N-Q 1 d368637dnq.htm PIMCO GLOBAL STOCKSPLUS & INCOME FUND PIMCO Global StocksPlus & Income Fund

 

 

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:   811-21734
Registrant Name:   PIMCO Global StocksPlus® & Income Fund
Address of Principal Executive Offices:   1633 Broadway
  New York, NY 10019
Name and Address of Agent for Service:   William G. Galipeau
  650 Newport Center Drive
  Newport Beach, CA 92660
Registrant’s telephone number, including area code:   (844) 337-4626
Date of Fiscal Year End:   June 30
Date of Reporting Period:   March 31, 2017

Item 1. Schedule of Investments

Schedule of Investments

PIMCO Global StocksPLUS® & Income Fund

March 31, 2017 (Unaudited)

 

                                         
    PRINCIPAL
AMOUNT
(000S)		     MARKET
VALUE
(000S)		  

INVESTMENTS IN SECURITIES 144.2%

    

LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2%

    

Avolon Holdings Ltd.

    

2.250% due 09/20/2020

   $ 10     $ 10  

3.500% due 03/20/2022

     70       71  

iHeartCommunications, Inc.

    

7.732% due 01/30/2019

     200       173  

OGX

    

TBD% due 04/10/2049 ^

     133       37  

Sequa Corp.

    

5.250% due 06/19/2017

     1,119       1,108  

Sierra Hamilton LLC

    

9.000% due 06/13/2017

     8       8  
   

 

 

  
Total Loan Participations and Assignments
(Cost $1,504)		       1,407  
   

 

 

  

CORPORATE BONDS & NOTES 51.9%

    

BANKING & FINANCE 22.0%

    

AGFC Capital Trust

    

2.772% due 01/15/2067 (l)

     1,000       565  

Banco Bilbao Vizcaya Argentaria S.A.

    

6.750% due 02/18/2020 (h)

   EUR   400       428  

Banco do Brasil S.A.

    

9.000% due 06/18/2024 (h)(l)

   $ 387       403  

Banco Espirito Santo S.A.

    

4.000% due 01/21/2019 ^

   EUR   200       63  

4.750% due 01/15/2018 ^

     100       32  

Barclays Bank PLC

    

14.000% due 06/15/2019 (h)

   GBP   100       154  

Barclays PLC

    

6.500% due 09/15/2019 (h)

   EUR   600       652  

7.875% due 09/15/2022 (h)(l)

   GBP   1,250       1,627  

BNP Paribas S.A.

    

7.375% due 08/19/2025 (h)(l)

   $ 1,100       1,132  

Cooperatieve Rabobank UA

    

11.000% due 06/30/2019 (h)(l)

     1,135       1,329  

Credit Agricole S.A.

    

7.500% due 06/23/2026 (h)(l)

   GBP   700       896  

7.875% due 01/23/2024 (h)

   $ 200       204  

CyrusOne LP

    

5.000% due 03/15/2024

     7       7  

5.375% due 03/15/2027

     4       4  

Exeter Finance Corp.

    

9.750% due 05/20/2019

     900       862  

HSBC Holdings PLC

    

6.000% due 09/29/2023 (h)

   EUR   200       230  

Jefferies Finance LLC

    

7.500% due 04/15/2021 (l)

   $ 967       979  

Jefferies LoanCore LLC

    

6.875% due 06/01/2020 (l)

     1,400       1,425  

Lloyds Banking Group PLC

    

7.625% due 06/27/2023 (h)(l)

   GBP   1,600       2,191  

Nationwide Building Society

    

10.250% due 06/29/2049 (h)

     4       624  

Navient Corp.

    

5.875% due 03/25/2021

   $ 531       536  

OneMain Financial Holdings LLC

    

6.750% due 12/15/2019

     8       8  

PHH Corp.

    

6.375% due 08/15/2021 (l)

     300       304  

7.375% due 09/01/2019 (l)

     260       284  

Pinnacol Assurance

    

8.625% due 06/25/2034 (j)

     1,100       1,103  

Provident Funding Associates LP

    

6.750% due 06/15/2021

     200       205  

Rio Oil Finance Trust

    

9.250% due 07/06/2024 (l)

     1,591       1,619  

9.250% due 07/06/2024

     500       509  

Royal Bank of Scotland Group PLC

    

7.500% due 08/10/2020 (h)(l)

     1,930       1,908  

8.000% due 08/10/2025 (h)(l)

     300       299  

Santander UK Group Holdings PLC

    

7.375% due 06/24/2022 (h)(l)

   GBP   1,100       1,445  

Springleaf Finance Corp.

    

5.250% due 12/15/2019

   $ 26       26  

8.250% due 12/15/2020 (l)

     530       580  

                                         
             

Stichting AK Rabobank Certificaten

    

6.500% due 12/29/2049 (h)

   EUR   180       217  

TIG FinCo PLC

    

8.500% due 03/02/2020

   GBP   132       170  

8.750% due 04/02/2020 (l)

     1,697       2,020  

Toll Road Investors Partnership LP

    

0.000% due 02/15/2045 (f)

   $ 528       119  
   

 

 

  
      25,159  
   

 

 

  

INDUSTRIALS 25.1%

    

Altice Financing S.A.

    

7.500% due 05/15/2026 (l)

     800       852  

BMC Software Finance, Inc.

    

8.125% due 07/15/2021

     89       90  

Boxer Parent Co., Inc. (9.000% Cash or 9.750% PIK)

    

9.000% due 10/15/2019 (d)(l)

     1,229       1,232  

BWAY Holding Co.

    

5.500% due 04/15/2024 (c)

     27       27  

7.250% due 04/15/2025 (c)

     20       20  

Caesars Entertainment Operating Co., Inc.

    

8.500% due 02/15/2020 ^(i)(l)

     3,607       4,193  

9.000% due 02/15/2020 ^(i)

     180       210  

Cardtronics, Inc.

    

5.500% due 05/01/2025 (c)

     6       6  

Charter Communications Operating LLC

    

5.375% due 05/01/2047 (c)

     13       13  

Chesapeake Energy Corp.

    

4.272% due 04/15/2019

     10       10  

Chobani LLC

    

7.500% due 04/15/2025 (c)

     14       14  

CommScope Technologies LLC

    

5.000% due 03/15/2027

     12       12  

Community Health Systems, Inc.

    

6.250% due 03/31/2023

     32       33  

Corp. GEO S.A.B. de C.V.

    

9.250% due 06/30/2020 ^

     470       0  

CVS Pass-Through Trust

    

5.880% due 01/10/2028 (l)

     495       555  

Diamond Resorts International, Inc.

    

10.750% due 09/01/2024 (l)

     500       523  

Dole Food Co., Inc.

    

7.250% due 06/15/2025 (c)

     13       13  

DriveTime Automotive Group, Inc.

    

8.000% due 06/01/2021 (l)

     1,170       1,152  

Dynegy, Inc.

    

8.034% due 02/02/2024

     325       309  

EI Group PLC

    

6.875% due 05/09/2025

   GBP   10       14  

Forbes Energy Services Ltd.

    

9.000% due 06/15/2019 ^(i)

   $ 292       194  

Fresh Market, Inc.

    

9.750% due 05/01/2023 (l)

     1,200       972  

Gartner, Inc.

    

5.125% due 04/01/2025

     10       10  

Goodyear Tire & Rubber Co.

    

4.875% due 03/15/2027

     7       7  

HCA, Inc.

    

7.500% due 11/15/2095

     300       294  

Hexion, Inc.

    

10.375% due 02/01/2022

     10       10  

13.750% due 02/01/2022

     11       11  

iHeartCommunications, Inc.

    

9.000% due 03/01/2021 (l)

     690       526  

9.000% due 09/15/2022 (l)

     1,000       755  

Intelsat Jackson Holdings S.A.

    

7.250% due 04/01/2019

     1,300       1,246  

Intelsat Luxembourg S.A.

    

7.750% due 06/01/2021

     1,310       793  

8.125% due 06/01/2023

     54       33  

Intrepid Aviation Group Holdings LLC

    

6.875% due 02/15/2019

     1,890       1,805  

Kinder Morgan Energy Partners LP

    

6.950% due 01/15/2038

     100       116  

Kinder Morgan, Inc.

    

7.750% due 01/15/2032

     300       375  

Mallinckrodt International Finance S.A.

    

4.750% due 04/15/2023

     200       171  

5.500% due 04/15/2025

     200       185  

MDC Partners, Inc.

    

6.500% due 05/01/2024

     200       192  

Millar Western Forest Products Ltd.

    

8.500% due 04/01/2021

     1,330       845  

N&W Global Vending SpA

    

7.000% due 10/15/2023

   EUR   389       436  

                                         
             

OGX Austria GmbH

    

8.375% due 04/01/2022 ^

   $ 2,050       0  

8.500% due 06/01/2018 ^

     1,400       0  

Prime Security Services Borrower LLC

    

9.250% due 05/15/2023 (l)

     460       505  

Safeway, Inc.

    

7.250% due 02/01/2031

     350       341  

Scientific Games International, Inc.

    

10.000% due 12/01/2022

     480       514  

Sequa Corp.

    

7.000% due 12/15/2017

     1,166       624  

SFR Group S.A.

    

7.375% due 05/01/2026 (l)

     1,327       1,372  

Soho House Bond Ltd.

    

9.125% due 10/01/2018

   GBP     790       1,014  

Spanish Broadcasting System, Inc.

    

12.500% due 04/15/2017 (l)

   $ 527       528  

Team Health Holdings, Inc.

    

6.375% due 02/01/2025

     3       3  

Tembec Industries, Inc.

    

9.000% due 12/15/2019 (l)

     1,177       1,212  

Transocean, Inc.

    

9.000% due 07/15/2023

     146       157  

UAL Pass-Through Trust

    

6.636% due 01/02/2024 (l)

     1,348       1,459  

Unique Pub Finance Co. PLC

    

5.659% due 06/30/2027

   GBP     649       907  

Valeant Pharmaceuticals International, Inc.

    

6.500% due 03/15/2022

   $ 17       18  

7.000% due 03/15/2024

     33       34  

Westmoreland Coal Co.

    

8.750% due 01/01/2022 (l)

     1,815       1,715  
   

 

 

  
      28,657  
   

 

 

  

UTILITIES 4.8%

    

Frontier Communications Corp.

    

8.875% due 09/15/2020

     1,194       1,264  

11.000% due 09/15/2025

     150       146  

Odebrecht Drilling Norbe Ltd.

    

6.350% due 06/30/2022

     715       395  

Odebrecht Offshore Drilling Finance Ltd.

    

6.625% due 10/01/2023 (j)

     755       283  

Petrobras Global Finance BV

    

6.125% due 01/17/2022

     34       36  

6.750% due 01/27/2041 (l)

       1,796       1,690  

6.850% due 06/05/2115

     263       236  

6.875% due 01/20/2040 (l)

     551       527  

7.375% due 01/17/2027

     50       53  

Sierra Hamilton LLC

    

12.250% due 12/15/2018 ^(i)

     100       46  

Sprint Capital Corp.

    

6.900% due 05/01/2019

     50       53  

Sprint Communications, Inc.

    

7.000% due 08/15/2020 (l)

     750       807  
   

 

 

  
      5,536  
   

 

 

  
Total Corporate Bonds & Notes
(Cost $61,015)		       59,352  
   

 

 

  

CONVERTIBLE BONDS & NOTES 0.6%

    

INDUSTRIALS 0.6%

    

DISH Network Corp.

    

3.375% due 08/15/2026

     600       728  
   

 

 

  
Total Convertible Bonds & Notes
(Cost $600)		       728  
   

 

 

  

MUNICIPAL BONDS & NOTES 1.9%

    

ILLINOIS 0.1%

    

Chicago, Illinois General Obligation Bonds, Series 2015

    

7.375% due 01/01/2033

     40       40  

7.750% due 01/01/2042

     70       72  
   

 

 

  
      112  
   

 

 

  

WEST VIRGINIA 1.8%

    

Tobacco Settlement Finance Authority, West Virginia Revenue Bonds,
Series 2007

    

0.000% due 06/01/2047 (f)

       8,800       445  

                                         
             

7.467% due 06/01/2047

     1,685       1,616  
   

 

 

  
      2,061  
   

 

 

  
Total Municipal Bonds & Notes
(Cost $2,088)		       2,173  
   

 

 

  

U.S. GOVERNMENT AGENCIES 3.1%

    

Fannie Mae

    

4.532% due 07/25/2029

     250       253  

5.068% due 03/25/2037 (a)

     481       79  

5.168% due 11/25/2039 (a)

     407       63  

5.318% due 01/25/2038 (a)

     623       79  

5.398% due 03/25/2037 (a)

     484       78  

5.418% due 12/25/2037 (a)(l)

     796       106  

5.428% due 06/25/2037 (a)

     205       26  

5.458% due 04/25/2037 (a)

     431       72  

5.468% due 04/25/2037 (a)(l)

     1,196       227  

5.618% due 11/25/2035 (a)

     196       27  

5.818% due 11/25/2036 (a)(l)

     2,349       440  

6.218% due 02/25/2037 (a)

     422       82  

6.732% due 07/25/2029

     220       230  

7.000% due 12/25/2023

     121       134  

7.500% due 06/01/2032

     44       46  

7.800% due 06/25/2026

     3       3  

9.912% due 12/25/2042

     81       93  

12.826% due 08/25/2022

     137       168  

Freddie Mac

    

0.000% due 04/25/2045 (b)(f)

     513       447  

0.200% due 04/25/2045 (a)

     1,129       4  

0.697% due 10/25/2020 (a)(l)

     10,287       209  

5.528% due 03/15/2037 (a)

     820       140  

5.658% due 09/15/2036 (a)

     487       81  

5.668% due 09/15/2036 (a)(l)

     1,126       192  

5.982% due 08/25/2029

     250       247  

7.000% due 08/15/2023

     6       6  
   

 

 

  
Total U.S. Government Agencies
(Cost $3,436)		       3,532  
   

 

 

  

U.S. TREASURY OBLIGATIONS 0.9%

    

U.S. Treasury Notes

    

1.500% due 08/31/2018 (n)(p)

     1,000       1,005  
   

 

 

  
Total U.S. Treasury Obligations
(Cost $1,002)		       1,005  
   

 

 

  

NON-AGENCY MORTGAGE-BACKED SECURITIES 54.4%

    

Banc of America Alternative Loan Trust

    

14.780% due 09/25/2035 ^(l)

     1,786       2,088  

Banc of America Funding Trust

    

2.982% due 12/20/2034

     368       294  

3.673% due 03/20/2036 (l)

     591       550  

5.846% due 01/25/2037 ^

     269       237  

Banc of America Mortgage Trust

    

6.000% due 07/25/2046 ^

     3       3  

Banc of America/Merrill Lynch Commercial Mortgage, Inc.

    

5.768% due 03/11/2041 (l)

     1,807       1,882  

BCRR Trust

    

5.858% due 07/17/2040 (l)

     3,000       3,003  

Bear Stearns Adjustable Rate Mortgage Trust

    

3.238% due 07/25/2036 ^

     327       307  

Bear Stearns ALT-A Trust

    

3.109% due 04/25/2035

     315       280  

3.236% due 11/25/2035 ^

     176       146  

3.272% due 09/25/2035

     187       161  

Bear Stearns Asset-Backed Securities Trust

    

20.267% due 03/25/2036 ^(l)

     1,815       1,836  

Bear Stearns Commercial Mortgage Securities Trust

    

5.393% due 02/11/2041 (l)

     847       799  

5.716% due 04/12/2038

     40       31  

Bear Stearns Structured Products, Inc. Trust

    

3.289% due 12/26/2046

     397       344  

3.504% due 01/26/2036 (l)

     1,008       922  

BRAD Resecuritization Trust

    

2.181% due 03/12/2021

     1,904       120  

6.550% due 03/12/2021

     356       359  

CBA Commercial Small Balance Commercial Mortgage

    

5.540% due 01/25/2039 ^

     509       383  

Chevy Chase Funding LLC Mortgage-Backed Certificates

    

1.282% due 08/25/2035

     154       144  

1.322% due 10/25/2034

     11       11  

Citigroup Mortgage Loan Trust, Inc.

    

3.663% due 03/25/2037 ^(l)

     574       457  

3.746% due 11/25/2035

     1,795       1,014  

Citigroup/Deutsche Bank Commercial Mortgage Trust

    

5.398% due 12/11/2049 (l)

     683       580  

5.688% due 10/15/2048

     900       498  

                                         
             

Commercial Mortgage Loan Trust

    

6.101% due 12/10/2049

     470       281  

Commercial Mortgage Trust

    

0.132% due 10/10/2046 (a)(l)

     77,000       684  

5.505% due 03/10/2039

     1,332       1,282  

5.595% due 06/10/2046

     619       531  

6.140% due 07/10/2046 (l)

     760       809  

Countrywide Alternative Loan Trust

    

1.222% due 12/25/2046 ^

     195       95  

1.312% due 10/25/2035 (l)

     940       742  

1.332% due 05/25/2036 ^

     2,005       975  

3.079% due 10/25/2035 ^

     215       178  

3.530% due 02/25/2037 ^

     282       257  

5.500% due 08/25/2034 (l)

     533       527  

5.500% due 02/25/2036 ^

     29       25  

5.500% due 03/25/2036 ^

     600       476  

6.168% due 07/25/2036 (a)

     1,440       377  

6.250% due 09/25/2034

     86       87  

17.100% due 07/25/2035 (l)

     1,129       1,353  

Countrywide Home Loan Mortgage Pass-Through Trust

    

1.222% due 03/25/2036

     228       185  

1.622% due 03/25/2035 (l)

     1,081       981  

1.762% due 02/25/2035

     143       119  

3.023% due 10/20/2035 (l)

     406       355  

3.085% due 10/20/2035 ^

     173       147  

3.095% due 03/25/2037 ^(l)

     439       343  

3.116% due 10/20/2035 ^

     226       200  

3.155% due 08/25/2034

     245       235  

3.309% due 02/20/2036 ^

     1,401       388  

5.500% due 08/25/2035 ^

     37       34  

Credit Suisse Commercial Mortgage Trust

    

5.685% due 02/15/2039

     130       131  

5.869% due 09/15/2040

     1,070       1,020  

6.062% due 02/15/2041 (l)

     1,100       1,112  

Credit Suisse Mortgage Capital Mortgage-Backed Trust

    

6.000% due 11/25/2036

     280       265  

DBUBS Mortgage Trust

    

4.652% due 11/10/2046

     700       484  

First Horizon Alternative Mortgage Securities Trust

    

3.072% due 11/25/2036 ^(l)

     521       406  

First Horizon Mortgage Pass-Through Trust

    

3.034% due 01/25/2037 ^(l)

     890       795  

GE Commercial Mortgage Corp. Trust

    

5.606% due 12/10/2049 (l)

     1,700       1,692  

GMAC Mortgage Corp. Loan Trust

    

3.500% due 06/25/2034

     152       149  

GS Mortgage Securities Trust

    

5.622% due 11/10/2039

     243       230  

6.061% due 08/10/2043 (l)

     730       772  

GSR Mortgage Loan Trust

    

3.475% due 05/25/2035

     141       127  

3.577% due 04/25/2035 (l)

     373       361  

5.500% due 06/25/2036 ^

     11       10  

HarborView Mortgage Loan Trust

    

1.578% due 04/19/2034

     30       27  

2.554% due 11/19/2034

     142       112  

3.381% due 08/19/2036 ^

     22       21  

3.459% due 02/25/2036 ^

     45       36  

HSI Asset Loan Obligation Trust

    

3.380% due 01/25/2037 ^(l)

     458       380  

IndyMac Mortgage Loan Trust

    

1.048% due 06/25/2037 ^(l)

     1,717       1,245  

1.262% due 03/25/2035

     44       39  

2.849% due 06/25/2037 ^(l)

     701       577  

JPMBB Commercial Mortgage Securities Trust

    

0.120% due 11/15/2045 (a)(l)

     76,047       1,301  

JPMorgan Mortgage Trust

    

3.346% due 04/25/2037 ^(l)

     1,016       795  

5.500% due 01/25/2036 ^

     67       59  

5.500% due 06/25/2037 ^

     47       45  

Luminent Mortgage Trust

    

1.182% due 10/25/2046 (l)

     758       654  

MASTR Adjustable Rate Mortgages Trust

    

3.263% due 11/25/2035 ^

     856       645  

3.530% due 10/25/2034

     291       258  

Merrill Lynch Alternative Note Asset Trust

    

1.052% due 01/25/2037

     931       399  

Merrill Lynch Mortgage Trust

    

5.841% due 06/12/2050 (l)

     1,600       1,575  

Morgan Stanley Capital Trust

    

5.569% due 12/15/2044 (l)

     1,137       1,149  

5.942% due 06/11/2049

     500       474  

Opteum Mortgage Acceptance Corp. Trust

    

1.252% due 07/25/2036

     319       198  

Prime Mortgage Trust

    

5.568% due 11/25/2036 (a)

     4,542       484  

                                         
             

Provident Funding Mortgage Loan Trust

    

3.140% due 10/25/2035

     112       111  

RBSSP Resecuritization Trust

    

5.000% due 09/26/2036 (l)

     2,378       1,713  

Residential Accredit Loans, Inc. Trust

    

3.700% due 12/26/2034 ^

     293       227  

4.306% due 01/25/2036 ^(l)

     1,004       809  

6.000% due 09/25/2035 (l)

     521       384  

6.000% due 08/25/2036 ^

     342       288  

Residential Asset Mortgage Products Trust

    

7.500% due 12/25/2031

     103       103  

Royal Bank of Scotland Capital Funding Trust

    

6.068% due 02/17/2051 (l)

     3,000       3,013  

Structured Adjustable Rate Mortgage Loan Trust

    

2.062% due 05/25/2035 ^(l)

     2,316       1,757  

3.093% due 09/25/2036 ^

     429       318  

3.267% due 04/25/2036 ^

     475       374  

3.281% due 01/25/2036 ^

     456       345  

3.316% due 11/25/2036 ^

     105       103  

3.438% due 09/25/2035

     106       87  

Structured Asset Mortgage Investments Trust

    

1.212% due 02/25/2036

     480       408  

1.262% due 02/25/2036 ^

     376       322  

Suntrust Adjustable Rate Mortgage Loan Trust

    

3.310% due 01/25/2037 ^

     152       144  

Theatre Hospitals PLC

    

3.357% due 10/15/2031 (l)

   GBP   1,023       1,230  

Wachovia Bank Commercial Mortgage Trust

    

6.053% due 02/15/2051 (l)

   $ 2,500       2,515  

WaMu Commercial Mortgage Securities Trust

    

4.321% due 03/23/2045 (l)

     85       85  

WaMu Mortgage Pass-Through Certificates Trust

    

1.368% due 01/25/2047

     125       114  

2.770% due 12/25/2036 ^(l)

     541       513  

4.324% due 07/25/2037 ^

     143       132  

Washington Mutual Mortgage Pass-Through Certificates Trust

    

1.408% due 04/25/2047 ^

     613       42  

Wells Fargo Mortgage-Backed Securities Trust

    

6.000% due 03/25/2037 ^(l)

     306       304  

Wells Fargo-RBS Commercial Mortgage Trust

    

0.336% due 12/15/2046 (a)

     30,000       596  
   

 

 

  
Total Non-Agency Mortgage-Backed Securities
(Cost $52,438)		       62,179  
   

 

 

  

ASSET-BACKED SECURITIES 11.4%

    

Apidos CLO

    

0.000% due 07/22/2026

     500       294  

Bear Stearns Asset-Backed Securities Trust

    

6.500% due 08/25/2036 ^(l)

     669       429  

Bombardier Capital Mortgage Securitization Corp.

    

7.830% due 06/15/2030

     1,422       663  

Carrington Mortgage Loan Trust

    

1.132% due 08/25/2036

     100       71  

Centex Home Equity Loan Trust

    

1.432% due 06/25/2035

     236       217  

Citigroup Mortgage Loan Trust, Inc.

    

1.142% due 12/25/2036 (l)

     1,744       1,077  

1.142% due 01/25/2037

     208       128  

5.972% due 01/25/2037 ^(l)

     647       435  

Conseco Finance Securitizations Corp.

    

7.960% due 05/01/2031

     427       304  

Countrywide Asset-Backed Certificates

    

1.112% due 12/25/2036 ^

     1,565       1,552  

1.132% due 04/25/2047 (l)

     1,311       1,233  

1.532% due 09/25/2034

     99       96  

EMC Mortgage Loan Trust

    

1.922% due 05/25/2039

     314       301  

Highbridge Loan Management Ltd.

    

6.484% due 05/05/2027

     500       489  

Lehman XS Trust

    

4.956% due 05/25/2037 ^

     252       371  

5.420% due 11/25/2035 ^

     184       184  

MASTR Asset-Backed Securities Trust

    

5.233% due 11/25/2035

     22       22  

Morgan Stanley ABS Capital, Inc. Trust

    

1.042% due 05/25/2037

     148       90  

Residential Asset Mortgage Products Trust

    

1.662% due 03/25/2033

     53       48  

5.572% due 06/25/2032

     76       74  

Soundview Home Loan Trust

    

1.042% due 11/25/2036

     204       86  

South Coast Funding Ltd.

    

1.265% due 01/06/2041

     485       128  

1.265% due 01/06/2041 (l)

     13,661       3,620  

Structured Asset Securities Corp. Mortgage Loan Trust

    

1.132% due 05/25/2036 (l)

     293       286  

                                         

1.282% due 06/25/2035 (l)

     413       370  

Symphony CLO Ltd.

    

5.623% due 07/14/2026

     400       378  

Washington Mutual Asset-Backed Certificates Trust

    

1.042% due 10/25/2036

     114       55  
   

 

 

  

Total Asset-Backed Securities

(Cost $12,704)

       13,001  
   

 

 

  

SOVEREIGN ISSUES 1.4%

    

Argentine Government International Bond

    

2.260% due 12/31/2038

   EUR 150       97  

7.820% due 12/31/2033

     563       637  

Ecuador Government International Bond

    

9.650% due 12/13/2026

   $ 200       208  

Republic of Greece Government International Bond

    

3.000% due 02/24/2023

   EUR 33       29  

3.000% due 02/24/2024

     33       29  

3.000% due 02/24/2025

     33       29  

3.000% due 02/24/2026

     33       28  

3.000% due 02/24/2027

     33       28  

3.000% due 02/24/2028

     33       27  

3.000% due 02/24/2029

     33       26  

3.000% due 02/24/2030

     33       26  

3.000% due 02/24/2031

     33       25  

3.000% due 02/24/2032

     33       25  

3.000% due 02/24/2033

     33       24  

3.000% due 02/24/2034

     33       24  

3.000% due 02/24/2035

     33       24  

3.000% due 02/24/2036

     33       24  

3.000% due 02/24/2037

     33       24  

3.000% due 02/24/2038

     33       23  

3.000% due 02/24/2039

     33       23  

3.000% due 02/24/2040

     33       23  

3.000% due 02/24/2041

     33       23  

3.000% due 02/24/2042

     33       23  

4.750% due 04/17/2019

     100       101  
   

 

 

  

Total Sovereign Issues

(Cost $1,440)

       1,550  
   

 

 

  
    SHARES        

COMMON STOCKS 0.1%

    

ENERGY 0.0%

    

OGX Petroleo e Gas S.A. SP - ADR

     54,706       0  
   

 

 

  

FINANCIALS 0.1%

    

TIG FinCo PLC (j)

     121,142       152  
   

 

 

  

Total Common Stocks

(Cost $176)

       152  
   

 

 

  

WARRANTS 0.0%

    

UTILITIES 0.0%

    

Dynegy, Inc. - Exp. 02/02/2024

     13,159       7  
   

 

 

  

Total Warrants

(Cost $35)

       7  
   

 

 

  

SHORT-TERM INSTRUMENTS 17.3%

    

REPURCHASE AGREEMENTS (k) 8.3%

       9,545  
   

 

 

  
    PRINCIPAL
AMOUNT
(000S)		        

SHORT-TERM NOTES 4.6%

    

Federal Home Loan Bank

    

0.538% due 04/12/2017 (f)(g)

   $ 1,000       1,000  

0.541% due 04/17/2017 (f)(g)

     1,500       1,499  

0.543% due 04/12/2017 - 04/20/2017 (f)(g)

     800       800  

0.730% due 04/17/2017 (f)(g)

     600       600  

0.761% due 04/17/2017 (f)(g)

     1,300       1,300  
   

 

 

  
      5,199  
   

 

 

  

U.S. TREASURY BILLS 4.4%

    

0.487% due 04/27/2017 (e)(f)(n)(p)

     5,019       5,017  
   

 

 

  

Total Short-Term Instruments

(Cost $19,761)

       19,761  
   

 

 

  

Total Investments in Securities

(Cost $156,199)

       164,847  
   

 

 

  

Total Investments 144.2%

(Cost $156,199)

     $ 164,847  

Financial Derivative Instruments (m)(o) 3.3%

(Cost or Premiums, net $(1,571))

       3,752  

Other Assets and Liabilities, net (47.5)%

       (54,277 ) 
   

 

 

  
Net Assets 100.0%     $ 114,322  
   

 

 

  

Notes to Schedule of Investments (amounts in thousands*, except number of contracts and units):

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

^ Security is in default.

 

(a) Interest only security.

 

(b) Principal only security.

 

(c) When-issued security.

 

(d) Payment in-kind security.

 

(e) Coupon represents a weighted average yield to maturity.

 

(f) Zero coupon security.

 

(g) Coupon represents a yield to maturity.

 

(h) Perpetual maturity; date shown, if applicable, represents next contractual call date.

 

(i) Security is subject to a forbearance agreement entered into by the Fund which forbears the Fund from taking action to, among other things, accelerate and collect payments on the subject note with respect to specified events of default.

 

(j) Restricted Securities:

 

Issuer Description      Acquisition Date        Cost        Market
Value		        Market Value
as Percentage
of Net Assets		  

Odebrecht Offshore Drilling Finance Ltd. 6.625% due 10/01/2023

        06/23/2015 - 06/24/2015        $ 600        $ 283          0.25 % 

Pinnacol Assurance 8.625% due 06/25/2034

        06/23/2014          1,100          1,103          0.97  

TIG FinCo PLC

        04/02/2015 - 02/24/2017          175          152          0.13  
         

 

 

       

 

 

       

 

 

  
     $   1,875        $   1,538          1.35 % 
         

 

 

       

 

 

       

 

 

  

Borrowings and Other Financing Transactions

 

(k) Repurchase Agreements:

 

Counterparty   Lending
Rate		     Settlement
Date		     Maturity
Date		     Principal
Amount		     Collateralized By   Collateral
(Received)		     Repurchase
Agreements,
at Value		     Repurchase
Agreement
Proceeds
to be
Received (1)		  
SAL     0.960 %      03/31/2017       04/03/2017     $ 8,100     U.S. Treasury Notes 1.750% due 12/31/2020   $ (8,269 )    $ 8,100     $ 8,101  
SSB     0.050       03/31/2017       04/03/2017         1,445     U.S. Treasury Notes 1.625% due 12/31/2019 (2)     (1,476 )      1,445       1,445  
           

 

 

    

 

 

    

 

 

  

Total Repurchase Agreements

       $   (9,745 )    $   9,545     $   9,546  
           

 

 

    

 

 

    

 

 

  

Reverse Repurchase Agreements:

 

Counterparty      Borrowing
Rate (3)		      Settlement
Date		        Maturity
Date		     

Amount
Borrowed (3)

      Payable for
Reverse
Repurchase
Agreements		  

BCY

        1.400 %       03/17/2017          TBD  (4)     $        (2,704 )     $ (2,706 ) 
       1.793        01/24/2017          04/24/2017             (256 )       (257 ) 
       1.900        02/15/2017          05/16/2017             (491 )       (492 ) 
       1.900        02/17/2017          05/17/2017             (469 )       (470 ) 
       2.497        01/03/2017          04/03/2017             (920 )       (926 ) 
       2.542        02/17/2017          05/17/2017             (1,383 )       (1,387 ) 
       2.543        01/24/2017          04/24/2017             (1,646 )       (1,654 ) 
       2.648        04/03/2017          07/03/2017             (886 )       (886 ) 

BOS

        2.953        02/23/2017          05/24/2017             (2,228 )       (2,235 ) 
       3.081        03/15/2017          06/15/2017             (1,235 )       (1,237 ) 

BPS

        1.741        01/24/2017          04/24/2017             (723 )       (725 ) 
       1.880        02/08/2017          05/01/2017             (1,348 )       (1,352 ) 
       2.648        03/16/2017          06/16/2017             (734 )       (735 ) 

DBL

        3.259        03/10/2017          12/12/2017             (1,991 )       (1,995 ) 

DEU

        2.030        02/09/2017          04/06/2017             (530 )       (532 ) 
       2.030        02/09/2017          05/09/2017             (1,210 )       (1,214 ) 
       2.030        02/23/2017          05/24/2017             (3,781 )       (3,789 ) 
       2.030        04/06/2017          05/09/2017             (278 )       (278 ) 

JPS

        2.105        01/06/2017          04/06/2017             (1,828 )       (1,837 ) 

MSC

        1.680        03/07/2017          06/07/2017             (1,056 )       (1,057 ) 
       1.780        03/07/2017          06/07/2017             (1,040 )       (1,041 ) 
       2.030        02/02/2017          05/02/2017             (2,553 )       (2,562 ) 
       2.384        02/06/2017          05/08/2017             (1,727 )       (1,733 ) 

PAR

        0.800        01/23/2017          04/24/2017      GBP        (570 )       (715 ) 
       0.900        01/23/2017          04/24/2017             (893 )       (1,121 ) 

RBC

        2.580        11/23/2016          05/23/2017      $        (1,434 )       (1,447 ) 
       2.630        11/23/2016          05/23/2017             (1,130 )       (1,141 ) 
       2.730        03/13/2017          09/13/2017             (1,357 )       (1,359 ) 

RDR

        1.810        02/22/2017          05/23/2017             (2,323 )       (2,328 ) 

RTA

        2.230        05/06/2016          05/05/2017             (2,046 )       (2,088 ) 
       2.230        07/01/2016          06/30/2017             (1,441 )       (1,466 ) 
       2.813        02/03/2017          01/31/2018             (2,068 )       (2,078 ) 
       2.901        03/10/2017          03/08/2018             (1,283 )       (1,286 ) 

SAL

        1.923        01/17/2017          04/17/2017             (561 )       (563 ) 
       2.007        02/21/2017          05/16/2017             (589 )       (590 ) 

SGY

        1.600        04/05/2017          04/11/2017             (490 )       (490 ) 

SOG

        1.600        01/13/2017          04/05/2017             (510 )       (512 ) 
       1.600        01/13/2017          04/11/2017             (880 )       (883 ) 
       1.600        02/21/2017          05/22/2017             (1,739 )       (1,742 ) 
       1.700        03/14/2017          06/14/2017             (466 )       (466 ) 
       1.700        03/15/2017          06/15/2017             (998 )       (999 ) 

UBS

        0.900        01/13/2017          04/13/2017      GBP        (2,321 )       (2,914 ) 
       1.100        02/20/2017          05/22/2017             (569 )       (714 ) 
       1.260        01/20/2017          04/27/2017             (778 )       (977 ) 
       1.780        01/30/2017          04/25/2017      $          (1,686 )       (1,691 ) 
       1.850        02/28/2017          05/26/2017             (1,536 )       (1,539 ) 
       1.890        03/02/2017          06/02/2017             (2,376 )       (2,380 ) 
       1.920        03/14/2017          04/12/2017             (416 )       (416 ) 
       1.920        03/14/2017          06/14/2017             (1,403 )       (1,405 ) 
       1.940        03/02/2017          06/02/2017             (946 )       (948 ) 
       2.040        03/02/2017          06/02/2017             (1,009 )       (1,011 ) 
       2.405        01/05/2017          04/05/2017             (2,483 )       (2,498 ) 
       2.505        01/05/2017          04/05/2017             (1,657 )       (1,667 ) 
                       

 

 

  

Total Reverse Repurchase Agreements

                         $   (70,534 ) 
                       

 

 

  

 

(1) Includes accrued interest.
(2) Collateral is held in custody by the counterparty.
(3) The average amount of borrowings outstanding during the period ended March 31, 2017 was $(76,161) at a weighted average interest rate of 1.890%.
(4) Open maturity reverse repurchase agreement.

(l) Securities with an aggregate market value of $87,864 have been pledged as collateral under the terms of master agreements as of March 31, 2017.

 

(m) Financial Derivative Instruments: Exchange-Traded or Centrally Cleared

Purchased Options:

Options on Exchange-Traded Futures Contracts

 

Description    Strike
Price		     Expiration
Date		     # of
Contracts		     Cost     Market
Value		  

Put - CME S&P 500 April Futures

    $   2,255.000       04/21/2017       90     $ 117     $ 65  
        

 

 

    

 

 

  

Total Purchased Options

 

   $   117     $ 65  
        

 

 

    

 

 

  
Written Options:           
Options on Exchange-Traded Futures Contracts           
Description    Strike
Price		     Expiration
Date		     # of
Contracts		     Premiums
(Received)		     Market
Value		  

Call - CME S&P 500 April Futures

    $   2,375.000       04/21/2017       90     $ (630 )    $ (247 ) 
        

 

 

    

 

 

  

Total Written Options

 

   $   (630 )    $   (247 ) 
        

 

 

    

 

 

  

Futures Contracts:

 

                             Variation Margin  
Description    Type    Expiration
Month		      # of
Contracts		     Unrealized
Appreciation/
(Depreciation)		     Asset     Liability  

E-mini S&P 500 Index June Futures

    Long      06/2017        41     $ (18 )    $ 0     $ (11 ) 

S&P 500 Index June Futures

    Long      06/2017        87       (195 )      0       (118 ) 
          

 

 

    

 

 

    

 

 

  

Total Futures Contracts

 

   $   (213 )    $   0     $   (129 ) 
          

 

 

    

 

 

    

 

 

  

Swap Agreements:

Interest Rate Swaps

 

      Variation Margin  
Pay/Receive
Floating Rate		    Floating Rate Index    Fixed Rate      Maturity
Date		      Notional
Amount		     Market
Value		     Unrealized
Appreciation/
(Depreciation)		     Asset     Liability  
Pay   

1-Year BRL-CDI

      12.055 %       01/04/2021      BRL   3,600     $ 45     $ 39     $ 0     $ 0  
Pay   

3-Month CAD-Bank Bill

      3.300        06/19/2024      CAD   4,900       441       (126 )      0       (12 ) 
Receive   

3-Month CAD-Bank Bill

      3.500        06/20/2044        1,600       (294 )      102       7       0  
Pay   

3-Month USD-LIBOR

      2.750        06/19/2023      $   308,500       12,670         (14,705 )      383       0  
Pay   

3-Month USD-LIBOR

      3.000        06/18/2024        19,700       1,153       (1,044 )      29       0  
Receive (1)   

3-Month USD-LIBOR

      1.500        06/21/2027        269,700       22,657       150       0         (393 ) 
             

 

 

    

 

 

    

 

 

    

 

 

  
              $   36,672     $ (15,584 )    $   419     $ (405 ) 
             

 

 

    

 

 

    

 

 

    

 

 

  

Total Swap Agreements

            $ 36,672     $ (15,584 )    $ 419     $ (405 ) 
             

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) This instrument has a forward starting effective date.

(n) Securities with an aggregate market value of $4,972 and cash of $25,706 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2017.

 

(o) Financial Derivative Instruments: Over the Counter

Forward Foreign Currency Contracts:

 

      Unrealized Appreciation/(Depreciation)  
Counterparty   Settlement
Month		      Currency to
be Delivered		      Currency to
be Received		     Asset     Liability  

BOA

     04/2017      EUR      2,781      $     2,950     $ 0     $ (17 ) 
    04/2017      GBP      470          591       2       0  

BPS

     04/2017      $      3,445      EUR     3,194       0       (37 ) 
    05/2017      EUR      3,194      $     3,449       38       0  

CBK

     04/2017           299          321       2       0  
    04/2017      $      92      EUR     87       1       0  
    05/2017      JPY      12,900      $     114       0       (2 ) 

GLM

     04/2017      EUR      201          213       0       (1 ) 
    04/2017      GBP      922          1,144       0       (11 ) 
    04/2017      $      6,091      GBP     4,902       51       0  
    05/2017      GBP      4,902      $     6,095       0       (51 ) 
    05/2017      SEK      91          10       0       0  

HUS

     05/2017      JPY      8,900          78       0       (2 ) 

JPM

     04/2017      GBP      34          42       0       (1 ) 
    05/2017      JPY      12,900          113       0       (4 ) 
    05/2017      $      6      CHF     6       0       0  
    05/2017           192      JPY     21,436       1       0  

MSB

     04/2017      GBP      3,279      $     4,112       4       0  
    05/2017      JPY      15,500          138       0       (1 ) 

RBC

     05/2017      $      262      JPY     29,900       7       0  

SCX

     04/2017      BRL      106      $     34       0       0  
    04/2017      GBP      197          240       0       (7 ) 
    04/2017      $      34      BRL     107       0       0  
              

 

 

    

 

 

  

Total Forward Foreign Currency Contracts

     $   106     $   (134 ) 
              

 

 

    

 

 

  

Swap Agreements:

Credit Default Swaps on Asset-Backed Securities - Sell Protection (1)

 

                                      Swap Agreements, at Value  (3)  
Counterparty   Reference Obligation   Fixed
Receive Rate		     Maturity
Date		     Notional
Amount (2)		     Premiums
Paid/
(Received)		     Unrealized
Appreciation/
(Depreciation)		     Asset     Liability  
BOA  

Long Beach Mortgage Loan Trust 1-Month USD-LIBOR plus 5.250% due 07/25/2033

     6.250%       07/25/2033     $   384     $   0     $   (21 )    $   0     $   (21 ) 
         

 

 

    

 

 

    

 

 

    

 

 

  

Credit Default Swaps on Credit Indices - Sell Protection (1)

 

      Swap Agreements, at Value  (3)  
Counterparty   Index/Tranches   Fixed
Receive Rate		     Maturity
Date		     Notional
Amount (2)		     Premiums
Paid/
(Received)		     Unrealized
Appreciation/
(Depreciation)		     Asset     Liability  
DUB  

CMBX.NA.BBB-.8 Index

     3.000 %      10/17/2057     $ 400     $ (46 )    $   (20 )    $ 0     $ (66 ) 
FBF  

CMBX.NA.BBB-.8 Index

     3.000       10/17/2057       100       (16 )      0       0       (16 ) 
GST  

ABX.HE.AA.6-1 Index

     0.320       07/25/2045       2,774       (552 )        106       0       (446 ) 
 

ABX.HE.PENAAA.7-1 Index

     0.090       08/25/2037       1,699       (329 )      33       0       (296 ) 
 

CMBX.NA.A.6 Index

     2.000       05/11/2063       500       (25 )      (1 )      0       (26 ) 
 

CMBX.NA.BB.6 Index

     5.000       05/11/2063       100       (14 )      (6 )      0       (20 ) 
 

CMBX.NA.BBB-.6 Index

     3.000       05/11/2063       100       (6 )      (7 )      0       (13 ) 
 

CMBX.NA.BBB-.7 Index

     3.000       01/17/2047       100       (5 )      (4 )      0       (9 ) 
MYC  

CMBX.NA.BBB-.6 Index

     3.000       05/11/2063       700       (41 )      (48 )      0       (89 ) 
 

CMBX.NA.BBB-.7 Index

     3.000       01/17/2047       300       (13 )      (14 )      0       (27 ) 
 

CMBX.NA.BBB-.8 Index

     3.000       10/17/2057       100       (11 )      (5 )      0       (16 ) 
         

 

 

    

 

 

    

 

 

    

 

 

  
        $   (1,058 )    $ 34     $   0     $   (1,024 ) 
         

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Swaps on Equity Indices

 

      Swap Agreements, at Value  
Counterparty   Pay/Receive (4)   Underlying
Reference		   # of
Units		   Financing Rate   Maturity
Date		     Notional
Amount		     Premiums
Paid/
(Received)		     Unrealized
Appreciation/
(Depreciation)		     Asset     Liability  
FBF  

Receive

   NDDUEAFE Index   2,023  

3-Month USD-LIBOR less a specified spread

     05/11/2017     $   10,255     $ 0     $ 313     $ 313     $ 0  
 

Receive

   NDDUEAFE Index   8,937  

3-Month USD-LIBOR less a specified spread

     06/07/2017       41,881       0       4,809       4,809       0  
             

 

 

    

 

 

    

 

 

    

 

 

  
              $ 0     $ 5,122     $ 5,122     $ 0  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Swap Agreements

     $     (1,058 )    $     5,135     $     5,122     $     (1,045 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)  The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3)  The prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced indices’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(4)  Receive represents that the Fund receives payments for any positive return on the underlying reference. The Fund makes payments for any negative return on such underlying reference. Pay represents that the Fund receives payments for any negative return on the underlying reference. The Fund makes payments for any positive return on such underlying reference.

(p) Securities with an aggregate market value of $1,050 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2017.

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of March 31, 2017 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory    Level 1        Level 2        Level 3        Fair Value
at 03/31/2017		  

Investments in Securities, at Value

                  

Loan Participations and Assignments

    $ 0        $ 262        $ 1,145        $ 1,407  

Corporate Bonds & Notes

                  

Banking & Finance

      0          23,194          1,965          25,159  

Industrials

      0          28,657          0          28,657  

Utilities

      0          5,490          46          5,536  

Convertible Bonds & Notes

                  

Industrials

      0          728          0          728  

Municipal Bonds & Notes

                  

Illinois

      0          112          0          112  

West Virginia

      0          2,061          0          2,061  

U.S. Government Agencies

      0          3,532          0          3,532  

U.S. Treasury Obligations

      0          1,005          0          1,005  

Non-Agency Mortgage-Backed Securities

      0          61,356          823          62,179  

Asset-Backed Securities

      0          13,001          0          13,001  

Sovereign Issues

      0          1,550          0          1,550  

Common Stocks

                  

Financials

      0          0          152          152  

Warrants

                  

Utilities

      7          0          0          7  

Short-Term Instruments

                  

Repurchase Agreements

      0          9,545          0          9,545  

Short-Term Notes

      0          5,199          0          5,199  

U.S. Treasury Bills

      0          5,017          0          5,017  

Total Investments

    $ 7        $ 160,709        $ 4,131        $ 164,847  

Financial Derivative Instruments - Assets

                  

Exchange-traded or centrally cleared

      65          419          0          484  

Over the counter

      0          5,228          0          5,228  
   $ 65        $ 5,647        $ 0        $ 5,712  

Financial Derivative Instruments - Liabilities

                  

Exchange-traded or centrally cleared

      (376 )         (405 )         0          (781 ) 

Over the counter

      0          (1,179 )         0          (1,179 ) 
     $ (376 )       $ (1,584 )       $ 0        $ (1,960 ) 

Total Financial Derivative Instruments

    $ (311 )       $ 4,063        $ 0        $ 3,752  

Totals

    $   (304 )       $   164,772        $   4,131        $   168,599  

There were no significant transfers among Levels 1 and 2 during the period ended March 31, 2017.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2017:

 

Category and Subcategory   Beginning
Balance
at 06/30/2016		     Net
Purchases		     Net
Sales 		    Accrued
Discounts/
(Premiums)		     Realized
Gain/
(Loss)		     Net Change in
Unrealized
Appreciation/
(Depreciation) (1)		     Transfers
into
Level 3		     Transfers
out
of Level 3		     Ending
Balance
at 03/31/2017		     Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
03/31/2017 (1)		  
Investments in Securities, at Value  

Loan Participations and Assignments

   $ 109     $ 0     $ 0     $ 0     $ 0     $ (72 )    $ 1,108     $ 0     $ 1,145     $ (73 ) 

Corporate Bonds & Notes

                    

Banking & Finance

     3,759       0       (1,817 )      8       20       (5 )      0       0       1,965       (106 ) 

Industrials

     850       0       (820 )      6       13       (49 )      0       0       0       0  

Utilities

     0       0       0       0       0       0       46       0       46       0  

Non-Agency Mortgage-Backed Securities

     1,455       31       (206 )      6       24       (3 )      0       (484 )      823       14  

Common Stocks

                    

Financials

     66       22       0       0       0       64       0       0       152       64  

Warrants

                    

Industrials

     0       0       0       0       (15 )      15       0       0       0       0  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Totals

   $   6,239     $   53     $   (2,843 )    $   20     $   42     $   (50 )    $   1,154     $   (484 )    $   4,131     $   (101 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

 

Category and Subcategory    Ending
Balance
at 03/31/2017		      Valuation Technique   Unobservable Inputs      Input Value(s)
(% Unless Noted Otherwise)		  

Investments in Securities, at Value

             

Loan Participations and Assignments

    $ 37      Other Valuation Techniques (2)   —        —  
     1,108     

Third Party Vendor

  

Broker Quote

        99.000  

Corporate Bonds & Notes

             

Banking & Finance

      1,103     

Proxy Pricing

  

Base Price

        102.667  
     862     

Reference Instrument

  

Spread movement

        204.000 bps 

Utilities

      46     

Proxy Pricing

  

Base Price

        45.961  

Non-Agency Mortgage-Backed Securities

      479      Proxy Pricing   Base Price        6.300 - 100.800  
     344     

Third Party Vendor

  

Broker Quote

        86.500  

Common Stocks

             

Financials

      152     

Other Valuation Techniques (2)

  

—

        —  
  

 

 

            

Total

    $   4,131            
  

 

 

            

 

(1)  Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2017 may be due to an investment no longer held or categorized as Level 3 at period end.
(2)  Includes valuation techniques not defined in the Supplementary Notes to Schedule of Investments as securities valued using such techniques are not considered significant to the Fund.

See Accompanying Notes

Notes to Financial Statements

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value (‘NAV”) of the Fund’s shares is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to that Fund, by the total number of shares outstanding of that Fund.

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. The Fund reserves the right to change the time as of which its respective NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (the “SEC”).

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund’s approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services or other pricing sources. The Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree will be valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Manager. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Manager the responsibility for monitoring significant events that may materially affect the values of the Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

 

•   Level 1—Quoted prices in active markets or exchanges for identical assets and liabilities.

•   Level 2—Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

 

•   Level 3—Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the valuation method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of valuation methods used by third-party pricing services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1 and Level 2 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments valued (denominated) in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates (currency spot and forward rates) obtained from Pricing Services. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Services that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or based on market-based prices provided by Pricing Services (normally determined as of the NYSE close). Centrally cleared

swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate (“OIS”), London Interbank Offered Rate (“LIBOR”) forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy. The valuation techniques and significant inputs used in determining the fair values of portfolio assets and liabilities categorized as Level 3 of the fair value hierarchy are as follows:

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Manager may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Manager does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithm formulas based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Short-term debt instruments having a remaining maturity of 60 days or less are categorized as Level 3 of the fair value hierarchy.

The validity of the fair value is reviewed by the Manager on a periodic basis and may be amended in accordance with the Fund’s valuation procedures.

2. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Fund’s tax positions for all open tax years. As of March 31, 2017, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Fund files U.S. tax returns. While the statute of limitations remains open to examine the Fund’s U.S. tax returns filed for the fiscal years from 2014-2016, no examinations are in progress or anticipated at this time. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

As of March 31, 2017, the aggregate cost and the net unrealized appreciation (depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands):

 

                                                              
Federal Tax
Cost		     

Aggregate Gross

Unrealized

Appreciation

      Aggregate Gross
Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)  (1)		  
  $  156,203        $  17,205        $  (8,561)        $  8,644  

 

(1)  Primary differences, if any, between book and tax net unrealized appreciation (depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

Glossary: (abbreviations that may be used in the preceding statements)      (Unaudited)
Counterparty Abbreviations:         
BCY    Barclays Capital, Inc.   GLM    Goldman Sachs Bank USA   RBC    Royal Bank of Canada
BOA    Bank of America N.A.   GST    Goldman Sachs International   RDR    RBC Capital Markets
BOS    Banc of America Securities LLC   HUS    HSBC Bank USA N.A.   RTA    Bank of New York Mellon Corp.
BPS    BNP Paribas S.A.   JPM    JPMorgan Chase Bank N.A.   SAL    Citigroup Global Markets, Inc.
CBK    Citibank N.A.   JPS    JPMorgan Securities, Inc.   SCX    Standard Chartered Bank
DBL    Deutsche Bank AG London   MSB    Morgan Stanley Bank, N.A   SGY    Societe Generale, New York
DEU    Deutsche Bank Securities, Inc.   MSC    Morgan Stanley & Co., Inc.   SOG    Societe Generale
DUB    Deutsche Bank AG   MYC    Morgan Stanley Capital Services, Inc.   SSB    State Street Bank and Trust Co.
FBF    Credit Suisse International   PAR    Banque Paribas, London       UBS    UBS Securities LLC
Currency Abbreviations:         
BRL    Brazilian Real   EUR    Euro   SEK    Swedish Krona
CAD    Canadian Dollar   GBP    British Pound   USD (or $)    United States Dollar
CHF    Swiss Franc   JPY    Japanese Yen     
Exchange Abbreviations:         
CME    Chicago Mercantile Exchange          
Index/Spread Abbreviations:         
ABX.HE    Asset-Backed Securities Index - Home Equity   NDDUEAFE    MSCI EAFE Index   S&P 500    Standard & Poor’s 500 Index
CMBX    Commercial Mortgage-Backed Index   PENAAA    Penultimate AAA Sub-Index     
Other Abbreviations:         
ABS    Asset-Backed Security   CLO    Collateralized Loan Obligation   SP - ADR    Sponsored American Depositary Receipt
ALT    Alternate Loan Trust   LIBOR    London Interbank Offered Rate   TBD    To Be Determined
CDI    Brazil Interbank Deposit Rate   PIK    Payment-in-Kind   TBD%    Interest rate to be determined when loan settles

Item 2. Controls and Procedures

 

  (a) The principal executive officer and principal financial & accounting officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 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 report.

 

  (b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial & accounting officer of the registrant as required by Rule 30a-2 under the 1940 Act is attached as Exhibit 99.CERT.

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.

 

PIMCO Global StocksPlus® & Income Fund

By: /s/ Peter G. Strelow                                                   

Peter G. Strelow
President (Principal Executive Officer)
Date: May 26, 2017

By: /s/ William G. Galipeau                                            

William G. Galipeau
Treasurer (Principal Financial & Accounting Officer)
Date: May 26, 2017

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/ Peter G. Strelow                                                   

Peter G. Strelow
President (Principal Executive Officer)
Date: May 26, 2017

By: /s/ William G. Galipeau                                            

William G. Galipeau
Treasurer (Principal Financial & Accounting Officer)
Date: May 26, 2017