
|
119,344 | 1,051,421 | ||||||
ING Global Advantage and Premium Opportunity Fund
|
8,500 | 96,475 | ||||||
5,085,908 | ||||||||
REAL ESTATE - 0.65%
|
||||||||
Neuberger Berman Real Estate Securities Income Fund Inc.
|
73,524 | 337,475 | ||||||
SECTOR EQUITY - 1.30%
|
||||||||
BlackRock EcoSolutions Investment Trust
|
18,983 | 159,267 | ||||||
BlackRock Real Asset Equity Trust
|
30,131 | 309,144 | ||||||
BlackRock Utility and Infrastructure Trust
|
11,148 | 199,438 | ||||||
667,849 | ||||||||
TOTAL CLOSED-END FUNDS
|
12,398,213 |
Description
|
No. of Shares
|
Value
|
||||||
CONSUMER DISCRETIONARY - 6.32%
|
||||||||
Bed Bath & Beyond, Inc. *
|
2,500 | $ | 139,775 | |||||
CBS Corporation - Class B
|
3,000 | 114,150 | ||||||
Comcast Corporation - Class A
|
9,012 | 336,868 | ||||||
Comcast Corporation - Special Class A
|
4,250 | 152,788 | ||||||
DIRECTV *
|
2,000 | 100,320 | ||||||
Gap, Inc. (The)
|
1,500 | 46,560 | ||||||
Home Depot, Inc. (The)
|
7,500 | 463,875 | ||||||
Lowe's Companies, Inc.
|
5,000 | 177,600 | ||||||
Macy's, Inc.
|
3,000 | 117,060 | ||||||
McDonald's Corporation
|
2,500 | 220,525 | ||||||
News Corporation - Class B
|
2,500 | 65,600 | ||||||
Target Corporation
|
3,500 | 207,095 | ||||||
Time Warner Inc.
|
4,666 | 223,175 | ||||||
TJX Companies, Inc. (The)
|
5,000 | 212,250 | ||||||
Viacom Inc. - Class B
|
3,000 | 158,220 | ||||||
Walt Disney Company (The)
|
6,500 | 323,635 | ||||||
Yum! Brands, Inc.
|
3,000 | 199,200 | ||||||
3,258,696 | ||||||||
CONSUMER STAPLES - 7.26%
|
||||||||
Altria Group, Inc.
|
7,000 | 219,940 | ||||||
Coca-Cola Company (The)
|
20,000 | 725,000 | ||||||
Colgate-Palmolive Company
|
3,500 | 365,890 | ||||||
Costco Wholesale Corporation
|
2,500 | 246,925 | ||||||
CVS Caremark Corporation
|
7,000 | 338,450 | ||||||
Kimberly-Clark Corporation
|
1,000 | 84,430 | ||||||
Kraft Foods Group, Inc.
|
1,000 | 45,470 | ||||||
Mondelēz International, Inc. - Class A
|
3,000 | 76,410 | ||||||
Philip Morris International, Inc.
|
6,000 | 501,840 | ||||||
Reynolds American Inc.
|
1,200 | 49,716 | ||||||
Wal-Mart Stores, Inc.
|
16,000 | 1,091,680 | ||||||
3,745,751 | ||||||||
ENERGY - 6.00%
|
||||||||
Anadarko Petroleum Corporation
|
1,000 | 74,310 | ||||||
Chevron Corporation
|
3,500 | 378,490 | ||||||
ConocoPhillips
|
6,000 | 347,940 | ||||||
EOG Resources, Inc.
|
1,000 | 120,790 | ||||||
Exxon Mobil Corporation
|
18,000 | 1,557,900 | ||||||
Marathon Oil Corporation
|
4,900 | 150,234 | ||||||
National Oilwell Varco, Inc.
|
1,000 | 68,350 | ||||||
Phillips 66
|
3,000 | 159,300 | ||||||
Schlumberger Limited
|
2,500 | 173,225 |
Description
|
No. of Shares
|
Value
|
||||||
ENERGY (Continued)
|
||||||||
Williams Companies, Inc. (The)
|
2,000 | $ | 65,480 | |||||
3,096,019 | ||||||||
FINANCIALS - 8.96%
|
||||||||
AFLAC, Inc.
|
3,000 | 159,360 | ||||||
Allstate Corporation (The)
|
2,500 | 100,425 | ||||||
American Express Company
|
8,000 | 459,840 | ||||||
Aon plc
|
2,500 | 139,000 | ||||||
BB&T Corporation
|
4,500 | 130,995 | ||||||
BlackRock, Inc. - Class A
|
1,000 | 206,710 | ||||||
Capital One Financial Corporation
|
2,500 | 144,825 | ||||||
Chubb Corporation (The)
|
2,000 | 150,640 | ||||||
Discover Financial Services
|
4,000 | 154,200 | ||||||
Fifth Third Bancorp
|
7,000 | 106,330 | ||||||
Franklin Resources, Inc.
|
1,000 | 125,700 | ||||||
JPMorgan Chase & Co.
|
19,200 | 844,224 | ||||||
Marsh & McLennan Companies, Inc.
|
3,000 | 103,410 | ||||||
MetLife, Inc.
|
5,500 | 181,170 | ||||||
SunTrust Banks, Inc.
|
3,000 | 85,050 | ||||||
U.S. Bancorp
|
12,500 | 399,250 | ||||||
Wells Fargo & Company
|
33,000 | 1,127,940 | ||||||
4,619,069 | ||||||||
HEALTH CARE - 6.40%
|
||||||||
Abbott Laboratories
|
6,000 | 393,000 | ||||||
Amgen Inc.
|
4,000 | 345,280 | ||||||
Baxter International, Inc.
|
1,200 | 79,992 | ||||||
Biogen Idec, Inc. *
|
2,000 | 293,340 | ||||||
Bristol-Myers Squibb Company
|
3,000 | 97,770 | ||||||
Celgene Corporation *
|
3,500 | 275,520 | ||||||
Covidien plc
|
2,000 | 115,480 | ||||||
Eli Lilly & Company
|
2,500 | 123,300 | ||||||
Johnson & Johnson
|
6,500 | 455,650 | ||||||
Merck & Company, Inc.
|
16,000 | 655,040 | ||||||
Pfizer, Inc.
|
16,462 | 412,867 | ||||||
Stryker Corporation
|
1,000 | 54,820 | ||||||
3,302,059 | ||||||||
INDUSTRIALS - 5.36%
|
||||||||
3M Company
|
4,000 | 371,400 | ||||||
Deere & Company
|
2,500 | 216,050 | ||||||
General Electric Company
|
22,000 | 461,780 | ||||||
Honeywell International Inc.
|
4,000 | 253,880 | ||||||
Illinois Tool Works, Inc.
|
3,500 | 212,835 | ||||||
Lockheed Martin Corporation
|
2,500 | 230,725 |
Description
|
No. of Shares
|
Value
|
||||||
INDUSTRIALS (Continued)
|
||||||||
Northrop Grumman Corporation
|
1,500 | $ | 101,370 | |||||
Precision Castparts Corporation
|
1,500 | 284,130 | ||||||
Raytheon Company
|
2,000 | 115,120 | ||||||
Union Pacific Corporation
|
2,500 | 314,300 | ||||||
United Technologies Corporation
|
2,500 | 205,025 | ||||||
2,766,615 | ||||||||
INFORMATION TECHNOLOGY - 13.45%
|
||||||||
Apple Inc.
|
4,000 | 2,132,120 | ||||||
Automatic Data Processing, Inc.
|
2,000 | 114,020 | ||||||
Cisco Systems, Inc.
|
20,000 | 393,000 | ||||||
eBay Inc. *
|
7,000 | 357,140 | ||||||
International Business Machines Corporation
|
5,000 | 957,750 | ||||||
Microsoft Corporation
|
36,000 | 962,280 | ||||||
Oracle Corporation
|
24,600 | 819,672 | ||||||
QUALCOMM Incorporated
|
7,000 | 434,140 | ||||||
Visa Inc. - Class A
|
4,000 | 606,320 | ||||||
Yahoo! Inc. *
|
8,000 | 159,200 | ||||||
6,935,642 | ||||||||
MATERIALS - 1.96%
|
||||||||
Air Products & Chemicals, Inc.
|
1,500 | 126,030 | ||||||
CF Industries Holdings, Inc.
|
600 | 121,896 | ||||||
E.I. du Pont de Nemours and Company
|
4,800 | 215,856 | ||||||
Freeport-McMoRan Copper & Gold, Inc.
|
5,000 | 171,000 | ||||||
International Paper Company
|
2,300 | 91,632 | ||||||
Monsanto Company
|
3,000 | 283,950 | ||||||
1,010,364 | ||||||||
TELECOMMUNICATION SERVICES - 1.82%
|
||||||||
AT&T, Inc.
|
17,589 | 592,925 | ||||||
Verizon Communications, Inc.
|
8,000 | 346,160 | ||||||
939,085 | ||||||||
UTILITIES - 1.57%
|
||||||||
AES Corporation (The)
|
4,600 | 49,220 | ||||||
Consolidated Edison, Inc.
|
1,000 | 55,540 | ||||||
Duke Energy Corporation
|
2,200 | 140,360 | ||||||
NextEra Energy, Inc.
|
2,000 | 138,380 |
Description
|
No. of Shares
|
Value
|
||||||
UTILITIES (Continued)
|
||||||||
Sempra Energy
|
1,500 | $ | 106,410 | |||||
Southern Company (The)
|
4,000 | 171,240 | ||||||
Xcel Energy Inc.
|
5,500 | 146,905 | ||||||
808,055 | ||||||||
TOTAL EQUITY SECURITIES (cost - $38,646,814)
|
42,879,568 | |||||||
SHORT-TERM INVESTMENTS - 25.56%
|
||||||||
MONEY MARKET FUNDS - 25.56%
|
||||||||
Fidelity Institutional Money Market Government Portfolio - Class I, 0.01%^ (cost - $13,185,093)
|
13,185,093 | 13,185,093 | ||||||
TOTAL INVESTMENTS - 108.70% (cost - $51,831,907)
|
56,064,661 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.70)%
|
(4,489,741 | ) | ||||||
NET ASSETS - 100.00%
|
$ | 51,574,920 |
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
|
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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ITEM 11.
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CONTROLS AND PROCEDURES.
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ITEM 12.
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EXHIBITS.
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Exhibit 99.CODE ETH
|
Code of Ethics
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Exhibit 99.VOTEREG
|
Proxy Voting Policies and Procedures
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Exhibit 99.CERT
|
Certifications required by Rule 30a-2(a) under the Act
|
Exhibit 99.906CERT
|
Certifications required by Rule 30a-2(b) under the Act
|
By (Signature and Title)*
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/s/ Ralph W. Bradshaw
|
||
Ralph W. Bradshaw, Chairman and President
|
|||
(Principal Executive Officer)
|
|||
Date
|
March 4, 2013
|
By (Signature and Title)*
|
/s/ Ralph W. Bradshaw
|
||
Ralph W. Bradshaw, Chairman and President
|
|||
(Principal Executive Officer)
|
|||
Date
|
March 4, 2013
|
||
By (Signature and Title)*
|
/s/ Theresa M. Bridge
|
||
Theresa M. Bridge, Treasurer
|
|||
(Principal Financial Officer)
|
|||
Date
|
March 4, 2013
|