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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:
   811-21188
 
    
Registrant Name:
   PIMCO California Municipal Income Fund III
 
    
Address of Principal Executive Offices:
   1345 Avenue of the Americas,
 
   New York, NY 10105
 
    
Name and Address of Agent for Service:
   Lawrence G. Altadonna
 
   1345 Avenue of the Americas,
 
   New York, NY 10105
 
    
Registrant’s telephone number, including area code:
   212-739-3371
 
    
Date of Fiscal Year End:
   September 30, 2011
 
    
Date of Reporting Period:
   December 31, 2010
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-2001. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Schedule of Investments
PIMCO California Municipal Income Fund III Schedule of Investments
December 31, 2010 (unaudited)
                         
Principal                  
Amount         Credit Rating        
(000s)         (Moody’s/S&P)     Value*  
 
CALIFORNIA MUNICIPAL BONDS & NOTES—93.1%                
       
Assoc. of Bay Area Gov’t Finance Auth. for Nonprofit Corps. Rev.,
                
       
Odd Fellows Home of California, Ser. A (CA Mtg. Ins.),
                
$ 1,000    
5.20%, 11/15/22
   NR/A-   $ 1,002,220  
  11,725    
5.35%, 11/15/32
   NR/A-     10,625,547  
  1,000    
Cathedral City Public Financing Auth., Tax Allocation, 5.00%, 8/1/33, Ser. A (NPFGC)
   Baa1/A     863,500  
  1,150    
Ceres Redev. Agcy., Tax Allocation, Project Area No. 1, 5.00%, 11/1/33 (NPFGC)
   Baa1/A-     901,416  
  2,000    
Chula Vista Rev., San Diego Gas & Electric, 5.875%, 2/15/34, Ser. B
   Aa3/A+     2,195,000  
  550    
City & Cnty. of San Francisco, Capital Improvement Projects, CP, 5.25%, 4/1/31, Ser. A
   A1/AA-     541,200  
  1,415    
Contra Costa Cnty. Public Financing Auth., Tax Allocation, 5.625%, 8/1/33, Ser. A
   NR/BBB     1,289,617  
  3,775    
Cucamonga School Dist., CP, 5.20%, 6/1/27
   NR/AA-     3,750,123  
       
Educational Facs. Auth. Rev.,
                
  9,800    
Claremont McKenna College, 5.00%, 1/1/39 (e)
   Aa2/NR     9,264,332  
  3,300    
Pepperdine Univ., 5.00%, 9/1/33, Ser. A (FGIC-NPFGC)
   Aa3/BBB     3,309,141  
  10,000    
Univ. of Southern California, 5.00%, 10/1/39, Ser. A (e)
   Aa1/AA+     9,953,900  
  1,695    
El Dorado Irrigation Dist. & El Dorado Water Agcy., CP, 5.75%, 8/1/39, Ser. A (AGC)
   Aa3/AA+     1,734,375  
       
Golden State Tobacco Securitization Corp. Rev.,
                
  11,000    
5.00%, 6/1/45 (AMBAC-TCRS)
   A2/BBB+     9,271,570  
  4,000    
5.00%, 6/1/45, Ser. A (FGIC-TCRS)
     A2/A-       3,371,480  
  13,865    
5.75%, 6/1/47, Ser. A-1
   Baa3/BB+     9,352,497  
  500    
Hartnell Community College Dist., GO, zero coupon, 8/1/34, Ser. 2002-D (f)
   Aa2/AA-     234,340  
       
Health Facs. Financing Auth. Rev.,
                
       
Adventist Health System, Ser. A,
                
  500    
5.00%, 3/1/33
   NR/A     433,365  
  4,000    
5.75%, 9/1/39
   NR/A     3,895,600  
       
Catholic Healthcare West, Ser. A,
                
  1,935    
6.00%, 7/1/34
     A2/A       1,954,331  
  4,000    
6.00%, 7/1/39
     A2/A       4,074,440  
  450    
Children’s Hospital of Los Angeles, 5.25%, 7/1/38 (AGM)
   Aa3/AA+     406,669  
  500    
Children’s Hospital of Orange Cnty., 6.50%, 11/1/38, Ser. A
   NR/A     518,610  
  6,000    
Cottage Health System, 5.00%, 11/1/33, Ser. B (NPFGC)
   Baa1/A+     5,099,160  
  1,550    
Paradise VY Estates, 5.25%, 1/1/26 (CA Mtg. Ins.)
   NR/A-     1,532,578  
  1,300    
Scripps Health, 5.00%, 11/15/36, Ser. A
   A1/AA-     1,179,711  
  500    
Sutter Health, 5.00%, 11/15/42, Ser. A (IBC-NPFGC)
   Aa3/BBB     435,955  
       
Infrastructure & Economic Dev. Bank Rev., Kaiser Hospital Assistance,
                
  3,000    
5.50%, 8/1/31, Ser. B
   WR/A     2,956,290  
  8,000    
5.55%, 8/1/31, Ser. A
   NR/A+     7,931,840  
  20    
Lancaster Financing Auth., Tax Allocation, 4.75%, 2/1/34 (NPFGC)
   Baa1/BBB+     16,247  
  150    
Lancaster Redev. Agcy. Rev., Capital Improvements Projects, 5.90%, 12/1/35
   NR/A     143,749  
  500    
Lancaster Redev. Agcy., Tax Allocation, 6.875%, 8/1/39
   NR/A     532,400  
  5,600    
Long Beach Bond Finance Auth. Rev., Long Beach Natural Gas, 5.50%, 11/15/37, Ser. A
     A2/A       5,263,720  
  5,000    
Long Beach Unified School Dist., GO, 5.75%, 8/1/33, Ser. A
   Aa2/AA-     5,216,150  
       
Los Angeles Department of Water & Power Rev. (e),
                
  6,000    
4.75%, 7/1/30, Ser. A-2 (AGM)
   Aa3/AA+     5,785,560  
  10,000    
5.00%, 7/1/39, Ser. A
   Aa3/AA-     9,733,400  

 

 

PIMCO California Municipal Income Fund III Schedule of Investments
December 31, 2010 (unaudited)
                         
Principal                  
Amount         Credit Rating        
(000s)         (Moody’s/S&P)     Value*  
 
       
Los Angeles Unified School Dist., GO,
                
$ 9,580    
4.75%, 1/1/28, Ser. A (NPFGC)
   Aa2/AA-   $ 8,745,199  
  10,000    
5.00%, 1/1/34, Ser. I (e)
   Aa2/AA-     9,414,100  
  550    
Malibu, City Hall Project, CP, 5.00%, 7/1/39, Ser. A
   NR/AA+     523,550  
  1,000    
Manteca Financing Auth. Sewer Rev., 5.75%, 12/1/36
   Aa3/NR     1,013,140  
  5,000    
Metropolitan Water Dist. of Southern California Rev., 5.00%, 7/1/37, Ser. A (e)
   Aa1/AAA     5,008,200  
  2,980    
Modesto Irrigation Dist., Capital Improvement Projects, CP, 5.00%, 7/1/33, Ser. A (NPFGC)
     A1/A+       2,661,974  
  3,000    
Montebello Unified School Dist., GO, 5.00%, 8/1/33 (AGM)
   Aa3/AA+     2,874,600  
  200    
M-S-R Energy Auth. Rev., 6.50%, 11/1/39, Ser. B
   NR/A     207,166  
  5,000    
Oakland, GO, 5.00%, 1/15/33, Ser. A (NPFGC)
   Aa2/AA-     4,825,200  
  5,000    
Orange Cnty. Unified School Dist., CP, 4.75%, 6/1/29 (NPFGC)
   Aa3/A+     4,701,400  
  965    
Orange Cnty. Water Dist. Rev., CP, 5.00%, 8/15/34, Ser. B (NPFGC)
   WR/AAA     1,007,016  
  1,250    
Peralta Community College Dist., GO, 5.00%, 8/1/39, Ser. C
   NR/AA-     1,146,988  
  1,250    
Pollution Control Financing Auth. Rev., American Water Capital Corp. Project, 5.25%, 8/1/40 (a)(b)
   Baa2/BBB+     1,109,888  
  1,950    
Poway Unified School Dist., Special Tax, 5.125%, 9/1/28
   NR/BBB+     1,803,574  
  5,000    
Riverside, CP, 5.00%, 9/1/33 (AMBAC)
   WR/A+     4,433,100  
  500    
Rocklin Unified School Dist. Community Facs. Dist., Special Tax, 5.00%, 9/1/29 (NPFGC)
   Baa1/A-     426,160  
  3,250    
Sacramento Municipal Utility Dist. Rev., 5.00%, 8/15/33, Ser. R (NPFGC)
     A1/A+       3,176,648  
  6,250    
San Diego Cnty. Water Auth., CP, 5.00%, 5/1/38, Ser. 2008-A (AGM)
   Aa2/AA+     5,945,875  
  12,075    
San Diego Community College Dist., GO, 5.00%, 5/1/28, Ser. A (AGM)
   Aa1/AA+     12,190,075  
  2,000    
San Diego Public Facs. Financing Auth. Rev., 5.25%, 5/15/39, Ser. A
   Aa3/A+     1,976,600  
  2,200    
San Diego Regional Building Auth. Rev., Cnty. Operations Center & Annex, 5.375%, 2/1/36, Ser. A
   Aa3/AA+     2,223,584  
  1,500    
San Diego State Univ. Foundation Rev., 5.00%, 3/1/27, Ser. A (NPFGC)
   Baa1/BBB     1,490,040  
  12,200    
San Marcos Public Facs. Auth., Tax Allocation, 5.00%, 8/1/33, Ser. A (FGIC-NPFGC)
     A2/A-       10,606,558  
  500    
Santa Clara Cnty. Financing Auth. Rev., 5.75%, 2/1/41, Ser. A (AMBAC)
     A1/A+       481,990  
  1,200    
Santa Cruz Cnty. Redev. Agcy., Tax Allocation, Live Oak/Soquel Community, 7.00%, 9/1/36, Ser. A
     A1/A       1,301,028  
  4,425    
South Tahoe JT Powers Financing Auth. Rev., South Tahoe Redev. Project, 5.45%, 10/1/33, Ser. 1-A
   NR/BBB+     3,910,018  
  7,300    
State, GO, 6.00%, 4/1/38
     A1/A-       7,446,438  
  4,095    
State Department Veteran Affairs Rev., 5.35%, 12/1/27, Ser. A (AMBAC)
   Aa3/AA     4,105,770  
  2,000    
State Public Works Board Rev.,
                
       
California State Univ., 6.00%, 11/1/34, Ser. J
   Aa3/BBB+     2,038,180  
  2,050    
Univ. CA M.I.N.D. Inst., 5.00%, 4/1/28, Ser. A
   Aa2/AA-     2,054,141  
       
Statewide Communities Dev. Auth. Rev.,
                
  500    
American Baptist Homes West, 6.25%, 10/1/39
   NR/BBB-     475,675  
       
Catholic Healthcare West,
                
  1,200    
5.50%, 7/1/31, Ser. D
     A2/A       1,175,460  
  1,200    
5.50%, 7/1/31, Ser. E
     A2/A       1,175,460  
  1,000    
Lancer Student Housing Project, 7.50%, 6/1/42
   NR/NR     1,011,050  
  7,300    
Los Angeles Jewish Home, 5.50%, 11/15/33 (CA St. Mtg.)
   NR/A-     6,343,554  
  15,000    
Memorial Health Services, 5.50%, 10/1/33, Ser. A
   WR/AA-     15,114,750  
       
Methodist Hospital Project (FHA),
                
  2,000    
6.625%, 8/1/29
   Aa2/NR     2,190,660  
  7,200    
6.75%, 2/1/38
   Aa2/NR     7,875,072  
  3,100    
St. Joseph, 5.75%, 7/1/47, Ser. A (FGIC)
   A1/AA-     2,990,167  

 

 

PIMCO California Municipal Income Fund III Schedule of Investments
December 31, 2010 (unaudited)
                         
Principal                  
Amount         Credit Rating        
(000s)         (Moody’s/S&P)     Value*  
 
$ 10,000    
Sutter Health, 5.50%, 8/15/34, Ser. B
   Aa3/A+   $ 9,616,200  
  3,505    
The Internext Group, CP, 5.375%, 4/1/30
   NR/BBB     2,986,365  
       
Tobacco Securitization Agcy. Rev.,
                
       
Alameda Cnty.,
                
  8,100    
5.875%, 6/1/35
   Baa3/NR     6,581,493  
  7,000    
6.00%, 6/1/42
   Baa3/NR     5,271,840  
  2,000    
Kern Cnty., 6.125%, 6/1/43, Ser. A
   NR/BBB     1,504,500  
  5,000    
Tobacco Securitization Auth. of Southern California Rev., 5.00%, 6/1/37, Ser. A-1
   Baa3/BBB     3,497,650  
  2,950    
Torrance Rev., Torrance Memorial Medical Center, 5.50%, 6/1/31, Ser. A
     A2/A+       2,935,516  
  1,000    
West Basin Municipal Water Dist., CP, 5.00%, 8/1/30, Ser. A (NPFGC)
   Aa2/AA-     982,810  
  2,000    
Western Municipal Water Dist. Facs. Auth. Rev., 5.00%, 10/1/39, Ser. B
   NR/AA+     1,960,980  
  1,000    
Westlake Village, CP, 5.00%, 6/1/39
   NR/AA+     980,620  
  2,500    
William S. Hart Union High School Dist., Special Tax, 6.00%, 9/1/33, Ser. 2002-1
   NR/NR     2,316,375  
  2,750    
Woodland Finance Auth.Rev., 5.00%, 3/1/32 (XLCA)
   A1/NR     2,728,550  
       
 
              
       
Total California Municipal Bonds & Notes (cost—$319,063,109)
             313,332,980  
       
 
              
 
OTHER MUNICIPAL BONDS & NOTES—6.6%                
       
Indiana—1.3%
                
  5,000    
Vigo Cnty. Hospital Auth. Rev., Union Hospital, Inc., 5.75%, 9/1/42 (a)(b)
   NR/NR     4,326,150  
       
 
              
 
       
New Jersey—0.2%
                
  1,000    
Tobacco Settlement Financing Corp. Rev., 4.75%, 6/1/34, Ser. 1-A
   Baa3/BB+     607,760  
       
 
              
 
       
New York—1.0%
                
  3,300    
New York City Municipal Water Finance Auth. Water & Sewer Rev., 5.00%, 6/15/37, Ser. D (e)
   Aa1/AAA     3,266,472  
       
 
              
 
       
Puerto Rico—3.7%
                
  1,000    
Electric Power Auth. Rev., 5.25%, 7/1/40, Ser. XX
   A3/BBB+     932,060  
  4,420    
Public Buildings Auth. Gov’t Facs. Rev., 5.00%, 7/1/36, Ser. I (GTD)
   A3/BBB-     3,930,794  
       
Sales Tax Financing Corp. Rev.,
                
  23,200    
zero coupon, 8/1/47, Ser. A (AMBAC)
   Aa2/AA-     2,143,216  
  29,200    
zero coupon, 8/1/54, Ser. A (AMBAC)
   Aa2/AA-     1,469,052  
  26,300    
zero coupon, 8/1/56, Ser. A
   Aa2/AA-     1,143,524  
  3,000    
5.25%, 8/1/41, Ser. C
     A1/A+       2,813,730  
       
 
              
       
 
             12,432,376  
       
 
              
 
       
South Dakota—0.4%
                
  2,000    
Minnehaha Cnty. Rev., Bethany Lutheran, 5.50%, 12/1/35
   NR/NR     1,583,660  
       
 
              
       
Total Other Municipal Bonds & Notes (cost—$25,576,032)
             22,216,418  
       
 
              
 
CALIFORNIA VARIABLE RATE NOTES (a)(b)(c)(d)—0.3%                
  1,000    
Los Angeles Community College Dist., GO, 11.33%, 8/1/33, Ser. 3096 (cost—$996,628)
   NR/AA     893,680  
       
 
              
 
       
Total Investments (cost—$345,635,769)(g)—100.0%
           $ 336,443,078  
       
 
              

 

 

Notes to Schedule of Investments:
*   Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services.
 
    Portfolio securities and other financial instruments for which market quotations are not readily available or for which a development/event occurs that may significantly impact the value of a security, are fair-valued, in good faith, pursuant to procedures established by the Board of Trustees, or persons acting at their discretion pursuant to procedures established by the Board of Trustees. The Fund’s investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.
 
    The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold and these differences could be material. The Fund’s net asset value is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.
 
(a)   Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $6,329,718, representing 1.9% of total investments.
 
(b)   144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.
 
(c)   Inverse Floater—The interest rate shown bears an inverse relationship to the interest rate on another security or the value of an index. The interest rate disclosed reflects the rate in effect on December 31, 2010.
 
(d)   Variable Rate Notes—Instruments whose interest rates change on specified date (such as a coupon date or interest payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). The interest rate disclosed reflects the rate in effect on December 31, 2010.
 
(e)   Residual Interest Bonds held in Trust—Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction.
 
(f)   Step Bond—Coupon is a fixed rate for an initial period then resets at a specific date and rate.
 
(g)   At December 31, 2010, the cost basis of investments for federal income tax purposes was $311,986,346. Aggregate gross unrealized appreciation for securities in which there was an excess value over tax cost was $10,500,967; aggregate gross unrealized depreciation for securities in which there was an excess of tax cost over value was $19,718,047; and net unrealized depreciation for federal income tax purposes was $9,217,080. The difference between book and tax cost was attributable to inverse floater transactions.
Glossary:
AGC—insured by Assured Guaranty Corp.
AGM—insured by Assured Guaranty Municipal Corp.
AMBAC—insured by American Municipal Bond Assurance Corp.
CA Mtg. Ins.—insured by California Mortgage Insurance
CA St. Mtg.—insured by California State Mortgage
CP—Certificates of Participation
FGIC—insured by Financial Guaranty Insurance Co.
FHA—insured by Federal Housing Administration
GO—General Obligation Bond
GTD—Guaranteed
IBC—Insurance Bond Certificate
NPFGC—insured by National Public Finance Guarantee Corp.
NR—Not Rated
TCRS—Temporary Custodian Receipts
WR—Withdrawn Rating
XLCA—insured by XL Capital Assurance

 

 

Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:
  •   Level 1 — quoted prices in active markets for identical investments that the Fund has the ability to access
 
  •   Level 2 — valuations based on other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) or quotes from inactive exchanges
 
  •   Level 3 — valuations based on significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation technique used.
The valuation techniques used by the Fund to measure fair value during the three months ended December 31, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Fund generally uses to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles.
Municipal Bonds and Variable Rate Notes — Municipal bonds and variable rate notes are valued by independent pricing services based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable, the values of municipal bonds are categorized as Level 2. To the extent that these inputs are unobservable the values are categorized as Level 3.
The Fund’s policy is to recognize transfers between levels at the end of the reporting period.
A summary of the inputs used at December 31, 2010 in valuing the Fund’s assets and liabilities is listed below:
                                 
            Level 2 -   Level 3 -    
            Other Significant   Significant    
    Level 1 -   Observable   Unobservable   Value at
    Quoted Prices   Inputs   Inputs   12/31/10
 
Investments in Securities — Assets
                                
California Municipal Bonds & Notes
     —     $ 313,332,980       —       $313,332,980  
Other Municipal Bonds & Notes
     —       22,216,418       —       22,216,418  
California Variable Rate Notes
     —       893,680       —       893,680  
 
Total Investments
     —     $ 336,443,078       —       $336,443,078  
 
There were no significant transfers between Levels 1 and 2 during the three months ended December 31, 2010.

 

 

Item 2. Controls and Procedures
(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits
     (a) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

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.
Registrant: PIMCO California Municipal Income Fund III
         
By
  /s/ Brian S. Shlissel
 
    
President & Chief Executive Officer    
Date: February 23, 2011    
 
        
By
  /s/ Lawrence G. Altadonna
 
    
Treasurer, Principal Financial & Accounting Officer    
Date: February 23, 2011    
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/ Brian S. Shlissel
 
    
President & Chief Executive Officer    
Date: February 23, 2011    
 
        
By
  /s/ Lawrence G. Altadonna
 
    
Treasurer, Principal Financial & Accounting Officer    
Date: February 23, 2011