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 811-5822
-------------------------------------------------------------------------------
MFS CHARTER INCOME TRUST
-------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
500 Boylston Street, Boston, Massachusetts 02116
-------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Susan S. Newton
Massachusetts Financial Services Company
500 Boylston Street
Boston, Massachusetts 02116
-------------------------------------------------------------------------------
(Name and address of agents for service)
Registrant's telephone number, including area code: (617) 954-5000
-------------------------------------------------------------------------------
Date of fiscal year end: November 30
-------------------------------------------------------------------------------
Date of reporting period: February 28, 2007
-------------------------------------------------------------------------------
ITEM 1. SCHEDULE OF INVESTMENTS.
MFS(R) CHARTER INCOME TRUST
2/28/07
Quarterly portfolio holdings
[graphic omitted]
M F S(R)
INVESTMENT MANAGEMENT
MFS Charter Income Trust
PORTFOLIO OF INVESTMENTS (Unaudited) 02/28/2007
ISSUER SHARES/PAR VALUE ($)
---------------------------------------------------------------------------------------------------------------------------------
BONDS - 97.4%
---------------------------------------------------------------------------------------------------------------------------------
AEROSPACE - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
Bombardier, Inc., 8%, 2014 (n) $ 987,000 $ 1,031,415
---------------------------------------------------------------------------------------------------------------------------------
DRS Technologies, Inc., 7.625%, 2018 440,000 453,200
---------------------------------------------------------------------------------------------------------------------------------
$ 1,484,615
---------------------------------------------------------------------------------------------------------------------------------
AGENCY - OTHER - 1.0%
---------------------------------------------------------------------------------------------------------------------------------
Financing Corp., 10.35%, 2018 $ 3,600,000 $ 5,263,780
---------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Continental Airlines, Inc., 7.566%, 2020 $ 1,011,390 $ 1,026,561
---------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED & SECURITIZED - 7.8%
---------------------------------------------------------------------------------------------------------------------------------
Asset Securitization Corp., FRN, 8.1469%, 2029 $ 2,000,000 $ 2,170,830
---------------------------------------------------------------------------------------------------------------------------------
Bayview Financial Acquisition Trust, FRN, 5.483%, 2041 404,000 403,953
---------------------------------------------------------------------------------------------------------------------------------
Bayview Financial Revolving Mortgage Loan Trust, FRN, 6.12%, 2040 (z) 1,160,000 1,159,996
---------------------------------------------------------------------------------------------------------------------------------
Bear Stearns Commercial Mortgage Securities, Inc., FRN, 5.116%, 2041 1,120,248 1,112,895
---------------------------------------------------------------------------------------------------------------------------------
Citigroup Commercial Mortgage Trust, 5.462%, 2049 1,588,110 1,601,996
---------------------------------------------------------------------------------------------------------------------------------
Countrywide Asset-Backed Certificates, FRN, 5.147%, 2035 2,000,000 1,989,710
---------------------------------------------------------------------------------------------------------------------------------
Credit Suisse Mortgage Capital Certificate, 5.343%, 2039 1,391,000 1,390,722
---------------------------------------------------------------------------------------------------------------------------------
Credit Suisse Mortgage Securities Corp., 6.75%, 2030 (n) 2,000,000 2,155,416
---------------------------------------------------------------------------------------------------------------------------------
Crest Ltd., 7%, 2040 (n) 2,000,000 1,968,000
---------------------------------------------------------------------------------------------------------------------------------
DLJ Commercial Mortgage Corp., 6.04%, 2031 2,000,000 2,040,604
---------------------------------------------------------------------------------------------------------------------------------
First Union-Lehman Brothers Bank of America, FRN, 0.5337%, 2035 (i) 61,707,715 947,578
---------------------------------------------------------------------------------------------------------------------------------
First Union-Lehman Brothers Commercial Mortgage Trust, 7%, 2029 (n) 850,000 923,658
---------------------------------------------------------------------------------------------------------------------------------
First Union-Lehman Brothers Commercial Mortgage Trust, FRN, 7.5%, 2029 3,000,000 3,326,883
---------------------------------------------------------------------------------------------------------------------------------
JPMorgan Chase Commercial Mortgage Securities Corp., 5.372%, 2047 940,000 938,876
---------------------------------------------------------------------------------------------------------------------------------
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.038%, 2046 4,000,000 3,944,084
---------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Capital I, Inc., 5.168%, 2042 1,532,020 1,523,368
---------------------------------------------------------------------------------------------------------------------------------
Mortgage Capital Funding, Inc., FRN, 0.6632%, 2031 (i) 13,673,318 83,120
---------------------------------------------------------------------------------------------------------------------------------
New Century Home Equity Loan Trust, FRN, 4.532%, 2035 2,500,000 2,468,536
---------------------------------------------------------------------------------------------------------------------------------
Residential Asset Mortgage Products, Inc., 3.878%, 2035 324,490 323,173
---------------------------------------------------------------------------------------------------------------------------------
Spirit Master Funding LLC, 5.05%, 2023 (z) 1,861,585 1,774,463
---------------------------------------------------------------------------------------------------------------------------------
Structured Asset Securities Corp., FRN, 4.67%, 2035 2,447,493 2,424,018
---------------------------------------------------------------------------------------------------------------------------------
TIAA Real Estate CDO Ltd., 7.17%, 2032 (n) 1,383,288 1,386,356
---------------------------------------------------------------------------------------------------------------------------------
Wachovia Bank Commercial Mortgage Trust, 5.339%, 2048 1,571,000 1,570,570
---------------------------------------------------------------------------------------------------------------------------------
Wachovia Bank Commercial Mortgage Trust, FRN, 4.847%, 2041 2,000,000 1,949,070
---------------------------------------------------------------------------------------------------------------------------------
Wachovia Bank Commercial Mortgage Trust, FRN, 5.083%, 2042 2,000,000 1,975,051
---------------------------------------------------------------------------------------------------------------------------------
$ 41,552,926
---------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
DaimlerChrysler N.A. Holdings Corp., 8.5%, 2031 $ 400,000 $ 499,716
---------------------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 5.8%, 2009 1,100,000 1,080,466
---------------------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 9.75%, 2010 (n) 145,000 155,359
---------------------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 7%, 2013 638,000 612,029
---------------------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 8%, 2016 310,000 306,023
---------------------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., FRN, 8.11%, 2012 190,000 191,025
---------------------------------------------------------------------------------------------------------------------------------
General Motors Corp., 8.375%, 2033 301,000 279,178
---------------------------------------------------------------------------------------------------------------------------------
$ 3,123,796
---------------------------------------------------------------------------------------------------------------------------------
BROADCASTING - 1.7%
---------------------------------------------------------------------------------------------------------------------------------
Allbritton Communications Co., 7.75%, 2012 $ 535,000 $ 548,375
---------------------------------------------------------------------------------------------------------------------------------
CBS Corp., 6.625%, 2011 1,036,000 1,083,751
---------------------------------------------------------------------------------------------------------------------------------
Clear Channel Communications, Inc., 5.5%, 2014 395,000 350,128
---------------------------------------------------------------------------------------------------------------------------------
EchoStar DBS Corp., 6.375%, 2011 525,000 527,625
---------------------------------------------------------------------------------------------------------------------------------
Grupo Televisa S.A., 8.5%, 2032 962,000 1,213,640
---------------------------------------------------------------------------------------------------------------------------------
Intelsat Ltd., 9.25%, 2016 (n) 1,665,000 1,839,825
---------------------------------------------------------------------------------------------------------------------------------
Intelsat Ltd., 11.25%, 2016 (n) 250,000 283,125
---------------------------------------------------------------------------------------------------------------------------------
Intelsat Subsidiary Holding Co. Ltd., 8.625%, 2015 340,000 365,500
---------------------------------------------------------------------------------------------------------------------------------
Lamar Media Corp., 7.25%, 2013 675,000 685,125
---------------------------------------------------------------------------------------------------------------------------------
News America Holdings, 7.7%, 2025 1,140,000 1,332,033
---------------------------------------------------------------------------------------------------------------------------------
News America, Inc., 6.2%, 2034 542,000 544,656
---------------------------------------------------------------------------------------------------------------------------------
$ 8,773,783
---------------------------------------------------------------------------------------------------------------------------------
BROKERAGE & ASSET MANAGERS - 0.5%
---------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Group, Inc., 5.625%, 2017 $ 2,668,000 $ 2,670,895
---------------------------------------------------------------------------------------------------------------------------------
BUILDING - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
Masonite Corp., 11%, 2015 (z) $ 252,000 $ 251,370
---------------------------------------------------------------------------------------------------------------------------------
NTK Holdings, Inc., 8.5%, 2014 405,000 412,088
---------------------------------------------------------------------------------------------------------------------------------
$ 663,458
---------------------------------------------------------------------------------------------------------------------------------
BUSINESS SERVICES - 0.7%
---------------------------------------------------------------------------------------------------------------------------------
Iron Mountain, Inc., 7.75%, 2015 $ 175,000 $ 178,938
---------------------------------------------------------------------------------------------------------------------------------
SunGard Data Systems, Inc., 10.25%, 2015 485,000 527,438
---------------------------------------------------------------------------------------------------------------------------------
Xerox Corp., 7.625%, 2013 780,000 846,437
---------------------------------------------------------------------------------------------------------------------------------
Xerox Corp., 6.4%, 2016 2,000,000 2,073,844
---------------------------------------------------------------------------------------------------------------------------------
$ 3,626,657
---------------------------------------------------------------------------------------------------------------------------------
CABLE TV - 0.9%
---------------------------------------------------------------------------------------------------------------------------------
CCH II Holdings LLC, 10.25%, 2010 $ 380,000 $ 399,950
---------------------------------------------------------------------------------------------------------------------------------
CCO Holdings LLC, 8.75%, 2013 480,000 499,200
---------------------------------------------------------------------------------------------------------------------------------
CSC Holdings, Inc., 8.125%, 2009 925,000 957,375
---------------------------------------------------------------------------------------------------------------------------------
Mediacom LLC, 9.5%, 2013 280,000 287,700
---------------------------------------------------------------------------------------------------------------------------------
Rogers Cable, Inc., 5.5%, 2014 1,025,000 1,001,938
---------------------------------------------------------------------------------------------------------------------------------
TCI Communications, Inc., 9.8%, 2012 1,169,000 1,391,700
---------------------------------------------------------------------------------------------------------------------------------
$ 4,537,863
---------------------------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.1%
---------------------------------------------------------------------------------------------------------------------------------
BCP Crystal Holdings Corp., 9.625%, 2014 $ 204,000 $ 226,695
---------------------------------------------------------------------------------------------------------------------------------
Equistar Chemicals LP, 10.125%, 2008 375,000 396,563
---------------------------------------------------------------------------------------------------------------------------------
Lyondell Chemical Co., 11.125%, 2012 615,000 658,050
---------------------------------------------------------------------------------------------------------------------------------
Momentive Performance Materials, Inc., 11.5%, 2016 (n) 475,000 494,000
---------------------------------------------------------------------------------------------------------------------------------
Mosaic Co., 7.625%, 2016 (n) 1,725,000 1,798,313
---------------------------------------------------------------------------------------------------------------------------------
Nalco Co., 8.875%, 2013 45,000 47,925
---------------------------------------------------------------------------------------------------------------------------------
Yara International A.S.A., 5.25%, 2014 (n) 2,000,000 1,949,780
---------------------------------------------------------------------------------------------------------------------------------
$ 5,571,326
---------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Seagate Technology HDD Holdings, 6.375%, 2011 $ 370,000 $ 371,850
---------------------------------------------------------------------------------------------------------------------------------
Seagate Technology HDD Holdings, 6.8%, 2016 830,000 836,225
---------------------------------------------------------------------------------------------------------------------------------
$ 1,208,075
---------------------------------------------------------------------------------------------------------------------------------
CONGLOMERATES - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Kennametal, Inc., 7.2%, 2012 $ 1,140,000 $ 1,205,860
---------------------------------------------------------------------------------------------------------------------------------
CONSTRUCTION - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
Beazer Homes USA, Inc., 6.875%, 2015 $ 485,000 $ 465,600
---------------------------------------------------------------------------------------------------------------------------------
CONSUMER GOODS & SERVICES - 0.8%
---------------------------------------------------------------------------------------------------------------------------------
Church & Dwight Co., Inc., 6%, 2012 $ 460,000 $ 449,650
---------------------------------------------------------------------------------------------------------------------------------
Corrections Corp. of America, 6.25%, 2013 200,000 199,500
---------------------------------------------------------------------------------------------------------------------------------
Fortune Brands, Inc., 5.125%, 2011 1,150,000 1,140,703
---------------------------------------------------------------------------------------------------------------------------------
Jarden Corp., 7.5%, 2017 415,000 420,706
---------------------------------------------------------------------------------------------------------------------------------
Service Corp. International, 7%, 2017 1,540,000 1,555,400
---------------------------------------------------------------------------------------------------------------------------------
Service Corp. International, 7.625%, 2018 120,000 127,500
---------------------------------------------------------------------------------------------------------------------------------
Visant Holding Corp., 8.75%, 2013 465,000 496,388
---------------------------------------------------------------------------------------------------------------------------------
$ 4,389,847
---------------------------------------------------------------------------------------------------------------------------------
CONTAINERS - 0.7%
---------------------------------------------------------------------------------------------------------------------------------
Ball Corp., 6.625%, 2018 $ 475,000 $ 475,000
---------------------------------------------------------------------------------------------------------------------------------
Berry Plastics Holding Corp., 8.875%, 2014 355,000 367,425
---------------------------------------------------------------------------------------------------------------------------------
Crown Americas LLC, 7.75%, 2015 565,000 590,425
---------------------------------------------------------------------------------------------------------------------------------
Greif, Inc., 6.75%, 2017 (n) 1,220,000 1,232,200
---------------------------------------------------------------------------------------------------------------------------------
Owens-Brockway Glass Container, Inc., 8.875%, 2009 378,000 386,505
---------------------------------------------------------------------------------------------------------------------------------
Owens-Brockway Glass Container, Inc., 8.25%, 2013 865,000 906,088
---------------------------------------------------------------------------------------------------------------------------------
$ 3,957,643
---------------------------------------------------------------------------------------------------------------------------------
DEFENSE ELECTRONICS - 1.1%
---------------------------------------------------------------------------------------------------------------------------------
BAE Systems Holdings, Inc., 4.75%, 2010 (n) $ 790,000 $ 778,897
---------------------------------------------------------------------------------------------------------------------------------
BAE Systems Holdings, Inc., 5.2%, 2015 (n) 2,000,000 1,973,092
---------------------------------------------------------------------------------------------------------------------------------
L-3 Communications Corp., 5.875%, 2015 1,750,000 1,706,250
---------------------------------------------------------------------------------------------------------------------------------
L-3 Communications Corp., 6.375%, 2015 1,500,000 1,492,500
---------------------------------------------------------------------------------------------------------------------------------
$ 5,950,739
---------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
NXP B.V./NXP Funding LLC, 7.875%, 2014 (n) $ 300,000 $ 309,750
---------------------------------------------------------------------------------------------------------------------------------
Sensata Technologies B.V., 8%, 2014 (n) 165,000 165,825
---------------------------------------------------------------------------------------------------------------------------------
$ 475,575
---------------------------------------------------------------------------------------------------------------------------------
EMERGING MARKET QUASI-SOVEREIGN - 1.6%
---------------------------------------------------------------------------------------------------------------------------------
Banco do Brasil S.A., 7.95%, 2049 (n) $ 161,000 $ 166,635
---------------------------------------------------------------------------------------------------------------------------------
Gazprom International S.A., 7.201%, 2020 1,054,852 1,108,122
---------------------------------------------------------------------------------------------------------------------------------
Majapahit Holding B.V., 7.75%, 2016 (n) 119,000 123,760
---------------------------------------------------------------------------------------------------------------------------------
Pemex Project Funding Master Trust, 8.625%, 2022 1,218,000 1,520,064
---------------------------------------------------------------------------------------------------------------------------------
Pemex Project Funding Master Trust, 6.625%, 2035 1,055,000 1,091,925
---------------------------------------------------------------------------------------------------------------------------------
Petronas Capital Ltd., 7.875%, 2022 (n) 464,000 579,733
---------------------------------------------------------------------------------------------------------------------------------
Petronas Capital Ltd., 7.875%, 2022 844,000 1,054,515
---------------------------------------------------------------------------------------------------------------------------------
Ras Laffan Liquefied Natural Gas Co. Ltd., 8.294%, 2014 (n) 2,490,000 2,798,800
---------------------------------------------------------------------------------------------------------------------------------
$ 8,443,554
---------------------------------------------------------------------------------------------------------------------------------
EMERGING MARKET SOVEREIGN - 3.0%
---------------------------------------------------------------------------------------------------------------------------------
Arab Republic of Egypt, 8.75%, 2011 $ 221,000 $ 249,178
---------------------------------------------------------------------------------------------------------------------------------
Federative Republic of Brazil, 6%, 2017 3,170,000 3,163,660
---------------------------------------------------------------------------------------------------------------------------------
Republic of Argentina, FRN, 11.9425%, 2008 ARS 3,833,000 1,266,024
---------------------------------------------------------------------------------------------------------------------------------
Republic of Argentina, FRN, 5.59%, 2012 $ 2,053,500 1,944,254
---------------------------------------------------------------------------------------------------------------------------------
Republic of Bulgaria, 8.25%, 2015 600,000 713,460
---------------------------------------------------------------------------------------------------------------------------------
Republic of Colombia, FRN, 7.16%, 2015 1,520,000 1,603,600
---------------------------------------------------------------------------------------------------------------------------------
Republic of Indonesia, 6.875%, 2017 (n) 171,000 179,550
---------------------------------------------------------------------------------------------------------------------------------
Republic of Panama, 9.375%, 2029 1,121,000 1,496,535
---------------------------------------------------------------------------------------------------------------------------------
Republic of Philippines, 9.375%, 2017 449,000 548,341
---------------------------------------------------------------------------------------------------------------------------------
Republic of South Africa, 9.125%, 2009 469,000 505,582
---------------------------------------------------------------------------------------------------------------------------------
Republic of Venezuela, 8.5%, 2014 995,000 1,096,988
---------------------------------------------------------------------------------------------------------------------------------
Republic of Venezuela, 7%, 2018 822,000 827,343
---------------------------------------------------------------------------------------------------------------------------------
United Mexican States, 5.625%, 2017 1,106,000 1,110,424
---------------------------------------------------------------------------------------------------------------------------------
United Mexican States, 6.75%, 2034 1,093,000 1,193,010
---------------------------------------------------------------------------------------------------------------------------------
$ 15,897,949
---------------------------------------------------------------------------------------------------------------------------------
ENERGY - INDEPENDENT - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
Chaparral Energy, Inc., 8.875%, 2017 (n) $ 380,000 $ 387,600
---------------------------------------------------------------------------------------------------------------------------------
Chesapeake Energy Corp., 6.875%, 2016 1,195,000 1,209,938
---------------------------------------------------------------------------------------------------------------------------------
Forest Oil Corp., 7.75%, 2014 550,000 558,250
---------------------------------------------------------------------------------------------------------------------------------
Hilcorp Energy, 7.75%, 2015 (n) 135,000 135,000
---------------------------------------------------------------------------------------------------------------------------------
Newfield Exploration Co., 6.625%, 2014 655,000 650,088
---------------------------------------------------------------------------------------------------------------------------------
Quicksilver Resources, Inc., 7.125%, 2016 510,000 499,800
---------------------------------------------------------------------------------------------------------------------------------
$ 3,440,676
---------------------------------------------------------------------------------------------------------------------------------
ENERGY - INTEGRATED - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
TNK-BP Finance S.A., 7.5%, 2016 (n) $ 1,211,000 $ 1,280,633
---------------------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT - 0.5%
---------------------------------------------------------------------------------------------------------------------------------
AMC Entertainment, Inc., 9.5%, 2011 $ 309,000 $ 309,000
---------------------------------------------------------------------------------------------------------------------------------
AMC Entertainment, Inc., 11%, 2016 200,000 227,250
---------------------------------------------------------------------------------------------------------------------------------
Turner Broadcasting System, Inc., 8.375%, 2013 1,784,000 2,048,203
---------------------------------------------------------------------------------------------------------------------------------
$ 2,584,453
---------------------------------------------------------------------------------------------------------------------------------
FINANCIAL INSTITUTIONS - 1.7%
---------------------------------------------------------------------------------------------------------------------------------
Countrywide Financial Corp., 6.25%, 2016 $ 1,250,000 $ 1,272,214
---------------------------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.85%, 2009 1,842,000 1,827,284
---------------------------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 6.875%, 2011 1,875,000 1,897,506
---------------------------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 6.75%, 2014 1,397,000 1,393,259
---------------------------------------------------------------------------------------------------------------------------------
GMAC LLC, 6.125%, 2008 234,000 233,321
---------------------------------------------------------------------------------------------------------------------------------
HSBC Finance Corp., 5.5%, 2016 1,481,000 1,496,411
---------------------------------------------------------------------------------------------------------------------------------
Residential Capital LLC, 6.875%, 2015 1,010,000 1,041,108
---------------------------------------------------------------------------------------------------------------------------------
$ 9,161,103
---------------------------------------------------------------------------------------------------------------------------------
FOOD & BEVERAGES - 0.5%
---------------------------------------------------------------------------------------------------------------------------------
ARAMARK Corp., 8.5%, 2015 (n) $ 350,000 $ 363,563
---------------------------------------------------------------------------------------------------------------------------------
B&G Foods Holding Corp., 8%, 2011 170,000 171,700
---------------------------------------------------------------------------------------------------------------------------------
Dole Foods Co., Inc., 8.875%, 2011 375,000 373,125
---------------------------------------------------------------------------------------------------------------------------------
Michael Foods, Inc., 8%, 2013 225,000 230,063
---------------------------------------------------------------------------------------------------------------------------------
Tyson Foods, Inc., 6.6%, 2016 1,520,000 1,577,000
---------------------------------------------------------------------------------------------------------------------------------
$ 2,715,451
---------------------------------------------------------------------------------------------------------------------------------
FOREST & PAPER PRODUCTS - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
Buckeye Technologies, Inc., 8.5%, 2013 $ 460,000 $ 487,600
---------------------------------------------------------------------------------------------------------------------------------
MDP Acquisitions PLC, 9.625%, 2012 310,000 328,988
---------------------------------------------------------------------------------------------------------------------------------
Norske Skog Canada Ltd., 7.375%, 2014 695,000 688,050
---------------------------------------------------------------------------------------------------------------------------------
Stora Enso Oyj, 6.404%, 2016 (n) 1,560,000 1,622,256
---------------------------------------------------------------------------------------------------------------------------------
Verso Paper Holdings LLC, 9.125%, 2014 (n) 160,000 168,800
---------------------------------------------------------------------------------------------------------------------------------
$ 3,295,694
---------------------------------------------------------------------------------------------------------------------------------
GAMING & LODGING - 1.7%
---------------------------------------------------------------------------------------------------------------------------------
Caesars Entertainment, Inc., 8.125%, 2011 $ 730,000 $ 772,888
---------------------------------------------------------------------------------------------------------------------------------
Great Canadian Gaming Corp., 7.25%, 2015 (z) 325,000 329,875
---------------------------------------------------------------------------------------------------------------------------------
Harrah's Entertainment, Inc., 5.75%, 2017 850,000 709,750
---------------------------------------------------------------------------------------------------------------------------------
Host Marriott LP, 6.75%, 2016 1,000,000 1,005,000
---------------------------------------------------------------------------------------------------------------------------------
Mandalay Resort Group, 9.375%, 2010 450,000 480,375
---------------------------------------------------------------------------------------------------------------------------------
MGM Mirage, Inc., 8.375%, 2011 1,155,000 1,212,750
---------------------------------------------------------------------------------------------------------------------------------
MGM Mirage, Inc., 6.75%, 2013 230,000 227,125
---------------------------------------------------------------------------------------------------------------------------------
Scientific Games Corp., 6.25%, 2012 380,000 375,250
---------------------------------------------------------------------------------------------------------------------------------
Station Casinos, Inc., 6.5%, 2014 660,000 612,150
---------------------------------------------------------------------------------------------------------------------------------
Wimar Opco LLC, 9.625%, 2014 (n) 2,085,000 2,098,031
---------------------------------------------------------------------------------------------------------------------------------
Wyndham Worldwide Corp., 6%, 2016 (n) 270,000 272,549
---------------------------------------------------------------------------------------------------------------------------------
Wynn Las Vegas LLC, 6.625%, 2014 1,140,000 1,128,600
---------------------------------------------------------------------------------------------------------------------------------
$ 9,224,343
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
American Railcar Industries, Inc., 7.5%, 2014 (z) $ 25,000 $ 25,438
---------------------------------------------------------------------------------------------------------------------------------
Amsted Industries, Inc., 10.25%, 2011 (z) 1,225,000 1,312,281
---------------------------------------------------------------------------------------------------------------------------------
JohnsonDiversey Holdings, Inc., "B", 9.625%, 2012 310,000 325,113
---------------------------------------------------------------------------------------------------------------------------------
$ 1,662,832
---------------------------------------------------------------------------------------------------------------------------------
INSURANCE - PROPERTY & CASUALTY - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
AXIS Capital Holdings Ltd., 5.75%, 2014 $ 1,689,000 $ 1,696,991
---------------------------------------------------------------------------------------------------------------------------------
Fund American Cos., Inc., 5.875%, 2013 1,351,000 1,363,404
---------------------------------------------------------------------------------------------------------------------------------
$ 3,060,395
---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL MARKET QUASI-SOVEREIGN - 5.7%
---------------------------------------------------------------------------------------------------------------------------------
Canada Housing Trust, 4.6%, 2011 CAD 654,000 $ 571,433
---------------------------------------------------------------------------------------------------------------------------------
Development Bank of Japan, 1.75%, 2010 JPY 307,000,000 2,658,963
---------------------------------------------------------------------------------------------------------------------------------
Development Bank of Japan, 1.4%, 2012 JPY 462,000,000 3,926,656
---------------------------------------------------------------------------------------------------------------------------------
Development Bank of Japan, 1.05%, 2023 JPY 716,000,000 5,215,146
---------------------------------------------------------------------------------------------------------------------------------
Development Bank of Japan, 2.3%, 2026 JPY 90,000,000 781,216
---------------------------------------------------------------------------------------------------------------------------------
Japan Finance Corp. for Municipal Enterprises, 1.55%, 2012 JPY 463,000,000 3,970,836
---------------------------------------------------------------------------------------------------------------------------------
Japan Finance Corp. for Municipal Enterprises, 2%, 2016 JPY 850,000,000 7,408,864
---------------------------------------------------------------------------------------------------------------------------------
KfW Bankengruppe, 1.35%, 2014 JPY 680,000,000 5,727,677
---------------------------------------------------------------------------------------------------------------------------------
$ 30,260,791
---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL MARKET SOVEREIGN - 13.2%
---------------------------------------------------------------------------------------------------------------------------------
Commonwealth of Australia, 6.5%, 2013 AUD 4,305,000 $ 3,514,237
---------------------------------------------------------------------------------------------------------------------------------
Commonwealth of Australia, 6%, 2017 AUD 919,000 740,872
---------------------------------------------------------------------------------------------------------------------------------
Federal Republic of Germany, 5.25%, 2010 EUR 3,351,000 4,617,180
---------------------------------------------------------------------------------------------------------------------------------
Federal Republic of Germany, 3.75%, 2015 EUR 1,686,000 2,201,263
---------------------------------------------------------------------------------------------------------------------------------
Federal Republic of Germany, 6.25%, 2030 EUR 2,593,000 4,496,065
---------------------------------------------------------------------------------------------------------------------------------
Government of Canada, 5.5%, 2009 CAD 2,609,000 2,304,752
---------------------------------------------------------------------------------------------------------------------------------
Government of Canada, 4.5%, 2015 CAD 522,000 461,239
---------------------------------------------------------------------------------------------------------------------------------
Government of Canada, 8%, 2023 CAD 374,000 465,033
---------------------------------------------------------------------------------------------------------------------------------
Government of Canada, 5.75%, 2033 CAD 767,000 828,996
---------------------------------------------------------------------------------------------------------------------------------
Kingdom of Denmark, 4%, 2015 DKK 6,915,000 1,234,007
---------------------------------------------------------------------------------------------------------------------------------
Kingdom of Netherlands, 3.75%, 2009 EUR 6,183,000 8,149,393
---------------------------------------------------------------------------------------------------------------------------------
Kingdom of Netherlands, 3.75%, 2014 EUR 1,787,000 2,335,069
---------------------------------------------------------------------------------------------------------------------------------
Kingdom of Netherlands, 4%, 2016 EUR 1,321,000 1,749,288
---------------------------------------------------------------------------------------------------------------------------------
Kingdom of Spain, 5.35%, 2011 EUR 4,570,000 6,407,429
---------------------------------------------------------------------------------------------------------------------------------
Republic of Austria, 4.65%, 2018 EUR 4,347,000 6,063,366
---------------------------------------------------------------------------------------------------------------------------------
Republic of France, 4.75%, 2012 EUR 1,281,000 1,764,299
---------------------------------------------------------------------------------------------------------------------------------
Republic of France, 5%, 2016 EUR 2,150,000 3,069,250
---------------------------------------------------------------------------------------------------------------------------------
Republic of France, 6%, 2025 EUR 874,000 1,437,500
---------------------------------------------------------------------------------------------------------------------------------
Republic of France, 4.75%, 2035 EUR 3,517,000 5,119,463
---------------------------------------------------------------------------------------------------------------------------------
Republic of Ireland, 3.25%, 2009 EUR 2,640,000 3,446,888
---------------------------------------------------------------------------------------------------------------------------------
Republic of Ireland, 4.6%, 2016 EUR 3,420,000 4,739,717
---------------------------------------------------------------------------------------------------------------------------------
United Kingdom Treasury, 8%, 2015 GBP 486,000 1,165,750
---------------------------------------------------------------------------------------------------------------------------------
United Kingdom Treasury, 8%, 2021 GBP 534,000 1,407,046
---------------------------------------------------------------------------------------------------------------------------------
United Kingdom Treasury, 4.25%, 2036 GBP 1,346,000 2,641,680
---------------------------------------------------------------------------------------------------------------------------------
$ 70,359,782
---------------------------------------------------------------------------------------------------------------------------------
MACHINERY & TOOLS - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
Case Corp., 7.25%, 2016 $ 470,000 $ 488,800
---------------------------------------------------------------------------------------------------------------------------------
Case New Holland, Inc., 6%, 2009 550,000 552,063
---------------------------------------------------------------------------------------------------------------------------------
Case New Holland, Inc., 9.25%, 2011 160,000 168,800
---------------------------------------------------------------------------------------------------------------------------------
Case New Holland, Inc., 7.125%, 2014 380,000 393,300
---------------------------------------------------------------------------------------------------------------------------------
Manitowoc Co., Inc., 10.5%, 2012 331,000 352,515
---------------------------------------------------------------------------------------------------------------------------------
$ 1,955,478
---------------------------------------------------------------------------------------------------------------------------------
MAJOR BANKS - 0.8%
---------------------------------------------------------------------------------------------------------------------------------
BNP Paribas, 5.186% to 2015, FRN to 2049 (n) $ 1,667,000 $ 1,621,258
---------------------------------------------------------------------------------------------------------------------------------
HBOS Capital Funding LP, 6.071% to 2014, FRN to 2049 (n) 1,330,000 1,368,517
---------------------------------------------------------------------------------------------------------------------------------
MUFG Capital Finance 1 Ltd., 6.346% to 2016, FRN to 2049 1,408,000 1,460,686
---------------------------------------------------------------------------------------------------------------------------------
$ 4,450,461
---------------------------------------------------------------------------------------------------------------------------------
MEDICAL & HEALTH TECHNOLOGY & SERVICES - 1.7%
---------------------------------------------------------------------------------------------------------------------------------
Cooper Cos., Inc., 7.125%, 2015 (n) $ 655,000 $ 661,550
---------------------------------------------------------------------------------------------------------------------------------
DaVita, Inc., 6.625%, 2013 170,000 169,575
---------------------------------------------------------------------------------------------------------------------------------
DaVita, Inc., 7.25%, 2015 555,000 560,550
---------------------------------------------------------------------------------------------------------------------------------
Fisher Scientific International, Inc., 6.125%, 2015 1,500,000 1,501,248
---------------------------------------------------------------------------------------------------------------------------------
HCA, Inc., 8.75%, 2010 630,000 658,350
---------------------------------------------------------------------------------------------------------------------------------
HCA, Inc., 6.375%, 2015 420,000 362,250
---------------------------------------------------------------------------------------------------------------------------------
HCA, Inc., 9.25%, 2016 (n) 780,000 835,575
---------------------------------------------------------------------------------------------------------------------------------
Omnicare, Inc., 6.875%, 2015 760,000 752,400
---------------------------------------------------------------------------------------------------------------------------------
Owens & Minor, Inc., 6.35%, 2016 970,000 984,649
---------------------------------------------------------------------------------------------------------------------------------
Tenet Healthcare Corp., 9.25%, 2015 2,635,000 2,631,706
---------------------------------------------------------------------------------------------------------------------------------
$ 9,117,853
---------------------------------------------------------------------------------------------------------------------------------
METALS & MINING - 1.4%
---------------------------------------------------------------------------------------------------------------------------------
Arch Western Finance LLC, 6.75%, 2013 $ 630,000 $ 618,975
---------------------------------------------------------------------------------------------------------------------------------
Chaparral Steel Co., 10%, 2013 515,000 575,513
---------------------------------------------------------------------------------------------------------------------------------
FMG Finance Ltd., 10.625%, 2016 (n) 700,000 805,000
---------------------------------------------------------------------------------------------------------------------------------
Foundation PA Coal Co., 7.25%, 2014 740,000 749,250
---------------------------------------------------------------------------------------------------------------------------------
Griffin Coal Mining Co., 9.5%, 2016 (z) 190,000 200,925
---------------------------------------------------------------------------------------------------------------------------------
International Steel Group, Inc., 6.5%, 2014 1,300,000 1,348,750
---------------------------------------------------------------------------------------------------------------------------------
Ispat Inland ULC, 9.75%, 2014 1,200,000 1,350,473
---------------------------------------------------------------------------------------------------------------------------------
Massey Energy Co., 6.875%, 2013 505,000 484,800
---------------------------------------------------------------------------------------------------------------------------------
Peabody Energy Corp., 5.875%, 2016 425,000 404,813
---------------------------------------------------------------------------------------------------------------------------------
Peabody Energy Corp., "B", 6.875%, 2013 465,000 470,813
---------------------------------------------------------------------------------------------------------------------------------
U.S. Steel Corp., 9.75%, 2010 413,000 436,231
---------------------------------------------------------------------------------------------------------------------------------
$ 7,445,543
---------------------------------------------------------------------------------------------------------------------------------
MORTGAGE BACKED - 14.9%
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 3.81%, 2013 $ 572,959 $ 540,807
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.1%, 2013 925,716 886,463
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.19%, 2013 787,045 756,274
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.845%, 2013 248,775 245,990
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.518%, 2014 894,866 871,580
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.6%, 2014 751,582 735,731
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.666%, 2014 1,310,212 1,286,598
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.77%, 2014 586,225 576,243
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.56%, 2015 315,079 306,878
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.665%, 2015 255,219 250,151
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.7%, 2015 243,530 239,181
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.74%, 2015 600,000 587,870
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.78%, 2015 703,956 694,328
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.815%, 2015 600,000 590,332
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.87%, 2015 514,332 510,248
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.89%, 2015 171,619 170,486
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.925%, 2015 1,914,810 1,905,923
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 6%, 2016 - 2037 7,687,083 7,787,439
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 5.5%, 2019 - 2035 47,566,628 47,326,129
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 4.88%, 2020 551,648 546,359
---------------------------------------------------------------------------------------------------------------------------------
Fannie Mae, 6.5%, 2032 - 2033 2,945,705 3,024,443
---------------------------------------------------------------------------------------------------------------------------------
Freddie Mac, 5%, 2024 362,602 361,905
---------------------------------------------------------------------------------------------------------------------------------
Freddie Mac, 5.5%, 2034 7,260,596 7,221,743
---------------------------------------------------------------------------------------------------------------------------------
Freddie Mac, 6%, 2034 1,977,865 2,002,617
---------------------------------------------------------------------------------------------------------------------------------
$ 79,425,718
---------------------------------------------------------------------------------------------------------------------------------
NATURAL GAS - DISTRIBUTION - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
AmeriGas Partners LP, 7.25%, 2015 $ 470,000 $ 477,050
---------------------------------------------------------------------------------------------------------------------------------
AmeriGas Partners LP, 7.125%, 2016 175,000 175,875
---------------------------------------------------------------------------------------------------------------------------------
$ 652,925
---------------------------------------------------------------------------------------------------------------------------------
NATURAL GAS - PIPELINE - 1.4%
---------------------------------------------------------------------------------------------------------------------------------
Atlas Pipeline Partners LP, 8.125%, 2015 $ 1,080,000 $ 1,115,100
---------------------------------------------------------------------------------------------------------------------------------
CenterPoint Energy Resources Corp., 7.875%, 2013 1,600,000 1,793,650
---------------------------------------------------------------------------------------------------------------------------------
Colorado Interstate Gas Co., 5.95%, 2015 170,000 172,136
---------------------------------------------------------------------------------------------------------------------------------
El Paso Performance-Linked Trust, 7.75%, 2011 (n) 1,060,000 1,126,250
---------------------------------------------------------------------------------------------------------------------------------
Magellan Midstream Partners LP, 5.65%, 2016 311,000 310,979
---------------------------------------------------------------------------------------------------------------------------------
Spectra Energy Capital LLC, 8%, 2019 1,350,000 1,556,460
---------------------------------------------------------------------------------------------------------------------------------
Williams Cos., Inc., 8.75%, 2032 1,010,000 1,156,450
---------------------------------------------------------------------------------------------------------------------------------
Williams Partners LP, 7.25%, 2017 (n) 370,000 388,500
---------------------------------------------------------------------------------------------------------------------------------
$ 7,619,525
---------------------------------------------------------------------------------------------------------------------------------
NETWORK & TELECOM - 1.4%
---------------------------------------------------------------------------------------------------------------------------------
Citizens Communications Co., 9.25%, 2011 $ 815,000 $ 906,688
---------------------------------------------------------------------------------------------------------------------------------
Citizens Communications Co., 9%, 2031 405,000 448,538
---------------------------------------------------------------------------------------------------------------------------------
Nordic Telephone Co. Holdings, 8.875%, 2016 (n) 305,000 328,638
---------------------------------------------------------------------------------------------------------------------------------
Qwest Corp., 7.875%, 2011 860,000 912,675
---------------------------------------------------------------------------------------------------------------------------------
Qwest Corp., 8.875%, 2012 450,000 497,250
---------------------------------------------------------------------------------------------------------------------------------
Telefonica Europe B.V., 7.75%, 2010 1,000,000 1,080,404
---------------------------------------------------------------------------------------------------------------------------------
Verizon New York, Inc., 6.875%, 2012 2,542,000 2,686,236
---------------------------------------------------------------------------------------------------------------------------------
Windstream Corp., 8.625%, 2016 495,000 542,025
---------------------------------------------------------------------------------------------------------------------------------
Windstream Corp., 7%, 2019 (z) 180,000 180,675
---------------------------------------------------------------------------------------------------------------------------------
$ 7,583,129
---------------------------------------------------------------------------------------------------------------------------------
OIL SERVICES - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Basic Energy Services, Inc., 7.125%, 2016 $ 295,000 $ 288,363
---------------------------------------------------------------------------------------------------------------------------------
Compagnie Generale De Geophysique-Veritas, 7.75%, 2017 300,000 310,500
---------------------------------------------------------------------------------------------------------------------------------
GulfMark Offshore, Inc., 7.75%, 2014 435,000 443,700
---------------------------------------------------------------------------------------------------------------------------------
$ 1,042,563
---------------------------------------------------------------------------------------------------------------------------------
OILS - 0.7%
---------------------------------------------------------------------------------------------------------------------------------
Premcor Refining Group, Inc., 7.5%, 2015 $ 3,550,000 $ 3,674,197
---------------------------------------------------------------------------------------------------------------------------------
OTHER BANKS & DIVERSIFIED FINANCIALS - 3.9%
---------------------------------------------------------------------------------------------------------------------------------
Alfa Diversified Payment Rights Finance Co., FRN, 7.2531%, 2011 (n) $ 2,491,000 $ 2,503,455
---------------------------------------------------------------------------------------------------------------------------------
Banco BMG S.A., 9.15%, 2016 (n) 982,000 1,045,830
---------------------------------------------------------------------------------------------------------------------------------
Banco de Credito del Peru, FRN, 6.95%, 2021 (n) 347,000 348,798
---------------------------------------------------------------------------------------------------------------------------------
Banco do Estado de Sao Paulo S.A., 8.7%, 2049 (n) 1,400,000 1,484,000
---------------------------------------------------------------------------------------------------------------------------------
Banco Mercantil del Norte S.A., 5.875% to 2009, FRN to 2014 (n) 808,000 808,000
---------------------------------------------------------------------------------------------------------------------------------
Bosphorus Financial Services Ltd., FRN, 7.16%, 2012 (z) 1,500,000 1,520,699
---------------------------------------------------------------------------------------------------------------------------------
CenterCredit International B.V., 8.625%, 2014 (n) 1,211,000 1,191,515
---------------------------------------------------------------------------------------------------------------------------------
DFS Funding Corp., FRN, 7.36%, 2010 (z) 1,750,000 1,771,875
---------------------------------------------------------------------------------------------------------------------------------
HSBK Europe B.V., 7.75%, 2013 (n) 637,000 660,888
---------------------------------------------------------------------------------------------------------------------------------
ICICI Bank Ltd., FRN, 6.375%, 2022 (n) 141,000 143,334
---------------------------------------------------------------------------------------------------------------------------------
ICICI Bank Ltd., FRN, 7.25%, 2049 (n) 200,000 210,904
---------------------------------------------------------------------------------------------------------------------------------
Kazkommerts International B.V., 10.125%, 2007 (n) 367,000 369,202
---------------------------------------------------------------------------------------------------------------------------------
Kazkommerts International B.V., 8%, 2015 583,000 587,373
---------------------------------------------------------------------------------------------------------------------------------
Mizuho Capital Investment 1 Ltd., 6.686% to 2016, FRN to 2049 (n) 3,800,000 3,901,224
---------------------------------------------------------------------------------------------------------------------------------
Resona Bank Ltd., 5.85% to 2016, FRN to 2049 (n) 655,000 656,258
---------------------------------------------------------------------------------------------------------------------------------
Russian Standard Finance S.A., 8.125%, 2008 (n) 682,000 684,387
---------------------------------------------------------------------------------------------------------------------------------
Russian Standard Finance S.A., 7.5%, 2010 (n) 176,000 169,180
---------------------------------------------------------------------------------------------------------------------------------
Russian Standard Finance S.A., 8.625%, 2011 (n) 498,000 493,020
---------------------------------------------------------------------------------------------------------------------------------
Turanalem Finance B.V., 8.25%, 2037 (n) 421,000 426,789
---------------------------------------------------------------------------------------------------------------------------------
Woori Bank, 6.125% to 2011, FRN to 2016 (n) 1,490,000 1,531,099
---------------------------------------------------------------------------------------------------------------------------------
$ 20,507,830
---------------------------------------------------------------------------------------------------------------------------------
PRECIOUS METALS & MINERALS - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
Alrosa Finance S.A., 8.875%, 2014 $ 2,880,000 $ 3,303,648
---------------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 1.5%
---------------------------------------------------------------------------------------------------------------------------------
American Media Operations, Inc., 10.25%, 2009 $ 375,000 $ 358,125
---------------------------------------------------------------------------------------------------------------------------------
Dex Media East LLC, 9.875%, 2009 565,000 591,838
---------------------------------------------------------------------------------------------------------------------------------
Dex Media West LLC, 9.875%, 2013 1,527,000 1,662,521
---------------------------------------------------------------------------------------------------------------------------------
Idearc, Inc., 8%, 2016 (n) 2,530,000 2,599,575
---------------------------------------------------------------------------------------------------------------------------------
MediaNews Group, Inc., 6.875%, 2013 360,000 333,000
---------------------------------------------------------------------------------------------------------------------------------
R.H. Donnelley Corp., 8.875%, 2016 2,135,000 2,279,113
---------------------------------------------------------------------------------------------------------------------------------
$ 7,824,172
---------------------------------------------------------------------------------------------------------------------------------
RAILROAD & SHIPPING - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
TFM S.A. de C.V., 9.375%, 2012 $ 2,100,000 $ 2,252,250
---------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 0.7%
---------------------------------------------------------------------------------------------------------------------------------
HRPT Properties Trust, REIT, 6.25%, 2016 $ 1,422,000 $ 1,489,919
---------------------------------------------------------------------------------------------------------------------------------
Kimco Realty Corp., REIT, 5.783%, 2016 710,000 727,548
---------------------------------------------------------------------------------------------------------------------------------
Simon Property Group LP, REIT, 5.875%, 2017 1,260,000 1,307,702
---------------------------------------------------------------------------------------------------------------------------------
$ 3,525,169
---------------------------------------------------------------------------------------------------------------------------------
RETAILERS - 0.6%
---------------------------------------------------------------------------------------------------------------------------------
Couche-Tard, Inc., 7.5%, 2013 $ 420,000 $ 430,500
---------------------------------------------------------------------------------------------------------------------------------
Dollar General Corp., 8.625%, 2010 315,000 333,900
---------------------------------------------------------------------------------------------------------------------------------
Gap, Inc., 9.55%, 2008 940,000 1,004,477
---------------------------------------------------------------------------------------------------------------------------------
Home Depot, Inc., 5.4%, 2016 1,250,000 1,235,121
---------------------------------------------------------------------------------------------------------------------------------
$ 3,003,998
---------------------------------------------------------------------------------------------------------------------------------
SPECIALTY STORES - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
GSC Holdings Corp., 8%, 2012 $ 220,000 $ 233,750
---------------------------------------------------------------------------------------------------------------------------------
Payless ShoeSource, Inc., 8.25%, 2013 65,000 67,275
---------------------------------------------------------------------------------------------------------------------------------
$ 301,025
---------------------------------------------------------------------------------------------------------------------------------
SUPERMARKETS - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
SUPERVALU, Inc., 7.5%, 2014 $ 315,000 $ 327,461
---------------------------------------------------------------------------------------------------------------------------------
SUPRANATIONAL - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
Central American Bank, 4.875%, 2012 (n) $ 1,426,000 $ 1,388,101
---------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS - WIRELESS - 1.4%
---------------------------------------------------------------------------------------------------------------------------------
AT&T Wireless Services, Inc., 8.75%, 2031 $ 1,500,000 $ 1,994,886
---------------------------------------------------------------------------------------------------------------------------------
Centennial Communications Corp., 10.125%, 2013 240,000 259,500
---------------------------------------------------------------------------------------------------------------------------------
Cingular Wireless LLC, 6.5%, 2011 1,700,000 1,799,331
---------------------------------------------------------------------------------------------------------------------------------
Excelcomindo Finance Co., 8%, 2009 98,000 99,960
---------------------------------------------------------------------------------------------------------------------------------
OJSC Vimpel Communications, 8.25%, 2016 2,036,000 2,168,340
---------------------------------------------------------------------------------------------------------------------------------
Rogers Wireless, Inc., 6.375%, 2014 550,000 564,438
---------------------------------------------------------------------------------------------------------------------------------
Rogers Wireless, Inc., 7.5%, 2015 450,000 493,875
---------------------------------------------------------------------------------------------------------------------------------
$ 7,380,330
---------------------------------------------------------------------------------------------------------------------------------
TELEPHONE SERVICES - 0.3%
---------------------------------------------------------------------------------------------------------------------------------
Embarq Corp., 7.082%, 2016 $ 1,740,000 $ 1,799,266
---------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 0.4%
---------------------------------------------------------------------------------------------------------------------------------
Reynolds American, Inc., 7.25%, 2012 $ 818,000 $ 862,314
---------------------------------------------------------------------------------------------------------------------------------
Reynolds American, Inc., 7.3%, 2015 1,300,000 1,369,706
---------------------------------------------------------------------------------------------------------------------------------
$ 2,232,020
---------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.0%
---------------------------------------------------------------------------------------------------------------------------------
Peru Enhanced Pass-Through Trust, 0%, 2018 (z) $ 250,000 $ 162,500
---------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - SERVICES - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Hertz Corp., 8.875%, 2014 $ 315,000 $ 339,413
---------------------------------------------------------------------------------------------------------------------------------
Stena AB, 7%, 2016 305,000 304,238
---------------------------------------------------------------------------------------------------------------------------------
Westinghouse Air Brake Technologies Corp., 6.875%, 2013 370,000 366,300
---------------------------------------------------------------------------------------------------------------------------------
$ 1,009,951
---------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 2.7%
---------------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 4.34%, 2024 $ 7,061,529 $ 6,789,890
---------------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 4.77%, 2024 5,289,809 5,207,827
---------------------------------------------------------------------------------------------------------------------------------
Small Business Administration, 5.11%, 2025 2,429,243 2,430,128
---------------------------------------------------------------------------------------------------------------------------------
$ 14,427,845
---------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS - 9.2%
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 12%, 2013 $ 4,500,000 $ 4,958,789
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 10.625%, 2015 3,350,000 4,761,710
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 6.25%, 2023 (f) 8,000,000 9,333,128
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 5.375%, 2031 477,000 520,079
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 4.5%, 2036 158,000 153,235
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, 4.25%, 2014 2,500,000 2,453,125
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, 4.125%, 2015 1,285,000 1,248,056
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, 9.875%, 2015 5,025,000 6,924,686
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, 4.5%, 2016 4,128,000 4,112,359
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, TIPS, 2%, 2014 11,093,450 10,967,784
---------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes, TIPS, 1.625%, 2015 3,810,785 3,655,080
---------------------------------------------------------------------------------------------------------------------------------
$ 49,088,031
---------------------------------------------------------------------------------------------------------------------------------
UTILITIES - ELECTRIC POWER - 3.7%
---------------------------------------------------------------------------------------------------------------------------------
AES Corp., 9.375%, 2010 $ 425,000 $ 461,125
---------------------------------------------------------------------------------------------------------------------------------
Allegheny Energy Supply Co. LLC, 8.25%, 2012 (n) 370,000 405,150
---------------------------------------------------------------------------------------------------------------------------------
Edison Mission Energy, 7.75%, 2016 765,000 810,900
---------------------------------------------------------------------------------------------------------------------------------
Empresa Nacional de Electricidad S.A., 8.35%, 2013 1,269,000 1,449,152
---------------------------------------------------------------------------------------------------------------------------------
Enersis S.A., 7.375%, 2014 1,273,000 1,392,411
---------------------------------------------------------------------------------------------------------------------------------
Exelon Generation Co. LLC, 6.95%, 2011 1,246,000 1,320,022
---------------------------------------------------------------------------------------------------------------------------------
FirstEnergy Corp., 6.45%, 2011 1,699,000 1,785,285
---------------------------------------------------------------------------------------------------------------------------------
HQI Transelec Chile S.A., 7.875%, 2011 1,500,000 1,609,209
---------------------------------------------------------------------------------------------------------------------------------
ISA Capital do Brasil S.A., 7.875%, 2012 (n) 461,000 474,830
---------------------------------------------------------------------------------------------------------------------------------
ISA Capital do Brasil S.A., 8.8%, 2017 (n) 754,000 789,815
---------------------------------------------------------------------------------------------------------------------------------
Midwest Generation LLC, 8.75%, 2034 315,000 339,413
---------------------------------------------------------------------------------------------------------------------------------
Mirant North American LLC, 7.375%, 2013 710,000 729,525
---------------------------------------------------------------------------------------------------------------------------------
NorthWestern Corp., 5.875%, 2014 1,435,000 1,426,413
---------------------------------------------------------------------------------------------------------------------------------
NRG Energy, Inc., 7.375%, 2016 2,630,000 2,682,600
---------------------------------------------------------------------------------------------------------------------------------
Reliant Resources, Inc., 9.25%, 2010 200,000 211,000
---------------------------------------------------------------------------------------------------------------------------------
System Energy Resources, Inc., 5.129%, 2014 (n) 2,029,752 1,988,568
---------------------------------------------------------------------------------------------------------------------------------
TXU Corp., 5.55%, 2014 746,000 682,315
---------------------------------------------------------------------------------------------------------------------------------
TXU Energy Co., 7%, 2013 1,220,000 1,271,419
---------------------------------------------------------------------------------------------------------------------------------
$ 19,829,152
---------------------------------------------------------------------------------------------------------------------------------
TOTAL BONDS $518,666,796
---------------------------------------------------------------------------------------------------------------------------------
FLOATING RATE LOANS - 0.5% (g)(r)
---------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE - 0.2%
---------------------------------------------------------------------------------------------------------------------------------
Ford Motor Co., Term Loan B, 8.36%. 2013 562,328 $ 567,951
---------------------------------------------------------------------------------------------------------------------------------
General Motors Corp., Term Loan B, 7.695%, 2013 351,700 355,382
---------------------------------------------------------------------------------------------------------------------------------
$ 923,333
---------------------------------------------------------------------------------------------------------------------------------
CABLE TV - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
CSC Holdings, Inc., Incremental Term Loan, 2013 (o) 337,818 $ 339,475
---------------------------------------------------------------------------------------------------------------------------------
Mediacom Communications Corp., Term Loan A, 2012 (o) 302,299 299,654
---------------------------------------------------------------------------------------------------------------------------------
$ 639,129
---------------------------------------------------------------------------------------------------------------------------------
MEDICAL & HEALTH TECHNOLOGY & SERVICES - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
HCA, Inc., Term Loan B, 7.6138%, 2013 $ 311,002 $ 314,561
---------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL - 0.0%
---------------------------------------------------------------------------------------------------------------------------------
Allied Waste North America, Inc., Term Loan A, 2012 (o) 86,865 $ 87,452
---------------------------------------------------------------------------------------------------------------------------------
Allied Waste North America, Inc., Term Loan, 2012 (o) 165,514 166,596
---------------------------------------------------------------------------------------------------------------------------------
$ 254,048
---------------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 0.1%
---------------------------------------------------------------------------------------------------------------------------------
Idearc, Inc., Term Loan B, 7.32%, 2014 640,422 $ 645,625
---------------------------------------------------------------------------------------------------------------------------------
TOTAL FLOATING RATE LOANS $ 2,776,696
---------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 0.0%
---------------------------------------------------------------------------------------------------------------------------------
PRINTING & PUBLISHING - 0.0%
---------------------------------------------------------------------------------------------------------------------------------
Golden Books Family Entertainment, Inc. (a) 3,683 $ 0
---------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS $ 0
---------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM OBLIGATIONS - 2.0%
---------------------------------------------------------------------------------------------------------------------------------
Yorktown Capital LLC, 5.32%, due 3/01/07 (t)(y) $ 10,481,000 $ 10,481,000
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS(k) $531,924,492
---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES - 0.1% 325,370
---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - 100.0% $532,249,862
---------------------------------------------------------------------------------------------------------------------------------
(a) Non-income producing security.
(f) All or a portion of the security has been segregated as collateral for an open futures contract.
(g) The rate shown represents a weighted average coupon rate on settled positions at period end.
(i) Interest only security for which the trust receives interest on notional principal (Par amount). Par amount shown is the
notional principal and does not reflect the cost of the security.
(k) As of February 28, 2007, the trust held securities fair valued in accordance with the policies adopted by the Board of
Trustees, aggregating $503,896,626 and 94.73% of market value. An independent pricing service provided an evaluated bid for
92.97% of the market value.
(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the
ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period
end, the aggregate value of these securities was $60,031,131, representing 11.3% of net assets.
(o) All or a portion of this position has not settled. Upon settlement date, interest rates will be determined.
(r) Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional
prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions
on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base
lending rate plus a premium.
(t) Security exempt from registration with the U.S. Securities and Exchange Commission under Section 4(2) of the Securities Act of
1933.
(y) The rate shown represents an annualized yield at time of purchase.
(z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale.
These securities generally may be resold in transactions exempt from registration or to the public if the securities are
subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable
price may be difficult. The trust holds the following restricted securities:
ACQUISITION ACQUISITION CURRENT TOTAL % OF
RESTRICTED SECURITIES DATE COST MARKET VALUE NET ASSETS
-------------------------------------------------------------------------------------------------------------------
American Railcar Industries, Inc., 7.5%, 2014 2/23/07 $ 25,000 $ 25,438
Amsted Industries, Inc., 10.25%, 2011 8/08/03-12/04/06 1,299,063 1,312,281
Bayview Financial Revolving Mortgage Loan
Trust, FRN, 6.12%, 2040 3/01/06 1,160,000 1,159,996
Bosphorus Financial Services Ltd., FRN,
7.16%, 2012 3/08/05 1,500,000 1,520,699
DFS Funding Corp., FRN, 7.36%, 2010 6/24/05 1,750,000 1,771,875
Great Canadian Gaming Corp., 7.25%, 2015 2/07/07-2/26/07 327,913 329,875
Griffin Coal Mining Co., 9.5%, 2016 11/10/06 190,000 200,925
Masonite Corp., 11%, 2015 12/05/06-1/05/07 236,701 251,370
Peru Enhanced Pass-Through Trust, 0%, 2018 12/14/06 160,025 162,500
Spirit Master Funding LLC, 5.05%, 2023 7/15/05 1,861,036 1,774,463
Windstream Corp., 7%, 2019 2/12/07 180,000 180,675
-------------------------------------------------------------------------------------------------------------------
Total Restricted Securities $8,690,097 1.6%
=============================
The following abbreviations are used in this report and are defined:
CDO Collateralized Debt Obligation
FRN Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end.
REIT Real Estate Investment Trust
TIPS Treasury Inflation Protected Security
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars
unless otherwise indicated. A list of abbreviations is shown below:
ARS Argentine Peso
AUD Australian Dollar
CAD Canadian Dollar
CNY Chinese Yuan Renminbi
DKK Danish Krone
EUR Euro
GBP British Pound
JPY Japanese Yen
MXN Mexican Peso
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
See attached schedules. For more information see notes to financial statements as disclosed in the most recent
semiannual or annual report.
MFS CHARTER INCOME TRUST
SUPPLEMENTAL SCHEDULES (UNAUDITED) 02/28/2007
(1) PORTFOLIO SECURITIES
The cost and unrealized appreciation and depreciation in the value of the
investments owned by the trust, as computed on a federal income tax basis, are
as follows:
Aggregate Cost $532,352,202
============
Gross unrealized appreciation $ 7,414,572
Gross unrealized depreciation (7,842,282)
------------
Net unrealized appreciation (depreciation) $ (427,710)
============
The aggregate cost above includes prior fiscal year end tax adjustments.
(2) FINANCIAL NSTRUMENTS
DERIVATIVES
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Sales and Purchases in the table below are reported by currency.
NET UNREALIZED
CONTRACTS TO CONTRACTS APPRECIATION
DELIVER/RECEIVE SETTLEMENT DATE IN EXCHANGE FOR AT VALUE (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------
SALES
AUD 8,762,326 4/05/07 $ 6,776,273 6,896,870 $ (120,597)
CAD 7,222,071 3/26/07-4/02/07 6,138,143 6,180,015 (41,872)
DKK 7,825,347 4/16/07 1,363,966 1,391,873 (27,907)
EUR 56,622,281 3/26/07 73,566,520 74,997,706 (1,431,187)
GBP 5,820,703 4/23/07 11,372,955 11,427,910 (54,955)
JPY 2,017,201,320 3/16/07 16,807,815 17,081,972 (274,157)
NOK 16,574,774 3/05/07 2,674,264 2,703,554 (29,290)
NZD 1,816,466 4/16/07 1,274,814 1,270,614 4,200
SEK 23,108 3/23/07 3,271 3,304 (33)
------------ ------------ ------------
$119,978,021 $121,953,818 $ (1,975,798)
============ ============ ============
PURCHASES
AUD 3,409,948 4/05/07 $ 2,670,773 2,683,987 $ 13,214
CAD 1,851,134 4/02/07 1,566,157 1,584,109 17,952
CNY 42,072,400 3/09/07 5,456,861 5,441,891 (14,970)
EUR 15,499,890 3/26/07 20,327,440 20,530,013 202,573
GBP 3,188,559 4/23/07 6,254,359 6,260,166 5,807
MXN 15,003,236 3/07/07 1,361,974 1,342,022 (19,952)
NOK 24,729,309 3/05/07-4/17/07 4,001,588 4,035,601 34,013
NZD 1,816,466 4/16/07 1,240,647 1,270,614 29,967
------------ ------------ ------------
$ 42,879,799 $ 43,148,403 $ 268,604
============ ============ ============
At February 28, 2007, forward foreign currency purchases and sales under master netting agreements excluded
above amounted to a net payable of $211,347 with Merrill Lynch International.
FUTURES CONTRACTS OUTSTANDING AT 02/28/07
UNREALIZED
EXPIRATION APPRECIATION
DESCRIPTION CONTRACTS VALUE DATE (DEPRECIATION)
----------------------------------------------------------------------------------------------------------
U.S. Treasury Bond (Long) 50 $ 5,646,875 Jun-07 $ (21,269)
U.S. Treasury Note 10 year (Short) 175 19,003,906 Jun-07 (93,581)
----------------------------------------------------------------------------------------------------------
$(114,850)
=========
SWAP AGREEMENTS AT 02/28/07
UNREALIZED
NOTIONAL CASH FLOWS CASH FLOWS APPRECIATION
EXPIRATION AMOUNT COUNTERPARTY TO RECEIVE TO PAY (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------------
CREDIT DEFAULT SWAPS
3/20/17 USD 1,350,000 JPMorgan 0.49% (fixed rate) (1) $ (7,506)
3/20/11 USD 2,500,000 Merrill Lynch (2) 0.43% (fixed rate) (21,694)
International
3/20/17 USD 1,350,000 JPMorgan (3) 0.38% (fixed rate) (6,675)
3/20/17 USD 1,350,000 Merrill Lynch (4) 0.37% (fixed rate) (3,460)
International
--------
$(39,335)
========
(1) Trust to pay notional amount upon a defined credit default event by Burlington Northern Santa Fe Corp., 6.75%,
7/15/11.
(2) Trust to receive notional amount upon a defined credit default event by New York Times Co., 4.61%, 9/26/12.
(3) Trust to receive notional amount upon a defined credit default event by PPG Industries, Inc., 7.05%, 8/15/09.
(4) Trust to receive notional amount upon a defined credit default event by Rohm and Haas Co., 7.80%, 7/15/29.
At February 28, 2007, the trust had sufficient cash and/or securities to cover
any commitments under these derivative contracts.
(3) COUNTRY WEIGHTINGS
Country weighting percentages of portfolio holdings based on total net assets
as of February 28, 2007, are as follows:
United States 66.0%
------------------------------
Japan 4.9%
------------------------------
Germany 3.4%
------------------------------
France 2.6%
------------------------------
Netherlands 2.4%
------------------------------
Russia 2.2%
------------------------------
Canada 1.9%
------------------------------
Mexico 1.8%
------------------------------
Ireland 1.7%
------------------------------
Other Countries 13.1%
------------------------------
The country weighting percentages include both accrued interest amounts and the
equivalent exposure from any derivative holdings, if applicable.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the effectiveness of the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940 (the "Act")) as conducted within 90 days of
the filing date of this Form N-Q, the registrant's principal financial
officer and principal executive officer have concluded that those
disclosure controls and procedures provide reasonable assurance that the
material information required to be disclosed by the registrant on this
report is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and
forms.
(b) There were no changes in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act) 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.
File as exhibits as part of this Form a separate certification for each
principal executive officer and principal financial officer of the registrant
as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto.
NOTICE
A copy of the Amended and Restated Declaration of Trust of the Registrant is on
file with the Secretary of State of The Commonwealth of Massachusetts and
notice is hereby given that this instrument is executed on behalf of the
Registrant by an officer of the Registrant as an officer and not individually
and the obligations of or arising out of this instrument are not binding upon
any of the Trustees or shareholders individually, but are binding only upon the
assets and property of the respective constituent series of the Registrant.
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: MFS CHARTER INCOME TRUST
-------------------------------------------------------------------
By (Signature and Title)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President
Date: April 16, 2007
--------------
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)* MARIA F. DWYER
-----------------------------------------------------
Maria F. Dwyer, President (Principal Executive
Officer)
Date: April 16, 2007
--------------
By (Signature and Title)* TRACY ATKINSON
-----------------------------------------------------
Tracy Atkinson, Treasurer (Principal Financial Officer
and Accounting Officer)
Date: April 16, 2007
--------------
* Print name and title of each signing officer under his or her signature.