N-Q 1 form.htm Federatd Adjustable Rate Securities Fund

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-4539

 

(Investment Company Act File Number)

 

 

Federated Adjustable Rate Securities Fund

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

John W. McGonigle, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 08/31/16

 

 

Date of Reporting Period: Quarter ended 11/30/15

 

 

 

 

 

 

 

Item 1. Schedule of Investments

 

 

 

 

Federated Adjustable Rate Securities Fund
Portfolio of Investments
November 30, 2015 (unaudited)
Principal
Amount 		    Value
    ADJUSTABLE RATE MORTGAGES—48.0%  
    Federal Home Loan Mortgage Corporation ARM—17.0%  
$1,517,655   1.791%, 5/1/2035 $1,575,293
8,688,224   1.860%, 7/1/2034 9,027,021
3,634,626   1.953%, 7/1/2038 3,806,613
1,896,557   2.025%, 7/1/2030 1,941,093
1,666,986   2.130%, 2/1/2035 1,754,442
8,977   2.228%, 9/1/2020 9,097
3,007,398   2.231%, 5/1/2035 3,177,737
105,440   2.250%, 4/1/2035 111,488
5,820,326   2.265%, 7/1/2036 6,153,342
1,366,887   2.275%, 7/1/2036 1,448,587
225,318   2.278%, 4/1/2027 232,320
4,490,779   2.290%, 11/1/2036 4,750,750
4,500,425   2.324%, 10/1/2033 4,754,623
2,357,286   2.353%, 2/1/2036 2,496,010
8,805,949   2.372%, 1/1/2038 9,341,438
13,607,464   2.375%, 4/1/2034 - 2/1/2035 14,457,849
1,110,504   2.377%, 4/1/2034 1,177,777
1,872,213   2.382%, 12/1/2039 1,990,982
1,331,336   2.390%, 4/1/2038 1,415,794
3,125,676   2.412%, 4/1/2037 3,321,909
3,448,516   2.415%, 12/1/2034 3,655,161
3,399,517   2.461%, 8/1/2035 3,615,176
2,726,048   2.464%, 11/1/2034 2,898,983
1,130,561   2.480%, 4/1/2036 1,202,281
4,133,416   2.493%, 7/1/2035 4,391,974
    TOTAL 88,707,740
    Federal National Mortgage Association ARM—30.8%  
3,848,731   1.315%, 3/1/2044 3,926,629
2,169,767   1.365%, 7/1/2042 2,205,959
1,461,404   1.780%, 9/1/2033 1,508,484
3,174,909   1.784%, 10/1/2034 3,293,339
2,166,341   1.808%, 10/1/2033 2,237,657
852,712   1.810%, 7/1/2036 885,798
593,897   1.860%, 5/1/2038 619,914
9,481,097   1.900%, 8/1/2034 - 10/1/2037 9,884,211
3,267,611   1.929%, 5/1/2039 3,410,837
3,047,405   1.930%, 8/1/2034 3,166,756
1,289,414   1.971%, 5/1/2035 1,350,202
2,285,434   1.975%, 6/1/2034 2,378,339
806,458   2.000%, 5/1/2035 843,864
1,163,313   2.040%, 7/1/2035 1,220,084
541,725   2.060%, 11/1/2035 565,578
152,956   2.120%, 4/1/2034 160,916
12,565,418   2.123%, 12/1/2034 - 8/1/2039 13,194,502
28,202   2.168%, 2/1/2020 28,621
1,312,227   2.180%, 1/1/2035 1,377,225
1
Principal
Amount 		    Value
    ADJUSTABLE RATE MORTGAGES—continued  
    Federal National Mortgage Association ARM—continued  
$1,029,026   2.182%, 7/1/2039 $1,094,306
6,933,059   2.187%, 3/1/2039 7,314,661
174,347   2.196%, 2/1/2036 183,687
1,405,520   2.200%, 6/1/2034 1,483,095
95,193   2.220%, 10/1/2033 100,417
1,281,451   2.224%, 10/1/2035 1,354,323
1,700,095   2.225%, 7/1/2035 1,798,344
70,239   2.250%, 2/1/2019 71,322
1,837,365   2.257%, 5/1/2035 1,943,749
485,191   2.261%, 12/1/2034 511,299
6,165,280   2.290%, 1/1/2039 6,513,952
4,341,520   2.293%, 5/1/2036 4,596,368
2,313,770   2.297%, 7/1/2035 2,451,160
495,670   2.310%, 2/1/2036 523,917
137,147   2.316%, 5/1/2018 138,795
7,089,407   2.330%, 5/1/2035 7,514,700
7,379,269   2.336%, 7/1/2034 - 10/1/2035 7,827,983
4,526,607   2.340%, 2/1/2033 - 12/1/2033 4,795,631
1,376,787   2.345%, 7/1/2034 1,460,519
465,793   2.348%, 12/1/2040 493,166
3,875,328   2.350%, 6/1/2035 - 7/1/2035 4,111,507
1,493,670   2.357%, 1/1/2035 1,586,905
3,206,966   2.373%, 7/1/2035 3,398,897
2,555,511   2.398%, 10/1/2035 2,717,628
3,066,183   2.411%, 12/1/2039 3,245,598
2,045,264   2.420%, 10/1/2037 2,173,326
2,398,814   2.547%, 1/1/2036 2,550,989
1,784,855   2.550%, 5/1/2036 1,898,082
3,072,329   2.567%, 2/1/2042 3,267,231
678,874   2.590%, 12/1/2040 721,941
206,939   2.603%, 7/1/2027 217,669
15,008,391   2.605%, 8/1/2035 15,971,207
1,630,978   2.903%, 11/1/2040 1,734,444
5,327,413   3.038%, 1/1/2044 5,515,305
3,633,405   3.158%, 1/1/2040 3,863,901
3,314,533   3.970%, 11/1/2039 3,524,800
    TOTAL 160,929,739
    Government National Mortgage Association ARM—0.2%  
795,080   1.625%, 1/20/2022 - 10/20/2029 811,397
19,834   2.000%, 1/20/2030 20,474
    TOTAL 831,871
    TOTAL ADJUSTABLE RATE MORTGAGES
(IDENTIFIED COST $247,087,161) 		250,469,350
    ASSET-BACKED SECURITIES—4.7%  
    Auto Receivables—1.7%  
3,885,000   AmeriCredit Automobile Receivables Trust 2015-4, Class A2B, 1.250%, 4/8/2019 3,885,837
5,000,000   Fifth Third Auto Trust 2015-1, Class A2B, 0.747%, 5/15/2018 5,000,677
    TOTAL 8,886,514
    Credit Card—3.0%  
5,000,000   Capital One Multi Asset Execution Trust 2007-A5, Class A5, 0.237%, 7/15/2020 4,966,864
2
Principal
Amount 		    Value
    ASSET-BACKED SECURITIES—continued  
    Credit Card—continued  
$5,718,000   Capital One Multi-Asset Execution Trust 2004-B3, Class B3, 0.927%, 1/18/2022 $5,739,580
5,000,000   Discover Card Execution Note Trust 2014-A1, Class A1, 0.627%, 7/15/2021 4,987,468
    TOTAL 15,693,912
    TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $24,602,070) 		24,580,426
    COLLATERALIZED MORTGAGE OBLIGATIONS—35.1%  
    Federal Home Loan Mortgage Corporation—7.5%  
4,490,068   REMIC 4149 F, 0.447%, 1/15/2033 4,477,675
1,723,122   REMIC 3012 EF, 0.497%, 8/15/2035 1,726,100
9,157,950   REMIC 3284 BF, 0.497%, 3/15/2037 9,210,131
2,188,537   REMIC 3284 AF, 0.507%, 3/15/2037 2,192,091
93,888   REMIC 3001 EA, 0.547%, 3/15/2035 94,107
442,129   REMIC 3155 PF, 0.547%, 5/15/2036 443,978
376,064   REMIC 3174 FL, 0.547%, 6/15/2036 377,467
1,649,526   REMIC 3380 FP, 0.547%, 11/15/2036 1,654,667
454,382   REMIC 3179 FP, 0.577%, 7/15/2036 456,086
1,266,494   REMIC 2819 F, 0.597%, 6/15/2034 1,273,781
354,627   REMIC 3221 FW, 0.617%, 9/15/2036 356,905
458,910   REMIC 3213 GF, 0.627%, 9/15/2036 461,910
550,940   REMIC 3085 UF, 0.647%, 12/15/2035 555,565
3,712,405   REMIC 3981 FC, 0.647%, 1/15/2038 3,722,076
1,341,096   REMIC 3156 HF, 0.682%, 8/15/2035 1,352,712
2,748,941   REMIC 3740 FB, 0.697%, 10/15/2040 2,760,463
490,035   REMIC 2475 FD, 0.747%, 6/15/2031 496,697
472,618   REMIC 2380 FL, 0.797%, 11/15/2031 480,214
971,624   REMIC 3593 CF, 0.797%, 2/15/2036 982,680
1,589,371   REMIC 3550 GF, 0.947%, 7/15/2039 1,619,980
1,831,959   REMIC 3556 FA, 1.107%, 7/15/2037 1,876,831
174,628   REMIC 2448 FA, 1.197%, 1/15/2032 178,770
184,762   REMIC 2452 FC, 1.197%, 1/15/2032 189,145
417,860   REMIC 2480 NF, 1.197%, 1/15/2032 427,968
637,294   REMIC 2475 F, 1.197%, 2/15/2032 653,002
437,269   REMIC 2434 FA, 1.197%, 3/15/2032 447,993
137,427   REMIC 2470 EF, 1.197%, 3/15/2032 140,798
135,319   REMIC 2498 AF, 1.197%, 3/15/2032 138,638
587,393   REMIC 2459 FP, 1.197%, 6/15/2032 601,562
    TOTAL 39,349,992
    Federal National Mortgage Association—20.8%  
723,381   REMIC 2007-16 PF, 0.411%, 3/25/2037 721,058
6,796,559   REMIC 2006-W1 2AF1, 0.441%, 2/25/2046 6,733,324
3,746,855   REMIC 2006-49 PF, 0.471%, 4/25/2036 3,752,463
901,776   REMIC 2007-20 F, 0.481%, 3/25/2037 898,875
2,291,495   REMIC 2005-67 FJ, 0.521%, 8/25/2035 2,295,341
517,764   REMIC 2006-11 FB, 0.521%, 3/25/2036 518,502
10,094,588   REMIC 2012-141 PF, 0.521%, 10/25/2041 10,111,770
790,477   REMIC 2006-20 PF, 0.541%, 11/25/2030 793,137
694,104   REMIC 2007-67 FB, 0.541%, 7/25/2037 694,294
476,035   REMIC 2005-67 FM, 0.571%, 8/25/2035 478,590
2,733,932   REMIC 2008-52 FD, 0.571%, 6/25/2036 2,743,333
2,063,088   REMIC 2006-65 DF, 0.571%, 7/25/2036 2,070,671
3
Principal
Amount 		    Value
    COLLATERALIZED MORTGAGE OBLIGATIONS—continued  
    Federal National Mortgage Association—continued  
$315,618   REMIC 2006-81 FA, 0.571%, 9/25/2036 $317,158
5,622,760   REMIC 2012-60 EF, 0.571%, 4/25/2042 5,631,695
783,869   REMIC 2006-8 NF, 0.591%, 3/25/2036 787,035
1,097,044   REMIC 2012-99 FB, 0.601%, 9/25/2042 1,100,650
2,588,965   REMIC 2004-28 PF, 0.621%, 3/25/2034 2,608,382
775,260   REMIC 2006-76 QF, 0.621%, 8/25/2036 779,600
2,149,023   REMIC 2006-103 FB, 0.621%, 10/25/2036 2,168,849
6,922,851   REMIC 2012-130 DF, 0.621%, 12/25/2042 6,913,354
188,367   REMIC 2001-57 FA, 0.671%, 6/25/2031 189,096
5,018,169   REMIC 2007-71 WF, 0.671%, 7/25/2037 5,054,360
728,758   REMIC 2007-88 FY, 0.681%, 9/25/2037 732,989
5,011,494   REMIC 2007-88 GF, 0.701%, 9/25/2037 5,037,705
338,822   REMIC 2002-52 FG, 0.721%, 9/25/2032 342,940
862,336   REMIC 2007-84 FN, 0.721%, 8/25/2037 868,641
1,698,493   REMIC 2010-39 EF, 0.741%, 6/25/2037 1,714,820
143,678   REMIC 2002-77 FG, 0.749%, 12/18/2032 145,612
565,822   REMIC 2001-32 FA, 0.771%, 7/25/2031 573,872
1,152,189   REMIC 2007-88 FW, 0.771%, 9/25/2037 1,154,660
7,662,598   REMIC 2011-4 PF, 0.771%, 2/25/2041 7,762,225
293,425   REMIC 2007-102 FA, 0.791%, 11/25/2037 296,308
189,719   REMIC 2001-71 FS, 0.821%, 11/25/2031 192,645
5,793,770   REMIC 2012-14 BF, 0.821%, 3/25/2042 5,842,547
151,210   REMIC 2001-62 FC, 0.871%, 11/25/2031 153,800
7,268,223   REMIC 2010-67 FC, 0.921%, 6/25/2040 7,386,010
302,420   REMIC 2002-8 FA, 0.949%, 3/18/2032 308,125
3,161,144   REMIC 2009-87 FX, 0.971%, 11/25/2039 3,221,640
4,691,418   REMIC 2009-106 FN, 0.971%, 1/25/2040 4,784,003
1,571,389   REMIC 2009-78 UF, 0.991%, 10/25/2039 1,604,266
4,013,888   REMIC 2009-87 HF, 1.071%, 11/25/2039 4,100,220
752,095   REMIC 2002-7 FG, 1.121%, 1/25/2032 767,429
377,412   REMIC 2002-77 FA, 1.199%, 12/18/2032 386,774
1,166,931   REMIC 2002-58 FG, 1.221%, 8/25/2032 1,195,628
189,626   REMIC 2002-60 FH, 1.221%, 8/25/2032 194,290
1,330,719   REMIC 2008-69 FB, 1.221%, 6/25/2037 1,366,898
920,102   REMIC 2008-75 DF, 1.471%, 9/25/2038 945,118
137,411   REMIC 1995-17 B, 2.020%, 2/25/2025 139,158
    TOTAL 108,579,860
    Government National Mortgage Association—5.8%  
7,219,408   REMIC 2012-H24 FC, 0.595%, 10/20/2062 7,144,608
9,463,757   REMIC 2013-H15 FA, 0.735%, 6/20/2063 9,442,231
13,542,866   REMIC 2013-H19 FC, 0.795%, 8/20/2063 13,543,286
    TOTAL 30,130,125
    Non-Agency Mortgage-Backed Securities—1.0%  
5,178,629   Sequoia Mortgage Trust 2013-1, Class 1A1, 1.450%, 2/25/2043 4,970,935
    TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(IDENTIFIED COST $181,878,227) 		183,030,912
    COMMERCIAL MORTGAGE-BACKED SECURITIES—7.6%  
    Agency Commercial Mortgage-Backed Securities—6.4%  
4,922,474   FHLMC REMIC KF08 A, 0.493%, 1/25/2022 4,914,019
7,338,948   FHLMC REMIC KS02 A, 0.573%, 8/25/2023 7,338,817
4
Principal
Amount 		    Value
    COMMERCIAL MORTGAGE-BACKED SECURITIES—continued  
    Agency Commercial Mortgage-Backed Securities—continued  
$7,271,525   FHLMC REMIC KGRP A, 0.601%, 4/25/2020 $7,288,097
4,030,700   FHLMC REMIC KF03 A, 0.533%, 1/25/2021 4,029,416
3,490,050   FNMA REMIC 2014-M12 FA, 0.530%, 10/25/2021 3,462,008
6,000,000 1,2 FREMF Mortgage Trust 2012-KF01 C, 3.001%, 10/25/2044 6,166,658
    TOTAL 33,199,015
    Non-Agency Commercial Mortgage-Backed Securities—1.2%  
6,400,000 1,2 Citigroup Commercial Mortgage Trust 2014-388G, Class A, 0.947%, 6/15/2033 6,354,459
    TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $39,679,640) 		39,553,474
    MORTGAGE-BACKED SECURITIES—2.8%  
    Federal National Mortgage Association—2.8%  
9,864,725   2.500%, 4/1/2028 - 6/1/2028 10,070,052
3,747,914   3.000%, 8/1/2023 3,892,064
445,774   5.000%, 1/1/2024 477,997
    TOTAL MORTGAGE-BACKED SECURITIES
(IDENTIFIED COST $14,514,966) 		14,440,113
    REPURCHASE AGREEMENT—1.8%  
9,529,000   Interest in $200,000,000 joint repurchase agreement 0.12%, dated 11/30/2015 under which Bank of America, N.A. will repurchase securities provided as collateral for $200,000,667 on 12/1/2015. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities maturing on 2/1/2045 and the market value of those underlying securities was $204,000,680.
(AT COST) 		9,529,000
    TOTAL INVESTMENTS—100.0%
(IDENTIFIED COST $517,291,064)3 		521,603,275
    OTHER ASSETS AND LIABILITIES - NET—0.0%4 (92,483)
    TOTAL NET ASSETS—100% $521,510,792
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At November 30, 2015, these restricted securities amounted to $12,521,117, which represented 2.4% of total net assets.
2 Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At November 30, 2015, these liquid restricted securities amounted to $12,521,117, which represented 2.4% of total net assets.
3 At November 30, 2015, the cost of investments for federal tax purposes was $517,291,064. The net unrealized appreciation of investments for federal tax purposes was $4,312,211. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $5,313,688 and net unrealized depreciation from investments for those securities having an excess of cost over value of $1,001,477.
4 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at November 30, 2015.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees.
■ Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
5
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, or if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of November 30, 2015, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
ARM —Adjustable Rate Mortgage
FHLMC —Federal Home Loan Mortgage Corporation
FNMA —Federal National Mortgage Association
REMIC —Real Estate Mortgage Investment Conduit
6

 

 

  

Item 2. Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the 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

 

 

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 Federated Adjustable Rate Securities Fund

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date January 25, 2016

 

 

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/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date January 25, 2016

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date January 25, 2016