N-Q 1 d399906dnq.htm CUTWATER SELECT INCOME FUND Cutwater Select 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 811-02201

 

 

Cutwater Select Income Fund (formerly, Rivus Bond Fund)

(Exact name of registrant as specified in charter)

 

 

113 King Street

Armonk, NY 10504

(Address of principal executive offices) (Zip code)

 

 

Clifford D. Corso

113 King Street

Armonk, NY 10504

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 914-273-4545

Date of fiscal year end: March 31

Date of reporting period: June 30, 2012

 

 

 

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

SCHEDULE OF INVESTMENTS (unaudited)      June 30, 2012   

 

     Moody’s/
Standard &
Poor’s Rating(a)		    Principal
Amount (000’s)		      Value  
CORPORATE DEBT SECURITIES (81.94%)                   

AUTOMOTIVE (1.30%)

         

Ford Holdings Co. Gty., 9.30%, 03/01/30

    Baa3/BB+    $ 1,000       $ 1,365,000   

Ford Motor Co., Sr. Unsec. Notes, 8.90%, 01/15/32

    Baa3/BB+      500         679,374   

Ford Motor Credit Co. LLC, Sr. Unsec. Notes, 5.875%, 08/02/21

    Baa3/BB+      750         834,381   
        

 

 

  
           2,878,755   
        

 

 

  

CHEMICALS (3.39%)

         

Braskem Finance, Ltd., Co Gty., 7.00%, 05/07/20, 144A

    Baa3/BBB-      500         546,400   

Braskem Finance, Ltd., Co Gty., 5.375%, 05/02/22, 144A

    Baa3/BBB-      750         753,749   

Dow Chemical Co., Sr. Unsec. Notes, 8.55%, 05/15/19

    Baa3/BBB      500         665,037   

Grupo Petrotemex SA de CV, Co. Gty., 9.50%, 08/19/14, 144A

    N/A/BB+      500         546,250   

Incitec Pivot Finance LLC, Co. Gty., 6.00%, 12/10/19, 144A

    Baa3/BBB      405         444,065   

Sinochem Overseas Capital Co., Ltd., Co. Gty., 4.50%, 11/12/20, 144A

    Baa1/BBB      500         503,093   

Sinochem Overseas Capital Co., Ltd., Co. Gty., 6.30%, 11/12/40, 144A

    Baa1/BBB      1,500         1,518,353   

Union Carbide Corp., Sr. Unsec. Notes, 7.75%, 10/01/96

    Baa3/BBB      2,000         2,262,532   

Westlake Chemicals Corp., Co. Gty., 6.625%, 01/15/16(b)

    Baa3/BBB-      250         256,563   
        

 

 

  
           7,496,042   
        

 

 

  

DIVERSIFIED FINANCIAL SERVICES (12.45%)

         

Akbank TAS, Sr. Unsec. Notes, 6.50%, 03/09/18, 144A

    Ba1/N/A      1,000         1,047,500   

Ally Financial, Inc., Co. Gty., 7.50%, 09/15/20

    B1/B+      315         353,980   

Bank of America Corp., Sr. Unsec. Notes, 5.625%, 07/01/20

    Baa2/A-      190         203,421   

Bank of America Corp., Sr. Unsec. Notes, 5.875%, 01/05/21

    Baa2/A-      500         545,904   

BNP Paribas SA, Jr. Sub. Notes, 5.186%, 06/29/15, 144A(c),(d)

    Ba2/BBB+      1,000         860,000   

Capital One Capital V, Ltd. Gtd., 10.25%, 08/15/39

    Baa3/BB+      1,500         1,530,000   

CDP Financial, Inc., Co. Gtd., 4.40%, 11/25/19, 144A

    Aaa/AAA      400         452,128   

Chase Capital II, Ltd. Gtd., Series B, 0.966%, 02/01/27(b),(c)

    Baa2/BBB      70         50,502   

Citigroup, Inc., Sr. Unsec. Notes, 6.375%, 08/12/14

    Baa2/A-      151         161,637   

Citigroup, Inc., Sr. Unsec. Notes, 6.01%, 01/15/15

    Baa2/A-      1,000         1,074,423   

Citigroup, Inc., Sr. Unsec. Notes, 8.125%, 07/15/39

    Baa2/A-      125         166,812   

Citigroup, Inc., Unsec. Notes, 8.50%, 05/22/19

    Baa2/A-      595         734,843   

CoBank ACB, Sub. Notes, 7.875%, 04/16/18, 144A

    N/A/A      500         610,002   

Discover Financial Services, Sr. Unsec. Notes, 10.25%, 07/15/19

    Ba1/BBB-      200         259,367   

Export-Import Bank of Korea, Sr. Unsec. Notes, 8.125%, 01/21/14

    A1/A      500         545,834   

General Electric Capital Corp., Jr. Sub. Notes, Series A, 7.125%, 06/15/22(c),(d)

    Baa1/AA-      3,000         3,169,380   

General Electric Capital Corp., Sr. Unsec. Notes, 5.625%, 05/01/18

    A1/AA+      230         264,394   

General Electric Capital Corp., Sr. Unsec. Notes, 6.875%, 01/10/39

    A1/AA+      1,000         1,290,132   

HSBC USA Capital Funding LP, Ltd. Gtd., 10.176%, 06/30/30, 144A(c),(d)

    Baa2/BBB+      1,500         1,935,000   

HSBC USA Trust II, Bank Gtd., 8.38%, 05/15/27, 144A(b)

    N/A/BBB+      2,500         2,526,665   

JPMorgan Chase & Co., Sr. Unsec. Notes, 4.40%, 07/22/20

    A2/A      175         184,578   

JPMorgan Chase & Co., Sr. Unsec. Notes, 4.35%, 08/15/21

    A2/A      105         110,817   

JPMorgan Chase Bank NA, Sub. Notes, 6.00%, 10/01/17

    A1/A      1,000         1,119,622   

JPMorgan Chase Capital XXII, Ltd. Gtd., Series V, 6.45%, 01/15/87

    Baa2/BBB      1,000         1,000,000   

JPMorgan Chase Capital XXV, Ltd. Gtd., Series Y, 6.80%, 10/01/37

    Baa2/BBB      850         849,996   

Lloyds TSB Bank PLC, Bank Gtd., 6.375%, 01/21/21

    A2/A      2,000         2,266,560   

Merrill Lynch & Co., Inc., Sr. Unsec. Notes, 6.875%, 04/25/18

    Baa2/A-      1,000         1,118,936   

Morgan Stanley, Sr. Unsec. Notes, 6.25%, 08/28/17

    Baa1/A-      300         309,657   

National Agricultural Cooperative Federation, Sr. Unsec. Notes, 5.00%, 09/30/14, 144A

    A1/A      500         530,222   

Santander US Debt SA Unipersonal, Bank Gtd., 3.724%, 01/20/15, 144A

    Baa2/A-      100         93,012   

UBS AG Stamford CT, Bank Notes, 4.875%, 08/04/20

    A2/A      250         267,106   

UBS Preferred Funding Trust V, Jr. Sub. Notes, Series 1, 6.243%, 05/15/16(c),(d)

    Ba2/BBB-      500         470,000   

 

 

The accompanying notes are an integral part of these financial statements.

 

1

SCHEDULE OF INVESTMENTS (unaudited) — continued

 

     Moody’s/
Standard &
Poor’s Rating(a)		    Principal
Amount (000’s)		      Value  

DIVERSIFIED FINANCIAL SERVICES (Continued)

         

Wachovia Capital Trust III, Ltd. Gtd., 5.57%, 07/30/12(c),(d)

    Baa3/BBB+    $ 1,500       $ 1,432,500   
        

 

 

  
           27,534,930   
        

 

 

  

ENERGY (13.65%)

         

Apache Corp., Sr. Unsec. Notes, 7.70%, 03/15/26

    A3/A-      500         699,421   

Burlington Resources, Inc., Co. Gty., 9.125%, 10/01/21

    A1/A      850         1,193,298   

Citgo Petroleum Corp., Sr. Sec. Notes, 11.50%, 07/01/17, 144A(b)

    Ba2/BB+      900         1,010,250   

CMS Panhandle Holding Co., Sr. Unsec. Notes, 7.00%, 07/15/29

    Baa3/BBB-      1,000         1,130,235   

EL Paso Corp., Sr. Unsec. Notes, 8.05%, 10/15/30

    Ba3/BB      1,000         1,134,393   

Enterprise Products Operating LLC, Co. Gty., Series B, 7.034%, 01/15/68(b),(c)

    Baa3/BB+      1,000         1,070,000   

EQT Corp., Sr. Unsec. Notes, 4.875%, 11/15/21

    Baa2/BBB      1,455         1,486,188   

Florida Gas Transmission Co. LLC, Sr. Unsec. Notes, 9.19%, 11/01/24, 144A

    Baa2/BBB      130         173,729   

Gaz Capital SA, Sr. Unsec. Notes, 8.125%, 07/31/14, 144A

    Baa1/BBB      500         547,292   

IFM US Colonial Pipeline 2 LLC, Sr. Sec. Notes, 6.45%, 05/01/21, 144A (b)

    N/A/BBB-      1,000         1,100,832   

KazMunayGas National Co., Sr. Unsec. Notes, 11.75%, 01/23/15, 144A

    Baa3/BBB-      500         594,975   

KazMunayGas National Co., Sr. Unsec. Notes, 6.375%, 04/09/21, 144A

    Baa3/BBB-      500         550,000   

Linn Energy LLC/Linn Energy Finance Corp., Co. Gty., 6.25%, 11/01/19, 144A(b)

    B2/B      500         490,000   

Lukoil International Finance BV, Co. Gty., 6.125%, 11/09/20, 144A

    Baa2/BBB-      1,000         1,048,700   

Motiva Enterprises LLC, Notes, 5.75%, 01/15/20, 144A

    A2/A      64         74,794   

Motiva Enterprises LLC, Sr. Unsec. Notes, 6.85%, 01/15/40, 144A

    A2/A      124         156,408   

Nabors Industries, Inc., Co. Gty., 9.25%, 01/15/19

    Baa2/BBB      625         811,449   

NRG Energy, Inc., Co. Gty., 8.25%, 09/01/20(b)

    B1/BB-      500         517,500   

Pemex Project Funding Master Trust, Co. Gty., 6.625%, 06/15/35

    Baa1/BBB      105         124,950   

Petroleos Mexicanos, Co. Gty., 8.00%, 05/03/19

    Baa1/BBB      250         317,500   

Petroleos Mexicanos, Co. Gty., 6.00%, 03/05/20

    Baa1/BBB      750         867,375   

Petroleum Co. of Trinidad & Tobago, Ltd., Sr. Unsec. Notes, 9.75%, 08/14/19, 144A

    Baa3/BBB      500         613,250   

Pride International, Inc., Co. Gty., 8.50%, 06/15/19

    Baa1/BBB+      500         645,743   

Pride International, Inc., Co. Gty., 6.875%, 08/15/20

    Baa1/BBB+      500         613,486   

Reliance Holdings USA, Inc., Co. Gty., 5.40%, 02/14/22, 144A

    Baa2/BBB      1,250         1,249,924   

Samson Investment Co., Sr. Unsec. Notes, 9.75%, 02/15/20, 144A(b)

    B1/B      1,000         995,000   

SEACOR Holdings, Inc., Sr. Unsec. Notes, 7.375%, 10/01/19

    Ba1/BB+      1,000         1,084,530   

Shell International Finance BV, Co. Gty., 4.30%, 09/22/19

    Aa1/AA      1,000         1,160,323   

Transocean, Inc., Co. Gty., 7.50%, 04/15/31

    Baa3/BBB-      500         582,061   

Valero Energy Corp., Co. Gty., 9.375%, 03/15/19

    Baa2/BBB      124         162,964   

Valero Energy Corp., Co. Gty., 8.75%, 06/15/30

    Baa2/BBB      1,000         1,246,453   

Valero Energy Corp., Co. Gty., 10.50%, 03/15/39

    Baa2/BBB      500         747,718   

Weatherford International, Ltd. Bermuda, Co. Gty., 6.75%, 09/15/40

    Baa2/BBB      2,000         2,244,816   

Western Atlas, Inc., Sr. Unsec. Notes, 8.55%, 06/15/24

    A2/A      2,539         3,648,576   

Williams Cos., Inc., Sr. Unsec. Notes, 8.75%, 03/15/32

    Baa3/BBB-      81         109,919   
        

 

 

  
           30,204,052   
        

 

 

  

FOOD AND BEVERAGE (0.70%)

         

Anheuser-Busch InBev Worldwide, Inc., Co. Gty., 7.75%, 01/15/19

    A3/A      325         429,244   

Anheuser-Busch InBev Worldwide, Inc., Co. Gty., 8.20%, 01/15/39

    A3/A      27         42,926   

Bunge Ltd. Finance Corp., Co. Gty., 8.50%, 06/15/19

    Baa2/BBB-      125         156,056   

Delhaize Group SA, Co. Gty., 5.70%, 10/01/40

    Baa3/BBB-      709         595,578   

Smithfield Foods, Inc., Sr. Sec. Notes., 10.00%, 07/15/14

    Ba2/BBB-      290         330,963   
        

 

 

  
           1,554,767   
        

 

 

  

GAMING, LODGING & LEISURE (0.12%)

         

Royal Caribbean Cruises, Ltd., Sr. Unsec. Notes, 7.00%, 06/15/13

    Ba1/BB      250         260,000   
        

 

 

  

 

The accompanying notes are an integral part of these financial statements.

 

2

SCHEDULE OF INVESTMENTS (unaudited) — continued

 

     Moody’s/
Standard &
Poor’s Rating(a)		    Principal
Amount (000’s)		      Value  

HEALTHCARE (1.02%)

         

Fresenius Medical Care US Finance, Inc., Co. Gty., 5.75%, 02/15/21, 144A

    Ba2/BB+    $ 750       $ 780,937   

Fresenius US Finance II, Inc., Co. Gty., 9.00%, 07/15/15, 144A

    Ba1/BB+      250         287,188   

Monsanto Co. (Pharmacia Corp.), Sr. Unsec. Notes, 6.50%, 12/01/18

    A1/AA      500         633,910   

Mylan, Inc., Co. Gty., 7.875%, 07/15/20, 144A(b)

    Ba2/BB      500         560,625   
        

 

 

  
           2,262,660   
        

 

 

  

INDUSTRIAL (5.78%)

         

Affinion Group, Inc., Co. Gty., 11.50%, 10/15/15(b)

    Caa1/CCC+      460         392,150   

Alcoa, Inc., Sr. Unsec. Notes, 6.15%, 08/15/20

    Baa3/BBB-      640         673,721   

Alcoa, Inc., Sr. Unsec. Notes, 5.95%, 02/01/37

    Baa3/BBB-      244         235,241   

Altria Group, Inc., Co. Gty., 9.70%, 11/10/18

    Baa1/BBB      317         438,654   

Altria Group, Inc., Co. Gty., 10.20%, 02/06/39

    Baa1/BBB      29         47,175   

ArcelorMittal, Sr. Unsec. Notes, 6.50%, 02/25/22

    Baa3/BBB-      1,200         1,175,290   

ArcelorMittal, Sr. Unsec. Notes, 7.25%, 10/15/39

    Baa3/BBB-      405         393,114   

Arrow Electronics, Inc., Sr. Unsec. Notes, 6.00%, 04/01/20

    Baa3/BBB-      500         548,174   

Belden, Inc., Co. Gty., 7.00%, 03/15/17(b)

    Ba2/B+      250         257,500   

BG Energy Capital PLC, Co. Gty., 6.50%, 11/30/72(b),(c)

    Baa1/BBB+      2,250         2,261,475   

GXS Worldwide, Inc., Sr. Sec. Notes, 9.75%, 06/15/15(b)

    B2/B      65         64,838   

Holcim US Finance Sarl & Cie SCS, Co. Gty., 6.00%, 12/30/19, 144A

    Baa2/BBB      1,000         1,048,447   

Ingersoll-Rand Global Holding Co., Ltd., Co. Gty., 6.875%, 08/15/18

    Baa1/BBB+      185         225,314   

L-3 Communications Corp., Co. Gty., 6.375%, 10/15/15(b)

    Ba1/BB+      700         715,313   

Meccanica Holdings USA, Inc., Co. Gty., 6.25%, 07/15/19, 144A

    Baa2/BBB-      129         114,416   

Northrop Grumman Space & Mission Systems Corp., Co. Gty., 7.75%, 06/01/29

    Baa1/BBB+      500         673,872   

Sealed Air Corp., Sr. Unsec. Notes, 7.875%, 06/15/17(b)

    B1/BB      500         540,000   

Tyco International Finance SA, Co. Gty., 8.50%, 01/15/19

    A3/A-      93         127,357   

Tyco International Ltd./Tyco International Finance SA, Co. Gty., 7.00%, 12/15/19

    A3/A-      1,250         1,643,829   

Waste Management, Inc., Co. Gty., 7.125%, 12/15/17

    Baa3/BBB      500         603,689   

Worthington Industries, Inc., Sr. Unsec. Notes, 6.50%, 04/15/20

    Baa3/BBB      500         553,903   

XM Satellite Radio, Inc., Co. Gty., 13.00%, 08/01/14, 144A

    B2/BB      57         63,555   
        

 

 

  
           12,797,027   
        

 

 

  

INSURANCE (6.04%)

         

AIG SunAmerica, Inc., Sr. Unsec. Notes, 8.125%, 04/28/23

    Baa1/A-      750         881,256   

American International Group, Inc., Jr. Sub. Debs., 8.175%, 05/15/68(b),(c)

    Baa2/BBB      2,000         2,170,000   

Farmers Exchange Capital, Sub. Notes, 7.20%, 07/15/48, 144A

    Baa2/A-      3,000         3,229,908   

Guardian Life Insurance Co. of America, Sub. Notes, 7.375%, 09/30/39, 144A

    A1/AA-      108         140,911   

Liberty Mutual Group, Inc., Bonds, 7.00%, 03/15/34, 144A

    Baa2/BBB-      250         267,216   

Liberty Mutual Group, Inc., Co. Gty., 10.75%, 06/15/88, 144A(b),(c)

    Baa3/BB      1,000         1,360,000   

Lincoln National Corp., Jr. Sub. Notes, 6.05%, 04/20/67(b),(c)

    Ba1/BBB      500         457,500   

Massachusetts Mutual Life Insurance Co., Sub. Notes, 8.875%, 06/01/39, 144A

    A1/AA-      500         716,437   

MetLife Capital Trust X, Jr. Sub. Notes, 9.25%, 04/08/68, 144A(b)

    Baa2/BBB      500         612,500   

MetLife, Inc., Jr. Sub. Notes, 10.75%, 08/01/69(b)

    Baa2/BBB      1,000         1,397,500   

Nationwide Mutual Insurance Co., Sub. Notes, 9.375%, 08/15/39, 144A

    A3/A-      215         282,870   

New York Life Insurance Co., Sub. Notes, 6.75%, 11/15/39, 144A

    Aa2/AA-      103         136,147   

Prudential Financial, Inc., Jr. Sub. Notes, 8.875%, 06/15/68(b),(c)

    Baa3/BBB+      1,000         1,187,500   

Travelers Cos., Inc., Jr. Sub. Notes, 6.25%, 03/15/67(b),(c)

    A3/NR      500         522,500   
        

 

 

  
           13,362,245   
        

 

 

  

MEDIA (7.90%)

         

CBS Corp., Co. Gty., 8.875%, 05/15/19

    Baa2/BBB      350         462,834   

Cengage Learning Acquisitions, Inc., Co. Gty., 13.25%, 07/15/15, 144A(b),(e)

    Caa2/CCC      500         360,000   

Comcast Corp., Co. Gty., 7.05%, 03/15/33

    Baa1/BBB+      2,000         2,525,600   

The accompanying notes are an integral part of these financial statements.

 

3

SCHEDULE OF INVESTMENTS (unaudited) — continued

 

     Moody’s/
Standard &
Poor’s Rating(a)		    Principal
Amount (000’s)		      Value  

MEDIA (Continued)

         

COX Communications, Inc., Sr. Unsec. Notes, 6.80%, 08/01/28

    Baa2/BBB    $ 1,500       $ 1,722,419   

Cox Enterprises, Inc., Sr. Unsec. Notes, 7.375%, 07/15/27, 144A

    Baa2/BBB      500         600,346   

Grupo Televisa SAB, Sr. Unsec. Notes, 6.625%, 01/15/40

    Baa1/BBB+      159         193,653   

Harcourt General, Inc., Sr. Unsec. Notes, 8.875%, 06/01/22

    WR/BBB+      2,000         2,651,344   

Interpublic Group of Cos., Inc., Sr. Unsec. Notes, 10.00%, 07/15/17(b)

    Baa3/BB+      500         565,000   

Myriad International Holding BV, Co. Gty., 6.375%, 07/28/17, 144A

    Baa3/N/A      100         110,196   

NBC Universal Media LLC, Inc., Sr. Unsec. Notes, 5.15%, 04/30/20

    Baa2/BBB+      175         200,912   

NBC Universal Media LLC, Inc., Sr. Unsec. Notes, 5.95%, 04/01/41

    Baa2/BBB+      95         112,145   

News America Holdings, Inc., Co. Gty., 7.90%, 12/01/95

    Baa1/BBB+      1,400         1,636,256   

Time Warner Entertainment Co., LP, Co. Gty., 8.375%, 07/15/33

    Baa2/BBB      1,360         1,842,246   

Time Warner, Inc., Co. Gty., 9.15%, 02/01/23

    Baa2/BBB      3,000         4,169,403   

Viacom, Inc., Co. Gty., 7.875%, 07/30/30

    Baa2/BBB      250         321,261   
        

 

 

  
           17,473,615   
        

 

 

  

MINING (4.88%)

         

Anglo American Capital PLC, Co. Gty., 9.375%, 04/08/14, 144A

    Baa1/BBB+      339         381,233   

Anglo American Capital PLC, Co. Gty., 9.375%, 04/08/19, 144A

    Baa1/BBB+      500         662,610   

AngloGold Ashanti Holdings PLC, Co. Gty., 5.375%, 04/15/20

    Baa2/BBB-      310         318,596   

Barrick North America Finance LLC, Co. Gty., 6.80%, 09/15/18

    Baa1/A-      500         618,731   

Corp. Nacional del Cobre de Chile, Sr. Unsec. Notes, 3.875%, 11/03/21, 144A

    A1/A      1,500         1,577,828   

FMG Resources August 2006 Property Ltd., Sr. Unsec. Notes, 6.875%, 04/01/22, 144A(b)

    Ba3/BB-      1,200         1,209,000   

Freeport-McMoran Corp., Co. Gty., 9.50%, 06/01/31

    Baa2/BBB      250         358,413   

Newcrest Finance Property, Ltd., Co. Gty., 4.45%, 11/15/21, 144A

    Baa2/BBB+      1,500         1,539,233   

Rio Tinto Finance USA, Ltd., Co. Gty., 9.00%, 05/01/19

    A3/A-      85         116,218   

Teck Resources, Ltd., Co. Gty., 6.00%, 08/15/40(b)

    Baa2/BBB      1,000         1,047,923   

Teck Resources, Ltd., Co. Gty., 5.20%, 03/01/42

    Baa2/BBB      1,415         1,355,740   

Vale Overseas, Ltd., Co. Gty., 6.25%, 01/23/17

    Baa2/A-      500         568,647   

Xstrata Canada Financial Corp., Co. Gty., 4.95%, 11/15/21, 144A

    Baa2/BBB+      1,000         1,033,243   
        

 

 

  
           10,787,415   
        

 

 

  

PAPER (1.94%)

         

Celulosa Arauco y Constitucion SA, Sr. Unsec. Notes, 4.75%, 01/11/22, 144A

    Baa2/BBB      1,085         1,109,175   

Smurfit Kappa Treasury Funding, Ltd., Sr. Sec. Notes, 7.50%, 11/20/25

    Ba1/BB+      2,000         2,000,000   

Westvaco Corp., Co. Gty., 8.20%, 01/15/30

    Ba1/BBB      1,000         1,187,163   
        

 

 

  
           4,296,338   
        

 

 

  

REAL ESTATE INVESTMENT TRUST (REIT) (4.63%)

         

Biomed Realty LP, Co. Gty., 6.125%, 04/15/20

    Baa3/BBB-      350         392,557   

Duke Realty LP, Sr. Unsec. Notes, 6.50%, 01/15/18

    Baa2/BBB-      500         566,706   

Duke Realty LP, Sr. Unsec. Notes, 8.25%, 08/15/19

    Baa2/BBB-      500         614,358   

Federal Realty Investment Trust, Sr. Unsec. Notes, 5.40%, 12/01/13

    Baa1/BBB+      750         787,123   

Federal Realty Investment Trust, Sr. Unsec. Notes, 6.20%, 01/15/17

    Baa1/BBB+      290         325,864   

Goodman Funding Property, Ltd., Co. Gty., 6.375%, 04/15/21, 144A

    Baa2/BBB      1,050         1,093,889   

Health Care REIT, Inc., Sr. Unsec. Notes, 5.25%, 01/15/22(b)

    Baa2/BBB-      1,500         1,591,146   

Host Hotels & Resorts LP, Co. Gty., 6.00%, 11/01/20(b)

    Ba1/BB+      1,000         1,085,000   

Liberty Property LP, Sr. Unsec. Notes, 7.50%, 01/15/18

    Baa1/BBB      1,000         1,174,675   

Nationwide Health Properties, Inc., Sr. Unsec. Notes, 6.00%, 05/20/15

    Baa2/BBB      500         542,239   

Simon Property Group LP, Sr. Unsec. Notes, 6.125%, 05/30/18

    A3/A-      750         887,431   

WEA Finance, LLC, Co. Gty., 7.125%, 04/15/18, 144A

    A2/A-      500         592,282   

WEA Finance, LLC, Co. Gty., 6.75%, 09/02/19, 144A

    A2/A-      500         589,937   
        

 

 

  
           10,243,207   
        

 

 

  

The accompanying notes are an integral part of these financial statements.

 

4

SCHEDULE OF INVESTMENTS (unaudited) — continued

 

     Moody’s/
Standard &
Poor’s Rating(a)		    Principal
Amount (000’s)		      Value  

RETAIL & RESTAURANT (0.34%)

         

Darden Restaurants, Inc., Sr. Unsec. Notes, 7.125%, 02/01/16

    Baa2/BBB    $ 500       $ 567,342   

Limited Brands, Inc., Co. Gty., 8.50%, 06/15/19

    Ba1/BB+      150         176,250   
        

 

 

  
           743,592   
        

 

 

  

TECHNOLOGY (0.08%)

         

Corning, Inc., Sr. Unsec. Notes, 5.75%, 08/15/40

    A3/BBB+      60         70,217   

Mantech International Corp., Co. Gty., 7.25%, 04/15/18(b)

    Ba2/BB+      100         105,000   
        

 

 

  
           175,217   
        

 

 

  

TELECOMMUNICATIONS (10.10%)

         

AT&T, Inc., Sr. Unsec. Notes, 5.35%, 09/01/40

    A2/A-      2,548         2,924,244   

Cellco Partnership/Verizon Wireless Capital LLC, Sr. Unsec. Notes, 8.50%, 11/15/18

    A2/A-      229         313,360   

Centel Capital Corp., Co. Gty., 9.00%, 10/15/19

    Baa2/BBB-      1,000         1,164,403   

Deutsche Telekom International Finance BV, Co. Gtd., 8.75%, 06/15/30

    Baa1/BBB+      2,000         2,776,066   

Frontier Communications Corp., Sr. Unsec. Notes, 8.125%, 10/01/18

    Ba2/BB      500         531,250   

Frontier Communications Corp., Sr. Unsec. Notes, 9.00%, 08/15/31

    Ba2/BB      500         477,500   

GTE Corp., Co. Gty., 6.94%, 04/15/28

    Baa1/A-      1,500         1,889,216   

Hearst-Argyle Television, Inc., Sr. Unsec. Notes, 7.00%, 01/15/18

    WR/NR      1,000         850,403   

Level 3 Financing, Inc., Co, Gty., 10.00%, 02/01/18(b)

    B3/CCC      610         660,325   

NII Capital Corp., Co. Gty., 10.00%, 08/15/16(b)

    B2/B+      500         521,250   

NII Capital Corp., Co. Gty., 7.625%, 04/01/21(b)

    B2/B+      950         814,625   

Qwest Corp., Sr. Unsec. Notes, 7.20%, 11/10/26(b)

    Baa3/BBB-      1,000         1,010,000   

Qwest Corp., Sr. Unsec. Notes, 6.875%, 09/15/33(b)

    Baa3/BBB-      1,100         1,094,500   

Qwest Corp., Sr. Unsec. Notes, 7.25%, 10/15/35(b)

    Baa3/BBB-      500         503,750   

Sprint Capital Corp., Co. Gty., 6.875%, 11/15/28

    B3/B+      1,500         1,207,500   

Sprint Capital Corp., Co. Gty., 8.75%, 03/15/32

    B3/B+      1,000         910,000   

Telecom Italia Capital SA, Co. Gty., 6.999%, 06/04/18

    Baa2/BBB      1,000         995,000   

Telecom Italia Capital SA, Co. Gty., 7.20%, 07/18/36

    Baa2/BBB      250         211,875   

Trilogy International Partners LLC/Trilogy International Finance, Inc., Sr. Sec. Notes, 10.25%, 08/15/16, 144A(b)

    Caa1/CCC+      100         81,500   

Verizon Communications, Inc., Sr. Unsec. Notes, 8.75%, 11/01/18

    A3/A-      292         401,367   

Verizon Global Funding Corp., Sr. Unsec. Notes, 7.75%, 12/01/30

    A3/A-      1,646         2,321,734   

Virgin Media Finance PLC, Co. Gty., 8.375%, 10/15/19(b)

    Ba2/BB-      600         674,250   
        

 

 

  
           22,334,118   
        

 

 

  

TRANSPORTATION (3.04%)

         

BNSF Funding Trust I, Co. Gty., 6.613%, 12/15/55(b),(c)

    Baa2/BBB      250         263,750   

Continental Airlines, Pass Through Certs., Series 1999-1, Class B, 6.795%, 02/02/20

    Ba1/BB      444         439,400   

Continental Airlines, Pass Through Certs., Series 2000-1, Class A1, 8.048%, 05/01/22

    Baa2/BBB      850         935,225   

Continental Airlines, Pass Through Certs., Series 2000-2, Class A1, 7.707%, 10/02/22

    Baa2/BBB      1,233         1,341,067   

Delta Air Lines, Pass Through Certs, Series 1993, Class A2, 10.50%, 04/30/16

    WR/NR      345         123,344   

ERAC USA Finance, Co., Co. Gty., 7.00%, 10/15/37, 144A

    Baa1/BBB+      1,500         1,808,159   

Federal Express Corp., Pass Through Certs, Series 1996, Class B2, 7.84%, 01/30/18(b)

    A3/BBB      1,000         1,132,310   

Norfolk Southern Corp., Sr. Unsec. Notes, 5.75%, 04/01/18

    Baa1/BBB+      170         201,648   

Stena AB, Sr. Unsec. Notes, 7.00%, 12/01/16(b)

    Ba3/BB      500         486,250   
        

 

 

  
           6,731,153   
        

 

 

  

UTILITIES (4.58%)

         

Avista Corp., 5.95%, 06/01/18

    A3/A-      500         604,186   

Avista Corp., 5.125%, 04/01/22

    A3/A-      500         597,999   

Dominion Resources, Inc., Sr. Unsec. Notes, Series 07-A, 6.00%, 11/30/17

    Baa2/A-      500         597,655   

The accompanying notes are an integral part of these financial statements.

 

5

SCHEDULE OF INVESTMENTS (unaudited) — continued

 

     Moody’s/
Standard &
Poor’s Rating(a)		    Principal
Amount
(000’s)		      Value  

UTILITIES (Continued)

         

DPL, Inc., Sr. Unsec. Notes, 7.25%, 10/15/21, 144A(b)

    Ba1/BB+    $ 1,000       $ 1,110,000   

Duquesne Light Holdings, Inc., Sr. Unsec. Notes, 6.40%, 09/15/20, 144A

    Ba1/BBB-      1,000         1,131,862   

Georgia Power Co., Sr. Unsec. Notes, 5.40%, 06/01/40

    A3/A      110         131,428   

Hydro-Quebec, 8.25%, 04/15/26

    Aa2/A+      1,550         2,375,848   

MidAmerican Funding LLC, Sr. Sec. Notes, 6.927%, 03/01/29

    A3/BBB+      500         658,079   

NextEra Energy Capital Holding, Inc., Jr. Sub. Notes., Series D, 7.30%, 09/01/67(b),(c)

    Baa2/BBB      500         530,625   

Ohio Power Co., Sr. Unsec. Notes, 6.00%, 06/01/16

    Baa1/BBB      500         578,828   

Ohio Power Co., Sr. Unsec. Notes, 5.375%, 10/01/21

    Baa1/BBB      1,000         1,180,620   

Toledo Edison Co., 7.25%, 05/01/20

    Baa1/BBB      500         640,717   
        

 

 

  
           10,137,847   
        

 

 

  

TOTAL CORPORATE DEBT SECURITIES (Cost of $159,611,994)

            181,272,980   
        

 

 

  

ASSET BACKED SECURITIES (1.50%)

         

Credit-Based Asset Servicing and Securitization LLC, Series 2006-SC1, Class A, 0.515%, 05/25/36, 144A(c)

    A3/AAA      57         41,594   

Dominos Pizza Master Issuer LLC, Series 2012-1A, Class A2, 5.216%, 01/25/42, 144A(b)

    Baa1/BBB+      1,494         1,558,279   

Option One Mortgage Loan Trust, Series 2007-FXD2, Class 2A1, 5.90%, 03/25/37(e)

    Aa3/AA-      163         160,375   

Renaissance Home Equity Loan Trust, Series 2006-3, Class AF2, 5.58%, 11/25/36(e)

    B3/CCC      164         86,785   

Small Business Administration Participation Certificates, Series 2010-20F, Class 1, 3.88%, 06/01/30

    Aaa/AA+      293         318,451   

Sonic Capital LLC, Series 2011-1A, Class A2, 5.438%, 05/20/41, 144A

    Baa2/BBB      1,088         1,144,804   
        

 

 

  

TOTAL ASSET BACKED SECURITIES (Cost of $3,247,741)

            3,310,288   
        

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES (7.54%)

         

American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 04/15/37, 144A

    Aaa/AAA      700         742,566   

Banc of America Merrill Lynch Commercial Mortgage, Inc, Series 2006-2, Class AJ, 5.954%, 05/10/45(c)

    N/A/BBB-      1,000         894,517   

Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-2, Class AM, 5.954%, 05/10/45(c)

    N/A/A      1,440         1,551,946   

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/49

    Aa3/A-      285         316,555   

Credit Suisse Mortgage Capital Certificates, Series 2006-C5, Class AM, 5.343%, 12/15/39

    A1/BBB      100         98,690   

CW Capital Cobalt, Ltd., Series 2007-C2, Class A3, 5.484%, 04/15/47(c)

    Aaa/N/A      500         547,301   

Developers Diversified Realty Corp., Series 2009-DDR1, Class C, 6.223%, 10/14/22, 144A

    A1/AA+      2,000         2,149,136   

FREMF Mortgage Trust, Series 2012-K18, Class B, 4.41%, 01/25/45, 144A(c)

    N/A/N/A      1,600         1,503,667   

JPMorgan Chase Commercial Mortgage Securities Corp., Series 2005- LDP5, Class AJ, 5.483%, 12/15/44(c)

    Aa3/A      60         60,513   

JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006- CB16, Class A4, 5.552%, 05/12/45

    Aaa/AAA      1,000         1,128,640   

JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006- CB17, Class AM, 5.464%, 12/12/43

    A1/N/A      100         95,141   

JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007- CB20, Class A4, 5.794%, 02/12/51(c)

    Aaa/A+      880         1,017,273   

JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007- LDPX, Class A3, 5.42%, 01/15/49

    Aaa/N/A      160         179,019   

The accompanying notes are an integral part of these financial statements.

 

6

SCHEDULE OF INVESTMENTS (unaudited) — continued

 

      Moody’s/
Standard &
Poor’s Rating(a)		    Principal
Amount
(000’s)		      Value  

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

         

LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class AM, 6.087%, 06/15/38(c)

    Aa3/BBB+    $ 2,000       $ 2,114,032   

LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A4, 5.424%, 02/15/40

    N/A/A+      970         1,094,363   

LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.43%, 02/15/40

    N/A/A-      1,375         1,534,864   

Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class AM, 5.107%, 07/12/38(c)

    Aaa/N/A      30         32,322   

Morgan Stanley Capital I, Series 2007-IQ16, Class A4, 5.809%, 12/12/49

    N/A/A+      750         867,500   

Morgan Stanley Reremic Trust, Series 2009-GG10, Class A4B, 5.979%, 08/12/45, 144A(c)

    A3/N/A      210         218,071   

Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A3, 5.679%, 10/15/48

    Aaa/AAA      500         532,697   
        

 

 

  

Total COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost of $13,911,570)

            16,678,813   
        

 

 

  

RESIDENTIAL MORTGAGE-BACKED SECURITIES (1.91%)

         

FHLMC Pool # 170128, 11.50%, 06/01/15

    Aaa/AA+      1         1,634   

FHLMC Pool # 360019, 10.50%, 12/01/17

    Aaa/AA+      3         2,943   

FHLMC Pool # A15675, 6.00%, 11/01/33

    Aaa/AA+      564         632,308   

FHLMC Pool # B11892, 4.50%, 01/01/19

    Aaa/AA+      378         411,983   

FHLMC Pool # G00182, 9.00%, 09/01/22

    Aaa/AA+      5         6,089   

FNMA Pool # 124012, 12.50%, 10/01/15

    Aaa/AA+      3         3,223   

FNMA Pool # 303022, 8.00%, 09/01/24

    Aaa/AA+      19         22,457   

FNMA Pool # 303136, 8.00%, 01/01/25

    Aaa/AA+      11         13,198   

FNMA Pool # 55192, 10.50%, 09/01/17

    Aaa/AA+      6         6,727   

FNMA Pool # 58991, 11.00%, 02/01/18

    Aaa/AA+      4         3,768   

FNMA Pool # 754791, 6.50%, 12/01/33

    Aaa/AA+      584         669,388   

FNMA Pool # 763852, 5.50%, 02/01/34

    Aaa/AA+      744         817,478   

FNMA Pool # 889554, 6.00%, 04/01/38

    Aaa/AA+      260         285,902   

FNMA Pool # AH9793, 4.50%, 05/01/41

    Aaa/AA+      1,142         1,228,898   

GNSF Pool # 194228, 9.50%, 11/15/20

    Aaa/AA+      32         36,597   

GNSF Pool # 307527, 9.00%, 06/15/21

    Aaa/AA+      27         32,335   

GNSF Pool # 417239, 7.00%, 02/15/26

    Aaa/AA+      26         30,689   

GNSF Pool # 780374, 7.50%, 12/15/23

    Aaa/AA+      12         13,982   
        

 

 

  

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(Cost of $3,765,501)

            4,219,599   
        

 

 

  

MUNICIPAL BONDS (1.73%)

         

Municipal Electric Authority of Georgia, Build America Bonds-Taxable- Plant Vogle Units 3&4, Series J, Revenue Bond, 6.637%, 04/01/57

    A2/A+      175         203,035   

San Francisco City & County Public Utilities Commission, Water Revenue, Build America Bonds, 6.00%, 11/01/40

    Aa3/AA-      145         177,379   

State of California, Build America Bonds, GO, 7.55%, 04/01/39

    A1/A-      500         642,960   

State of California, Build America Bonds, GO, 7.625%, 03/01/40

    A1/A-      1,500         1,939,260   

State of Illinois, Build America Bonds, GO, 7.35%, 07/01/35

    A2/A+      755         877,401   
        

 

 

  

TOTAL MUNICIPAL BONDS (Cost of $3,265,576)

            3,840,035   
        

 

 

  

U.S. TREASURY SECURITIES (3.54%)

         

U.S. Treasury Note, 0.375%, 09/30/12

    Aaa/AA+      2,250         2,251,319   

U.S. Treasury Note, 1.00%, 10/31/16

    Aaa/AA+      3,075         3,121,845   

U.S. Treasury Note, 1.00%, 03/31/17

    Aaa/AA+      670         679,213   

U.S. Treasury Note, 1.375%, 11/30/18

    Aaa/AA+      1,000         1,022,812   

U.S. Treasury Note, 3.125%, 05/15/21

    Aaa/AA+      310         352,916   

U.S. Treasury Note, 1.75%, 05/15/22

    Aaa/AA+      400         403,250   
        

 

 

  

TOTAL U.S. TREASURY SECURITIES (Cost of $7,721,060)

            7,831,355   
        

 

 

  

The accompanying notes are an integral part of these financial statements.

 

7

SCHEDULE OF INVESTMENTS (unaudited) — continued

 

     Shares      Value  

COMMON STOCK (0.01%)

      

MEDIA (0.01%)

      

Quad Graphics, Inc.

      1,617       $ 23,252   
     

 

 

  

TRANSPORTATION (0.00%)

      

Delta Air Lines, Inc. (f)

      1         6   
     

 

 

  

TOTAL COMMON STOCK (Cost of $74,501)

         23,258   
     

 

 

  

PREFERRED STOCK (0.27%)

      

Federal Home Loan Mortgage Corp, Series Z, 0.000% (f),(g)

      53,779         120,062   

US BANCORP, Series A, 3.500% (f)

      615         485,850   
     

 

 

  

TOTAL PREFERRED STOCK (Cost of $1,783,939)

         605,912   
     

 

 

  

RIGHTS (0.00%)

      

XO Holdings, Inc., Expire 12/31/99

      13         —     
     

 

 

  

TOTAL INVESTMENTS (98.44%)
(Cost $193,381,882)

         217,782,240   
     

 

 

  

OTHER ASSETS AND LIABILITIES (1.56%)

         3,448,802   
     

 

 

  

NET ASSETS (100.00%)

       $ 221,231,042   
     

 

 

  

 

(a) Ratings for debt securities are unaudited. All ratings are as of June 30, 2012 and may have changed subsequently.
(b) This security is callable.
(c) Variable rate security. Rate disclosed is as of June 30, 2012.
(d) Security is perpetual. Date shown is next call date.
(e) Multi-Step Coupon. Rate disclosed is as of June 30, 2012.
(f) Non-income producing security.
(g) Dividend was discontinued as of September 7, 2008.
* Aggregate cost for Federal income tax purposes is $193,381,882.
144A Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At June 30, 2012, these securities amounted to $52,921,360 or 23.92% of net assets.

 

Gross unrealized appreciation

    $ 27,049,226   

Gross unrealized depreciation

      (2,648,868 ) 
  

 

 

  

Net unrealized appreciation

    $ 24,400,358   
  

 

 

  

Legend

Certs. - Certificates

Co. Gty. - Company Guaranty

Debs. - Debentures

FHLMC - Federal Home Loan Mortgage Corp.

FNMA - Federal National Mortgage Association

GNSF - Government National Mortgage Association (Single Family)

GO - General Obligation

Gtd. - Guaranteed

Jr. - Junior

LLC - Limited Liability Company

Ltd. - Limited

NA - Not Available NR - Not Rated

REIT - Real Estate Investment trust

Sec. - Secured

Sr. - Senior

Sub. - Subordinated

Unsec. - Unsecured

WR - Withdrawn Rating

The accompanying notes are an integral part of these financial statements.

 

8

CUTWATER SELECT INCOME FUND

Notes to the Quarterly Portfolio of Investments

June 30, 2012

(unaudited)

A. Security Valuation – In valuing the Cutwater Select Income Fund’s (the “Fund”) net assets, all securities for which representative market quotations are available will be valued at the last quoted sales price on the security’s principal exchange on the day of valuation. If there are no sales of the relevant security on such day, the security will be valued at the bid price at the time of computation. Prices for securities traded in the over-the-counter market, including listed debt and preferred securities, whose primary market is believed to be over-the-counter, normally are supplied by independent pricing services.

Securities for which market quotations are not readily available will be valued at their respective fair values as determined in good faith by, or under, procedures established by the Fund’s Board of Trustees. At June 30, 2012, there were no securities valued using fair value procedures.

Fair Value Measurements – The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarch for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

 

• Level 1 –

    Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

• Level 2 –

    Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 –

    Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would used in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assts and liabilities measured at fair value on a recurring basis as of June 30, 2012.

 

     Total Market
Value at
06/30/12		      Level 1
Quoted
Price		      Level 2
Significant
Observable
Inputs		      Level 3
Significant
Unobservable
Inputs		  

CORPORATE DEBT SECURITIES

    $ 181,272,980       $ —         $ 181,272,980       $ —     

ASSET BACKED SECURITIES

      3,310,288         —           3,310,288         —     

COMMERCIAL MORTGAGE-BACKED SECURITIES

      16,678,813         —           16,678,813         —     

RESIDENTIAL MORTGAGE-BACKED SECURITIES

      4,219,599         —           4,219,599         —     

MUNICIPAL BONDS

      3,840,035         —           3,840,035         —     

U.S. TREASURY SECURITIES

      7,831,355         —           7,831,355         —     

COMMON STOCK *

      23,258         23,258         —           —     

PREFERRED STOCK

      605,912         605,912         —           —     

TOTAL INVESTMENTS

    $ 217,782,240       $ 629,170       $ 217,153,070       $ —     

 

* See Schedule of Investments for industry breakout.

The Fund’s policy is to recognize the values transfers in and transfers out as of the beginning of the fiscal period. As of June 30, 2012, there were no transfers between Levels.

For more information with regards to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange Commission.

 

9

Item 2. Controls and Procedures.

 

  (a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, 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, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  (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.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Cutwater Select Income Fund (formerly, Rivus Bond Fund)

 

By (Signature and Title)*

   

/s/ Clifford D. Corso

   
   Clifford D. Corso, President   
   (principal executive officer)   

Date 8/13/12

      

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 (Signature and Title)*

   

/s/ Clifford D. Corso

   
   Clifford D. Corso, President   
   (principal executive officer)   

Date 8/13/12

      

 

By (Signature and Title)*

   

/s/ Joseph L. Sevely

   
   Joseph L. Sevely, Treasurer   
   (principal financial officer)   

Date 8/13/12

      

 

* Print the name and title of each signing officer under his or her signature.