N-Q 1 wrapper.txt WHITEHALL NQ 0208 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-08738 --------- Atlantic Whitehall Funds Trust -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 50 Rockefeller Plaza, 15th Floor New York, NY 10020 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Gabrielle Bailey Atlantic Trust Private Wealth Management 50 Rockefeller Plaza, 15th Floor New York, NY 10020 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (212) 655-7022 -------------- Date of fiscal year end: November 30 ----------- Date of reporting period: February 29, 2008 ----------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. ATLANTIC WHITEHALL FUNDS TRUST GROWTH FUND PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS - 95.89% AUTOMOBILES & COMPONENTS - 1.27% 23,037 BorgWarner, Inc. $ 993,125 ------------ CAPITAL GOODS - 10.78% 10,780 Boeing Co. (The) 892,476 16,715 Deere & Co. 1,424,285 16,800 Emerson Electric Co. 856,128 8,239 Fluor Corp. 1,147,281 40,002 General Electric Co. 1,325,666 18,457 Rockwell Collins, Inc. 1,087,117 23,837 United Technologies Corp. 1,680,747 ------------ 8,413,700 ------------ CONSUMER SERVICES - 0.62% 14,297 Marriott International, Inc., Class A 487,528 ------------ DIVERSIFIED FINANCIALS - 4.86% 74,581 Charles Schwab Corp. (The) 1,462,533 5,502 Goldman Sachs Group, Inc. (The) 933,304 6,419 IntercontinentalExchange, Inc. * 836,396 11,341 Merrill Lynch & Co., Inc. 562,060 ------------ 3,794,293 ------------ ENERGY - 7.91% 1,739 First Solar, Inc. * 356,843 15,956 Schlumberger, Ltd. 1,379,396 24,400 Southwestern Energy Co. * 1,591,612 7,772 Suntech Power Holdings Co., Ltd., ADR * 288,885 18,985 Tesoro Corp. 705,103 26,922 Weatherford International, Ltd. * 1,855,464 ------------ 6,177,303 ------------ FOOD & STAPLES RETAILING - 2.78% 53,717 CVS Caremark Corp. 2,169,092 ------------ FOOD, BEVERAGE & TOBACCO - 4.20% 47,127 PepsiCo, Inc. 3,278,154 ------------ HEALTH CARE EQUIPMENT & SERVICES - 8.67% 12,119 CR Bard, Inc. 1,148,760 17,434 Hologic, Inc. * 1,051,445 29,078 Stryker Corp. 1,893,269 29,086 Thermo Fisher Scientific, Inc. * 1,626,780 15,000 WellPoint, Inc. * 1,051,200 ------------ 6,771,454 ------------ HOUSEHOLD & PERSONAL PRODUCTS - 3.74% 25,437 Avon Products, Inc. 968,132 29,479 Procter & Gamble Co. (The) 1,950,920 ------------ 2,919,052 ------------ INSURANCE - 0.74% 12,406 American International Group, Inc. 581,345 ------------ MATERIALS - 3.91% 12,554 Monsanto Co. 1,452,247 19,955 Praxair, Inc. 1,601,987 ------------ 3,054,234 ------------ MEDIA - 1.78% 31,103 Omnicom Group, Inc. 1,389,371 ------------ SHARES VALUE ----------- ------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCE - 10.22% 28,186 Abbott Laboratories $ 1,509,360 28,668 Allergan, Inc. 1,698,006 13,543 Celgene Corp. * 763,419 31,754 Genzyme Corp. * 2,251,994 15,376 Novartis AG, ADR 755,730 46,195 Schering-Plough Corp. 1,002,432 ------------ 7,980,941 ------------ RETAILING - 3.24% 17,729 Best Buy Co., Inc. 762,524 30,652 Home Depot, Inc. (The) 813,811 18,153 Target Corp. 955,029 ------------ 2,531,364 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.68% 63,485 Intel Corp. 1,266,526 21,086 MEMC Electronic Materials, Inc. * 1,608,440 ------------ 2,874,966 ------------ SOFTWARE & SERVICES - 9.21% 18,236 Akamai Technologies, Inc. * 641,178 23,141 Autodesk, Inc. * 719,454 32,798 Automatic Data Processing, Inc. 1,310,280 37,948 Cognizant Technology Solutions Corp., Class A * 1,146,409 2,690 Google, Inc., Class A * 1,267,474 77,273 Microsoft Corp. 2,103,371 ------------ 7,188,166 ------------ TECHNOLOGY HARDWARE & EQUIPMENT - 16.22% 11,951 Apple, Inc. * 1,494,114 90,437 Cisco Systems, Inc. * 2,203,950 58,301 Corning, Inc. 1,354,332 57,151 Hewlett-Packard Co. 2,730,103 13,469 International Business Machines Corp. 1,533,580 35,543 Nokia Oyj, SP ADR 1,279,903 30,849 Qualcomm, Inc. 1,307,072 7,300 Research In Motion, Ltd. * 757,740 ------------ 12,660,794 ------------ UTILITIES - 2.06% 18,166 Constellation Energy Group, Inc. 1,604,968 ------------ TOTAL COMMON STOCKS (Cost $68,295,767) 74,869,850 ------------ INVESTMENT COMPANY - 3.28% 2,557,677 SSgA Prime Money Market Fund 2,557,677 ------------ TOTAL INVESTMENT COMPANY (Cost $2,557,677) 2,557,677 ------------ TOTAL INVESTMENTS - 99.17% (Cost $70,853,444) ** 77,427,527 ------------ OTHER ASSETS NET OF LIABILITIES - 0.83% 649,586 ------------ NET ASSETS - 100.00% $ 78,077,113 ============ SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 1 ATLANTIC WHITEHALL FUNDS TRUST GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- ---------- * Non-income producing security ** Aggregate cost for Federal income tax purposes is $70,853,444. Gross unrealized appreciation $ 9,869,702 Gross unrealized depreciation (3,295,619) ------------ Net unrealized appreciation $ 6,574,083 ============ ADR American Depositary Receipt SP ADR Sponsored American Depositary Receipt Summary of inputs used to value the Fund's net assets as of February 29, 2008 is as follows (See Note 1): VALUATION INPUTS INVESTMENTS IN SECURITIES Level 1 - Quoted Prices $ 77,427,527 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- ------------------------- TOTAL $ 77,427,527 ========================= SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 2 ATLANTIC WHITEHALL FUNDS TRUST MID-CAP GROWTH FUND PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS - 99.24% CAPITAL GOODS - 7.49% 115,220 Be Aerospace, Inc.* $ 3,952,046 66,814 Cooper Industries, Ltd., Class A 2,801,511 68,155 Danaher Corp. 5,053,693 28,060 Foster Wheeler, Ltd.* 1,836,527 47,050 Grainger (W.W.), Inc. 3,465,703 115,355 Manitowoc Co., Inc. (The) 4,699,563 45,155 Rockwell Collins, Inc. 2,659,630 86,425 Textron, Inc. 4,681,642 ------------ 29,150,315 ------------ COMMERCIAL SERVICES & SUPPLIES - 1.94% 140,010 Stericycle, Inc.* 7,545,139 ------------ CONSUMER DURABLES & APPAREL - 3.62% 31,160 Abercrombie & Fitch Co., Class A 2,415,835 48,375 Fortune Brands, Inc. 3,143,407 93,235 Garmin, Ltd. 5,473,827 42,750 Mohawk Industries, Inc.* 3,052,777 ------------ 14,085,846 ------------ CONSUMER SERVICES - 2.50% 86,025 Darden Restaurants, Inc. 2,652,151 143,725 Marriott International, Inc., Class A 4,901,022 46,300 Weight Watchers International, Inc. 2,176,100 ------------ 9,729,273 ------------ DIVERSIFIED FINANCIALS - 4.79% 228,248 CapitalSource, Inc., REIT 3,615,448 104,520 Nasdaq Stock Market, Inc.* 4,338,625 142,985 optionsXpress Holdings, Inc. 3,311,533 124,185 SEI Investments Co. 3,105,867 85,120 T. Rowe Price Group, Inc. 4,301,114 ------------ 18,672,587 ------------ ENERGY - 13.66% 123,605 Chesapeake Energy Corp. 5,589,418 94,350 Grant Prideco, Inc.* 4,761,844 64,440 Oceaneering International, Inc.* 3,866,400 114,220 Range Resources Corp. 6,987,980 70,210 Smith International, Inc. 4,425,336 58,775 Suntech Power Holdings Co., Ltd., ADR* 2,184,667 61,255 Tesoro Corp. 2,275,011 151,985 Weatherford International, Ltd.* 10,474,806 204,290 XTO Energy, Inc. 12,606,736 ------------ 53,172,198 ------------ FOOD, BEVERAGE & TOBACCO - 1.55% 25,860 Brown-Forman Corp., Class B 1,649,092 105,485 Hansen Natural Corp.* 4,377,627 ------------ 6,026,719 ------------ HEALTH CARE EQUIPMENT & SERVICES - 14.87% 184,540 Express Scripts, Inc.* 10,906,314 99,340 Healthways, Inc.* 3,412,329 60,477 Hologic, Inc.* 3,647,368 56,440 Humana, Inc.* 3,856,545 25,025 Intuitive Surgical, Inc.* 7,055,048 87,210 Laboratory Corp. of America Holdings* 6,742,205 104,950 Lincare Holdings, Inc.* 3,410,875 111,385 Psychiatric Solutions, Inc.* 3,151,082 59,745 Quest Diagnostic, Inc. 2,848,044 SHARES VALUE ----------- ------------ HEALTH CARE EQUIPMENT & SERVICES - (CONTINUED) 144,900 Resmed, Inc.* $ 5,867,001 162,670 St. Jude Medical, Inc.* 6,991,557 ------------ 57,888,368 ------------ HOUSEHOLD & PERSONAL PRODUCTS - 1.08% 54,040 Chattem, Inc.* 4,209,716 ------------ MATERIALS - 2.43% 38,120 Allegheny Technologies, Inc. 2,948,582 213,905 Nalco Holding Co. 4,620,348 87,060 Valspar Corp. (The) 1,888,331 ------------ 9,457,261 ------------ MEDIA - 1.85% 65,395 Lamar Advertising Co., Class A 2,492,203 125,320 Liberty Global, Inc., Class A* 4,712,032 ------------ 7,204,235 ------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCE - 4.04% 74,605 Allergan, Inc. 4,418,854 58,880 Cephalon, Inc.* 3,552,819 97,870 Endo Pharmaceuticals Holdings, Inc.* 2,570,066 88,705 Shire PLC, ADR 5,183,920 ------------ 15,725,659 ------------ REAL ESTATE - 1.06% 54,150 Jones Lang LaSalle, Inc. 4,136,518 ------------ RETAILING - 7.99% 77,794 Advance Auto Parts, Inc. 2,609,211 38,790 AutoZone, Inc.* 4,463,953 154,620 Bed Bath & Beyond, Inc.* 4,381,931 170,400 Dick's Sporting Goods, Inc.* 4,699,632 116,850 Nordstrom, Inc. 4,326,956 140,585 PetSmart, Inc. 3,026,795 238,095 TJX Cos., Inc. (The) 7,619,040 ------------ 31,127,518 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.68% 215,905 Altera Corp. 3,694,135 82,810 KLA-Tencor Corp. 3,478,848 94,845 Linear Technology Corp. 2,628,155 152,235 MEMC Electronic Materials, Inc.* 11,612,486 267,312 Microchip Technology, Inc. 8,227,863 121,020 Microsemi Corp.* 2,632,185 253,897 Nvidia Corp.* 5,430,857 ------------ 37,704,529 ------------ SOFTWARE & SERVICES - 12.91% 57,905 Akamai Technologies, Inc.* 2,035,940 111,655 Alliance Data Sysems Corp.* 5,653,093 124,795 ANSYS, Inc.* 4,663,589 256,536 Cognizant Technology Solutions Corp., Class A* 7,749,953 122,880 Euronet Worldwide, Inc.* 2,654,208 162,859 Fiserv, Inc.* 8,569,641 62,360 Global Payments, Inc. 2,473,821 101,469 Paychex, Inc. 3,192,215 271,485 Satyam Computer Services, Ltd., ADR 6,781,695 122,635 VeriFone Holdings, Inc.* 2,532,413 190,145 Western Union Co. 3,955,016 ------------ 50,261,584 ------------ SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 3 ATLANTIC WHITEHALL FUNDS TRUST MID-CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ TECHNOLOGY HARDWARE & EQUIPMENT - 2.06% 231,600 JDS Uniphase Corp.* $ 3,045,540 185,730 Juniper Networks, Inc.* 4,981,279 ------------ 8,026,819 ------------ TELECOMMUNICATION SERVICES - 1.82% 45,990 Leap Wireless International, Inc.* 1,966,532 114,045 NeuStar, Inc., Class A* 2,926,395 55,790 NII Holdings, Inc.* 2,216,537 ------------ 7,109,464 ------------ TRANSPORTATION - 2.51% 113,844 C. H. Robinson Worldwide, Inc. 5,779,860 85,825 Landstar System, Inc. 3,980,563 ------------ 9,760,423 ------------ UTILITIES - 1.39% 98,215 Questar Corp. 5,426,379 ------------ TOTAL COMMON STOCKS (Cost $273,441,878) 386,420,550 ------------ INVESTMENT COMPANY - 0.88% 3,411,218 SSgA Prime Money Market Fund 3,411,218 ------------ TOTAL INVESTMENT COMPANY (Cost $3,411,218) 3,411,218 ------------ TOTAL INVESTMENTS - 100.12% (Cost $276,853,096) ** 389,831,768 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS - (0.12)% (471,377) ------------ NET ASSETS - 100.00% $389,360,391 ============ ---------- * Non-income producing security ** Aggregate cost for Federal income tax purposes is $276,853,096. Gross unrealized appreciation $ 131,027,232 Gross unrealized depreciation (18,048,560) ------------- Net unrealized appreciation $ 112,978,672 ============= ADR American Depositary Receipt PLC Public Limited Company REIT Real Estate Investment Trust Summary of inputs used to value the Fund's net assets as of February 29, 2008 is as follows (See Note 1): VALUATION INPUTS INVESTMENTS IN SECURITIES Level 1 - Quoted Prices $ 389,831,768 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- ------------------------- TOTAL $ 389,831,768 ========================= SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 4 ATLANTIC WHITEHALL FUNDS TRUST MULTI-CAP GLOBAL VALUE FUND PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN COMMON STOCKS - 67.47% AUSTRIA - 4.83% 16,300 Erste Bank der oesterreichischen Sparkassen AG + $ 943,145 45,520 Wienerberger AG + 2,197,047 ------------ 3,140,192 ------------ DENMARK - 0.56% 3,300 Alk-Abello A/S + 367,088 ------------ FINLAND - 4.37% 69,200 Nokian Renkaat Oyj + 2,845,012 ------------ FRANCE - 3.75% 34,400 Accor S.A. + 2,443,376 ------------ GERMANY - 6.70% 39,700 Adidas AG + 2,519,183 33,600 Bayerische Motoren Werke AG + 1,841,721 ------------ 4,360,904 ------------ IRELAND - 8.25% 204,448 Anglo Irish Bank Corp., PLC + 2,895,518 33,800 Kerry Group PLC, Class A + 1,060,534 49,500 Ryanair Holdings PLC, SP ADR * 1,414,710 ------------ 5,370,762 ------------ JAPAN - 1.09% 15,800 Canon, Inc. + 708,239 ------------ MEXICO - 9.47% 67,232 Cemex S.A.B. de C.V., SP ADR, Participation Certificates * 1,852,242 281,400 Grupo Modelo, S.A. de C.V., Series C 1,287,188 137,400 Grupo Televisia S.A., SP ADR 3,022,800 ------------ 6,162,230 ------------ NETHERLANDS - 2.36% 46,300 ING Groep NV + 1,538,620 ------------ SWITZERLAND - 13.66% 7,700 Nestle SA, Registered Shares + 3,675,120 66,300 Novartis AG, Registered Shares 3,274,742 22,800 Schindler Holding AG, Participation Certificates + 1,559,184 5,600 Schindler Holding AG, Registered Shares + 379,737 ------------ 8,888,783 ------------ UNITED KINGDOM - 12.43% 264,993 Reed Elsevier PLC + 3,335,166 209,695 Tesco PLC + 1,657,086 262,300 WPP Group PLC + 3,096,124 ------------ 8,088,376 ------------ TOTAL FOREIGN COMMON STOCKS (Cost $44,355,682) 43,913,582 ------------ COMMON STOCKS - 31.46% BANKS - 3.85% 85,700 Wells Fargo & Co. 2,505,011 ------------ DIVERSIFIED FINANCIALS - 1.72% 26,400 American Express Co. 1,116,720 ------------ SHARES VALUE ----------- ------------ HEALTH CARE EQUIPMENT & SERVICES - 12.02% 24,800 Edwards Lifesciences Corp. * $ 1,081,528 75,900 IMS Health, Inc. 1,708,509 59,900 Kinetic Concepts, Inc. * 3,078,261 27,900 WellPoint, Inc. * 1,955,232 ------------ 7,823,530 ------------ INSURANCE - 3.78% 74,900 Willis Group Holdings, Ltd. 2,460,465 ------------ RETAILING - 2.44% 57,000 Ross Stores, Inc. 1,587,450 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.51% 75,200 Altera Corp. 1,286,672 43,800 International Rectifier Corp. * 997,326 ------------ 2,283,998 ------------ TECHNOLOGY HARDWARE & EQUIPMENT - 4.14% 59,200 Cisco Systems, Inc. * 1,442,705 57,500 Molex, Inc., Class A 1,251,775 ------------ 2,694,480 ------------ TOTAL COMMON STOCKS (Cost $22,872,167) 20,471,654 ------------ INVESTMENT COMPANY - 0.11% 71,629 SSgA Prime Money Market Fund 71,629 ------------ TOTAL INVESTMENT COMPANY (Cost $71,629) 71,629 ------------ TOTAL INVESTMENTS - 99.04% (Cost $67,299,478) ** 64,456,865 ------------ OTHER ASSETS NET OF LIABILITIES - 0.96% 624,956 ------------ NET ASSETS - 100.00% $ 65,081,821 ============ ---------- + Security is being fair valued pursuant to fair value procedures adopted by the Board of Trustees. The aggregate market value of these securities are $33,061,900 or 50.80% of the net assets. (See Note 1) * Non-income producing security. ** Aggregate cost for Federal income tax purposes is $67,299,478. Gross unrealized appreciation $ 3,686,443 Gross unrealized depreciation (6,529,056) ------------- Net unrealized depreciation $ (2,842,613) ============= PLC Public Limited Company SP ADR Sponsored American Depositary Receipt SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 5 ATLANTIC WHITEHALL FUNDS TRUST MULTI-CAP GLOBAL VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- Summary of inputs used to value the Fund's net assets as of February 29, 2008 is as follows (See Note 1): VALUATION INPUTS INVESTMENTS IN SECURITIES Level 1 - Quoted Prices $ 31,394,964 Level 2 - Other Significant Observable Inputs 33,061,901 Level 3 - Significant Unobservable Inputs -- ------------------------- TOTAL $ 64,456,865 ========================= FOREIGN COMMON STOCK INDUSTRY CONCENTRATION TABLE: (% of Total Net Assets) Media ................................................................ 14.53% Food, Beverages & Tobacco ............................................ 9.25% Automotive & Components .............................................. 7.20% Capital Goods ........................................................ 6.36% Banks ................................................................ 5.90% Pharmaceuticals, Biotechnology & Life Science ........................ 5.60% Consumer Durables & Apparel .......................................... 3.87% Commercial Services .................................................. 3.75% Materials ............................................................ 2.85% Food & Staples Retailing ............................................. 2.54% Diversified Financials ............................................... 2.36% Transportation ....................................................... 2.17% Technology Hardware & Equipement ..................................... 1.09% ------ Total 67.47% ====== INDUSTRY CONCENTRATION TABLE: (% of Total Net Assets) Media ................................................................ 14.53% Health Care Equipment & Services ..................................... 12.02% Banks ................................................................ 9.75% Food, Beverage & Tobacco ............................................. 9.25% Automobile & Components .............................................. 7.20% Capital Goods ........................................................ 6.36% Pharmaceuticals, Biotechnology & Life Science ........................ 5.60% Technology Hardware & Equipment ...................................... 5.23% Diversified Financials ............................................... 4.08% Consumer Durables & Apparel .......................................... 3.87% Insurance ............................................................ 3.78% Consumer Services .................................................... 3.75% Semiconductors & Semiconductor Equipment ............................. 3.51% Materials ............................................................ 2.85% Food & Staples Retailing ............................................. 2.54% Retailing ............................................................ 2.44% Transportation ....................................................... 2.17% Other Assets Net of Liabilities ...................................... 1.07% ------ Total 100.00% ====== SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 6 ATLANTIC WHITEHALL FUNDS TRUST INTERNATIONAL FUND PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------- ------------- FOREIGN COMMON STOCKS - 97.24% BRAZIL - 0.88% 4,900 Banco Bradesco S.A., Preferred Shares $ 152,985 129 Banco Bradesco S.A., Preferred Shares Receipts * 4,028 13,400 Companhia Energetica de Minas Gerais, SP ADR 255,002 9,125 Companhia Vale do Rio Doce, ADR 317,915 7,100 Empresa Brasileira de Aeronautica S.A., ADR 314,672 16,400 Natura Cosmeticos S.A. 166,803 3,200 Petroleo Brasileiro S.A., ADR 375,488 ------------- 1,586,893 ------------- CANADA - 1.00% 23,700 EnCana Corp. 1,806,666 ------------- CHINA - 2.85% 107,000 Cheung Kong (Holdings), Ltd. + 1,598,301 380,400 Hutchinson Whampoa, Ltd. + 3,565,010 ------------- 5,163,311 ------------- DENMARK - 1.52% 72,000 Danske Bank A/S + 2,750,270 ------------- EGYPT - 0.09% 2,250 Orascom Telecom Holding SAE, GDR 164,475 ------------- FINLAND - 4.15% 140,500 Nokia Oyj + 5,047,799 143,000 UPM-Kymmene Oyj + 2,473,965 ------------- 7,521,764 ------------- FRANCE - 8.02% 80,400 Credit Agricole S.A. + 2,180,827 61,600 Publicis Groupe + 2,224,540 47,900 Sanofi-Aventis + 3,540,395 14,250 Societe Generale + 1,524,731 189,600 Thomson + * 1,456,479 47,600 Total S.A., SP ADR 3,588,564 ------------- 14,515,536 ------------- GERMANY - 3.13% 20,700 BASF AG + 2,633,838 55,500 Bayerische Motoren Werke AG + 3,042,129 ------------- 5,675,967 ------------- HONG KONG - 0.36% 34,000 China Resources Enterprise + 120,706 169,000 CNOOC, Ltd. + 280,666 498,000 Denway Motors, Ltd. + 251,726 ------------- 653,098 ------------- INDIA - 0.14% 2,370 State Bank of India, GDR 258,923 ------------- INDONESIA - 0.28% 87,000 PT Astra International TBK + 261,044 224,500 PT Telekomunikasi Indonesia TBK, Series B Shares + 237,646 ------------- 498,690 ------------- ISRAEL - 0.32% 37,400 Makhteshim-Agan Industries, Ltd. + * 311,739 SHARES VALUE -------------- ------------- ISRAEL - (CONTINUED) 5,500 Teva Pharmaceutical Industries, Ltd., SP ADR $ 269,885 ------------- 581,624 ------------- ITALY - 1.68% 44,000 Eni SpA, SP ADR 3,032,920 ------------- JAPAN - 23.14% 95,400 Canon, Inc. + 4,276,332 180 East Japan Railway Co. + 1,444,745 104,600 FUJIFILM Holdings Corp. + 3,922,287 421,700 Mitsubishi UFJ Financial Group, Inc. + 3,716,591 34,700 Murata Manufacturing Co., Ltd. + 1,882,750 385 Nippon Telegraph & Telephone Corp. + 1,678,882 213,900 Nissan Motor Co., Ltd. + 1,923,597 89,500 NOK Corp. + 1,854,013 1,340 NTT DoCoMo, Inc. + 1,963,194 103,400 Seven & I Holdings Co., Ltd. + 2,571,069 26,700 Shin-Etsu Chemical Co., Ltd. + 1,440,902 31,700 SMC Corp. + 3,379,869 62,900 Sony Corp. + 2,971,598 349,000 Sumitomo Chemical Co., Ltd. + 2,415,893 35,800 Takeda Pharmaceutical Co., Ltd. + 1,997,605 35,400 Tokyo Electron, Ltd. + 2,194,166 41,400 Toyota Motor Corp. + 2,249,993 ------------- 41,883,486 ------------- LUXEMBOURG - 0.23% 4,400 Evraz Group S.A., GDR, Class S 413,600 ------------- MEXICO - 0.39% 124,200 Cemex S.A.B. de C.V., CPO * 341,753 9,100 Fomento Economico Mexicano, S.A.B. de C.V., SP ADR 364,000 ------------- 705,753 ------------- NETHERLANDS - 11.43% 296,800 Aegon NV + 4,432,517 84,000 Heineken NV + 4,737,614 44,200 Koninklijke (Royal) Philips Electronics NV 1,720,264 27,700 Royal Dutch Shell PLC, ADR 1,940,108 102,600 TNT NV + 4,040,619 123,600 Unilever NV + 3,821,844 ------------- 20,692,966 ------------- NORWAY - 1.22% 72,500 Statoil ASA + 2,209,170 ------------- RUSSIA - 0.34% 7,550 Gazprom OAO, SP ADR 383,540 3,000 LUKOIL, SP ADR 224,100 ------------- 607,640 ------------- SOUTH AFRICA - 0.39% 8,800 Barloworld, Ltd. + 105,964 20,800 Massmart Holdings, Ltd. + 190,279 3,600 Sasol, Ltd. + 184,111 18,312 Standard Bank Group, Ltd. + 228,540 ------------- 708,894 ------------- SOUTH KOREA - 0.86% 1,965 Daelim Industrial Co., Ltd. + 305,769 4,000 Hyundai Motor Co. + 280,469 2,600 Kookmin Bank + 160,237 1,700 LG Electronics, Inc. + 183,096 SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 7 ATLANTIC WHITEHALL FUNDS TRUST INTERNATIONAL FUND PORTFOLIO OF INVESTMENTS (CONTINUED) -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------- ------------- SOUTH KOREA - (CONTINUED) 690 Lotte Shopping Co., Ltd. + $ 233,533 400 POSCO + 220,009 300 Samsung Electronics Co., Ltd. + 175,852 ------------- 1,558,965 ------------- SPAIN - 1.15% 60,400 Repsol YPF SA, SP ADR 2,084,404 ------------- SWEDEN - 4.30% 166,800 Nordea AB + 2,508,079 2,456,300 Telefonaktiebolaget LM Ericsson, Class B + 5,284,532 ------------- 7,792,611 ------------- SWITZERLAND - 9.11% 66,000 Credit Suisse Group + 3,244,960 7,300 Nestle SA, Registered Shares + 3,484,205 112,100 Novartis AG, Registered Shares 5,536,932 13,525 Zurich Financial Services AG + 4,228,066 ------------- 16,494,163 ------------- TAIWAN - 0.55% 11,531 AU Optronics Corp., SP ADR 220,011 260,000 Chinatrust Financial Holding Co., Ltd. + * 232,442 11,000 High Tech Computer Corp. + 227,081 32,450 Tiawan Semiconductor Manufacturing Co., Ltd., SP ADR 316,063 ------------- 995,597 ------------- THAILAND - 0.23% 38,700 PTT Public Co., Ltd. 410,669 ------------- TURKEY - 0.13% 50,275 Turkiye Is Bankasi, Class C + 230,599 ------------- UNITED KINGDOM - 19.35% 191,600 BAE Systems PLC + 1,823,834 394,400 Barclays PLC + 3,696,429 6,200 Barratt Developments PLC + * 50,161 480,300 BP PLC + 5,179,892 153,100 Diageo PLC + 3,128,573 61,500 GlaxoSmithKline PLC, ADR 2,700,465 302,700 HSBC Holdings PLC + 4,576,013 865,100 Kingfisher PLC + 2,233,165 113,543 Reed Elsevier PLC + 1,429,039 298,200 Royal Bank of Scotland Group PLC + 2,254,542 1,649,700 Vodafone Group PLC + 5,311,137 452,100 William Morrison Supermarkets PLC + 2,650,223 ------------- 35,033,473 ------------- TOTAL FOREIGN COMMON STOCKS (Cost $158,688,876) 176,032,127 ------------- RIGHTS - 0.07% FRANCE - 0.07% 14,250 Societe Generale * 125,258 ------------- TOTAL RIGHTS (Cost $--) 125,258 ------------- SHARES VALUE -------------- ------------- INVESTMENT COMPANIES -6.22% 2,940,814 SSgA Money Market Fund $ 2,940,814 8,313,648 SSgA Prime Money Market Fund 8,313,648 ------------- TOTAL INVESTMENT COMPANIES (Cost $11,254,462) 11,254,462 ------------- TOTAL INVESTMENTS - 103.53% (Cost $169,943,338) ** 187,411,847 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS - (3.53)% (6,382,549) ------------- NET ASSETS - 100.00% $ 181,029,298 ============= ---------- + Security is being fair valued pursuant to fair value procedures adopted by the Board of Trustees. The aggregate market value of these securities are $148,667,892 or 82.12% of net assets. (See Note 1) * Non-income producing security ** Aggregate cost for Federal income tax purposes is $169,943,338. Gross unrealized appreciation $ 30,223,838 Gross unrealized depreciation (12,755,329) ------------- Net unrealized appreciation $ 17,468,509 ============= ADR American Depositary Receipt CPO Ordinary Participation Certificate GDR Global Depositary Receipt PLC Public Limited Company SP ADR Sponsored American Depositary Receipt Summary of inputs used to value the Fund's net assets as of February 29, 2008 is as follows (See Note 1): VALUATION INPUTS INVESTMENTS IN SECURITIES Level 1 - Quoted Prices $ 38,743,958 Level 2 - Other Significant Observable Inputs 148,667,889 Level 3 - Significant Unobservable Inputs -- ------------------------- TOTAL $ 187,411,847 ========================= SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 8 ATLANTIC WHITEHALL FUNDS TRUST INTERNATIONAL FUND PORTFOLIO OF INVESTMENTS (CONTINUED) -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- INDUSTRY CONCENTRATION TABLE: (UNAUDITED) (% of Total Net Assets) Banks ................................................................ 13.59% Energy ............................................................... 11.99% Technology Hardware & Equipment ...................................... 11.52% Food, Beverage & Tobacco ............................................. 8.58% Pharmaceuticals, Biotechnology & Life Science ........................ 7.76% Capital Goods ........................................................ 6.20% Materials ............................................................ 5.84% Automobiles & Components ............................................. 5.45% Telecommunication Services ........................................... 5.17% Insurance ............................................................ 4.78% Transportation ....................................................... 3.03% Food & Staples Retailing ............................................. 2.99% Consumer Durables & Apparel .......................................... 2.55% Media ................................................................ 2.02% Diversified Financials ............................................... 1.79% Semiconductors & Semiconductor Equipment ............................. 1.48% Retailing ............................................................ 1.43% Real Estate .......................................................... 0.88% Utilities ............................................................ 0.14% Household & Personal Products ........................................ 0.12% Other Assets Net of Liabilities ...................................... 2.69% ------ Total 100.00% ====== SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 9 ATLANTIC WHITEHALL FUNDS TRUST EQUITY INCOME FUND PORTFOLIO OF INVESTMENTS -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS - 95.30% CAPITAL GOODS - 10.71% 49,121 General Dynamics Corp. $ 4,020,554 341,401 General Electric Co. 11,314,029 90,017 Textron, Inc. 4,876,221 107,926 United Technologies Corp. 7,609,862 ------------ 27,820,666 ------------ CONSUMER DURABLES & APPAREL - 5.11% 59,628 Fortune Brands, Inc. 3,874,628 63,198 Nike, Inc. 3,804,520 73,526 VF Corp. 5,590,917 ------------ 13,270,065 ------------ CONSUMER SERVICES - 1.40% 118,350 Darden Restaurants, Inc. 3,648,731 ------------ DIVERSIFIED FINANCIALS - 10.33% 167,537 Bank of America Corp. 6,657,920 118,959 Bank of New York Mellon Corp. 5,218,732 161,154 CapitalSource, Inc., REIT 2,552,679 120,119 JPMorgan Chase & Co. 4,882,837 63,050 Merrill Lynch & Co., Inc. 3,124,758 104,735 Morgan Stanley 4,411,438 ------------ 26,848,364 ------------ ENERGY - 12.40% 71,237 BP PLC, SP ADR 4,621,144 122,254 Chesapeake Energy Corp. 5,528,326 38,058 Devon Energy Corp. 3,909,318 104,390 Marathon Oil Corp. 5,549,372 172,189 Williams Cos., Inc. (The) 6,202,248 103,978 XTO Energy, Inc. 6,416,482 ------------ 32,226,890 ------------ FOOD & STAPLES RETAILING - 2.30% 148,175 CVS Caremark Corp. 5,983,307 ------------ FOOD, BEVERAGE & TOBACCO - 0.89% 97,981 Reddy Ice Holdings, Inc. 2,309,412 ------------ HEALTH CARE EQUIPMENT & SERVICES - 5.05% 105,130 Aetna, Inc. 5,214,448 45,397 Express Scripts, Inc. * 2,682,963 35,717 Laboratory Corp. of America Holdings * 2,761,281 52,842 UnitedHealth Group, Inc. 2,456,096 ------------ 13,114,788 ------------ HOUSEHOLD & PERSONAL PRODUCTS - 2.42% 95,155 Procter & Gamble Co. (The) 6,297,358 ------------ INSURANCE - 1.25% 44,386 Prudential Financial, Inc. 3,238,846 ------------ MATERIALS - 5.83% 38,432 Compass Minerals International, Inc. 2,187,549 219,226 Nalco Holding Co. 4,735,282 64,530 Praxair, Inc. 5,180,468 140,257 Valspar Corp. (The) 3,042,174 ------------ 15,145,473 ------------ MEDIA - 4.77% 298,551 Comcast Corp., Class A * 5,833,687 49,023 Lamar Advertising Co., Class A 1,868,267 SHARES VALUE ----------- ------------ MEDIA - (CONTINUED) 124,904 Liberty Global, Inc., Class A * $ 4,696,390 ------------ 12,398,344 ------------ PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCE - 1.72% 83,401 Abbott Laboratories 4,466,124 ------------ REAL ESTATE - 3.36% 116,784 CB Richard Ellis Group, Inc., Class A * 2,342,687 75,770 Developers Diversified Realty Corp., REIT 2,921,691 82,898 Ventas, Inc., REIT 3,466,794 ------------ 8,731,172 ------------ RETAILING - 5.02% 159,132 Advance Auto Parts, Inc. 5,337,287 173,782 Lowe's Cos., Inc. 4,165,555 67,180 Target Corp. 3,534,340 ------------ 13,037,182 ------------ SOFTWARE & SERVICES - 6.36% 76,152 Accenture, Ltd., Class A 2,684,358 77,232 Fiserv, Inc. * 4,063,948 158,930 Microsoft Corp. 4,326,075 290,004 Oracle Corp. * 5,452,075 ------------ 16,526,456 ------------ TECHNOLOGY HARDWARE & EQUIPMENT - 4.61% 131,406 Hewlett-Packard Co. 6,277,265 49,963 International Business Machines Corp. 5,688,787 ------------ 11,966,052 ------------ TELECOMMUNICATION SERVICES - 3.27% 135,189 AT&T Inc. 4,708,633 104,367 Verizon Communications, Inc. 3,790,610 ------------ 8,499,243 ------------ TRANSPORTATION - 2.28% 112,011 Norfolk Southern Corp. 5,924,262 ------------ UTILITIES - 6.22% 43,526 Constellation Energy Group, Inc. 3,845,522 63,963 Equitable Resources, Inc. 3,941,400 70,718 Exelon Corp. 5,293,242 40,625 FPL Group, Inc. 2,449,281 13,620 ONEOK, Inc. 634,283 ------------ 16,163,728 ------------ TOTAL COMMON STOCKS (Cost $211,509,138) 247,616,463 ------------ INVESTMENT COMPANIES - 4.80% 1,450,483 SSgA Money Market Fund 1,450,483 11,016,900 SSgA Prime Money Market Fund 11,016,900 ------------ TOTAL INVESTMENT COMPANIES (Cost $12,467,383) 12,467,383 ------------ SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 10 ATLANTIC WHITEHALL FUNDS TRUST EQUITY INCOME FUND PORTFOLIO OF INVESTMENTS (CONTINUED) -- FEBRUARY 29, 2008 (UNAUDITED) -------------------------------------------------------------------------------- TOTAL INVESTMENTS - 100.10% (Cost $223,976,521) ** $260,083,846 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS - (0.10)% (251,911) ------------ NET ASSETS - 100.00% $259,831,935 ============ ---------- * Non-income producing security ** Aggregate cost for Federal income tax purposes is $223,976,521. Gross unrealized appreciation $ 43,881,411 Gross unrealized depreciation (7,774,086) ------------ Net unrealized app/dep $ 36,107,325 ============ PLC Public Limited Company REIT Real Estate Investment Trust SP ADR Sponsored American Depositary Receipt Summary of inputs used to value the Fund's net assets as of February 29, 2008 is as follows (See Note 1): VALUATION INPUTS INVESTMENTS IN SECURITIES Level 1 - Quoted Prices $ 260,083,846 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- ------------------------- TOTAL $ 260,083,846 ========================= SEE ACCOMPANYING NOTES TO PORTFOLIO OF INVESTMENTS. 11 ATLANTIC WHITEHALL FUNDS TRUST NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED) FEBRUARY 29, 2008 NOTE (1) PORTFOLIO VALUATIONS: Securities are valued using market quotations. Securities listed on an exchange are valued on the basis of the last sale price or NASDAQ official closing price ("NOCP"), when appropriate. If the last sale price or NOCP is not reported, the current bid price is used. Securities for which market quotations are not readily available are valued at fair value as determined in good faith under procedures established by or under the general supervision of the Board of Trustees. A Fund will use fair value pricing methods to determine the value of certain investments if it is determined that the closing price or the latest quoted bid price of a security, including securities that trade primarily on a foreign exchange, does not accurately reflect its current value such that a market quotation is not "readily available." The closing price or the latest quoted bid price of a security may not reflect its current value if, among other things, a significant event occurs that materially affects the value of the security after the closing price or the latest bid price is obtained from an exchange that closes before a Fund calculates its net asset value. The Funds use various criteria, including a systematic evaluation of U.S. market moves after the close of foreign markets, in deciding whether a market quotation is readily available and, if not, what fair value to assign to the security. To determine the appropriate valuation method, the following factors that may be considered include, but are not limited to the following: (a) the fundamental analytical data relating to the investment; (b) the nature and duration of restrictions on disposition of the securities; (c) the evaluation of the forces which influence the market in which the securities are purchased; and (d) any other relevant factors. With respect to fair value of securities traded on foreign markets, the following factors may also be relevant: (a) value of foreign securities traded on foreign markets; (b) American Depository Receipts ("ADRs") trading; (c) closed-end fund trading; (d) foreign currency exchange activity; and (e) trading of financial products that are tied to baskets of foreign securities. In light of the judgment involved in fair valuation decisions, there can be no assurance that a fair value assigned to a particular security is what ultimately might be realized in a disposition of the security. Investments in Money Market Funds are valued at their net asset value as reported by the underlying fund. Multi-Cap Global Value Fund and International Fund may review U.S. market moves after the close of foreign markets to assist with the decision whether to substitute fair values for foreign security market prices. When fair values are substituted for foreign security market prices, fair values are obtained from an independent service provider that applies a multi-factor methodology, which uses factors such as ADRs, sector indices and futures, to each foreign portfolio security reviewed as part of this process. Bonds and other fixed income securities may be valued on the basis of prices provided by a pricing service approved by the Board of Trustees. All assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars. To the extent a Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the net asset value of the Fund's shares may change on days when shareholders will not be able to purchase or redeem the Fund's shares. Portfolio securities which are primarily traded on foreign exchanges may be valued with the assistance of a pricing service and are generally valued at the preceding closing values of such securities on their respective exchanges, except that when an occurrence subsequent to the time a foreign security is valued is likely to have changed such value, then the fair value of those securities will be determined by consideration of other factors by or under the direction of the Board of Trustees. Over-the-counter securities are valued on the basis of the bid price at the close of business on each business day. ADOPTION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 "FAIR VALUE MEASUREMENT" ("FAS 157"): In September 2006, the Financial Accounting Standards Board issued FAS 157, "Fair Value Measurement," which is effective for financial statements issued for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations of an entity's financial performance. The Funds have adopted FAS 157 as of December 1, 2007. The three levels of the fair value hierarchy under FAS 157 are described below: o Level 1 - quoted prices in active markets for identical securities o Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) o Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) 12 ATLANTIC WHITEHALL FUNDS TRUST NOTES TO PORTFOLIO OF INVESTMENTS (UNAUDITED)(CONTINUED) FEBRUARY 29, 2008 The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Funds' net assets as of February 28, 2008 is included with each Funds' Schedule of Investments. NOTE (2) For more information with regards to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 13 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Atlantic Whitehall Funds Trust ------------------------------------------------------------------- By (Signature and Title)* /s/ Jeffrey S. Thomas ------------------------------------------------------- Jeffrey S. Thomas, Chief Executive Officer (principal executive officer) Date April 25, 2008 ---------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Jeffrey S. Thomas ------------------------------------------------------- Jeffrey S. Thomas, Chief Executive Officer (principal executive officer) Date April 25, 2008 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Kenneth Kozanda ------------------------------------------------------- Kenneth Kozanda, Chief Financial Officer (principal financial officer) Date April 23, 2008 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.