N-Q 1 f30113nvq.htm FORM N-Q nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-6200
Schwab Investments – Schwab Global Real Estate Fund
(Exact name of registrant as specified in charter)
211 Main Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Marie Chandoha
Schwab Investments
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 636-7000
Date of fiscal year end: February 28
Date of reporting period: May 31, 2013
 
 
Item 1. Schedule of Investments.

 

 

Schwab Investments
Schwab Global Real Estate Fund™
 
Portfolio Holdings as of May 31, 2013 (Unaudited)
 
 
The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports.
 
                         
        Cost
 		  Value
Holdings by Category   ($)   ($)
 
  96 .6%   Common Stock     203,947,456       228,606,017  
  2 .3%   Short-Term Investments     5,418,272       5,418,272  
 
 
  98 .9%   Total Investments     209,365,728       234,024,289  
  1 .1%   Other Assets and Liabilities, Net             2,713,854  
 
 
  100 .0%   Net Assets             236,738,143  
 
                 
    Number
 		  Value
Security   of Shares   ($)
 
 Common Stock 96.6% of net assets
 
Australia 8.1%
                 
 
Real Estate 8.1%
Australand Property Group
    378,100       1,255,431  
CFS Retail Property Trust Group
    309,900       594,105  
Commonwealth Property Office Fund
    2,510,460       2,636,161  
Dexus Property Group
    932,300       976,752  
Goodman Group
    54,000       263,548  
GPT Group
    574,300       2,126,892  
Investa Office Fund
    76,400       232,585  
Westfield Group
    612,640       6,724,366  
Westfield Retail Trust
    1,453,441       4,265,286  
                 
              19,075,126  
 
Austria 1.1%
                 
 
Real Estate 1.1%
Conwert Immobilien Invest SE
    20,900       243,824  
Immofinanz AG *
    609,600       2,494,282  
                 
              2,738,106  
 
Brazil 2.0%
                 
 
Consumer Durables & Apparel 0.2%
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
    59,200       469,885  
                 
 
Real Estate 1.8%
BR Malls Participacoes S.A.
    33,900       348,212  
BR Properties S.A.
    349,500       3,428,422  
Sonae Sierra Brasil S.A.
    34,300       453,693  
                 
              4,230,327  
                 
              4,700,212  
 
Canada 4.0%
                 
 
Real Estate 4.0%
Boardwalk Real Estate Investment Trust
    23,279       1,369,683  
Brookfield Canada Office Properties
    14,796       406,310  
Brookfield Office Properties, Inc.
    102,963       1,769,762  
Canadian Apartment Properties Real Estate Investment Trust
    119,014       2,827,408  
Canadian Real Estate Investment Trust
    6,493       274,062  
Cominar Real Estate Investment Trust
    94,900       2,062,307  
RioCan Real Estate Investment Trust
    27,700       734,748  
                 
              9,444,280  
 
Chile 0.6%
                 
 
Real Estate 0.6%
Parque Arauco S.A.
    642,860       1,462,760  
 
China 0.5%
                 
 
Real Estate 0.5%
C C Land Holdings Ltd.
    1,508,000       454,335  
China Resources Land Ltd.
    205,200       626,925  
                 
              1,081,260  
 
Finland 0.4%
                 
 
Real Estate 0.4%
Sponda Oyj
    136,100       704,385  
Technopolis Oyj
    45,400       272,620  
                 
              977,005  
 
France 2.2%
                 
 
Real Estate 2.2%
Unibail-Rodamco SE
    21,337       5,242,100  
 
Germany 1.5%
                 
 
Real Estate 1.5%
Alstria Office REIT AG *
    81,800       989,091  
Deutsche Wohnen AG
    67,649       1,259,424  
DIC Asset AG
    64,100       696,974  
Patrizia Immobilien AG *
    60,400       713,332  
                 
              3,658,821  
 
Hong Kong 10.5%
                 
 
Real Estate 10.5%
Champion REIT
    2,386,000       1,127,452  
 
 
 
 1

 

 
 Schwab Global Real Estate Fund
 

 
Portfolio Holdings (Unaudited) continued
 
                 
    Number
 		  Value
Security   of Shares   ($)
China Overseas Land & Investment Ltd.
    90,800       269,160  
Great Eagle Holdings Ltd.
    432,000       1,706,411  
Henderson Land Development Co., Ltd.
    212,000       1,485,915  
Hongkong Land Holdings Ltd.
    239,500       1,655,773  
Hysan Development Co., Ltd.
    917,000       4,064,975  
Kerry Properties Ltd.
    1,001,200       4,045,907  
New World Development Co., Ltd.
    723,000       1,145,905  
Poly Property Group Co., Ltd. *
    1,181,000       794,481  
Regal Real Estate Investment Trust
    1,403,000       440,692  
Sun Hung Kai Properties Ltd.
    278,354       3,683,459  
The Link REIT
    259,000       1,335,786  
Wharf Holdings Ltd.
    346,400       3,065,122  
                 
              24,821,038  
 
India 0.3%
                 
 
Real Estate 0.3%
Housing Development & Infrastructure Ltd. *
    1,127,400       833,339  
 
Indonesia 1.2%
                 
 
Real Estate 1.2%
PT Ciputra Development Tbk
    3,782,000       595,195  
PT Pakuwon Jati Tbk
    21,709,500       930,326  
PT Summarecon Agung Tbk
    4,372,400       1,249,895  
                 
              2,775,416  
 
Israel 0.6%
                 
 
Real Estate 0.6%
Azrieli Group
    46,700       1,341,997  
 
Japan 11.7%
                 
 
Real Estate 11.7%
Aeon Mall Co., Ltd.
    55,100       1,442,797  
Daiwa House Industry Co., Ltd.
    130,000       2,456,733  
GLP J-Reit
    1,800       1,655,314  
Goldcrest Co., Ltd.
    45,000       961,762  
Hankyu Reit, Inc.
    100       530,937  
Japan Hotel REIT Investment Corp.
    4,300       1,679,301  
Japan Logistics Fund, Inc.
    200       1,847,901  
Kenedix Realty Investment Corp.
    100       384,308  
MID REIT, Inc.
    600       1,367,095  
Mitsubishi Estate Co., Ltd.
    224,400       5,528,537  
Mitsui Fudosan Co., Ltd.
    216,500       5,972,870  
Orix JREIT, Inc.
    300       322,948  
Sumitomo Realty & Development Co., Ltd.
    96,000       3,671,465  
                 
              27,821,968  
 
Malaysia 0.2%
                 
 
Real Estate 0.2%
CapitaMalls Malaysia Trust
    420,200       250,845  
IGB Corp Bhd
    242,300       202,503  
                 
              453,348  
 
New Zealand 0.2%
                 
 
Real Estate 0.2%
Kiwi Income Property Trust
    432,600       412,447  
 
Philippines 0.7%
                 
 
Real Estate 0.7%
Megaworld Corp.
    5,103,000       440,377  
SM Prime Holdings, Inc. (b)
    2,413,725       1,142,051  
                 
              1,582,428  
 
Singapore 4.1%
                 
 
Real Estate 4.1%
Ascott Residence Trust
    1,132,000       1,199,417  
CapitaCommercial Trust
    1,164,200       1,392,520  
CapitaLand Ltd.
    186,600       507,685  
CDL Hospitality Trusts
    1,075,200       1,560,264  
Fortune Real Estate Investment Trust
    423,000       392,888  
Global Logistic Properties Ltd.
    1,569,300       3,470,696  
UOL Group Ltd.
    113,000       595,799  
Yanlord Land Group Ltd.
    505,000       567,434  
                 
              9,686,703  
 
South Africa 0.4%
                 
 
Real Estate 0.4%
Growthpoint Properties Ltd.
    165,700       416,974  
SA Corporate Real Estate Fund Nominees Pty Ltd.
    1,204,500       465,666  
                 
              882,640  
 
Sweden 0.4%
                 
 
Real Estate 0.4%
Fabege AB
    19,300       213,942  
Fastighets AB Balder, B Shares *
    70,603       559,374  
Hufvudstaden AB, A Shares
    15,700       206,272  
                 
              979,588  
 
Thailand 0.5%
                 
 
Real Estate 0.5%
Central Pattana PCL
    430,600       764,484  
CPN Retail Growth Leasehold Property Fund
    526,700       342,725  
                 
              1,107,209  
 
United Kingdom 3.5%
                 
 
Consumer Services 0.3%
Millennium & Copthorne Hotels plc
    73,500       623,185  
                 
 
Real Estate 3.2%
British Land Co., plc
    374,800       3,448,874  
 
 
 
2 

 

 
 Schwab Global Real Estate Fund
 

 
Portfolio Holdings (Unaudited) continued
 
                 
    Number
 		  Value
Security   of Shares   ($)
Grainger plc
    396,600       926,022  
Great Portland Estates plc
    36,600       306,426  
Land Securities Group plc
    93,588       1,320,117  
Segro plc
    386,100       1,627,057  
                 
              7,628,496  
                 
              8,251,681  
 
United States 41.9%
                 
 
Real Estate 41.9%
Alexander’s, Inc.
    2,400       730,536  
Alexandria Real Estate Equities, Inc.
    9,859       675,341  
American Assets Trust, Inc.
    53,900       1,735,580  
AvalonBay Communities, Inc.
    9,324       1,236,922  
Boston Properties, Inc.
    35,651       3,799,684  
Chesapeake Lodging Trust
    42,100       949,355  
DiamondRock Hospitality Co.
    60,700       577,257  
Duke Realty Corp.
    97,480       1,615,244  
EPR Properties
    21,200       1,111,304  
Equity Residential
    60,900       3,443,895  
Essex Property Trust, Inc.
    36,766       5,777,409  
Federal Realty Investment Trust
    6,800       732,700  
First Industrial Realty Trust, Inc.
    169,300       2,859,477  
Forest City Enterprises, Inc., Class A *
    217,800       4,085,928  
General Growth Properties, Inc.
    125,400       2,574,462  
HCP, Inc.
    132,848       6,294,338  
Home Properties, Inc.
    27,800       1,689,406  
Host Hotels & Resorts, Inc.
    213,253       3,793,771  
Kilroy Realty Corp.
    24,400       1,291,004  
LaSalle Hotel Properties
    85,108       2,246,851  
Prologis, Inc.
    78,971       3,182,531  
Senior Housing Properties Trust
    44,300       1,145,155  
Simon Property Group, Inc.
    68,181       11,348,046  
SL Green Realty Corp.
    70,500       6,132,090  
Sunstone Hotel Investors, Inc. *
    303,600       3,661,416  
Tanger Factory Outlet Centers, Inc.
    125,800       4,337,584  
Taubman Centers, Inc.
    61,200       4,931,496  
The Macerich Co.
    31,300       2,031,683  
UDR, Inc.
    98,703       2,405,392  
Ventas, Inc.
    108,767       7,762,701  
Vornado Realty Trust
    60,222       4,814,749  
Washington Real Estate Investment Trust
    10,900       303,238  
                 
              99,276,545  
                 
Total Common Stock
(Cost $203,947,456)     228,606,017  
         
                 
                 
Security
 		  Face Amount
 		  Value
    Rate, Maturity Date   Local Currency   ($)
 
 Short-Term Investments 2.3% of net assets
 
Time Deposit 2.2%
Skandinaviska Enskilda Banken
US Dollar
0.03%, 06/03/13
    5,202,278       5,202,278  
 
U.S. Treasury Bills 0.1%
U.S. Treasury Bills
0.01%, 06/20/13 (a)(c)
    100,000       99,999  
0.09%, 06/20/13 (a)(c)
    116,000       115,995  
                 
              215,994  
                 
Total Short-Term Investments
(Cost $5,418,272)     5,418,272  
         
 
End of Investments.
 
At 05/31/13, the tax basis cost of the fund’s investments was $211,473,565 and the unrealized appreciation and depreciation were $28,019,485 and ($5,468,761), respectively, with a net unrealized appreciation of $22,550,724.
 
As of 05/31/13, the values of certain foreign securities held by the fund aggregating $107,649,452 were adjusted from their closing market values in accordance with international fair valuation procedures approved by the fund’s Board of Trustees.
 
* Non-income producing security.
(a) The rate shown is the purchase yield.
(b) Fair-valued by management in accordance with procedures approved by the Board of Trustees.
(c) All or a portion of this security is held as collateral for open futures contracts.
 
In addition to the above, the fund held the following at 05/31/13.
 
                         
        Contract
 		  Unrealized
    Number of
 		  Value
 		  Gains
    Contracts   ($)   ($)
 
 Futures Contract
S&P 500 Index, e-mini, Long, expires 06/21/13
    56       4,561,200       27,103  
 
 
Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
 
 
 
 3

 

 
 Schwab Global Real Estate Fund
 

 
Portfolio Holdings (Unaudited) continued
 
The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:
 
  •  Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
 
  •  Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, the fund may fair value a security when it is de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures.
 
  •  Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the fund valuing its holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of the fund’s portfolio holdings and the net asset value of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures.
 
  •  Futures and forward foreign currency exchange contracts: Futures and forwards are valued at their settlement prices as of the close of their exchanges (for futures) or at a value based on that day’s forward exchange rates (for forwards).
 
  •  Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value.
 
  •  Underlying funds: Mutual funds are valued at their respective net asset values.
 
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If the fund determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value.
 
The three levels of the fair value hierarchy are as follows:
 
  •  Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and futures contracts.
 
 
 
4 

 

 
 Schwab Global Real Estate Fund
 

 
Portfolio Holdings (Unaudited) continued
 
  •  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
 
  •  Level 3 — significant unobservable inputs (including the fund’s own assumption in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.
 
 
 
 5

 

 
 Schwab Global Real Estate Fund
 

 
Portfolio Holdings (Unaudited) continued
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the fund’s investments as of May 31, 2013:
 
                                 
    Quoted Prices in
 		      Significant
 		   
    Active Markets for
 		  Significant Other
 		  Unobservable
 		   
    Identical Assets
 		  Observable Inputs
 		  Inputs
 		   
Description
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
 
Common Stock1
    $116,444,354       $—       $—       $116,444,354  
Australia1
    —       19,075,126       —       19,075,126  
Austria1
    —       2,738,106       —       2,738,106  
China1
    —       1,081,260       —       1,081,260  
Finland
                               
Real Estate
    272,620       704,385       —       977,005  
France1
    —       5,242,100       —       5,242,100  
Germany
                               
Real Estate
    989,091       2,669,730       —       3,658,821  
Hong Kong1
    —       24,821,038       —       24,821,038  
India1
    —       833,339       —       833,339  
Indonesia
                               
Real Estate
    1,249,895       1,525,521       —       2,775,416  
Israel1
    —       1,341,997       —       1,341,997  
Japan1
    —       27,821,968       —       27,821,968  
New Zealand1
    —       412,447       —       412,447  
Philippines
                               
Real Estate
    —       440,377       1,142,051       1,582,428  
Singapore
                               
Real Estate
    392,888       9,293,815       —       9,686,703  
South Africa
                               
Real Estate
    465,666       416,974       —       882,640  
Sweden1
    —       979,588       —       979,588  
United Kingdom1
    —       8,251,681       —       8,251,681  
Short-Term Investments1
    —       5,418,272       —       5,418,272  
                                 
Total
    $119,814,514       $113,067,724       $1,142,051       $234,024,289  
                                 
Other Financial Instruments
                               
Futures Contract2
    $27,103       $—       $—       $27,103  
 
     
1
  As categorized in Portfolio Holdings.
2
  Futures contracts are not included in Investments and are valued at unrealized appreciation or depreciation.
 
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
 
                                                                 
    Balance
 		      Change in
 		                  Balance
    as of
 		  Realized
 		  Unrealized
 		          Gross
 		  Gross
 		  as of
    February 28,
 		  Gains
 		  Gains
 		  Gross
 		  Gross
 		  Transfers
 		  Transfers
 		  May 31,
Investments in Securities
 
2013
 
(Losses)
 
(Losses)
 
Purchases
 
Sales
 
in
 
out
 
2013
 
Common Stock
                                                               
Philippines
    $—       $—       $15,323       $—       $—       $1,126,728       $—       $1,142,051  
                                                                 
Total
    $—       $—       $15,323       $—       $—       $1,126,728       $—       $1,142,051  
                                                                 
 
The funds policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were security transfers between Level 1, Level 2 and Level 3 for the period ended May 31, 2013. The transfers in the amount of $333,811 and $3,249,773 from Level 1 to Level 2 and from Level 2 to Level 1, respectively, were primarily due to the use of
 
 
 
6 

 

 
 Schwab Global Real Estate Fund
 

 
Portfolio Holdings (Unaudited) continued
 
international fair valuation by the fund as discussed above. The transfers in and out of Level 3 from Level 1 or Level 2 were the result of fair valued securities for which no quoted value was available.
 
REG406025MAY13
 
 
 
 7

 

Item 2. Controls and Procedures.
(a)   Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Marie Chandoha and Registrant’s Principal Financial Officer, George Pereira, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.
 
(b)   During Registrant’s last fiscal quarter, there have been no changes in Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting.
Item 3. Exhibits.
Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are attached.
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) Schwab Investments    
 
        
By:
   /s/ Marie Chandoha    
 
 
 
Marie Chandoha 		   
 
  Chief Executive Officer    
 
        
Date:
  July 25, 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:
   /s/ Marie Chandoha    
 
 
 
Marie Chandoha 		   
 
  Chief Executive Officer    
 
        
Date:
  July 25, 2013    
 
        
By:
   /s/ George Pereira    
 
 
 
George Pereira 		   
 
  Principal Financial Officer    
 
        
Date:
  July 25, 2013