- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
20 11월 2008 - 6:47AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF
PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07358
Duff & Phelps Utility
and Corporate Bond Trust Inc.
(Exact name of registrant as specified in charter)
|
|
|
200 S. Wacker Dr., Suite 500, Chicago, Illinois
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|
60606
|
(Address of principal executive offices)
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(Zip code)
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|
|
Alan M. Meder
Duff & Phelps Utility and Corporate Bond Trust Inc.
200 S. Wacker Dr., Suite 500
Chicago, Illinois 60606
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Lawrence Hamilton
Mayer Brown LLP
71 South Wacker Drive
Chicago, Illinois 60606
|
(Name and address of agents for service)
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Registrants telephone number, including area code: (312) 263-2610
Date of fiscal year end: December 31
Date of reporting period:
September 30, 2008
Item 1 Schedule of Investments
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
September 30, 2008
(Unaudited)
|
|
|
|
|
|
|
Principal
Amount
(000)
|
|
Description
|
|
Value
(Note 1)
|
|
|
|
LONG-TERM INVESTMENTS - 155.0%
|
|
|
|
U.S. Government and Agency Obligations - 9.3%
|
|
|
|
Federal Home Loan Banks,
|
$
|
10,000
|
|
7.125%, 1/15/10
|
|
$
|
10,121,790
|
|
|
|
Federal National Mortgage Association,
|
|
10,000
|
|
7.25%, 1/15/10
|
|
|
10,514,950
|
|
5,000
|
|
6.00%, 5/15/11
|
|
|
5,340,985
|
|
272
|
|
8.00%, 10/01/30
|
|
|
294,761
|
|
989
|
|
7.00%, 12/01/31
|
|
|
1,039,648
|
|
|
|
Government National Mortgage Association Pass-Through Certificates,
|
|
15
|
|
7.00%, 3/15/26
|
|
|
15,458
|
|
93
|
|
8.00%, 11/15/30
|
|
|
101,618
|
|
34
|
|
8.00%, 2/15/31
|
|
|
37,854
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government and Agency Obligations
(cost $27,455,149)
|
|
|
27,467,064
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds - 139.8%
|
|
|
|
Financial - 33.0%
|
|
|
|
Bank United,
|
|
4,910
|
|
8.00%, 3/15/09 (a)
|
|
|
30,687
|
|
|
|
Bear Stearns & Co. Inc.,
|
|
7,000
|
|
7.625%, 12/07/09
|
|
|
7,071,015
|
|
|
|
Boeing Capital Corp.,
|
|
7,000
|
|
6.50%, 2/15/12
|
|
|
7,444,073
|
|
|
|
Duke Realty Corp, L.P.,
|
|
6,000
|
|
6.80%, 2/12/09
|
|
|
5,993,862
|
|
|
|
ERP Operating Limited Partnership,
|
|
5,000
|
|
6.625%, 3/15/12
|
|
|
4,968,555
|
|
|
|
Firstar Bank, N.A.,
|
|
7,000
|
|
7.125%, 12/01/09
|
|
|
7,145,397
|
|
|
|
Household Finance Corp.,
|
|
10,000
|
|
8.00%, 7/15/10
|
|
|
10,208,720
|
|
|
|
JPMorgan Chase & Co.,
|
|
10,000
|
|
7.875%, 6/15/10
|
|
|
10,202,310
|
|
|
|
Keybank, N.A.,
|
|
3,200
|
|
7.30%, 5/01/11
|
|
|
2,910,010
|
|
|
|
Mack-Cali Realty, L.P.,
|
|
7,000
|
|
7.75%, 2/15/11
|
|
|
7,351,883
|
|
|
|
Merrill Lynch & Co.,
|
|
5,000
|
|
6.50%, 7/15/18
|
|
|
4,215,730
|
|
5,000
|
|
6.875%, 11/15/18
|
|
|
4,310,710
|
|
|
|
NationsBank Capital Trust IV,
|
|
10,000
|
|
8.25%, 4/15/27
|
|
|
9,625,550
|
|
|
|
PNC Funding Corp.,
|
|
6,000
|
|
7.50%, 11/01/09
|
|
|
5,927,262
|
|
|
|
Simon Property Group, L.P.,
|
|
5,000
|
|
7.125%, 2/09/09
|
|
|
4,985,850
|
|
5,000
|
|
7.00%, 7/15/09
|
|
|
4,969,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
97,360,774
|
|
|
|
|
|
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|
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS-(Continued)
September 30, 2008
(Unaudited)
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Principal
Amount
(000)
|
|
Description
|
|
Value
|
|
|
Industrial - 29.5%
|
|
|
|
|
|
Archer-Daniels-Midland Company,
|
|
|
|
$
|
4,000
|
|
7.125%, 3/01/13
|
|
$
|
4,328,408
|
|
|
|
Coca-Cola Enterprises, Inc.,
|
|
|
|
|
5,000
|
|
8.50%, 2/01/12
|
|
|
5,539,325
|
|
|
|
DaimlerChrysler NA Holdings,
|
|
|
|
|
10,000
|
|
7.20%, 9/01/09
|
|
|
10,108,990
|
|
|
|
Dow Chemical Company,
|
|
|
|
|
7,000
|
|
9.00%, 4/01/21
|
|
|
8,118,264
|
|
|
|
Potash Corporation of Saskatchewan, Inc.,
|
|
|
|
|
6,578
|
|
7.75%, 5/31/11
|
|
|
6,897,099
|
|
|
|
Sun Company, Inc.,
|
|
|
|
|
5,000
|
|
9.00%, 11/01/24
|
|
|
6,135,090
|
|
|
|
Tele-Communications, Inc.,
|
|
|
|
|
5,275
|
|
10.125%, 4/15/22
|
|
|
6,069,742
|
|
3,200
|
|
9.875%, 6/15/22
|
|
|
3,619,888
|
|
|
|
Time Warner Entertainment Company, L.P.,
|
|
|
|
|
5,000
|
|
8.875%, 10/01/12
|
|
|
5,242,090
|
|
|
|
Time Warner, Inc.,
|
|
|
|
|
5,000
|
|
9.15%, 2/01/23
|
|
|
5,192,425
|
|
|
|
Union Pacific Corp.,
|
|
|
|
|
9,258
|
|
7.375%, 9/15/09
|
|
|
9,435,041
|
|
|
|
USX Corporation,
|
|
|
|
|
10,000
|
|
9.125%, 1/15/13
|
|
|
11,173,450
|
|
|
|
Wal-Mart Stores, Inc.,
|
|
|
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|
5,000
|
|
6.875%, 8/10/09
|
|
|
5,136,390
|
|
|
|
|
|
|
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|
|
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|
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86,996,202
|
|
|
|
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|
Telephone - 20.8%
|
|
|
|
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|
|
British Telecommunications PLC,
|
|
|
|
|
7,000
|
|
8.625%, 12/15/10
|
|
|
7,319,760
|
|
|
|
Deutsche Telekom International Finance,
|
|
|
|
|
12,000
|
|
8.50%, 6/15/10
|
|
|
12,461,880
|
|
|
|
France Telecom SA,
|
|
|
|
|
5,000
|
|
7.75%, 3/01/11
|
|
|
5,250,350
|
|
|
|
Koninklijke (Royal) KPN NV,
|
|
|
|
|
5,000
|
|
8.00%, 10/01/10
|
|
|
5,241,800
|
|
|
|
New Cingular Wireless Services, Inc.,
|
|
|
|
|
9,000
|
|
8.125%, 5/01/12
|
|
|
9,606,690
|
|
|
|
New York Telephone Co.,
|
|
|
|
|
5,000
|
|
8.625%, 11/15/10
|
|
|
5,298,600
|
|
|
|
Sprint Corp.,
|
|
|
|
|
10,125
|
|
9.25%, 4/15/22
|
|
|
8,316,999
|
|
|
|
Verizon Global Funding Corp.,
|
|
|
|
|
7,500
|
|
7.375%, 9/01/12
|
|
|
7,748,625
|
|
|
|
|
|
|
|
|
|
|
|
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|
61,244,704
|
|
|
|
|
|
|
|
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|
Utilities - 56.5%
|
|
|
|
|
|
|
AGL Capital Corp.,
|
|
|
|
|
10,000
|
|
7.125%, 1/14/11
|
|
|
10,409,100
|
|
|
|
CalEnergy Company, Inc.,
|
|
|
|
|
10,000
|
|
8.48%, 9/15/28
|
|
|
11,035,000
|
|
|
|
CenterPoint Energy Resources Corp.,
|
|
|
|
|
10,000
|
|
7.75%, 2/15/11
|
|
|
10,279,700
|
|
|
|
Duke Energy Corporation,
|
|
|
|
|
10,000
|
|
7.375%, 3/01/10
|
|
|
10,396,700
|
|
|
|
FPL Group Capital, Inc.,
|
|
|
|
|
5,050
|
|
7.375%, 6/01/09
|
|
|
5,175,442
|
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS-(Continued)
September 30, 2008
(Unaudited)
|
|
|
|
|
|
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|
Principal
Amount
(000)
|
|
Description
|
|
Value
|
|
|
|
Utilities (Continued)
|
|
|
|
|
|
|
Hydro-Quebec,
|
|
|
|
$
|
10,000
|
|
|
|
7.50%,
|
|
4/01/16
|
|
$
|
11,855,650
|
|
|
|
Illinois Power Co.,
|
|
|
|
|
8,485
|
|
|
|
7.50%,
|
|
6/15/09
|
|
|
8,589,705
|
|
|
|
KeySpan Gas East Corporation,
|
|
|
|
|
10,088
|
|
|
|
7.875%,
|
|
2/01/10
|
|
|
10,486,779
|
|
|
|
NSTAR,
|
|
|
|
|
7,020
|
|
|
|
8.00%,
|
|
2/15/10
|
|
|
7,359,768
|
|
|
|
ONEOK Partners, L.P.,
|
|
|
|
|
6,040
|
|
|
|
8.875%,
|
|
6/15/10
|
|
|
6,415,265
|
|
|
|
Progress Energy, Inc.,
|
|
|
|
|
6,000
|
|
|
|
7.10%,
|
|
3/01/11
|
|
|
6,168,540
|
|
|
|
PSE&G Power, LLC.,
|
|
|
|
|
7,195
|
|
|
|
7.75%,
|
|
4/15/11
|
|
|
7,469,345
|
|
|
|
Sempra Energy,
|
|
|
|
|
10,000
|
|
|
|
7.95%,
|
|
3/01/10
|
|
|
10,312,600
|
|
|
|
South Carolina Electric & Gas Co.,
|
|
|
|
|
6,000
|
|
|
|
6.125%,
|
|
3/01/09
|
|
|
6,034,860
|
|
|
|
Southern California Edison Company,
|
|
|
|
|
5,512
|
|
|
|
7.625%,
|
|
1/15/10
|
|
|
5,726,748
|
|
|
|
Spectra Energy Capital LLC.,
|
|
|
|
|
10,000
|
|
|
|
7.50%,
|
|
10/01/09
|
|
|
10,105,540
|
|
|
|
Trans-Canada Pipelines Limited,
|
|
|
|
|
10,000
|
|
|
|
9.875%,
|
|
1/01/21
|
|
|
12,242,900
|
|
|
|
Wisconsin Energy Corp.,
|
|
|
|
|
6,000
|
|
|
|
6.50%,
|
|
4/01/11
|
|
|
6,096,060
|
|
|
|
Xcel Energy, Inc.,
|
|
|
|
|
10,131
|
|
|
|
7.00%,
|
|
12/01/10
|
|
|
10,454,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,614,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
|
(cost $427,169,117)
|
|
|
412,215,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities - 1.7%
|
|
|
|
|
|
|
Detroit Edison Securitization Funding LLC 2001-1 A6,
|
|
|
|
|
5,000
|
|
|
|
6.62%,
|
|
3/01/16
|
|
|
5,040,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
|
|
|
|
|
|
|
(cost $5,925,000)
|
|
|
5,040,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
Non-Convertible Preferred Stock - 4.2%
|
|
|
|
|
|
|
Financial - 4.2%
|
|
|
|
|
|
|
Duke Realty Corp., Series M,
|
|
|
|
|
100,000
|
|
|
|
6.95%
|
|
|
|
|
1,640,000
|
|
|
|
Duke Realty Corp., Series N,
|
|
|
|
|
100,000
|
|
|
|
7.25%
|
|
|
|
|
1,478,000
|
|
|
|
Kimco Realty Corp., Series G,
|
|
|
|
|
100,000
|
|
|
|
7.75%
|
|
|
|
|
2,041,000
|
|
|
|
Public Storage, Inc., Series I,
|
|
|
|
|
120,000
|
|
|
|
7.25%
|
|
|
|
|
2,325,600
|
|
|
|
Realty Income Corp., Series D,
|
|
|
|
|
100,000
|
|
|
|
7.375%
|
|
|
|
|
2,118,000
|
|
|
|
UDR, Inc., Series G,
|
|
|
|
|
100,000
|
|
|
|
6.75%
|
|
|
|
|
1,840,000
|
|
|
|
Vornado Realty Trust, Series I,
|
|
|
|
|
50,000
|
|
|
|
6.625%
|
|
|
|
|
825,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Convertible Preferred Stock
|
|
|
|
|
|
|
(cost $16,713,000)
|
|
|
12,267,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments
|
|
|
|
|
|
|
(cost $477,262,266)
|
|
|
456,991,159
|
|
|
|
|
|
|
|
|
|
|
|
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS-(Continued)
September 30, 2008
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
(000)
|
|
Description
|
|
Value
|
|
|
|
|
SHORT-TERM INVESTMENTS - 3.9%
|
|
|
|
|
|
|
|
U.S. Treasury Bills,
|
|
|
|
|
$
|
1,800
|
|
|
|
1.568%,
|
|
10/30/08
|
|
$
|
1,799,318
|
|
|
1,800
|
|
|
|
1.58%,
|
|
11/28/08
|
|
|
1,797,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,597,084
|
|
|
|
|
U.S. Treasury Note,
|
|
|
|
|
|
8,000
|
|
|
|
4.875%,
|
|
10/31/08
|
|
|
8,026,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
|
|
|
|
|
(cost $11,671,253)
|
|
|
11,623,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 158.9%
|
|
|
|
|
|
|
|
(Cost $488,933,519)
|
|
|
468,614,491
|
|
|
|
|
Other Assets in Excess of Liabilities - 5.5%
|
|
|
16,173,536
|
|
|
|
|
Liquidation Value of Preferred Shares - (64.4)%
|
|
|
(190,000,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Stock - 100%
|
|
$
|
294,788,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Security is in default and is non-income producing.
The United States federal income tax basis of the Funds investments and the net unrealized depreciation as of September 30, 2008 was as follows:
|
|
|
|
|
|
|
Tax Basis of
Investments
|
|
Appreciation
|
|
Depreciation
|
|
Net Unrealized
Depreciation
|
$510,165,549
|
|
$766,421
|
|
$42,317,479
|
|
$(41,551,058)
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Notes
Securities Valuation:
Equity securities traded on a national or foreign securities exchange or traded over-the-counter and quoted on the
NASDAQ System are valued at the last reported sale price or, if there was no sale on the pricing date, then the security is valued at the mean of the bid and ask prices as obtained on that day from one or more dealers regularly making a market in
that security. Fixed income securities are valued at the mean of bid and ask prices provided by an independent pricing service when such prices are believed to reflect the fair market value of such securities. Such bid and ask prices are determined
taking into account securities prices, yields, maturities, call features, ratings, and institutional size trading in similar securities and developments related to specific securities. Any securities for which it is determined that market prices are
unavailable or inappropriate are valued at a fair value using a procedure determined in good faith by the Board of Directors. Short-term investments having a maturity of 60 days or less at date of purchase are valued on an amortized cost basis,
which approximates market value.
The Fund implemented Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (FAS 157), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the
principal or most advantageous market of the investment. FAS 157 establishes a three-tier hierarchy to classify fair value measurements for disclosure purposes. The three tier hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value each of the Funds investments as
of September 30, 2008.
Level 1 $ 12,267,600
Level 2 $456,346,891
Total $468,614,491
Other information regarding the Fund is available in the Funds most recent Report to Shareholders. This information is available on the Securities and Exchange Commissions website (www.SEC.gov).
Item 2 Controls and Procedures
(a) The registrants principal executive officer and principal financial officer have concluded that the registrants disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the 1940 Act)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as
required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934 (the Exchange Act).
(b) There has been no change in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that has materially affected, or
is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3 Exhibits
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Exhibit 99.CERT-
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Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Attached hereto
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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.
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(Registrant) Duff & Phelps Utility and Corporate Bond Trust Inc.
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By (Signature and Title)
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/s/ A
LAN
M. M
EDER
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Alan M. Meder
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Treasurer
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(Principal Financial and Accounting Officer)
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Date November 19, 2008
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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.
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By (Signature and Title)
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/s/ N
ATHAN
I. P
ARTAIN
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Nathan I. Partain
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President and Chief Executive Officer
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Date November 19, 2008
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By (Signature and Title)
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/s/ A
LAN
M. M
EDER
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Alan M. Meder
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Treasurer
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(Principal Financial and Accounting Officer)
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Date November 19, 2008
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