N-Q 1 d484996dnq.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                

(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:     December 31, 2012     

Item 1. Schedule of Investments.

The Schedule(s) of Investments is attached herewith.

SCHEDULE OF INVESTMENTS   (unaudited)    December 31, 2012

 

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

CORPORATE DEBT SECURITIES (81.63%)

             

AUTOMOTIVE (1.27%)

             

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

    Baa3/BB+   $           1,000           $           1,373,750    

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

    Baa3/BB+        500               661,250    

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

    Baa3/BB+        750               873,404    
         

 

 

  
               2,908,404    
         

 

 

  

CHEMICALS (3.16%)

             

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

    Baa3/BBB-        500               563,750    

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

    Baa3/BBB-        750               776,250    

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

    Baa2/BBB        500               675,037    

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

    Baa3/BBB        405               464,287    

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

    Baa1/BBB        500               537,775    

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

    Baa1/BBB        1,500               1,798,020    

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

    Baa2/BBB        2,000               2,391,985    
         

 

 

  
               7,207,104    
         

 

 

  

DIVERSIFIED FINANCIAL SERVICES (12.80%)

             

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

    Baa2/N/A        1,000               1,139,500    

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

    B1/B+        315               380,362    

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

    Baa2/A-        190               225,268    

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

    Baa2/A-        500               598,640    

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

    Ba2/BBB        1,000               965,000    

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

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

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

    Aaa/AAA        400               460,252    

Chase Capital II, Ltd. Gtd., Series B, 0.813%, 02/01/27(b),(c)

    Baa2/BBB        70               57,418    

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

    Baa2/A-        151               163,177    

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

    Baa2/A-        891               973,608    

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

    Baa2/A-        125               187,138    

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

    Baa2/A-        595               800,058    

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

    NA/A-        500               635,289    

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

    Ba1/BBB-        200               261,213    

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

    Aa3/A+        500               536,559    

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

    Baa1/AA-        3,500               3,956,015    

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

    A1/AA+        230               273,133    

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

    A1/AA+        1,000               1,359,299    

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

    Baa2/BBB+        1,500               2,055,000    

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

    NA/BBB+        2,500               2,524,453    

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

    A2/A        175               197,548    

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

    A2/A        105               117,415    

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

    A1/A        1,000               1,183,840    

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

    Baa2/A-        1,000               1,205,454    

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

    Baa1/A-        300               343,366    

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

    A1/A        500               531,738    

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

    Baa2/BBB        100               100,454    

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

    A2/A        250               290,493    

UBS AG Stamford CT, Sub. Notes, 7.625%, 08/17/22

    NR/BBB-        2,000               2,209,074    

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

    Ba2/BBB-        500               510,000    

Wachovia Capital Trust III, Ltd. Gtd., 5.57%, 03/11/13(c),(d)

    Baa3/BBB+        3,500               3,482,500    
         

 

 

  
               29,223,264    
         

 

 

  

ENERGY (14.50%)

             

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

    A3/A-        500               688,505    

APT Pipelines, Ltd., Co. Gty., 3.875%, 10/11/22, 144A

    Baa2/BBB        2,000               1,991,694    

 

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  

CORPORATE DEBT SECURITIES (Continued)

             

ENERGY (Continued)

             

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

    A1/A   $           850          $           1,172,799    

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

    Ba2/BB+        900               1,039,500    

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

    Baa3/BBB-        1,000               1,152,715    

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

    Ba2/BB        1,000               1,164,880    

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

    Baa3/BB+        1,000               1,145,000    

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

    Baa2/BBB        1,455               1,561,996    

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

    Baa2/BBB        120               160,775    

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

    Baa1/BBB        500               544,200    

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

    NA/BBB-        1,000               1,105,152    

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

    Baa3/BBB-        500               596,875    

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

    Baa3/BBB-        500               611,875    

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

    B2/B        500               502,500    

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

    Baa2/BBB-        1,000               1,156,250    

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

    A2/A        64               77,541    

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

    A2/A        124               171,655    

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

    Baa2/BBB        625               826,281    

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

    B1/BB-        500               560,000    

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

    Baa1/BBB        250               326,875    

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

    Baa1/BBB        750               896,250    

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

    Baa3/BBB        500               664,500    

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

    Baa1/BBB+        500               659,650    

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

    Baa1/BBB+        500               632,355    

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

    Baa2/BBB        1,250               1,398,096    

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

    B3/B-        1,000               1,057,500    

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

    Ba3/BB        1,000               1,062,360    

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

    Aa1/AA        1,000               1,158,495    

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

    Baa3/BBB-        500               621,384    

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

    Baa2/BBB        124               170,559    

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

    Baa2/BBB        1,000               1,366,577    

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

    Baa2/BBB        500               792,960    

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

    Baa2/BBB-        2,000               2,267,976    

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

    A2/A        2,539               3,686,981    

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

    Baa3/BBB-        81               112,277    
         

 

 

  
               33,104,988    
         

 

 

  

FOOD AND BEVERAGE (0.57%)

             

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

    A3/A        325               434,075    

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

    A3/A        27               44,341    

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

    Baa2/BBB-        125               160,837    

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

    Baa3/BBB-        709               664,564    
         

 

 

  
               1,303,817    
         

 

 

  

GAMING, LODGING & LEISURE (0.11%)

             

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

    Ba1/BB        250               256,250    
         

 

 

  

HEALTHCARE (1.02%)

             

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

    Ba2/BB+        750               802,500    

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

    Ba1/BB+        250               288,125    

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

    A1/AA        500               641,033    

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

    Baa3/BBB-        500               590,881    
         

 

 

  
               2,322,539    
         

 

 

  

 

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  

CORPORATE DEBT SECURITIES (Continued)

             

INDUSTRIAL (4.51%)

             

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

    Caa2/CCC   $           460          $           373,750    

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

    Baa3/BBB-        640               698,972    

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

    Baa3/BBB-        244               235,699    

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

    Baa1/BBB        317               443,777    

ArcelorMittal, Sr. Unsec. Notes, 6.75%, 02/25/22

    Ba1/BB+        1,200               1,259,418    

ArcelorMittal, Sr. Unsec. Notes, 7.50%, 10/15/39

    Ba1/BB+        405               380,700    

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

    Baa3/BBB-        500               565,811    

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

    Baa1/BBB+        2,250               2,416,860    

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

    B2/B        65               67,763    

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

    Baa2/BBB        1,000               1,134,229    

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

    Baa1/BBB+        185               225,902    

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

    Baa3/BBB-        129               129,374    

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

    Baa1/BBB+        500               671,396    

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

    B1/BB-        500               533,125    

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

    Baa3/BBB        500               607,916    

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

    Baa3/BBB        500               551,488    
         

 

 

  
               10,296,180    
         

 

 

  

INSURANCE (8.64%)

             

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

    Baa1/A-        750               949,881    

Allstate Corp., Jr. Sub. Notes, 6.50%, 05/15/67(b),(c)

    Baa1/BBB        2,200               2,340,250    

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

    Baa2/BBB        2,000               2,605,000    

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

    Baa2/A-        3,000               3,642,585    

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

    A1/AA-        108               146,108    

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

    Baa2/BBB-        250               290,552    

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

    Baa3/BB        1,000               1,490,000    

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

    Ba1/BBB        500               498,125    

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

    A1/AA-        500               755,022    

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

    Baa2/BBB        500               690,000    

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

    Baa2/BBB        1,000               1,510,000    

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

    A3/A-        215               302,522    

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

    Aa2/AA-        103               142,471    

Prudential Financial, Inc., Jr. Sub. Notes, 5.875%, 09/15/42(b),(c)

    Baa3/BBB+        2,500               2,625,000    

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

    Baa3/BBB+        1,000               1,215,000    

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

    A3/NR        500               528,545    
         

 

 

  
               19,731,061    
         

 

 

  

MEDIA (7.46%)

             

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

    Baa2/BBB        350               472,066    

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

    Baa1/BBB+        2,000               2,664,162    

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

    Baa2/BBB        1,500               1,831,238    

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

    Baa2/BBB        500               630,210    

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

    Baa1/BBB+        159               202,851    

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

    WR/BBB+        2,000               2,627,976    

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

    Baa3/N/A        100               112,750    

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

    Baa1/BBB+        1,400               1,733,203    

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

    Baa2/BBB        1,360               1,984,879    

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

    Baa2/BBB        3,000               4,430,169    

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

    Baa2/BBB        250               345,186    
         

 

 

  
               17,034,690    
         

 

 

  

MINING (4.15%)

             

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

    Baa1/BBB+        339               372,669    

 

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  

CORPORATE DEBT SECURITIES (Continued)

             

MINING (Continued)

             

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

    Baa1/BBB+   $           500          $           650,200    

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

    Baa2/BBB-        310               319,939    

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

    Baa1/BBB+        500               617,246    
FMG Resources August 2006 Property Ltd., Sr. Unsec. Notes, 6.875%, 04/01/22, 144A(b)    B1/B+        1,200               1,227,000    

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

    Baa2/BBB        250               351,503    

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

    Baa2/BBB+        1,500               1,578,987    

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

    A3/A-        85               116,750    

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

    Baa2/BBB        1,000               1,131,838    

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

    Baa2/BBB        1,415               1,446,240    

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

    Baa2/A-        500               575,296    

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

    Baa2/BBB+        1,000               1,074,065    
         

 

 

  
               9,461,733    
         

 

 

  

PAPER (2.00%)

             

Celulosa Arauco y Constitucion SA, 4.75%, 01/11/22

    Baa2/BBB        1,085               1,138,064    

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

    Ba2/BB        2,000               2,095,000    

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

    Baa3/BBB        1,000               1,319,433    
         

 

 

  
               4,552,497    
         

 

 

  

REAL ESTATE INVESTMENT TRUST (REIT) (4.67%)

             

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

    Baa3/BBB-        350               407,471    

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

    Baa2/BBB-        500               592,838    

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

    Baa2/BBB-        500               639,302    

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

    Baa1/BBB+        750               780,774    

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

    Baa1/BBB+        290               336,163    

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

    Baa2/BBB        1,050               1,192,880    

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

    Baa2/BBB-        1,500               1,670,321    

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

    Baa3/BB+        1,000               1,100,000    

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

    Baa1/BBB        1,000               1,227,670    

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

    Baa2/BBB        500               555,663    

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

    A3/A-        750               913,584    

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

    A2/A-        500               616,102    

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

    A2/A-        500               619,416    
         

 

 

  
               10,652,184    
         

 

 

  

RETAIL & RESTAURANT (0.33%)

             

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

    Baa2/BBB        500               566,714    

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

    Ba1/BB+        150               183,000    
         

 

 

  
               749,714    
         

 

 

  

TECHNOLOGY (0.08%)

             

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

    A3/BBB+        60               71,530    

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

    Ba2/BB+        100               106,250    
         

 

 

  
               177,780    
         

 

 

  

TELECOMMUNICATIONS (9.17%)

             

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

    A2/A-        229               315,035    

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

    Baa2/BBB-        1,000               1,189,808    

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

    Baa1/BBB+        2,000               2,996,490    

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

    Ba2/BB        500               575,000    

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

    Ba2/BB        500               550,000    

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

    Baa1/A-        1,500               1,995,588    

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

    WR/NR        1,000               900,000    

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

    B3/CCC        610               680,150    

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

    B2/B-        500               465,000    

 

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  

CORPORATE DEBT SECURITIES (Continued)

             

TELECOMMUNICATIONS (Continued)

             

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

    B2/B-   $           950          $           719,625    

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

    Baa3/BBB-        1,000               1,005,500    

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

    Baa3/BBB-        1,100               1,105,500    

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

    Baa3/BBB-        500               528,650    

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

    B3/B+        1,500               1,560,000    

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

    B3/B+        1,000               1,222,500    

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

    Baa2/BBB        1,000               1,143,000    

Telecom Italia Capital SA, Co. Gty., 6.00%, 09/30/34

    Baa2/BBB        1,000               977,500    

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

    Baa2/BBB        250               261,000    
Trilogy International Partners LLC/Trilogy International Finance, Inc., Sr.
Sec. Notes, 10.25%, 08/15/16, 144A(b)		    Caa1/CCC        100               88,000    

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

    A3/A-        180               249,925    

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

    A3/A-        1,646               2,409,889    
         

 

 

  
               20,938,160    
         

 

 

  

TRANSPORTATION (3.03%)

             

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

    Baa2/BBB        250               283,438    

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

    Ba1/BB        430               447,994    

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

    Baa2/BBB        843               955,242    

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

    Baa3/BBB-        1,217               1,375,302    

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

    WR/NR        344               125,468    

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

    Baa1/BBB+        1,500               1,904,744    

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

    A3/BBB        1,000               1,125,240    

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

    Baa1/BBB+        170               203,024    

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

    B2/BB        500               498,750    
         

 

 

  
               6,919,202    
         

 

 

  

UTILITIES (4.16%)

             

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

    A3/A-        500               604,627    

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

    Baa2/A-        500               603,026    

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

    Ba1/BB-        1,000               1,070,000    

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

    Ba1/BBB-        1,000               1,209,514    

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

    Aa2/A+        1,550               2,370,510    

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

    A3/BBB+        500               664,103    

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

    Baa2/BBB        500               555,625    

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

    Baa1/BBB        500               576,055    

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

    Baa1/BBB        1,000               1,211,753    

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

    Baa1/BBB        500               635,583    
         

 

 

  
               9,500,796    
         

 

 

  

TOTAL CORPORATE DEBT SECURITIES (Cost of $157,930,261)

                186,340,363    
         

 

 

  

ASSET BACKED SECURITIES (3.46%)

             

ALM Loan Funding, Series 2012-7A, Class A2, 2.581%, 10/19/24, 144A(c)

    NR/AA        2,000               1,984,220    

Credit-Based Asset Servicing and Securitization LLC, Series 2006-SC1,

Class A, 0.48%, 05/25/36, 144A(c)

    A3/AAA        53               44,352    

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

    Baa1/BBB+        1,483               1,666,698    

Dryden XXIV Senior Loan Fund Notes, Class A, CLO, 1.797%, 11/15/23, 144A(c)

    Aaa/AAA        2,500               2,487,700    

 

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  

ASSET BACKED SECURITIES (Continued)

             
Option One Mortgage Loan Trust, Series 2007-FXD2, Class 2A1, 5.90%, 03/25/37(e)    Aa3/AA-   $           121          $           119,072    
Renaissance Home Equity Loan Trust, Series 2006-3, Class AF2, 5.58%, 11/25/36(e)    Ca/CCC        161               93,910    
Small Business Administration Participation Certificates, Series 2010-20F, Class 1, 3.88%, 06/01/30    Aaa/AA+        280               304,944    
Sonic Capital LLC, Series 2011-1A, Class A2, 5.438%, 05/20/41, 144A    Baa2/BBB        1,072               1,200,989    
         

 

 

  
TOTAL ASSET BACKED SECURITIES (Cost of $7,658,436)                7,901,885    
         

 

 

  
COMMERCIAL MORTGAGE-BACKED SECURITIES (7.26%)             
American Tower Trust, Series 2007-1A, Class AFX, 5.42%, 04/15/37, 144A    Aaa/AAA        700               717,986    
Banc of America Merrill Lynch Commercial Mortgage, Inc, Series 2006-2, Class AJ, 5.762%, 05/10/45(c)    NA/BBB-        1,000               1,021,131    
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-2, Class AM, 5.762%, 05/10/45(c)    NA/A        1,440               1,614,056    
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD2, Class AM, 5.351%, 01/15/46(c)    Aa3/A-        2,500               2,730,963    
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.322%, 12/11/49    Aa3/AAA        285               326,926    
CW Capital Cobalt, Ltd., Series 2007-C2, Class A3, 5.484%, 04/15/47(c)    Aaa/NA        500               579,641    
Developers Diversified Realty Corp., Series 2009-DDR1, Class C, 6.223%, 10/14/22, 144A    A1/AA+        2,000               2,143,396    
FREMF Mortgage Trust, Series 2012-K18, Class B, 4.26%, 01/25/45, 144A(c)    NA/NA        1,600               1,649,659    
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007- LDPX, Class A3, 5.42%, 01/15/49    Aaa/NA        160               185,057    
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class AM, 5.885%, 06/15/38(c)    A2/BB        2,000               2,253,554    
Morgan Stanley Capital I Trust, Series 2006-HQ10, Class AM, 5.36%, 11/12/41    A2/NA        2,000               2,230,354    
Morgan Stanley Capital I Trust, Series 2007-IQ16, Class A4, 5.809%, 12/12/49    NA/AA+        750               890,753    
Morgan Stanley Reremic Trust, Series 2009-GG10, Class A4B, 5.789%, 08/12/45, 144A(c)    A3/NA        210               235,153    
         

 

 

  
Total COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost of $14,854,585)                16,578,629    
         

 

 

  
RESIDENTIAL MORTGAGE-BACKED SECURITIES (0.97%)             
FHLMC Pool # 170128, 11.50%, 06/01/15    Aaa/AA+        1               1,107    
FHLMC Pool # 360019, 10.50%, 12/01/17    Aaa/AA+        2               2,198    
FHLMC Pool # A15675, 6.00%, 11/01/33    Aaa/AA+        529               587,757    
FHLMC Pool # G00182, 9.00%, 09/01/22    Aaa/AA+        5               5,530    
FNMA Pool # 124012, 12.50%, 10/01/15    Aaa/AA+        3               2,649    
FNMA Pool # 303022, 8.00%, 09/01/24    Aaa/AA+        18               21,107    
FNMA Pool # 303136, 8.00%, 01/01/25    Aaa/AA+        9               10,547    
FNMA Pool # 55192, 10.50%, 09/01/17    Aaa/AA+        5               5,870    
FNMA Pool # 58991, 11.00%, 02/01/18    Aaa/AA+        3               3,463    
FNMA Pool # 754791, 6.50%, 12/01/33    Aaa/AA+        574               650,471    
FNMA Pool # 763852, 5.50%, 02/01/34    Aaa/AA+        560               612,465    
FNMA Pool # 889554, 6.00%, 04/01/38    Aaa/AA+        189               206,642    
GNSF Pool # 194228, 9.50%, 11/15/20    Aaa/AA+        28               32,305    
GNSF Pool # 307527, 9.00%, 06/15/21    Aaa/AA+        19               22,332    
GNSF Pool # 417239, 7.00%, 02/15/26    Aaa/AA+        21               25,420    
GNSF Pool # 780374, 7.50%, 12/15/23    Aaa/AA+        11               13,031    
         

 

 

  
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost of $1,867,984)                2,202,894    
         

 

 

  

 

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  

MUNICIPAL BONDS (1.52%)

             

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          $           209,039    

San Francisco City & County Public Utilities Commission, Water Revenue,

Build America Bonds, 6.00%, 11/01/40

    Aa3/AA-        145               180,432    
State of California, Build America Bonds, GO, 7.625%, 03/01/40    A1/A-        1,500               2,167,050    
State of Illinois, Build America Bonds, GO, 7.35%, 07/01/35    A2/A        755               913,331    
         

 

 

  

TOTAL MUNICIPAL BONDS (Cost of $2,666,557)

                3,469,852    
         

 

 

  

U.S. TREASURY SECURITIES (2.28%)

             

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

    Aaa/AA+        3,075               3,133,616    

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

    Aaa/AA+        670               681,987    

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

    Aaa/AA+        1,000               1,026,562    

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

    Aaa/AA+        310               351,535    
         

 

 

  

TOTAL U.S. TREASURY SECURITIES (Cost of $5,065,826)

                5,193,700    
         

 

 

  
                Shares               

COMMON STOCK (0.01%)

             

MEDIA (0.01%)

             

Quad Graphics, Inc.

           1,617               32,971    
         

 

 

  

TRANSPORTATION (0.00%)

             

Delta Air Lines, Inc. (f)

           1               6    
         

 

 

  

TOTAL COMMON STOCK (Cost of $74,501)

                32,977    
         

 

 

  

PREFERRED STOCK (1.19%)

             

CoBank ACB, Series F, 6.250% (f)

           20,000               2,083,126    

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

           53,779               97,474    

US BANCORP, Series A, 3.500% (f)

           615               539,970    
         

 

 

  

TOTAL PREFERRED STOCK (Cost of $3,868,939)

                2,720,570    
         

 

 

  

RIGHTS (0.00%)

             

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

           13               —    
         

 

 

  

TOTAL INVESTMENTS (98.32%)

(Cost $193,987,089)

                224,440,870    
         

 

 

  

OTHER ASSETS AND LIABILITIES (1.68%)

                3,827,787    
         

 

 

  

NET ASSETS (100.00%)

           $           228,268,657    
         

 

 

  

 

(a)

Ratings for debt securities are unaudited. All ratings are as of December 31, 2012 and may have changed subsequently.

(b)

This security is callable.

(c)

Variable rate security. Rate disclosed is as of December 31, 2012.

(d)

Security is perpetual. Date shown is next call date.

(e)

Multi-Step Coupon. Rate disclosed is as of December 31, 2012.

(f)

Non-income producing security.

(g)

Dividend was discontinued as of September 7, 2008.

*

Aggregate cost for Federal income tax purposes is $193,987,089.

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 December 31, 2012, these securities amounted to $57,440,940 or 25.16% of net assets.

 

Gross unrealized appreciation

    $           32,567,332     

Gross unrealized depreciation

         (2,113,551)    
  

 

 

  

Net unrealized appreciation

    $           30,453,781     
  

 

 

  

 

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

7

SCHEDULE OF INVESTMENTS   (unaudited) — continued

 

Legend

Certs. - Certificates

CLO - Collateralized Loan Obligation

Co. Gty. - Company Guaranty

Debs. - Debentures

FHLMC - Federal Home Loan Mortgage Corp.

FNMA - Federal National Mortgage Association

FREMF - Freddie Multi-Family

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

December 31, 2012

(unaudited)

A. Security Valuation – In valuing the Fund’s 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. 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, the Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser - and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources.

In the event that market quotations are not readily available, or when such quotations are deemed not to reflect current market value, the securities will be valued at their respective fair value as determined in good faith by the Adviser pursuant to certain procedures and reporting requirements established by the Board of Trustees. The Adviser considers all relevant facts that are reasonably available when determining the fair value of a security, including but not limited to the last sale price or initial purchase price (if a when issued security) and subsequently adjusting the value based on changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves are utilized. At December 31, 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 hierarchy 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 use 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 December 31, 2012.

 

            

Total Market

Value at

12/31/12

            

Level 1

Quoted

Price

            

Level 2

Significant

Observable

Inputs

            

Level 3

Significant

Unobservable

Inputs

  

CORPORATE DEBT SECURITIES

   $           186,340,363      $           —           $           186,340,363      $           —       

ASSET BACKED SECURITIES

              7,901,885                 —                     7,901,885                 —       

COMMERCIAL MORTGAGE-BACKED SECURITIES

              16,578,629                 —                     16,578,629                 —       

RESIDENTIAL MORTGAGE-BACKED SECURITIES

              2,202,894                 —                     2,202,894                 —       

MUNICIPAL BONDS

              3,469,852                 —                     3,469,852                 —       

U.S. TREASURY SECURITIES

              5,193,700                 —                     5,193,700                 —       

COMMON STOCK *

              32,977                 32,977                 —                     —       

PREFERRED STOCK

              2,720,570                 2,720,570                 —                     —       

TOTAL INVESTMENTS

   $           224,440,870      $           2,753,547      $           221,687,323      $           —       

 

* See Schedule of Investments for industry breakout.

 

9

CUTWATER SELECT INCOME FUND

Notes to the Quarterly Portfolio of Investments

December 31, 2012 (concluded)

(unaudited)

 

Following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determined fair value:

 

         Asset Backed Securities    
(Market Value)		  

Balance as of March 31, 2012

      $—     

Accrued discounts/premiums

      —     

Realized loss

      —     

Purchases

      2,500,000     

Change in unrealized appreciation/(depreciation)

      (15,700)    

Transfer out of Level 3

      (2,484,300)    
  

 

 

  

Balance as of December 31, 2012

      $—     
  

 

 

  

At the end of each calendar quarter, management evaluates the Level 1, 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities. Pursuant to Fund policy, transfers between levels are considered to have occurred at the beginning of the reporting period. As of December 31, 2012, there were no transfers between Level 1 and 2 for the Fund.

Certain of the Fund’s Level 3 investments are categorized as Level 3 with values derived utilizing prices from prior transactions or third party pricing information without adjustment (broker quotes, pricing services and net asset values). A significant change in third party pricing information could result in a significantly lower or higher value in such Level 3 investments. As of December 31, 2012 a security valued at $2,487,700 was transferred from Level 3 to Level 2 pursuant to the Fund’s fair valuation policy.

 

 

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

 

10

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                                                                         
By (Signature and Title)*       /s/ Clifford D. Corso
    Clifford D. Corso, President
    (principal executive officer)
Date 2/28/2013                                                                                                                          

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 2/28/2013                                                                                                                          

 

By (Signature and Title)*       /s/ Joseph L. Sevely
    Joseph L. Sevely, Treasurer
    (principal financial officer)
Date 2/28/2013                                                                                                                          

 

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