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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE TIMOTHY N. COAKLEY
TITLE VICE PRESIDENT
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<NAME> CAPPIELLO-RUSHMORE TRUST
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<NAME> UTILITY INCOME FUND
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