Attached files
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EX-32.1 - CERTIFICATION - GOVERNMENT TRUST 2 F | ex32_1.htm |
EX-31.1 - CERTIFICATION - GOVERNMENT TRUST 2 F | ex31_1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
___________________
FORM
10-K
__________________
(Mark
One)
[X]
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF
1934
|
For
the fiscal year ended December 31, 2009
or
[ ]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
|
For
the transition period from to
Commission
File Number: 000-17313
GOVERNMENT
TRUST 2-F
(Exact
name of registrant as specified in its charter)
Illinois
|
36-6915817
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
Incorporation
or Organization)
|
Identification
No.)
|
The
Bank of New York Mellon Trust Company, N.A.
|
|
(formerly
J.P. Morgan Trust Company, N.A.), Trustee
|
|
2
North LaSalle Street, Suite 1020
|
|
Chicago,
Illinois
|
60602
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (312) 827-8617
Securities
registered pursuant to Section 12(b) of the Act: None
Securities
registered pursuant to Section 12(g) of the Act: Zero
Coupon Certificates, Class 2-F
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act. Yes [ ] No
[X]
Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act. Yes
[ ] No [X]
Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes
[X] No [ ]
Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§
232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such
files). Yes [ ] No [X]
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§ 232.405 of this chapter) is not contained herein, and will not
be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. Not Applicable.
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large
accelerated filer [ ]
|
Accelerated
filer [ ]
|
Non-accelerated
filer [X] (Do not check if a smaller reporting
company)
|
Smaller
reporting company
[ ]
|
Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Act). Yes [ ] No [X]
State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such
common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter. Not
Applicable
Indicate
the number of shares outstanding of each of the registrant's classes of common
stock, as of the latest practicable date. Not Applicable
DOCUMENTS
INCORPORATED BY REFERENCE
List
hereunder the following documents if incorporated by reference and the part of
the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated: (1 Any annual report to security holders; (2) Any proxy
information statement; and, (3) Any prospectus filed pursuant to Rule
424(b) or (c) under the Securities Act of 1933. The
listed documents should be clearly described for
identification purposes (e.g., annual report to security
holders for fiscal year ended date December 24,
1980). None
PART
I
Item
1.
|
Business.
|
Not
Applicable.
|
Item
1A.
|
Risk
Factors.
|
Not
Applicable.
|
Item
1B.
|
Unresolved
Staff Comments.
|
None.
|
Item
2.
|
Properties.
|
Not
Applicable.
|
Item
3.
|
Legal
Proceedings.
|
None.
|
Item
4.
|
(Removed
and Reserved).
|
|
-2-
PART
II
Item
5.
|
Market
for Registrant's Common Equity, Related Stockholder Matters and
Issuer Purchases of
|
Equity
Securities.
|
Certificate
Holders as of December 31, 2009, Trust 2-F:
377.
|
Item
6.
|
Selected
Financial Data.
|
Not
Applicable.
|
Item
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations.
|
Not
Applicable.
|
Item
7A.
|
Quantitative
and Qualitative Disclosures About Market
Risk.
|
Not
Applicable.
|
Item
8.
|
Financial
Statements and Supplementary Data.
|
See
Item 15. Exhibits, Financial Statement
Schedules.
|
Item
9.
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure.
|
None.
|
Item
9A.
|
Controls
and Procedures.
|
As of the
end of the period covered by this report, an evaluation was carried out by
Lawrence M. Kusch, Vice President of the Trustee, of the effectiveness of the
Trust’s disclosure controls and procedures as defined in Exchange Act Rules
13a-15(e) and 15d-15(e). Based on that evaluation, Mr. Kusch
concluded that the Trust’s disclosure controls and procedures
were effective because such controls and procedures did ensure that a
report by management on the Trust’s internal control over financial reporting as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f) was included in the
Trust’s Form 10-K for the year 2009. Such report appears
below.
Management
of the Trustee is responsible for establishing and maintaining adequate internal
control over financial reporting for the Trust, as such term is defined in
Exchange Act Rules 13a-15(f) and 15d-15(f). Management of the Trustee
has assessed the effectiveness of the Trust’s internal control over financial
reporting as of December 31, 2009. In making this assessment,
management used the criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based upon such assessment, management of the Trustee
believes that, as of December 31, 2009, the Trust’s internal control over
financial reporting is effective based upon those criteria. This
annual report does not include an attestation report of the Trust’s registered
public accounting firm regarding internal control over financial
reporting. Management’s report was not subject to attestation by the
Trust’s registered public accounting firm pursuant to temporary rules of the
Securities and Exchange Commission that permit the Trust to provide only
management’s report in this annual report.
There
have not been any changes in the Trust’s internal controls and procedures for
financial reporting as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)
during the fourth quarter of 2009 that have materially affected, or are
reasonably likely to materially affect, the Trust’s internal control over
financial reporting.
Item
9B.
|
Other
Information.
|
None.
|
-3-
PART
III
Item
10.
|
Directors,
Executive Officers and Corporate
Governance.
|
Not
Applicable.
|
Item
11.
|
Executive
Compensation.
|
Not
Applicable.
|
Item
12.
|
Security
Ownership of Certain Beneficial Owners and Management
and Related Stockholder
Matters.
|
Not
Applicable.
|
Item
13.
|
Certain
Relationships and Related Transactions, and Director
Independence.
|
None.
|
Item
14.
|
Principal
Accounting Fees and Services.
|
Deloitte
& Touche LLP 2009 Audit Expense = $
28,864.22
|
PART
IV
Item
15.
|
Exhibits,
Financial Statement Schedules.
|
The
following documents are filed as part of this
report:
|
(1)
|
The
information presented in each semi-annual
report.
|
(2)
|
The
report of the independent registered public accounting firm
regarding the annual audit of the financial statements of the
Trust required under the Declaration of Trust stating the financial
statements are presented in accordance with accounting principles
generally accepted in the United States of
America.
|
(3)
|
Exhibits:
|
31.1
|
Certification by
Trustee pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act
of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
32.1
|
Certification
by Trustee pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
-4-
SIGNATURE
|
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
GOVERNMENT
TRUST 2-F
|
||
By:
|
The
Bank of New York Mellon Trust Company, N.A.
|
|
(formerly
J.P. Morgan Trust Company, N.A.)
|
||
Not
in its individual capacity but solely
|
||
as
Trustee on behalf of the Government Trust 2-F
|
||
By:
|
/s/
Lawrence M. Kusch
|
|
----------------------------------------------------
|
||
Name:
|
Lawrence
M. Kusch
|
|
Title:
|
Vice
President
|
|
Date:
|
March
30, 2010
|
-5-
REPORTS
TO HOLDERS OF GOVERNMENT TRUST
MAY 15, 2009
THE BANK
OF NEW YORK MELLON
The Bank
of New York Trust Company, N.A.
2 N
LaSalle Street, Suite 1020
Chicago,
IL 60602
1-800-254-2826
May 18,
2009
To The
Holders of
Government
Trust Certificates
Zero
Coupon Class 2-F
In
accordance with Section 4.1 of the Declaration of Trust ("Trust"), The Bank of
New York Trust Company, N.A. (formerly J.P. Morgan Trust Company, N.A.), as
Trustee and not in its individual capacity ("Trustee"), hereby provides the
holders of the above-mentioned certificates this Semi-annual Report relating to
the May 15, 2009 Certificate Payment Date.
Any
capitalized terms used herein shall have the meaning assigned to them in the
Trust.
1. The
aggregate dollar amount distributed to holders of Class 2-F Certificates:
$39,089,358.20
2. The
Principal Balance of the Class 2-F Note after the May 4, 2009 Note
Payment Date: $143,211,000.00
3. The
Deficient amount of the Note Payment: $-0-
Neither a
delinquency in payment under any of the Notes nor an Event of Default has
occurred and is continuing.
I,
Lawrence M. Kusch, a Responsible Officer of the Trustee, to the best of my
knowledge and belief, certify that this Semi-annual Report is complete and
accurate. If you have any questions regarding this notice please contact
our
Customer
Service group directly at (800) 275-2048 for further assistance.
/s/
Lawrence M. Kusch
------------------------------
Lawrence
M. Kusch
AVP,
Relationship Manager
For The
Bank of New York Trust Company, N.A.
(formerly
J.P. Morgan Trust Company, N.A.), as
Trustee
and not in its individual capacity.
-6-
REPORTS
TO HOLDERS OF GOVERNMENT TRUST
NOVEMBER 16, 2009
THE BANK
OF NEW YORK, MELLON
The Bank
of New York Trust Company, N.A.
2 N
LaSalle Street, Suite 1020
Chicago,
IL 60602
1-800-254-2826
November
16, 2009
To The
Holders of
Government
Trust Certificates
Zero
Coupon Class 2-F
In
accordance with Section 4.1 of the Declaration of Trust ("Trust"),
The Bank of New York Mellon Trust Company,
N.A. (formerly J.P. Morgan Trust Company,
N.A.), as Trustee and not in its individual capacity ("Trustee"),
hereby
provides
the holders of the above-mentioned certificates this Semi-annual Report relating
to the November 16, 2009 Certificate Payment Date.
Any
capitalized terms used herein shall have the meaning assigned to them in the
Trust.
1. The
aggregate dollar amount distributed to holders of Class
2-F Certificates: $36,589,721.34.
2. The
Principal Balance of the Class 2-F Note after the November 3, 2009 Note Payment
Date: $113,591,000.00
3. The
Deficient amount of the Note Payment: $-0-
Neither a
delinquency in payment under any of the Notes nor an Event of Default has
occurred and is continuing.
I,
Lawrence M. Kusch, a Responsible Officer of the Trustee, to the best of my
knowledge and belief, certify that this Semi-annual Report is complete and
accurate. If you have any questions regarding this notice please contact
our
Customer
Service group directly at (800) 275-2048 for further assistance.
/s/
Lawrence M. Kusch
------------------------------
Lawrence
M. Kusch
VP,
Relationship Manager
For The
Bank of New York Trust Company, N.A.
(formerly
J.P. Morgan Trust Company, N.A.), as
Trustee
and not in its individual capacity.
-7-
Government
Trust 2-F
Financial
Statements as of and for the Year
Ended
December 31,
2009 and Report of Independent
Registered
Public Accounting Firm
|
-8-
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
|
Government
Trust 2-F
We have
audited the accompanying balance sheet of Government Trust 2-F (the “Trust”) as
of December 31, 2009, and the related statements of income, cash flows and
changes in Trust balance for the year then ended. These financial statements are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Trust is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures included confirmation of the
securities held by the Depository as of December 31, 2009 for the account
of the Government of Israel, for the purpose described in Note 4 of the
notes to financial statements, by correspondence with the Depository. We believe
that our audit provides a reasonable basis for our opinion.
In our
opinion, such financial statements present fairly, in all material respects, the
financial position of Government Trust 2-F at December 31, 2009, the
results of its operations, cash flows and changes in Trust balance for the year
then ended, in conformity with accounting principles generally accepted in the
United States of America.
/s/
Deloitte & Touche LLP
----------------------------
Deloitte & Touche LLP
Chicago, Illinois
March 30, 2010
-9-
GOVERNMENT
TRUST 2-F
|
||||
BALANCE
SHEET
|
||||
AS
OF DECEMBER 31, 2009
|
||||
ASSETS
|
||||
LOAN
NOTE RECEIVABLE — At amortized cost, inclusive of
|
||||
unamortized
premium of $439,989
|
$ | 114,031,315 | ||
ACCRUED
INTEREST RECEIVABLE
|
1,782,683 | |||
TOTAL
|
$ | 115,813,998 | ||
LIABILITIES
AND TRUST BALANCE
|
||||
ACCRUED
EXPENSES PAYABLE
|
$ | 1,373 | ||
TRUST
BALANCE — Comprised of owners’ equity in
|
||||
Government
Trust Certificates
|
115,812,625 | |||
TOTAL
|
$ | 115,813,998 | ||
See
notes to financial statements.
|
-10-
GOVERNMENT
TRUST 2-F
|
||||
STATEMENT
OF INCOME
|
||||
FOR
THE YEAR ENDED DECEMBER 31, 2009
|
||||
INTEREST
INCOME ON THE LOAN NOTE
|
$ | 14,173,215 | ||
TRUSTEE
FEES AND OTHER EXPENSES
|
(11,162 | ) | ||
NET
INCOME
|
$ | 14,162,053 | ||
See
notes to financial statements.
|
-11-
GOVERNMENT
TRUST 2-F
|
||||
STATEMENT
OF CASH FLOWS
|
||||
FOR
THE YEAR ENDED DECEMBER 31, 2009
|
||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||
Principal
and interest received on the loan note
|
$ | 75,691,000 | ||
Trustee
fees and other expenses paid
|
(11,890 | ) | ||
Net
cash provided by operating activities
|
75,679,110 | |||
CASH
FLOW FROM FINANCING ACTIVITIES —
|
||||
Distributions
to certificate owners
|
(75,679,110 | ) | ||
NET
INCREASE IN CASH
|
- | |||
CASH
BALANCE — Beginning of year
|
- | |||
CASH
BALANCE — End of year
|
$ | - | ||
RECONCILIATION
OF NET INCOME TO NET CASH
|
||||
PROVIDED
BY OPERATING ACTIVITIES:
|
||||
Net
income
|
$ | 14,162,053 | ||
Amortization
of premium on loan note receivable
|
323,248 | |||
Decrease
in loan note receivable
|
60,249,000 | |||
Decrease
in accrued interest receivable
|
945,537 | |||
Decrease
in accrued expenses
|
(728 | ) | ||
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
$ | 75,679,110 | ||
See
notes to financial statements.
|
-12-
GOVERNMENT
TRUST 2-F
|
||||||||||||||
STATEMENT
OF CHANGES IN TRUST BALANCE
|
||||||||||||||
FOR
THE YEAR ENDED DECEMBER 31, 2009
|
||||||||||||||
Trust
|
Trust
|
|||||||||||||
Balance,
|
Distributions
to
|
Balance,
|
||||||||||||
January
1, 2009
|
Net
Income
|
Certificate
Owners
|
December
31, 2009
|
|||||||||||
$ | 177,329,682 | $ | 14,162,053 | $ | (75,679,110 | ) | $ | 115,812,625 | ||||||
See
notes to financial statements.
|
-13-
GOVERNMENT
TRUST 2-F
NOTES
TO FINANCIAL STATEMENTS
AS
OF AND FOR THE YEAR ENDED DECEMBER 31, 2009
1.
|
ORGANIZATION
AND OPERATIONS
|
Government
Trust 2-F (the “Trust”) is a limited purpose trust established under the laws of
the state of Illinois pursuant to a Declaration of Trust (the “Declaration”)
between the Trust and The Bank of New York Mellon Trust Company, N.A. (formerly,
The Bank of New York Trust Company, N.A., formerly, JPMorgan Trust Company,
N.A., formerly, Bank One Trust Company, N.A., formerly, First National Bank of
Chicago), as Trustee (the “Trustee”). The Trust was created for the sole purpose
of the issuance and sale of a single class of Zero Coupon Certificates (the
“Certificates”). The assets of the Trust consist of a Promissory Note (a “Loan
Note”) from the Government of Israel (“Israel”). The Loan Note is backed by a
full faith and credit guaranty (the “Guaranty”) issued by the United States of
America, acting through the Defense Security Assistance Agency of the Department
of Defense (the DSA), of the due and punctual payment of 90% of all payments of
principal and interest due on the Loan Note (the “Guaranteed Portion”) and a
security interest in certain collateral, consisting of non-callable securities
issued or guaranteed by the United States Government, sufficient to pay the
remaining 10% of all payments of principal and interest due on the Loan Note
(the “Unguaranteed Secured Portion”). The Loan Note and Certificates will not be
subject to prepayment or acceleration.
2.
|
LOAN
NOTE RECEIVABLE
|
The Loan
Note in the original principal amount of $978,626,000 evidences a loan made by
the Trust to Israel subject to the terms and conditions of a Loan Agreement (the
“Loan Agreement”) dated as of November 29, 1988, between the Trust and Israel.
The Loan Note is carried at amortized cost on the accompanying Balance Sheet
because of the Trust’s intent and ability to hold the Loan Note to maturity. The
proceeds from the Loan Note were used to prepay certain loans made to Israel
from the Federal Financing Bank. Semi-annual payments of interest at an annual
rate of 9.7410% are due on the Loan Note on each May 3 and November 3 (each
a “Note Payment Date”). On May 3, 2009 and November 3, 2009, Note
Payment Dates, Israel made its scheduled payments of principal on the Loan Note
in the amounts of $30,629,000 and $29,620,000, respectively. Scheduled principal
payments are due on each Note Payment Date as follows:
Payment
|
Principal
|
Payment
|
Principal
|
||||||
Date
|
Payment
|
Date
|
Payment
|
||||||
May
3, 2010
|
$ | 28,529,000 |
May
3, 2012
|
$ | 29,620,000 | ||||
November
3, 2010
|
5,236,000 |
November
3, 2012
|
8,888,000 | ||||||
May
3, 2011
|
12,154,000 |
May
3, 2013
|
8,885,000 | ||||||
November
3, 2011
|
20,279,000 |
The
Government of the United States, acting through the DSA, has agreed to guarantee
the repayment of the Guaranteed Portion due to the Trust under the Loan Note.
Israel has agreed to pledge certain collateral as security for the repayment of
the Unguaranteed Secured Portion, as more fully described in Note 4. The
estimated fair value of the Loan Note approximates the fair value of the
Certificates. The estimated fair value of the Certificates at December 31,
2009 was approximately $129,634,000. The estimate of the fair value of the
Certificates is based upon the present values of the cash flows using
risk-adjusted spreads to the U.S. Treasury curve.
3.
|
THE
ZERO COUPON CERTIFICATES
|
On
November 29, 1988, the Trust issued 49 separate series of Certificates, Class
2-F. Forty-two of such series of Certificates matured prior to December 31,
2009. Each of the remaining series of Certificates will mature on one of the
semi-annual certificate payment dates from May 15, 2010 to May 15,
2013 (each, a “Maturity Date”). Scheduled distributions are due on the Maturity
Dates as follows:
Maturity
|
Distribution
|
Maturity
|
Distribution
|
||||||
Date
|
Amount
|
Date
|
Amount
|
||||||
May
15, 2010
|
$ | 34,057,190 |
May
15, 2012
|
$ | 31,926,499 | ||||
November
15, 2010
|
9,375,755 |
November
15, 2012
|
9,752,967 | ||||||
May
15, 2011
|
16,038,932 |
May
15, 2013
|
9,317,411 | ||||||
November
15, 2011
|
23,572,427 |
Each of
the Certificates evidences an undivided fractional interest in the Trust, and
represents the right to receive a portion of the semi-annual payments due on the
Loan Note held by the Trust.
4.
|
THE
COLLATERAL
|
In
accordance with the Collateral Depository Agreement (the “Depository Agreement”)
between Israel, the Trustee, and The Bank of New York Mellon, as depository (the
“Depository”), and in order to provide security for the payment of the
Unguaranteed Secured Portion, Israel has pledged certain collateral, consisting
of non-callable securities issued or guaranteed by the United States Government
(together with the proceeds thereof, the “Collateral”). The Collateral is of
such amounts and has such payment dates as to enable the Trustee to receive on
or immediately prior to each semi-annual Maturity Date an amount sufficient to
pay the Unguaranteed Secured Portion if timely payment on the Loan Note has not
been received by the related Note Payment Date. All of the Collateral was
deposited with the Depository on the date that the loans evidenced by the Loan
Note were made by the Trust to Israel.
-14-
5.
|
THE
TRUSTEE
|
Pursuant
to the Declaration, the Trustee established a separate trust account for the
Trust. All payments received with respect to the Loan Note, the Guaranty, and
any relevant Collateral are deposited in the trust account for the benefit of
the holders of the Certificates after deducting fees of the Trustee and any
additional expenses of the Trust. Any excess funds remaining in the trust
account after the payment of principal on the Certificates will revert back to
Israel to the extent such funds were provided by Israel but not needed for the
above purpose.
6.
|
INCOME
TAXES
|
The Trust
is classified as a Grantor Trust and will not be subject to Federal income
taxes. Each Certificate holder will be treated for Federal income tax purposes
as the owner of a pro rata undivided fractional interest in the assets held
by the Trust. The difference between the financial reporting and income tax
bases of the Trust’s assets and liabilities is not significant.
In July
2006, the Financial Accounting Standards Board (“FASB”) released ASC 740 Income Taxes (formerly, FASB
Interpretation No. 48, Accounting for Uncertainty in Income
Taxes), which is effective for fiscal years beginning after
December 15, 2006. This guidance prescribes a comprehensive model for how
an entity should recognize, measure, present and disclose in its financial
statements uncertain tax positions that the entity has taken or expects to take
on a tax return. The Trust adopted ASC 740 Income Taxes effective
January 1, 2007 for all open tax years and has determined that no material
uncertain tax positions exist. As a result, the Trust has not recorded any
liabilities for material unrecognized tax benefits as of December 31,
2009.
7.
|
SUBSEQUENT
EVENTS
|
There
have been no subsequent events that require recognition or disclosure in the
financial statements.
******
-15-