MFS INTERMEDIATE INCOME TRUST N-Q

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 811-05440

MFS INTERMEDIATE INCOME TRUST

(Exact name of registrant as specified in charter)

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Susan S. Newton

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (617) 954-5000

Date of fiscal year end: October 31

Date of reporting period: January 31, 2013

 


ITEM 1. SCHEDULE OF INVESTMENTS.


QUARTERLY REPORT

January 31, 2013

 

LOGO

 

MFS® INTERMEDIATE

INCOME TRUST

 

LOGO


PORTFOLIO OF INVESTMENTS

1/31/13 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

 

Issuer    Shares/Par     Value ($)  
    
Bonds - 98.4%                 
Airlines - 0.3%                 
Continental Airlines, Inc., FRN, 0.66%, 2013    $ 2,333,698      $ 2,323,196   
Apparel Manufacturers - 0.2%                 
VF Corp., FRN, 1.061%, 2013    $ 1,350,000      $ 1,355,508   
Asset-Backed & Securitized - 2.9%                 
Anthracite Ltd., “A”, CDO, FRN, 0.564%, 2019 (z)    $ 694,076      $ 684,012   
ARI Fleet Lease Trust, “A”, FRN, 0.751%, 2020 (n)      472,070        473,375   
Chesapeake Funding LLC, “A”, FRN, 1.955%, 2021 (z)      683,350        687,218   
Chesapeake Funding LLC, “A”, FRN, 0.949%, 2023 (z)      3,563,000        3,580,687   
Commercial Mortgage Acceptance Corp., FRN, 2.065%, 2030 (i)      6,954,798        218,763   
Credit Suisse Mortgage Capital Certificate, FRN, 5.695%, 2040      2,000,000        2,309,386   
Falcon Franchise Loan LLC, FRN, 6.022%, 2023 (i)(z)      2,384,652        268,273   
Goldman Sachs Mortgage Securities Corp. II, 5.587%, 2038      2,412,661        2,554,943   
Hertz Global Holdings, Inc., 4.26%, 2014 (n)      766,667        769,764   
Hertz Vehicle Financing LLC, 2010-1A, “A1”, 2.6%, 2015 (n)      630,000        641,085   
HLSS Servicer Advance Receivables Trust, 2013-T1, “A2”, 1.495%, 2046 (n)      2,080,000        2,081,893   
JPMorgan Chase Commercial Mortgage Securities Corp., FRN, 5.475%, 2043      2,947,574        3,311,903   
Lehman Brothers/UBS Commercial Mortgage Trust, 5.642%, 2032      1,310,128        1,365,078   
Nationstar Home Equity Loan Trust, FRN, 0.333%, 2036      59,120        59,012   
Wachovia Bank Commercial Mortgage Trust, 5.418%, 2045      1,922,644        2,123,204   
    

 

 

 
             $ 21,128,596   
Automotive - 2.6%                 
Daimler Finance North America LLC, 1.875%, 2018 (z)    $ 3,640,000      $ 3,630,263   
Daimler Finance North America LLC, FRN, 1.509%, 2013 (n)      2,450,000        2,462,686   
Ford Motor Credit Co. LLC, 4.207%, 2016      1,970,000        2,096,667   
Harley-Davidson Financial Services, 3.875%, 2016 (n)      2,880,000        3,074,962   
Toyota Motor Credit Corp., 3.2%, 2015      2,740,000        2,903,151   
Volkswagen International Finance N.V., FRN, 1.06%, 2014 (n)      2,740,000        2,753,242   
Volkswagen International Finance N.V., FRN, 0.911%, 2014 (n)      2,030,000        2,029,290   
    

 

 

 
             $ 18,950,261   
Banks & Diversified Financials (Covered Bonds) - 1.2%                 
Australia & New Zealand Banking Group, FRN, 0.915%, 2015 (n)    $ 1,150,000      $ 1,152,938   
BNP Paribas Home Loan, 2.2%, 2015 (n)      2,640,000        2,729,232   
Compagnie de Financement Foncier, 2.125%, 2013 (n)      1,600,000        1,605,120   
Hypothekenbank Fra Lux, 5.125%, 2016      3,140,000        3,355,184   
    

 

 

 
             $ 8,842,474   
Broadcasting - 0.9%                 
CBS Corp., 5.75%, 2020    $ 940,000      $ 1,103,788   
CBS Corp., 3.375%, 2022      2,190,000        2,220,117   
Vivendi S.A., 4.75%, 2022 (n)      2,420,000        2,499,001   
WPP Finance, 8%, 2014      812,000        893,983   
    

 

 

 
             $ 6,716,889   
Brokerage & Asset Managers - 1.0%                 
Blackstone Holdings Finance Co. LLC, 4.75%, 2023 (n)    $ 2,160,000      $ 2,299,152   
Franklin Resources, Inc., 1.375%, 2017      588,000        588,600   
Invesco Finance PLC, 3.125%, 2022      1,876,000        1,855,552   
TD Ameritrade Holding Co., 4.15%, 2014      2,007,000        2,134,404   
    

 

 

 
             $ 6,877,708   

 

1


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
Building - 0.4%                 
CRH PLC, 8.125%, 2018    $ 1,160,000      $ 1,423,046   
Owens Corning, Inc., 4.2%, 2022      1,144,000        1,160,630   
    

 

 

 
             $ 2,583,676   
Business Services - 0.0%                 
Cielo S.A., 3.75%, 2022 (n)    $ 200,000      $ 192,700   
Cable TV - 1.6%                 
Cox Communications, Inc., 3.25%, 2022 (n)    $ 2,925,000      $ 2,928,554   
DIRECTV Holdings LLC, 5.875%, 2019      1,400,000        1,658,576   
DIRECTV Holdings LLC, 3.8%, 2022      3,020,000        3,046,582   
Myriad International Holdings B.V., 6.375%, 2017 (n)      648,000        725,760   
Time Warner Cable, Inc., 4%, 2021      2,770,000        2,950,983   
    

 

 

 
             $ 11,310,455   
Chemicals - 1.3%                 
Dow Chemical Co., 8.55%, 2019    $ 3,190,000      $ 4,302,008   
PPG Industries, Inc., 5.75%, 2013      3,465,000        3,484,920   
Sociedad Quimica y Minera de Chile S.A., 6.125%, 2016      1,463,000        1,614,737   
    

 

 

 
             $ 9,401,665   
Computer Software - 0.3%                 
Adobe Systems, Inc., 3.25%, 2015    $ 1,950,000      $ 2,039,733   
Conglomerates - 0.7%                 
ABB Treasury Center USA, Inc., 2.5%, 2016 (n)    $ 655,000      $ 681,790   
Ingersoll-Rand Global Holding Co. Ltd., 6%, 2013      4,460,000        4,588,881   
    

 

 

 
             $ 5,270,671   
Consumer Products - 0.7%                 
LVMH Moet Hennessy Louis Vuitton S.A., 1.625%, 2017 (n)    $ 1,860,000      $ 1,868,115   
Newell Rubbermaid, Inc., 2%, 2015      2,000,000        2,036,656   
Newell Rubbermaid, Inc., 4.7%, 2020      1,280,000        1,404,388   
    

 

 

 
             $ 5,309,159   
Consumer Services - 0.2%                 
Experian Finance PLC, 2.375%, 2017 (n)    $ 1,154,000      $ 1,174,785   
Defense Electronics - 0.2%                 
BAE Systems Holdings, Inc., 6.375%, 2019 (n)    $ 1,400,000      $ 1,663,805   
Electrical Equipment - 0.3%                 
Ericsson, Inc., 4.125%, 2022    $ 2,190,000      $ 2,232,221   
Emerging Market Quasi-Sovereign - 4.9%                 
Banco do Brasil (Cayman Branch), 6%, 2020 (n)    $ 1,430,000      $ 1,648,075   
Banco do Brasil S.A., 3.875%, 2022      200,000        198,000   
Banco do Nordeste do Brasil (BNB), 3.625%, 2015 (n)      992,000        1,021,760   
BNDES Participacoes S.A., 6.5%, 2019 (n)      3,267,000        3,920,400   
BNDES Participacoes S.A., 5.5%, 2020 (n)      138,000        160,080   
Caixa Economica Federal, 3.5%, 2022 (n)      151,000        150,245   
CEZ A.S., 4.25%, 2022 (n)      349,000        367,050   
CNOOC Finance (2012) Ltd., 3.875%, 2022 (n)      224,000        233,543   
CNPC (HK) Overseas Capital Ltd., 4.5%, 2021 (n)      1,090,000        1,197,154   
Corporacion Financiera de Desarrollo S.A., 4.75%, 2022 (n)      228,000        250,230   

 

2


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
Emerging Market Quasi-Sovereign - continued                 
Corporacion Nacional del Cobre de Chile, 4.75%, 2014 (n)    $ 1,312,000      $ 1,385,772   
Corporacion Nacional del Cobre de Chile, 3.75%, 2020 (n)      840,000        884,125   
Development Bank of Kazakhstan, 4.125%, 2022 (n)      259,000        264,828   
Empresa Nacional del Petroleo, 6.25%, 2019      723,000        822,587   
Gaz Capital S.A., 3.85%, 2020 (z)      2,073,000        2,073,622   
Gaz Capital S.A., 5.999%, 2021 (n)      2,578,000        2,903,473   
Gaz Capital S.A., 4.95%, 2022 (n)      241,000        252,448   
Gazprom Neft, 4.375%, 2022 (n)      508,000        510,032   
Korea Gas Corp., 2.25%, 2017 (n)      1,630,000        1,649,302   
Petrobras International Finance Co., 5.375%, 2021      2,479,000        2,716,037   
Petroleos Mexicanos, 6%, 2020      2,970,000        3,489,750   
Petronas Capital Ltd., 7.875%, 2022      1,089,000        1,534,745   
Ras Laffan Liquefied Natural Gas Co. Ltd., 6.75%, 2019 (n)      1,584,000        1,982,376   
Rosneft, 3.149%, 2017 (z)      1,273,000        1,274,591   
Rosneft, 4.199%, 2022 (n)      2,118,000        2,118,000   
Sinopec Group Overseas Development (2012) Ltd., 3.9%, 2022 (n)      303,000        319,783   
Transnet SOC Ltd., 4.5%, 2016 (n)      212,000        223,641   
VTB Capital S.A., 6.465%, 2015 (n)      857,000        917,419   
VTB Capital S.A., 6%, 2017 (n)      830,000        888,100   
    

 

 

 
             $ 35,357,168   
Emerging Market Sovereign - 1.3%                 
Republic of Peru, 9.875%, 2015    $ 485,000      $ 566,723   
Republic of Poland, 5%, 2022      772,000        887,800   
Republic of Slovakia, 4.375%, 2022 (n)      2,960,000        3,161,280   
Russian Federation, 4.5%, 2022 (n)      400,000        441,920   
United Mexican States, 3.625%, 2022      3,754,000        4,026,165   
    

 

 

 
             $ 9,083,888   
Energy - Independent - 0.2%                 
Hess Corp., 8.125%, 2019    $ 1,230,000      $ 1,574,287   
Energy - Integrated - 2.1%                 
BG Energy Capital PLC, 2.875%, 2016 (n)    $ 2,320,000      $ 2,470,055   
BP Capital Markets PLC, 4.5%, 2020      853,000        970,853   
BP Capital Markets PLC, 4.742%, 2021      1,810,000        2,089,346   
Husky Energy, Inc., 5.9%, 2014      2,755,000        2,947,528   
Petro-Canada, 6.05%, 2018      904,000        1,094,453   
Petro-Canada Financial Partnership, 5%, 2014      2,140,000        2,294,367   
Total Capital International S.A., 1.5%, 2017      1,000,000        1,011,302   
TOTAL S.A., 3%, 2015      1,860,000        1,959,026   
    

 

 

 
             $ 14,836,930   
Financial Institutions - 1.4%                 
General Electric Capital Corp., 4.8%, 2013    $ 2,120,000      $ 2,143,191   
General Electric Capital Corp., 6%, 2019      1,180,000        1,427,181   
General Electric Capital Corp., 3.15%, 2022      2,000,000        1,982,784   
General Electric Capital Corp., 3.1%, 2023      1,102,000        1,088,513   
LeasePlan Corp. N.V., 3%, 2017 (n)      1,970,000        1,990,882   
NYSE Euronext, 2%, 2017      1,558,000        1,590,706   
    

 

 

 
             $ 10,223,257   
Food & Beverages - 2.8%                 
Anheuser-Busch InBev S.A., 7.75%, 2019    $ 2,780,000      $ 3,669,467   
Cadbury Schweppes U.S. Finance, 5.125%, 2013      1,590,000        1,631,453   

 

3


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
Food & Beverages - continued                 
Campbell Soup Co., 2.5%, 2022    $ 1,148,000      $ 1,116,190   
Conagra Foods, Inc., 5.875%, 2014      2,240,000        2,371,788   
Conagra Foods, Inc., 1.3%, 2016      1,680,000        1,684,694   
Diageo Capital PLC, 7.375%, 2014      2,200,000        2,339,236   
Diageo Capital PLC, 1.5%, 2017      1,530,000        1,542,525   
Grupo Bimbo S.A.B. de C.V., 4.5%, 2022 (n)      290,000        314,838   
Kraft Foods Group, Inc., 6.125%, 2018      1,310,000        1,599,289   
Mead Johnson Nutrition Co., “A”, 4.9%, 2019      611,000        691,601   
Mondelez International, Inc., 6.75%, 2014      1,390,000        1,475,839   
Tyson Foods, Inc., 4.5%, 2022      1,447,000        1,556,126   
    

 

 

 
             $ 19,993,046   
Food & Drug Stores - 0.2%                 
CVS Caremark Corp., 3.25%, 2015    $ 1,096,000      $ 1,158,753   
Forest & Paper Products - 0.3%                 
Votorantim Participacoes S.A., 6.75%, 2021 (n)    $ 2,063,000      $ 2,444,655   
Gaming & Lodging - 0.2%                 
Wyndham Worldwide Corp., 2.95%, 2017    $ 1,686,000      $ 1,713,863   
Industrial - 0.8%                 
Johns Hopkins University, 5.25%, 2019    $ 2,175,000      $ 2,625,699   
Princeton University, 4.95%, 2019      2,860,000        3,373,453   
    

 

 

 
             $ 5,999,152   
Insurance - 3.5%                 
American International Group, Inc., 3%, 2015    $ 3,680,000      $ 3,821,695   
Jackson National Life Global Funding, 5.375%, 2013 (n)      5,000,000        5,064,575   
Lincoln National Corp., 4.3%, 2015      1,360,000        1,466,444   
MetLife, Inc., 1.756%, 2017      575,000        576,712   
Metropolitan Life Global Funding I, 5.125%, 2013 (n)      2,815,000        2,839,141   
Metropolitan Life Global Funding I, 5.125%, 2014 (n)      1,020,000        1,081,972   
New York Life Global Funding, 4.65%, 2013 (n)      3,000,000        3,033,495   
Principal Financial Group, Inc., 8.875%, 2019      2,230,000        3,018,278   
Prudential Financial, Inc., 6.2%, 2015      2,210,000        2,429,831   
UnumProvident Corp., 6.85%, 2015 (n)      1,740,000        1,959,094   
    

 

 

 
             $ 25,291,237   
Insurance - Health - 0.2%                 
Wellpoint, Inc., 1.25%, 2015    $ 1,220,000      $ 1,228,957   
Insurance - Property & Casualty - 2.0%                 
ACE Ltd., 2.6%, 2015    $ 2,000,000      $ 2,101,748   
Aon Corp., 3.5%, 2015      2,750,000        2,891,006   
AXIS Capital Holdings Ltd., 5.875%, 2020      1,610,000        1,799,333   
Liberty Mutual Group, Inc., 4.95%, 2022 (n)      2,197,000        2,385,935   
PartnerRe Ltd., 5.5%, 2020      2,120,000        2,386,573   
ZFS Finance USA Trust V, 6.5% to 2017, FRN to 2067 (n)      3,000,000        3,180,000   
    

 

 

 
             $ 14,744,595   
International Market Quasi-Sovereign - 2.3%                 
Eksportfinans A.S.A., 1.6%, 2014    JPY 350,000,000      $ 3,677,670   
Electricite de France PLC, 5.5%, 2014 (n)    $ 3,475,000        3,633,926   
Societe Financement de l’ Economie Francaise, 3.375%, 2014 (n)      2,315,000        2,399,914   

 

4


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
International Market Quasi-Sovereign - continued                 
Statoil A.S.A., 1.8%, 2016    $ 1,420,000      $ 1,462,569   
Swedish Export Credit Corp., FRN, 1.06%, 2014      3,300,000        3,331,703   
Westpac Banking Corp., 3.45%, 2014 (n)      2,015,000        2,103,096   
    

 

 

 
             $ 16,608,878   
International Market Sovereign - 16.3%                 
Commonwealth of Australia, 5.75%, 2021    AUD 916,000      $ 1,123,445   
Federal Republic of Germany, 3.75%, 2015    EUR 8,922,000        12,918,083   
Federal Republic of Germany, 4.25%, 2018    EUR 2,608,000        4,179,259   
Government of Bermuda, 5.603%, 2020 (n)    $ 1,098,000        1,273,680   
Government of Canada, 4.5%, 2015    CAD 1,980,000        2,135,121   
Government of Canada, 4.25%, 2018    CAD 1,024,000        1,166,974   
Government of Canada, 5.75%, 2033    CAD 358,000        541,472   
Government of Japan, 1.7%, 2017    JPY 806,000,000        9,385,500   
Government of Japan, 1.1%, 2020    JPY 800,000,000        9,164,818   
Kingdom of Belgium, 5.5%, 2017    EUR 2,494,000        4,052,858   
Kingdom of Denmark, 3%, 2021    DKK 5,323,000        1,091,907   
Kingdom of Spain, 4.6%, 2019    EUR 4,110,000        5,685,141   
Kingdom of Sweden, 5%, 2020    SEK 3,830,000        740,597   
Kingdom of the Netherlands, 3.75%, 2014    EUR 1,389,000        1,979,908   
Kingdom of the Netherlands, 4%, 2016    EUR 2,000,000        3,027,190   
Republic of Austria, 4.65%, 2018    EUR 4,138,000        6,590,595   
Republic of France, 5%, 2016    EUR 9,214,000        14,439,827   
Republic of Iceland, 4.875%, 2016 (n)    $ 2,179,000        2,329,351   
Republic of Iceland, 5.875%, 2022 (n)      336,000        380,050   
Republic of Italy, 5.25%, 2017    EUR 11,388,000        16,932,515   
State of Israel, 4%, 2022    $ 3,752,000        4,024,020   
United Kingdom Treasury, 8%, 2015    GBP 7,664,000        14,755,324   
    

 

 

 
             $ 117,917,635   
Local Authorities - 0.9%                 
Louisiana Gas & Fuels Tax Rev. (Build America Bonds), FRN, 3%, 2043    $ 2,780,000      $ 2,792,093   
Province of Ontario, 4.75%, 2016      3,000,000        3,356,700   
    

 

 

 
             $ 6,148,793   
Machinery & Tools - 0.1%                 
Atlas Copco AB, 5.6%, 2017 (n)    $ 510,000      $ 588,364   
Major Banks - 10.1%                 
ABN AMRO Bank N.V., 4.25%, 2017 (n)    $ 1,997,000      $ 2,165,487   
ABN AMRO Bank N.V., FRN, 2.071%, 2014 (n)      3,010,000        3,048,347   
Bank of America Corp., 4.9%, 2013      2,300,000        2,323,955   
Bank of America Corp., 7.375%, 2014      200,000        215,715   
Bank of America Corp., 1.5%, 2015      1,780,000        1,784,651   
Bank of America Corp., 6.5%, 2016      1,420,000        1,641,888   
Bank of America Corp., 3.3%, 2023      1,335,000        1,316,598   
Barclays Bank PLC, 5.125%, 2020      2,760,000        3,134,377   
Commonwealth Bank of Australia, 5%, 2019 (n)      2,560,000        2,996,549   
Credit Suisse New York, 5.5%, 2014      3,790,000        4,018,840   
DBS Bank Ltd., 2.35%, 2017 (n)      2,430,000        2,495,433   
Goldman Sachs Group, Inc., 5.75%, 2022      3,044,000        3,548,184   
HSBC Holdings PLC, 4%, 2022      1,839,000        1,958,629   
HSBC USA, Inc., 4.875%, 2020      3,370,000        3,747,207   
ING Bank N.V., FRN, 1.358%, 2013 (n)      1,230,000        1,231,038   
ING Bank N.V., FRN, 1.71%, 2014 (n)      4,650,000        4,707,902   

 

5


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
Major Banks - continued   
JPMorgan Chase & Co., 4.625%, 2021    $ 2,890,000      $ 3,223,509   
JPMorgan Chase & Co., FRN, 1.102%, 2014      1,300,000        1,309,516   
Kookmin Bank, 7.25%, 2014 (n)      2,100,000        2,257,151   
Macquarie Bank Ltd., 5%, 2017 (n)      918,000        1,006,103   
Macquarie Group Ltd., 6%, 2020 (n)      1,971,000        2,143,697   
Merrill Lynch & Co., Inc., 6.15%, 2013      2,190,000        2,216,703   
Morgan Stanley, 6%, 2014      2,330,000        2,469,816   
Morgan Stanley, 6.625%, 2018      1,532,000        1,804,822   
Morgan Stanley, 5.625%, 2019      640,000        725,851   
National Australia Bank Ltd., 2%, 2015      2,920,000        2,991,397   
Royal Bank of Scotland PLC, 2.55%, 2015      996,000        1,026,912   
Santander International Debt S.A., 2.991%, 2013 (n)      2,100,000        2,113,503   
Standard Chartered PLC, 3.85%, 2015 (n)      2,320,000        2,448,389   
Wells Fargo & Co., 3.75%, 2014      2,900,000        3,054,689   
Wells Fargo & Co., 7.98% to 2018, FRN to 2049      1,190,000        1,368,500   
Westpac Banking Corp., 2%, 2017      2,320,000        2,374,455   
    

 

 

 
      $ 72,869,813   
Medical & Health Technology & Services - 1.0%                 
Covidien International Finance S.A., 1.35%, 2015    $ 2,000,000      $ 2,027,966   
Express Scripts Holding Co., 3.9%, 2022      1,446,000        1,532,381   
Thermo Fisher Scientific, Inc., 2.25%, 2016      3,650,000        3,768,669   
    

 

 

 
      $ 7,329,016   
Metals & Mining - 0.6%                 
ArcelorMittal, 6.5%, 2014    $ 2,070,000      $ 2,169,000   
Vale Overseas Ltd., 5.625%, 2019      492,000        559,052   
Vale Overseas Ltd., 4.625%, 2020      1,561,000        1,662,894   
    

 

 

 
      $ 4,390,946   
Mortgage-Backed - 5.6%                 
Fannie Mae, 4.607%, 2014    $ 2,539,481      $ 2,604,123   
Fannie Mae, 4.825%, 2014      2,902,204        3,017,142   
Fannie Mae, 5.409%, 2014      1,698,735        1,789,146   
Fannie Mae, 4.62%, 2015      868,869        916,380   
Fannie Mae, 4.907%, 2015      837,546        902,534   
Fannie Mae, 5.395%, 2016      1,267,822        1,406,891   
Fannie Mae, 5.424%, 2016      2,185,531        2,444,278   
Fannie Mae, 6%, 2016      230,226        244,403   
Fannie Mae, 1.114%, 2017      2,370,000        2,385,185   
Fannie Mae, 5.5%, 2017 - 2025      2,226,776        2,406,706   
Fannie Mae, 4.5%, 2019      2,459,980        2,649,092   
Fannie Mae, 5%, 2019 - 2020      459,913        497,641   
Fannie Mae, 6.5%, 2031      2,108,546        2,384,247   
Freddie Mac, 3.882%, 2017      1,423,992        1,586,693   
Freddie Mac, 5.5%, 2017 - 2020      2,408,291        2,603,605   
Freddie Mac, 6%, 2017 - 2034      492,106        535,870   
Freddie Mac, 5%, 2019      1,370,607        1,469,976   
Freddie Mac, 4.224%, 2020      2,249,154        2,574,458   
Ginnie Mae, 6%, 2033      848,914        962,214   
Ginnie Mae, 6%, 2036 (f)      829,968        933,586   
Ginnie Mae, 5.612%, 2058      3,174,179        3,378,250   
Ginnie Mae, 6.357%, 2058      2,584,233        2,787,426   
    

 

 

 
      $ 40,479,846   

 

6


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
Natural Gas - Distribution - 0.4%                 
GDF Suez, 1.625%, 2017 (n)    $ 2,700,000      $ 2,686,338   
Natural Gas - Pipeline - 1.8%                 
Energy Transfer Partners LP, 8.5%, 2014    $ 2,109,000      $ 2,288,060   
Energy Transfer Partners LP, 3.6%, 2023      3,000,000        2,966,433   
Enterprise Products Operating LP, 3.7%, 2015      2,930,000        3,105,551   
Enterprise Products Partners LP, 5.65%, 2013      376,000        378,674   
Sunoco Logistics Partner LP, 3.45%, 2023      1,718,000        1,695,872   
TransCanada PipeLines Ltd., 3.4%, 2015      1,957,000        2,077,553   
Williams Cos., Inc., 3.7%, 2023      807,000        794,730   
    

 

 

 
      $ 13,306,873   
Network & Telecom - 0.7%                 
AT&T, Inc., 3.875%, 2021    $ 3,700,000      $ 4,018,877   
Verizon Communications, Inc., 8.75%, 2018      689,000        941,639   
    

 

 

 
             $ 4,960,516   
Oil Services - 0.6%                 
Noble Corp., 5.875%, 2013    $ 2,200,000      $ 2,232,164   
Noble Corp., 3.45%, 2015      1,030,000        1,083,801   
Transocean, Inc., 2.5%, 2017      962,000        965,283   
    

 

 

 
             $ 4,281,248   
Other Banks & Diversified Financials - 6.7%                 
American Express Credit Corp., FRN, 1.41%, 2015    $ 3,970,000      $ 4,043,898   
Banco de Credito Inversion, 3%, 2017 (n)      200,000        204,217   
Bancolombia S.A., 5.125%, 2022      165,000        170,775   
Bangkok Bank (Hong Kong), 3.875%, 2022 (n)      204,000        208,781   
BB&T Corp., 2.05%, 2014      2,030,000        2,065,007   
Capital One Financial Corp., 2.15%, 2015      1,058,000        1,079,551   
Capital One Financial Corp., FRN, 1.454%, 2014      2,780,000        2,808,059   
Capital One Financial Corp., FRN, 0.952%, 2015      1,160,000        1,162,522   
Citigroup, Inc., 5.5%, 2013      5,500,000        5,549,929   
Groupe BPCE S.A., 12.5% to 2019, FRN to 2049 (n)      2,556,000        3,126,576   
Intesa Sanpaolo S.p.A, 3.875%, 2018      1,752,000        1,722,009   
Intesa Sanpaolo S.p.A., FRN, 2.711%, 2014 (n)      1,540,000        1,550,407   
Lloyds TSB Bank PLC, 5.8%, 2020 (n)      2,080,000        2,445,905   
National Bank of Canada, 1.5%, 2015      1,760,000        1,786,602   
Rabobank Nederland N.V., 3.375%, 2017      1,757,000        1,886,417   
Rabobank Nederland N.V., 3.95%, 2022      2,716,000        2,716,961   
Santander Holdings USA, Inc., 4.625%, 2016      450,000        478,575   
Santander UK PLC, 3.875%, 2014 (n)      3,440,000        3,576,492   
SunTrust Banks, Inc., 3.5%, 2017      2,237,000        2,389,436   
Svenska Handelsbanken AB, 4.875%, 2014 (n)      3,060,000        3,223,741   
Swedbank AB, 2.125%, 2017 (n)      1,882,000        1,914,890   
Turkiye Is Bankasi A.S., 3.875%, 2017 (n)      201,000        206,276   
U.S. Bancorp, 2.95%, 2022      1,316,000        1,304,723   
Union Bank, FRN, 1.26%, 2014      2,500,000        2,519,840   
    

 

 

 
             $ 48,141,589   
Personal Computers & Peripherals - 0.2%                 
Equifax, Inc., 3.3%, 2022    $ 1,468,000      $ 1,437,052   

 

7


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
Pharmaceuticals - 2.3%                 
AbbVie, Inc., 2.9%, 2022 (n)    $ 2,350,000      $ 2,323,330   
Celgene Corp., 3.95%, 2020      2,320,000        2,486,015   
Hospira, Inc., 6.05%, 2017      1,060,000        1,222,813   
Pfizer, Inc., 6.2%, 2019      1,970,000        2,467,892   
Roche Holdings, Inc., 6%, 2019 (n)      2,060,000        2,549,917   
Sanofi, 1.2%, 2014      1,550,000        1,568,862   
Teva Pharmaceutical Finance III, FRN, 1.193%, 2013      3,120,000        3,138,006   
Teva Pharmaceutical Finance LLC, 2.25%, 2020      725,000        723,344   
    

 

 

 
             $ 16,480,179   
Pollution Control - 0.4%                 
Republic Services, Inc., 5.25%, 2021    $ 2,620,000      $ 3,042,216   
Printing & Publishing - 0.3%                 
Pearson Funding Four PLC, 3.75%, 2022 (n)    $ 1,458,000      $ 1,504,146   
Pearson PLC, 5.5%, 2013 (n)      410,000        414,572   
    

 

 

 
             $ 1,918,718   
Real Estate - 0.9%                 
Boston Properties LP, REIT, 3.7%, 2018    $ 1,476,000      $ 1,605,723   
Health Care REIT, Inc., 2.25%, 2018      828,000        831,454   
Kimco Realty Corp., REIT, 6.875%, 2019      690,000        868,600   
WEA Finance LLC, REIT, 6.75%, 2019 (n)      2,290,000        2,824,749   
    

 

 

 
             $ 6,130,526   
Retailers - 1.4%                 
AutoZone, Inc., 6.5%, 2014    $ 2,660,000      $ 2,807,308   
Kohl’s Corp., 3.25%, 2023      2,282,000        2,141,294   
Macy’s, Inc., 7.875%, 2015      2,670,000        3,105,787   
Wesfarmers Ltd., 6.998%, 2013 (n)      2,330,000        2,352,969   
    

 

 

 
             $ 10,407,358   
Specialty Chemicals - 0.3%                 
Airgas, Inc., 2.95%, 2016    $ 1,900,000      $ 2,012,165   
Supermarkets - 0.0%                 
Kroger Co., 5%, 2013    $ 303,000      $ 305,680   
Supranational - 0.9%                 
Corporacion Andina de Fomento, 5.2%, 2013    $ 3,000,000      $ 3,035,727   
Corporacion Andina de Fomento, 4.375%, 2022      2,950,000        3,207,219   
    

 

 

 
             $ 6,242,946   
Telecommunications - Wireless - 1.6%                 
America Movil S.A.B. de C.V., 2.375%, 2016    $ 1,007,000      $ 1,041,125   
America Movil S.A.B. de C.V., 3.125%, 2022      1,800,000        1,788,322   
Crown Castle Towers LLC, 6.113%, 2020 (n)      2,934,000        3,549,888   
Rogers Communications, Inc., 6.8%, 2018      1,490,000        1,872,097   
Vodafone Group PLC, 5%, 2013      3,000,000        3,118,023   
    

 

 

 
             $ 11,369,455   
Tobacco - 1.2%                 
Altria Group, Inc., 8.5%, 2013    $ 2,700,000      $ 2,863,512   
B.A.T. International Finance PLC, 8.125%, 2013 (n)      2,250,000        2,374,601   
Lorillard Tobacco Co., 8.125%, 2019      1,316,000        1,677,674   

 

8


Portfolio of Investments (unaudited) – continued

 

Issuer    Shares/Par     Value ($)  
    
Bonds - continued                 
Tobacco - continued                 
Lorillard Tobacco Co., 6.875%, 2020    $ 1,340,000      $ 1,623,557   
    

 

 

 
             $ 8,539,344   
Transportation - Services - 0.4%                 
ERAC USA Finance Co., 2.75%, 2013 (n)    $ 1,500,000      $ 1,513,112   
ERAC USA Finance Co., 2.75%, 2017 (n)      1,247,000        1,294,633   
    

 

 

 
             $ 2,807,745   
U.S. Government Agencies and Equivalents - 1.8%                 
Aid-Egypt, 4.45%, 2015    $ 3,963,000      $ 4,379,388   
National Credit Union Administration Guaranteed Note, 2.9%, 2020      520,000        554,745   
Small Business Administration, 6.35%, 2021      834,955        929,306   
Small Business Administration, 6.34%, 2021      509,727        565,186   
Small Business Administration, 6.44%, 2021      534,715        597,918   
Small Business Administration, 6.625%, 2021      669,152        751,546   
Small Business Administration, 5.34%, 2021      1,604,246        1,768,144   
Small Business Administration, 4.93%, 2024      893,870        985,710   
Small Business Administration, 5.36%, 2025      1,289,252        1,462,018   
Small Business Administration, 5.39%, 2025      902,465        1,029,972   
    

 

 

 
             $ 13,023,933   
U.S. Treasury Obligations - 0.0%                 
U.S. Treasury Notes, 10.625%, 2015    $ 30,000      $ 37,765   
Utilities - Electric Power - 4.9%                 
Allegheny Energy, Inc., 5.75%, 2019 (n)    $ 2,820,000      $ 3,166,612   
Dominion Resources, Inc., 1.95%, 2016      2,660,000        2,742,319   
Duke Energy Corp., 5.65%, 2013      1,800,000        1,833,435   
Duke Energy Corp., 3.35%, 2015      3,280,000        3,450,422   
E.ON International Finance B.V., 5.8%, 2018 (n)      3,000,000        3,588,690   
Enel Finance International S.A., 6.25%, 2017 (n)      2,240,000        2,506,992   
Exelon Generation Co. LLC, 5.35%, 2014      2,300,000        2,398,659   
Exelon Generation Co. LLC, 5.2%, 2019      1,340,000        1,515,574   
Georgia Power Co., 6%, 2013      1,350,000        1,404,351   
Iberdrola Finance Ireland Ltd., 3.8%, 2014 (n)      3,950,000        4,077,798   
NextEra Energy Capital Co., 1.2%, 2015      245,000        246,967   
Oncor Electric Delivery Co., 4.1%, 2022      2,206,000        2,376,850   
PPL WEM Holdings PLC, 3.9%, 2016 (n)      2,800,000        2,949,386   
Progress Energy, Inc., 3.15%, 2022      3,318,000        3,321,843   
    

 

 

 
             $ 35,579,898   
Total Bonds            $ 710,068,125   
Money Market Funds - 0.8%                 
MFS Institutional Money Market Portfolio, 0.14%, at Net Asset Value (v)      6,087,203      $ 6,087,203   
Total Investments            $ 716,155,328   
Other Assets, Less Liabilities - 0.8%              5,576,345   
Net Assets - 100.0%            $ 721,731,673   

 

(f) All or a portion of the security has been segregated as collateral for open futures contracts.
(i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security.
(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 $182,879,925 representing 25.3% of net assets.

 

9


Portfolio of Investments (unaudited) – continued

 

(v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end.
(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 fund holds the following restricted securities:

 

Restricted Securities    Acquisition
Date
   Cost      Value  
Anthracite Ltd., “A”, CDO, FRN, 0.564%, 2019    1/28/10      $544,830         $684,012   
Chesapeake Funding LLC, “A”, FRN, 1.955%, 2021    8/09/12      690,152         687,218   
Chesapeake Funding LLC, “A”, FRN, 0.949%, 2023    5/10/12      3,563,000         3,580,687   
Daimler Finance North America LLC, 1.875%, 2018    1/07/13      3,624,990         3,630,263   
Falcon Franchise Loan LLC, FRN, 6.022%, 2023    1/18/02      82,721         268,273   
Gaz Capital S.A., 3.85%, 2020    1/30/13      2,073,000         2,073,622   
Rosneft, 3.149%, 2017    11/29/12      1,273,000         1,274,591   
Total Restricted Securities         $12,198,666   
% of Net assets         1.7%   

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.
PLC   Public Limited Company
REIT   Real Estate Investment Trust

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:

 

AUD   Australian Dollar
CAD   Canadian Dollar
DKK   Danish Krone
EUR   Euro
GBP   British Pound
JPY   Japanese Yen
SEK   Swedish Krona

Derivative Contracts at 1/31/13

Forward Foreign Currency Exchange Contracts at 1/31/13

 

Type    Currency      Counterparty    Contracts to
Deliver/Receive
   Settlement
Date Range
   In Exchange
For
    

Contracts

at Value

     Net Unrealized
Appreciation
(Depreciation)
 
Asset Derivatives               
SELL      AUD       Westpac Banking Corp.    1,046,933    4/15/13    $ 1,089,569       $ 1,086,046       $ 3,523   
SELL      CAD       Merrill Lynch International Bank    3,738,879    4/15/13      3,780,155         3,742,667         37,488   
SELL      GBP       Barclays Bank PLC    5,022,739    4/15/13      8,077,669         7,963,067         114,602   
SELL      GBP       Deutsche Bank AG    5,022,739    4/15/13      8,081,737         7,963,067         118,670   
SELL      JPY       Credit Suisse Group    997,569,203    4/15/13      11,383,358         10,914,272         469,086   
SELL      JPY       Merrill Lynch International Bank    997,569,203    4/15/13      11,371,679         10,914,272         457,407   
                    

 

 

 
                     $ 1,200,776   
                    

 

 

 
Liability Derivatives               
SELL      DKK       Deutsche Bank AG    5,910,342    4/15/13    $ 1,039,282       $ 1,076,359       $ (37,077
SELL      EUR       Deutsche Bank AG    948,332    4/15/13      1,240,572         1,288,134         (47,562
SELL      EUR       JPMorgan Chase Bank N.A.    948,332    4/15/13      1,240,472         1,288,134         (47,662
SELL      EUR       UBS AG    49,207,954    3/18/13      64,398,843         66,830,541         (2,431,698
SELL      SEK       Deutsche Bank AG    3,826,086    4/15/13      586,293         600,889         (14,596
                    

 

 

 
                     $ (2,578,595
                    

 

 

 

 

10


Portfolio of Investments (unaudited) – continued

 

Futures Contracts Outstanding at 1/31/13

 

Description    Currency      Contracts      Value    Expiration Date    Unrealized
Appreciation
(Depreciation)
 
Liability Derivatives               
Interest Rate Futures               
U.S. Treasury Note 5 yr (Long)      USD         198       $24,499,406    March - 2013      $(136,818
U.S. Treasury Note 10 yr (Long)      USD         60       $7,876,875    March - 2013      (131,138
              

 

 

 
                 $(267,956
              

 

 

 

At January 31, 2013, the fund had liquid securities with an aggregate value of $189,802 to cover any commitments for certain derivative contracts.

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

 

11


Supplemental Information

1/31/13 (unaudited)

(1) Investment Valuations

Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price as provided by a third-party pricing service on the market on which they are primarily traded. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation as provided by a third-party pricing service on the market on which such futures contracts are primarily traded. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.

The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.

Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as futures contracts and forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2013 in valuing the fund’s assets or liabilities:

 

Investments at Value    Level 1      Level 2      Level 3      Total  
U.S. Treasury Bonds & U.S. Government Agency & Equivalents      $—         $13,061,698         $—         $13,061,698   
Non-U.S. Sovereign Debt              185,210,515                 185,210,515   
U.S. Corporate Bonds              276,719,298                 276,719,298   
Residential Mortgage-Backed Securities              40,538,858                 40,538,858   
Commercial Mortgage-Backed Securities              12,151,550                 12,151,550   
Asset-Backed Securities (including CDOs)              8,918,034                 8,918,034   
Foreign Bonds              173,468,172                 173,468,172   
Mutual Funds      6,087,203                         6,087,203   
Total Investments      $6,087,203         $710,068,125         $—         $716,155,328   
Other Financial Instruments                            
Futures Contracts      $(267,956      $—         $—         $(267,956
Forward Foreign Currency Exchange Contracts              (1,377,819              (1,377,819

For further information regarding security characteristics, see the Portfolio of Investments.

 

12


Supplemental Information (unaudited) – continued

 

(2) Portfolio Securities

The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

 

Aggregate cost      $679,206,938   
Gross unrealized appreciation      44,085,777   
Gross unrealized depreciation      (7,137,387
Net unrealized appreciation (depreciation)      $36,948,390   

The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.

(3) Transactions in Underlying Affiliated Funds – Affiliated Issuers

An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer:

 

Underlying Affiliated Fund    Beginning
Shares/Par
Amount
     Acquisitions
Shares/Par
Amount
     Dispositions
Shares/Par
Amount
     Ending
Shares/Par
Amount
 
MFS Institutional Money Market Portfolio      3,472,254         40,021,981         (37,407,032      6,087,203   
Underlying Affiliated Fund    Realized
Gain (Loss)
     Capital Gain
Distributions
     Dividend
Income
     Ending Value  
MFS Institutional Money Market Portfolio      $—         $—         $1,008         $6,087,203   

(4) Issuer Country Weightings

Issuer country weighting percentages of portfolio holdings based on net assets, as of January 31, 2013, are as follows:

 

United States     49.8%   
United Kingdom     7.0%   
France     5.5%   
Germany     4.9%   
Italy     3.2%   
Netherlands     3.2%   
Japan     3.0%   
Canada     2.7%   
Australia     2.7%   
Other Countries     18.0%   

The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.

 

13


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, as amended, 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 INTERMEDIATE INCOME TRUST

 

By (Signature and Title)*   JOHN M. CORCORAN
  John M. Corcoran, President

Date: March 18, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*   JOHN M. CORCORAN
  John M. Corcoran, President (Principal Executive Officer)

Date: March 18, 2013

 

By (Signature and Title)*   DAVID L. DILORENZO
 

David L. DiLorenzo, Treasurer

(Principal Financial Officer

and Accounting Officer)

Date: March 18, 2013

 

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