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: 811-05639
Pacholder High Yield Fund, Inc.
(Exact name of registrant as specified in charter)
245 Park Avenue
New York, NY 10167
(Address of principal executive offices) (Zip code)
Frank J. Nasta
245 Park Avenue
New York, NY 10167
(Name and Address of Agent for Service)
Registrants telephone number, including area code: (513) 985-3200
Date of fiscal year end: December 31
Date of reporting period: September 30, 2009
ITEM 1.
|
SCHEDULE OF INVESTMENTS.
|
Pacholder High Yield Fund, Inc.
Schedule of Portfolio Investments as of September 30, 2009
(Unaudited)
THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST (the List) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of
the Fund. Certified holdings are available 60 days after the funds fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
JPMorgan
Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co.
JPMorgan Distribution Services,
Inc.
© J.P. Morgan Chase & Co., 2006.
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
CORPORATE BONDS 110.5%
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 27.4%
|
|
|
|
|
|
|
AEROSPACE & DEFENSE 0.1%
|
|
|
|
|
|
|
DigitalGlobe, Inc., Private Placement, Sr Nt, 10.500%, 05/01/14
2
|
|
$
|
125
|
|
$
|
132,500
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
AUTO COMPONENTS 0.9%
|
|
Affinia Group, Inc., 9.000%, 11/30/14
|
|
|
75
|
|
|
71,250
|
|
0.1
|
|
American Tire Distributors, Inc., Nt, 10.750%, 04/01/13
|
|
|
435
|
|
|
395,850
|
|
0.4
|
|
Delphi Corp., 7.125%, 05/01/29
4
|
|
|
725
|
|
|
5,437
|
|
0.0
|
12
|
Exide Technologies, 10.500%, 03/15/13
7
|
|
|
218
|
|
|
214,185
|
|
0.2
|
|
Tenneco, Inc., 10.250%, 07/15/13
|
|
|
146
|
|
|
151,840
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
838,562
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES 0.8%
|
|
|
|
|
|
|
Ford Holdings LLC,
|
|
|
|
|
|
|
|
|
|
9.300%, 03/01/30
|
|
|
112
|
|
|
91,560
|
|
0.1
|
|
9.375%, 03/01/20
|
|
|
150
|
|
|
124,500
|
|
0.1
|
|
Ford Motor Co., 8.900%, 01/15/32
|
|
|
125
|
|
|
100,000
|
|
0.1
|
|
Ford Motor Co., Nt, 9.980%, 02/15/47
|
|
|
125
|
|
|
108,750
|
|
0.1
|
|
General Motors Corp., 5.250%, 03/06/32
1
|
|
|
4
|
|
|
14,650
|
|
0.0
|
12
|
General Motors Corp., Debentures,
|
|
|
|
|
|
|
|
|
|
6.750%, 05/01/28
4
|
|
|
50
|
|
|
7,500
|
|
0.0
|
12
|
8.100%, 06/15/24
4
|
|
|
1,725
|
|
|
263,063
|
|
0.3
|
|
8.375%, 07/15/33
4,6
|
|
|
425
|
|
|
69,062
|
|
0.1
|
|
Motors Liquidation Co., 0.000%, 03/15/36
4
|
|
|
55
|
|
|
4,263
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
783,348
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
BROADCASTING & CABLE TV 3.7%
|
|
|
|
|
|
|
|
|
|
Adelphia Communications Corp., 6.000%, 02/15/06
4
|
|
|
125
|
|
|
12
|
|
0.0
|
12
|
Adelphia Communications Corp., Sr Nt,
|
|
|
|
|
|
|
|
|
|
8.125%, 07/15/03
4
|
|
|
750
|
|
|
16,875
|
|
0.0
|
12
|
9.375%, 11/15/09
4
|
|
|
560
|
|
|
12,600
|
|
0.0
|
12
|
Adelphia Recovery Trust, Contingent Value 12/31/49
|
|
|
1,297
|
|
|
34,368
|
|
0.0
|
12
|
CCO Holdings LLC/CCO Holdings Capital Corp., 8.750%, 11/15/13
4,6
|
|
|
800
|
|
|
812,000
|
|
0.9
|
|
Charter Communications Holdings LLC/Charter Communications Operating Capital, 10.875%, 09/15/14
|
|
|
500
|
|
|
541,250
|
|
0.6
|
|
Intelsat Subsidiary Holding Co. Ltd., (Bermuda), 8.875%, 01/15/15
|
|
|
1,000
|
|
|
1,017,500
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
BROADCASTING & CABLE TV (continued)
|
|
Mediacom LLC / Mediacom Capital Corp., 9.125%, 08/15/19
2,6
|
|
$
|
120
|
|
$
|
123,300
|
|
0.1
|
%
|
Telesat Canada / Telesat LLC, (Canada), 11.000%, 11/01/15
|
|
|
80
|
|
|
85,200
|
|
0.1
|
|
Virgin Media Finance plc, Sr Nt, (United Kingdom), 9.125%, 08/15/16
|
|
|
600
|
|
|
616,500
|
|
0.7
|
|
XM Satellite Radio, Inc., 13.000%, 08/01/13
2
|
|
|
200
|
|
|
196,000
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,455,605
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTORS 0.3%
|
|
|
|
|
|
|
KAR Holdings, Inc., Sr Nt,
|
|
|
|
|
|
|
|
|
|
8.750%, 05/01/14
|
|
|
150
|
|
|
148,500
|
|
0.2
|
|
10.000%, 05/01/15
|
|
|
123
|
|
|
123,615
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272,115
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED CONSUMER SERVICES 2.0%
|
|
|
|
|
|
|
Knowledge Learning Corp., Inc., Private Placement, Sr Sub Nt, 7.750%, 02/01/15
2
|
|
|
700
|
|
|
675,500
|
|
0.7
|
|
Mac-Gray Corp., Sr Nt, 7.625%, 08/15/15
|
|
|
650
|
|
|
640,250
|
|
0.7
|
|
Sothebys, 7.750%, 06/15/15
|
|
|
250
|
|
|
213,750
|
|
0.2
|
|
Stewart Enterprises, Inc., Sr Nt, 6.250%, 02/15/13
10
|
|
|
324
|
|
|
315,090
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,844,590
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
GAMING 4.9%
|
|
|
|
|
|
|
Chukchansi Economic Development Authority, 8.000%, 11/15/13
2
|
|
|
566
|
|
|
447,140
|
|
0.5
|
|
FireKeepers Development Authority, Private Placement, 13.875%, 05/01/15
2
|
|
|
75
|
|
|
79,688
|
|
0.1
|
|
Harrahs Operating Co., Inc., Private Placement, Series A144, 10.000%, 12/15/18
2
|
|
|
650
|
|
|
516,750
|
|
0.6
|
|
Harrahs Operating Escrow LLC/Harrahs Escrow Corp., Private Placement, 11.250%, 06/01/17
2
|
|
|
250
|
|
|
256,875
|
|
0.3
|
|
Isle of Capri Casinos, Inc., Sr Nt, 7.000%, 03/01/14
|
|
|
400
|
|
|
356,000
|
|
0.4
|
|
3
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets
*
|
|
GAMING (continued)
|
|
Mandalay Resort Group, Sr Nt, 6.375%, 12/15/11
|
|
$
|
500
|
|
$
|
447,500
|
|
0.5
|
%
|
Mashantucket Western Pequot Tribe, 5.912%, 09/01/21
2
|
|
|
475
|
|
|
321,451
|
|
0.3
|
|
Mashantucket Western Pequot Tribe, Private Placement, 8.500%, 11/15/15
2
|
|
|
820
|
|
|
297,250
|
|
0.3
|
|
MGM Mirage, 11.375%, 03/01/18
2
|
|
|
250
|
|
|
235,000
|
|
0.2
|
|
MGM Mirage, Co Guar, 7.625%, 01/15/17
6
|
|
|
150
|
|
|
117,000
|
|
0.1
|
|
MGM Mirage, Sr Nt, 6.750%, 09/01/12
|
|
|
172
|
|
|
144,050
|
|
0.1
|
|
Seminole Hard Rock Entertainment, Inc., Private Placement, VAR,
2.799%, 03/15/14
2
|
|
|
500
|
|
|
402,500
|
|
0.4
|
|
Shingle Springs Tribal Gaming Authority, Private Placement, Sr Nt,
9.375%, 06/15/15
2
|
|
|
1,000
|
|
|
720,000
|
|
0.8
|
|
Wynn Las Vegas Capital Corp., Nt,
6.625%, 12/01/14
6
|
|
|
250
|
|
|
241,250
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,582,454
|
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
HOTELS, RESTAURANTS & LEISURE 2.1%
|
|
Outback Steakhouse, 0.000%, 06/14/14
|
|
|
1
|
|
|
1,044
|
|
0.0
12
|
|
Real Mex Restaurants, Inc.,
14.000%, 01/01/13
2
|
|
|
200
|
|
|
186,000
|
|
0.2
|
|
Royal Caribbean Cruises Ltd., (Liberia),
|
|
|
|
|
|
|
|
|
|
6.875%, 12/01/13
|
|
|
28
|
|
|
26,110
|
|
0.0
12
|
|
7.250%, 06/15/16
|
|
|
163
|
|
|
150,775
|
|
0.2
|
|
Royal Caribbean Cruises Ltd., Sr Nt, (Liberia), 11.875%, 07/15/15
6
|
|
|
231
|
|
|
259,875
|
|
0.3
|
|
Six Flags Operations, Inc., Private Placement, 12.250%, 07/15/16
2,4,6
|
|
|
1,122
|
|
|
1,015,410
|
|
1.1
|
|
Speedway Motorsports, Inc., Sr Nt, Private Placement, 8.750%, 06/01/16
2
|
|
|
300
|
|
|
312,000
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,951,214
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD DURABLES 1.4%
|
|
|
|
|
|
|
|
|
|
K Hovnanian Enterprises, Inc., Debentures, 11.500%, 05/01/13
|
|
|
750
|
|
|
791,250
|
|
0.8
|
|
KB Home, Sr Nt, 5.875%, 01/15/15
|
|
|
250
|
|
|
235,625
|
|
0.3
|
|
Meritage Homes Corp., Sr Nt,
7.000%, 05/01/14
|
|
|
250
|
|
|
234,375
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,261,250
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets
*
|
|
LEISURE EQUIPMENT & PRODUCTS 0.0%
12
|
|
Eastman Kodak Co., 7.250%, 11/15/13
|
|
$
|
60
|
|
$
|
49,200
|
|
0.0
|
%
12
|
True Temper Sports, Inc., Sr Nt,
8.375%, 09/15/11
3,4
|
|
|
490
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,200
|
|
0.0
12
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA 6.2%
|
|
Barrington Broadcasting Group LLC and Barrington Broadcasting Capital Corp., Sr Sub Nt, 10.500%, 08/15/14
|
|
|
700
|
|
|
399,000
|
|
0.4
|
|
Block Communications, Inc., Private Placement, Sr Nt, 8.250%, 12/15/15
2
|
|
|
800
|
|
|
760,000
|
|
0.8
|
|
Fisher Communications, Inc., Sr Nt, 8.625%, 09/15/14
|
|
|
500
|
|
|
462,500
|
|
0.5
|
|
Gannett Co., Inc., Private Placement,
|
|
|
|
|
|
|
|
|
|
8.750%, 11/15/14
2
|
|
|
80
|
|
|
78,200
|
|
0.1
|
|
9.375%, 11/15/17
2
|
|
|
135
|
|
|
131,288
|
|
0.1
|
|
Lamar Media Corp., Sr Sub Nt,
|
|
|
|
|
|
|
|
|
|
6.625%, 08/15/15
|
|
|
250
|
|
|
228,750
|
|
0.3
|
|
7.250%, 01/01/13
6
|
|
|
39
|
|
|
38,366
|
|
0.0
12
|
|
LBI Media, Inc., Sr Disc Nt,
11.000%, 10/15/13
7
|
|
|
625
|
|
|
371,875
|
|
0.4
|
|
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc., Sr Disc Nt, 11.375%, 04/01/13
7
|
|
|
479
|
|
|
201,342
|
|
0.2
|
|
Quebecor Media, Inc., Sr Nt, (Canada), 7.750%, 03/15/16
10
|
|
|
750
|
|
|
742,500
|
|
0.8
|
|
Radio One, Inc., Sr Sub Nt,
6.375%, 02/15/13
|
|
|
500
|
|
|
173,750
|
|
0.2
|
|
RH Donnelley, Inc., Private Placement, 11.750%, 05/15/15
2,4
|
|
|
795
|
|
|
449,175
|
|
0.5
|
|
Valassis Communications, Inc., Private Placement, 8.250%, 03/01/15
|
|
|
1,500
|
|
|
1,344,375
|
|
1.5
|
|
WMG Acquisition Corp., Sr Nt, Private Placement, 9.500%, 06/15/16
2
|
|
|
100
|
|
|
105,500
|
|
0.1
|
|
WMG Holdings Corp., Nt12/15/14
7
|
|
|
250
|
|
|
240,625
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,727,246
|
|
6.2
|
|
|
|
|
|
|
|
|
|
|
|
MULTILINE RETAIL 0.5%
|
|
|
|
|
|
|
|
|
|
Dollar General Corp., PIK,
11.875%, 07/15/17
|
|
|
100
|
|
|
112,500
|
|
0.1
|
|
HSN, Inc., 11.250%, 08/01/16
|
|
|
323
|
|
|
349,648
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
462,148
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
4
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets
*
|
|
SPECIALTY RETAIL 3.4%
|
|
ACE Hardware Corp., Private Placement, Sr Nt, 9.125%, 06/01/16
2
|
|
$
|
250
|
|
$
|
261,250
|
|
0.3
|
%
|
Asbury Automotive Group, Inc., Sr Nt, 8.000%, 03/15/14
|
|
|
127
|
|
|
118,110
|
|
0.1
|
|
Burlington Coat Factory Warehouse Corp., 11.125%, 04/15/14
6
|
|
|
1,000
|
|
|
980,000
|
|
1.1
|
|
Collective Brands, Inc., 8.250%, 08/01/13
|
|
|
500
|
|
|
490,000
|
|
0.5
|
|
General Nutrition Centers, Inc., PIK, 5.178%, 03/15/14
|
|
|
461
|
|
|
407,985
|
|
0.4
|
|
NBC Acquisition Corp.,
11.000%, 03/15/13
7
|
|
|
280
|
|
|
162,400
|
|
0.2
|
|
Nebraska Book Co., Inc.,
8.625%, 03/15/12
|
|
|
160
|
|
|
140,400
|
|
0.2
|
|
PEP Boys-Manny Moe & Jack, Sr Nt, 7.500%, 12/15/14
6
|
|
|
300
|
|
|
269,250
|
|
0.3
|
|
Toys R Us, Inc., 7.875%, 04/15/13
6
|
|
|
300
|
|
|
288,000
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,117,395
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES, APPAREL & LUXURY GOODS 1.1%
|
|
Broder Brothers Co., Private Placement, PIK, 12.000%, 10/15/13
2,3,9
|
|
|
371
|
|
|
166,998
|
|
0.2
|
|
Hanesbrands, Inc., Sr Nt, VAR,
4.593%, 12/15/14
|
|
|
500
|
|
|
438,750
|
|
0.5
|
|
Quiksilver, Inc., 6.875%, 04/15/15
|
|
|
500
|
|
|
373,750
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
979,498
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
25,457,125
|
|
27.4
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 8.2%
|
|
BEVERAGES 0.4%
|
|
Constellation Brands, Inc., Sr Nt,
8.375%, 12/15/14
|
|
|
315
|
|
|
328,387
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
FOOD & STAPLES RETAILING 3.3%
|
|
Golden State Foods Corp., Private Placement, Sr Sub Nt,
9.240%, 01/10/12
2,8,9
|
|
|
1,550
|
|
|
1,594,563
|
|
1.7
|
|
Ingles Markets, Inc., 8.875%, 05/15/17
|
|
|
190
|
|
|
194,750
|
|
0.2
|
|
Rite Aid Corp., 10.375%, 07/15/16
|
|
|
800
|
|
|
790,000
|
|
0.8
|
|
Rite Aid Corp., Debentures,
7.500%, 03/01/17
|
|
|
600
|
|
|
528,000
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,107,313
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
FOOD PRODUCTS 2.8%
|
|
Chiquita Brands International, Inc., Sr Nt, 8.875%, 12/01/15
6
|
|
|
699
|
|
|
719,970
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets
*
|
|
FOOD PRODUCTS (continued)
|
|
Dole Food Co., Inc.,
8.000%, 10/01/16
2,6
|
|
$
|
215
|
|
$
|
215,806
|
|
0.2
|
%
|
Dole Food Co., Inc., Private Placement, Sr Nt, 13.875%, 03/15/14
2
|
|
|
250
|
|
|
293,125
|
|
0.3
|
|
Eurofresh, Inc., Private Placement, Nt, 11.500%, 01/15/13
2,4,9
|
|
|
2,367
|
|
|
44,381
|
|
0.0
12
|
|
JBS USA LLC/JBS USA Finance, Inc., Private Placement,
11.625%, 05/01/14
2
|
|
|
325
|
|
|
349,375
|
|
0.4
|
|
Smithfield Foods, Inc., Nt,
7.750%, 05/15/13
|
|
|
575
|
|
|
511,750
|
|
0.6
|
|
Southern States Cooperative, Inc., Private Placement, Series 144a,
11.000%, 11/01/11
2,9
|
|
|
500
|
|
|
475,000
|
|
0.5
|
|
Toms Foods, Inc., Sr Nt,
10.500%, 11/01/04
3,4,9
|
|
|
872
|
|
|
8,718
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,618,125
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD PRODUCTS 1.1%
|
|
Central Garden and Pet Co.,
9.125%, 02/01/13
|
|
|
215
|
|
|
217,419
|
|
0.2
|
|
Jarden Corp., 7.500%, 05/01/17
6
|
|
|
550
|
|
|
534,875
|
|
0.6
|
|
Spectrum Brands, Inc., PIK,
12.000%, 08/28/19
|
|
|
281
|
|
|
266,641
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,018,935
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
PERSONAL PRODUCTS 0.1%
|
|
Revlon Consumer Products Corp., 9.500%, 04/01/11
|
|
|
62
|
|
|
60,760
|
|
0.1
|
|
TOBACCO 0.5%
|
|
Alliance One International, Inc., Private Placement, 10.000%, 07/15/16
2
|
|
|
440
|
|
|
454,300
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples
|
|
|
|
|
|
7,587,820
|
|
8.2
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY 8.5%
|
|
ENERGY EQUIPMENT & SERVICES 2.8%
|
|
Calfrac Holdings LP, Private Placement, Debentures, 7.750%, 02/15/15
2
|
|
|
209
|
|
|
202,469
|
|
0.2
|
|
Forbes Energy Services LLC/Forbes Energy Capital, Inc.,
11.000%, 02/15/15
|
|
|
750
|
|
|
600,000
|
|
0.6
|
|
Helix Energy Solutions Group, Inc., Private Placement,
9.500%, 01/15/16
2
|
|
|
1,000
|
|
|
1,000,000
|
|
1.1
|
|
5
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
ENERGY EQUIPMENT & SERVICES (continued)
|
|
Key Energy Services, Inc., Sr Nt,
8.375%, 12/01/14
|
|
|
338
|
|
|
321,100
|
|
0.4
|
|
PHI, Inc., Co Guar, 7.125%, 04/15/13
|
|
$
|
483
|
|
$
|
453,416
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,576,985
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS 5.7%
|
|
El Paso Performance-Linked Trust, Private Placement, Sr Nt, 7.750%, 07/15/11
2
|
|
|
500
|
|
|
510,763
|
|
0.5
|
|
Encore Acquisition Co., Sr Nt, 6.000%, 07/15/15
10
|
|
|
1,000
|
|
|
905,000
|
|
1.0
|
|
Forest Oil Corp., Nt, 7.250%, 06/15/19
|
|
|
269
|
|
|
251,515
|
|
0.3
|
|
Gibson Energy ULC/GEP Midstream Finance Corp., Private Placement, (Canada), 11.750%, 05/27/14
2
|
|
|
200
|
|
|
209,000
|
|
0.2
|
|
Newfield Exploration Co., Nt, 6.625%, 09/01/14
|
|
|
200
|
|
|
196,500
|
|
0.2
|
|
Range Resources Corp., 7.250%, 05/01/18
|
|
|
25
|
|
|
24,500
|
|
0.0
|
12
|
Range Resources Corp., Sr Sub Nt, 7.500%, 05/15/16
|
|
|
267
|
|
|
267,000
|
|
0.3
|
|
Swift Energy Co., Sr Nt, 7.125%, 06/01/17
|
|
|
1,260
|
|
|
1,096,200
|
|
1.2
|
|
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 8.250%, 07/01/16
|
|
|
280
|
|
|
265,300
|
|
0.3
|
|
W&T Offshore, Inc., Private Placement, Sr Nt, 8.250%, 06/15/14
2
|
|
|
1,000
|
|
|
910,000
|
|
1.0
|
|
Western Refining, Inc., Private Placement, VAR, 10.750%, 06/15/14
2,6
|
|
|
225
|
|
|
213,750
|
|
0.2
|
|
11.250%, 06/15/17
2
|
|
|
225
|
|
|
212,625
|
|
0.2
|
|
Williams Partners LP/Williams Partners Finance Corp., Sr Nt, 7.250%, 02/01/17
|
|
|
250
|
|
|
245,678
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,307,831
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
7,884,816
|
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
FINANCIALS 15.1%
|
|
|
|
|
|
|
|
|
|
COMMERCIAL BANKS 2.2%
|
|
|
|
|
|
|
|
|
|
BankAmerica Capital II, Nt, Series 2, 8.000%, 12/15/26
|
|
$
|
30
|
|
$
|
28,950
|
|
0.0
|
%
12
|
Capital One Capital V, 10.250%, 08/15/39
|
|
|
950
|
|
|
1,049,769
|
|
1.1
|
|
Countrywide Capital III, 8.050%, 06/15/27
|
|
|
500
|
|
|
475,000
|
|
0.5
|
|
Wachovia Capital Trust III, VAR, 5.800%, 03/15/11
14
|
|
|
760
|
|
|
524,400
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,078,119
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER FINANCE 6.8%
|
|
ACE Cash Express, Inc., Private Placement, Sr Nt, 10.250%, 10/01/14
2,9
|
|
|
1,000
|
|
|
671,250
|
|
0.7
|
|
Ford Motor Credit Co. LLC, VAR, 3.260%, 01/13/12
|
|
|
1,000
|
|
|
900,000
|
|
1.0
|
|
7.500%, 08/01/12
|
|
|
150
|
|
|
144,025
|
|
0.1
|
|
7.800%, 06/01/12
|
|
|
200
|
|
|
193,290
|
|
0.2
|
|
8.700%, 10/01/14
|
|
|
750
|
|
|
734,663
|
|
0.8
|
|
9.875%, 08/10/11
|
|
|
175
|
|
|
177,485
|
|
0.2
|
|
Ford Motor Credit Co. LLC, Nt, 8.000%, 12/15/16
10
|
|
|
700
|
|
|
649,436
|
|
0.7
|
|
GMAC LLC, Private Placement, VAR, 2.561%, 12/01/14
2
|
|
|
307
|
|
|
237,925
|
|
0.2
|
|
6.625%, 05/15/12
2
|
|
|
158
|
|
|
145,360
|
|
0.2
|
|
7.000%, 02/01/12
2,6
|
|
|
300
|
|
|
279,000
|
|
0.3
|
|
8.000%, 11/01/31
2
|
|
|
1,592
|
|
|
1,281,560
|
|
1.4
|
|
SLM Corp., VAR, 0.499%, 03/15/11
|
|
|
350
|
|
|
315,192
|
|
0.3
|
|
VAR, 0.804%, 01/27/14
|
|
|
100
|
|
|
63,097
|
|
0.1
|
|
5.000%, 06/15/18
|
|
|
30
|
|
|
18,814
|
|
0.0
|
12
|
5.375%, 05/15/14
|
|
|
86
|
|
|
65,823
|
|
0.1
|
|
5.400%, 10/25/11
|
|
|
143
|
|
|
131,949
|
|
0.2
|
|
8.450%, 06/15/18
|
|
|
390
|
|
|
311,025
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,319,894
|
|
6.8
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES 0.6%
|
|
|
|
Deluxe Corp., Nt, 5.125%, 10/01/14
|
|
|
600
|
|
|
531,000
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
6
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
INSURANCE 5.5%
|
|
|
|
|
|
|
|
|
|
Crum and Forster Holdings Corp., 7.750%, 05/01/17
|
|
$
|
600
|
|
$
|
552,000
|
|
0.6
|
%
|
HUB International Holdings, Inc., Private Placement, 9.000%, 12/15/14
2
|
|
|
500
|
|
|
482,500
|
|
0.5
|
|
10.250%, 06/15/15
2
|
|
|
650
|
|
|
605,312
|
|
0.7
|
|
Liberty Mutual Group, Inc., 7.800%, 03/15/37
2
|
|
|
200
|
|
|
152,000
|
|
0.2
|
|
Liberty Mutual Group, Inc., Private Placement, 7.500%, 08/15/36
2
|
|
|
250
|
|
|
211,113
|
|
0.2
|
|
VAR, 10.750%, 06/15/58
2
|
|
|
1,870
|
|
|
1,776,500
|
|
1.9
|
|
MetLife, Inc., 10.750%, 08/01/39
|
|
|
400
|
|
|
482,000
|
|
0.5
|
|
Nationwide Mutual Insurance Co., 8.250%, 12/01/31
2
|
|
|
108
|
|
|
103,240
|
|
0.1
|
|
USI Holdings Corp., Private Placement, Sr Sub Nt, 9.750%, 05/15/15
2
|
|
|
842
|
|
|
746,223
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,110,888
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
14,039,901
|
|
15.1
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE 6.2%
|
|
HEALTH CARE PROVIDERS & SERVICES 4.1%
|
|
CHS/Community Health Systems, Inc., 8.875%, 07/15/15
|
|
|
800
|
|
|
820,000
|
|
0.9
|
|
HCA, Inc., 5.750%, 03/15/14
|
|
|
195
|
|
|
172,087
|
|
0.2
|
|
HCA, Inc., Secd Nt, 9.250%, 11/15/16
|
|
|
1,000
|
|
|
1,033,750
|
|
1.1
|
|
Multiplan, Inc., Private Placement, 10.375%, 04/15/16
2
|
|
|
750
|
|
|
723,750
|
|
0.8
|
|
TeamHealth, Inc., Sr Sub Nt, 11.250%, 12/01/13
|
|
|
475
|
|
|
499,938
|
|
0.5
|
|
Tenet Healthcare Corp., Private Placement, 8.875%, 07/01/19
2
|
|
|
500
|
|
|
527,500
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,777,025
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS 2.1%
|
|
Celtic Pharma Phinco B.V., (Bermuda), 17.000%, 06/15/12
9
|
|
|
1,461
|
|
|
949,696
|
|
1.0
|
|
Elan Corp. plc, (Ireland), 8.750%, 10/15/16
2
|
|
|
250
|
|
|
246,250
|
|
0.2
|
|
Elan Finance plc/Elan Finance Corp., Sr Nt, (Ireland), VAR, 4.440%, 11/15/11
|
|
|
830
|
|
|
809,250
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,005,196
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
|
|
|
|
|
|
5,782,221
|
|
6.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
INDUSTRIALS 14.3%
|
|
AIRLINES 3.6%
|
|
American Airlines, Inc., Nt,
3.363%, 10/18/09
3,9
|
|
$
|
236
|
|
$
|
232,892
|
|
0.3
|
%
|
American Airlines, Pass Through Trust 1991, Collateral Trust Notes, Series 91A2, 10.180%, 01/02/13
6,9
|
|
|
1,054
|
|
|
821,976
|
|
0.9
|
|
American Airlines, Pass Through Trust 1991, Private Placement, Nt, Series 91B2, 10.320%, 07/30/14
2,9
|
|
|
670
|
|
|
489,299
|
|
0.5
|
|
Continental Airlines, Inc., Pass Thru Cert, 9.798%, 04/01/21
10
|
|
|
1,439
|
|
|
1,136,911
|
|
1.2
|
|
Delta Air Lines, Inc, (Germany) 09/30/13
|
|
|
500
|
|
|
496,250
|
|
0.5
|
|
Delta Air Lines, Inc.,
|
|
|
|
|
|
|
|
|
|
8.300%, 12/15/29
4
|
|
|
1,145
|
|
|
7,214
|
|
0.0
|
12
|
9.500%, 09/15/14
2
|
|
|
35
|
|
|
35,000
|
|
0.1
|
|
10.125%, 05/15/10
4
|
|
|
500
|
|
|
3,150
|
|
0.0
|
12
|
UAL Pass Through Trust, Series 2007-1, Private Placement, Nt,
|
|
|
|
|
|
|
|
|
|
VAR, 3.361%, 07/02/14
2
|
|
|
114
|
|
|
60,615
|
|
0.0
|
12
|
7.336%, 07/02/19
2
|
|
|
87
|
|
|
61,225
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,344,532
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
BUILDING PRODUCTS 0.3%
|
|
|
|
|
|
|
AMH Holdings, Inc., Sr Nt, SUB, 11.250%, 03/01/14
7
|
|
|
400
|
|
|
302,000
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES & SUPPLIES 2.3%
|
|
|
|
Cenveo Corp., Private Placement, 10.500%, 08/15/16
2
|
|
|
1,000
|
|
|
940,000
|
|
1.0
|
|
Cenveo Corp., Sr Sub Nt, 7.875%, 12/01/13
|
|
|
325
|
|
|
260,813
|
|
0.3
|
|
Harland Clarke Holdings Corp.,
|
|
|
|
|
|
|
|
|
|
VAR, 6.000%, 05/15/15
|
|
|
350
|
|
|
263,375
|
|
0.3
|
|
9.500%, 05/15/15
|
|
|
625
|
|
|
559,375
|
|
0.6
|
|
Iron Mountain, Inc., 8.375%, 08/15/21
|
|
|
125
|
|
|
128,750
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,152,313
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION & ENGINEERING 1.1%
|
|
|
|
RSC Equipment Rental, Inc., 9.500%, 12/01/14
|
|
|
818
|
|
|
789,370
|
|
0.8
|
|
United Rentals North America, Inc., Private Placement, 10.875%, 06/15/16
2
|
|
|
240
|
|
|
256,800
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,046,170
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
7
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
ELECTRICAL EQUIPMENT 0.4%
|
|
|
|
|
|
|
|
|
|
Belden, Inc., Private Placement, Sr Nt, 9.250%, 06/15/19
2
|
|
$
|
125
|
|
$
|
130,000
|
|
0.1
|
%
|
Viasystems, Inc., 10.500%, 01/15/11
|
|
|
250
|
|
|
246,562
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
376,562
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONICS 0.2%
|
|
|
|
|
|
|
|
|
|
Da-Lite Screen Co., Inc., 9.500%, 05/15/11
|
|
|
200
|
|
|
182,000
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL CONGLOMERATES 2.2%
|
|
|
|
JB Poindexter & Co., Inc., Co Guar, 8.750%, 03/15/14
10
|
|
|
2,084
|
|
|
1,750,560
|
|
1.9
|
|
Milacron Escrow Corp., Secd Nt, 11.500%, 05/15/11
3,4
|
|
|
1,182
|
|
|
|
|
0.0
|
|
Milacron Holdings, Inc., 10.000%, 12/20/14
3,9
|
|
|
272
|
|
|
272,197
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,022,757
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL MACHINERY 1.8%
|
|
General Cable Corp., VAR, 2.665%, 04/01/15
|
|
|
250
|
|
|
219,375
|
|
0.3
|
|
RBS Global, Inc. & Rexnord Corp., Sr Sub Nt, 11.750%, 08/01/16
|
|
|
410
|
|
|
371,050
|
|
0.4
|
|
RBS Global, Inc./Rexnord LLC, Private Placement, 9.500%, 08/01/14
2
|
|
|
1,063
|
|
|
1,031,110
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,621,535
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
MARINE 0.7%
|
|
|
|
|
|
|
|
|
|
Ultrapetrol Bahamas Ltd., 1st Mtg, (Bahamas), 9.000%, 11/24/14
|
|
|
700
|
|
|
614,250
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
ROAD & RAIL 1.5%
|
|
|
|
|
|
|
|
|
|
Kansas City Southern Railway, Sr Nt, 8.000%, 06/01/15
|
|
|
312
|
|
|
318,240
|
|
0.3
|
|
Quality Distribution LLC/QD Capital Corp., Co Guar, VAR, 5.009%, 01/15/12
9
|
|
|
850
|
|
|
588,625
|
|
0.7
|
|
9.000%, 11/15/10
9
|
|
|
750
|
|
|
481,875
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,388,740
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
TRADING COMPANIES & DISTRIBUTORS 0.2%
|
|
|
|
Noble Group Ltd., Private Placement, Sr Nt, (Bermuda), 6.625%, 03/17/15
2
|
|
|
210
|
|
|
214,200
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
TRANSPORTATION SERVICES 0.0%
12
|
|
|
|
IdleAire Technologies Corp., Sr Disc Nt, 13.000%, 12/15/12
3,4,9
|
|
|
1,415
|
|
|
14,150
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
13,279,209
|
|
14.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
INFORMATION TECHNOLOGY 6.2%
|
|
|
|
|
|
|
COMMUNICATIONS EQUIPMENT 0.8%
|
|
|
|
|
|
|
Avaya, Inc., Private Placement, Sr Nt, 9.750%, 11/01/15
2
|
|
$
|
800
|
|
$
|
697,000
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
COMPUTERS & PERIPHERALS 0.6%
|
|
|
|
|
|
|
Seagate Technology HDD Holdings, (Cayman Islands), 6.800%, 10/01/16
|
|
|
250
|
|
|
229,375
|
|
0.2
|
|
Seagate Technology International, Private Placement, (Cayman Islands), 10.000%, 05/01/14
2
|
|
|
320
|
|
|
349,600
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
578,975
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 1.8%
|
|
Intcomex, Inc., Secd Nt,
11.750%, 01/15/11
6
|
|
|
1,100
|
|
|
797,500
|
|
0.9
|
|
Sanmina-SCI Corp., 6.750%, 03/01/13
6
|
|
|
200
|
|
|
190,000
|
|
0.2
|
|
Sanmina-SCI Corp., Private Placement, Sr Nt, VAR, 3.049%, 06/15/14
2
|
|
|
300
|
|
|
270,000
|
|
0.3
|
|
Smart Modular Technologies WWH, Inc., Sr Nt, (Cayman Islands), VAR, 5.790%, 04/01/12
3,9
|
|
|
423
|
|
|
408,810
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,666,310
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES 0.6%
|
|
Stream Global Services, Inc.,
11.250%, 10/01/14
2
|
|
|
100
|
|
|
96,250
|
|
0.1
|
|
Unisys Corp.,
|
|
|
|
|
|
|
|
|
|
12.750%, 10/15/14
2
|
|
|
249
|
|
|
263,940
|
|
0.3
|
|
14.250%, 09/15/15
2
|
|
|
201
|
|
|
207,030
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
567,220
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.4%
|
|
Amkor Technology, Inc., Sr Nt, 7.750%, 05/15/13
|
|
|
300
|
|
|
300,000
|
|
0.3
|
|
MagnaChip Semiconductor S.A./MagnaChip Semiconductor Finance Co., Secd Nt, (Luxembourg), VAR, 12/15/11
4,9
|
|
|
735
|
|
|
441
|
|
0.0
|
12
|
6.875%, 12/15/11
4,9
|
|
|
750
|
|
|
450
|
|
0.0
|
12
|
NXP BV/NXP Funding LLC, Sr Nt, (Netherlands), 7.875%, 10/15/14
|
|
|
1,015
|
|
|
796,775
|
|
0.9
|
|
Series EXcH, VAR, 3.259%, 10/15/13
6
|
|
|
400
|
|
|
289,000
|
|
0.3
|
|
Spansion, Inc., Private Placement 06/01/13
2,4
|
|
|
813
|
|
|
823,162
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,209,828
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
5,719,333
|
|
6.2
|
|
|
|
|
|
|
|
|
|
|
|
8
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
MATERIALS 11.5%
|
|
|
|
|
|
|
CHEMICALS 2.1%
|
|
|
|
|
|
|
PolyOne Corp., Nt, 8.875%, 05/01/12
|
|
$
|
1,000
|
|
$
|
1,010,000
|
|
1.1
|
%
|
Sterling Chemicals, Inc.,
10.250%, 04/01/15
|
|
|
350
|
|
|
333,375
|
|
0.4
|
|
Terra Capital, Inc., Sr Nt,
7.000%, 02/01/17
|
|
|
425
|
|
|
443,063
|
|
0.5
|
|
Westlake Chemical Corp.,
6.625%, 01/15/16
|
|
|
150
|
|
|
141,000
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,927,438
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION MATERIALS 1.2%
|
|
|
|
Hanson Australia Funding Ltd., (Australia), 5.250%, 03/15/13
|
|
|
484
|
|
|
459,800
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
Hanson Ltd., (United Kingdom),
|
|
|
|
|
|
|
|
|
|
6.125%, 08/15/16
|
|
|
655
|
|
|
602,600
|
|
0.6
|
|
7.875%, 09/27/10
|
|
|
100
|
|
|
102,875
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,165,275
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
CONTAINERS & PACKAGING 2.1%
|
|
|
|
|
|
|
Berry Plastics Holding Corp., Nt,
8.875%, 09/15/14
|
|
|
400
|
|
|
381,000
|
|
0.4
|
|
BWAY Corp., Private Placement, 10.000%, 04/15/14
2
|
|
|
100
|
|
|
105,750
|
|
0.1
|
|
Constar International, Inc., Co. Guar., VAR, 3.815%, 02/15/12
|
|
|
750
|
|
|
630,000
|
|
0.7
|
|
Plastipak Holdings, Inc., Private Placement, Sr Nt, 8.500%, 12/15/15
2
|
|
|
300
|
|
|
303,000
|
|
0.3
|
|
Solo Cup Co., Sr Nt, 8.500%, 02/15/14
|
|
|
558
|
|
|
532,890
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,952,640
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED MANUFACTURING 1.6%
|
|
|
|
|
|
|
Polypore, Inc., Sr Sub Nt, 8.750%, 05/15/12
|
|
|
1,539
|
|
|
1,500,525
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
METALS & MINING 1.8%
|
|
|
|
|
|
|
|
|
|
Arch Western Finance LLC, 6.750%, 07/01/13
|
|
|
100
|
|
|
98,375
|
|
0.1
|
|
FMG Finance Pty Ltd., Private Placement, (Australia), 10.625%, 09/01/16
2
|
|
|
250
|
|
|
276,875
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
METALS & MINING (continued)
|
|
|
|
|
|
|
|
|
|
Massey Energy Co., Nt, 6.875%, 12/15/13
|
|
$
|
450
|
|
$
|
434,250
|
|
0.4
|
%
|
Wolverine Tube, Inc., Sr Nt, PIK, 15.000%, 03/31/12
3,9
|
|
|
1,169
|
|
|
900,262
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,709,762
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
PAPER & FOREST PRODUCTS 2.7%
|
|
|
|
|
|
|
Abitibi-Consolidated Co. of Canada, Private Placement, Sr Nt, (Canada), 13.750%, 04/01/11
2,4
|
|
|
291
|
|
|
286,635
|
|
0.3
|
|
Abitibi-Consolidated Co. of Canada, Sr Nt, (Canada),
|
|
|
|
|
|
|
|
|
|
6.000%, 06/20/13
4
|
|
|
630
|
|
|
103,950
|
|
0.1
|
|
8.375%, 04/01/15
4
|
|
|
1,395
|
|
|
230,175
|
|
0.3
|
|
Abitibi-Consolidated, Inc., Sr Nt, (Canada), 8.850%, 08/01/30
4
|
|
|
25
|
|
|
4,500
|
|
0.0
|
12
|
Bowater Canada Finance Corp., Nt, (Canada), 7.950%, 11/15/11
4
|
|
|
500
|
|
|
137,500
|
|
0.1
|
|
Cascades, Inc., Sr Nt, (Canada), 7.250%, 02/15/13
|
|
|
268
|
|
|
262,640
|
|
0.3
|
|
Jefferson Smurfit Corp., Sr Nt, 8.250%, 10/01/12
4
|
|
|
240
|
|
|
171,000
|
|
0.2
|
|
NewPage Corp., 11.375%, 12/31/14
2
|
|
|
250
|
|
|
245,625
|
|
0.3
|
|
Norampac Industries, Inc., Sr Nt, (Canada), 6.750%, 06/01/13
|
|
|
20
|
|
|
19,300
|
|
0.0
|
12
|
PE Paper Escrow GmbH, (Austria), 12.000%, 08/01/14
2
|
|
|
125
|
|
|
135,000
|
|
0.1
|
|
Smurfit-Stone Container Enterprises, Inc., 8.375%, 07/01/12
4
|
|
|
105
|
|
|
74,944
|
|
0.1
|
|
Smurfit-Stone Container Enterprises, Inc., Sr Nt, 8.000%, 03/15/17
4
|
|
|
865
|
|
|
614,150
|
|
0.7
|
|
Verso Paper Holdings LLC/Verso Paper, Inc., Sr Nt, 9.125%, 08/01/14
|
|
|
250
|
|
|
185,000
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,470,419
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
10,726,059
|
|
11.5
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 7.5%
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 2.5%
|
|
Frontier Communications Corp., 8.250%, 05/01/14
|
|
|
50
|
|
|
51,500
|
|
0.0
|
12
|
Global Crossing Ltd., (Bermuda), 12.000%, 09/15/15
2
|
|
|
35
|
|
|
36,750
|
|
0.0
|
12
|
9
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
|
|
Level 3 Financing, Inc., Co. Guar, 9.250%, 11/01/14
10
|
|
$
|
800
|
|
$
|
705,000
|
|
0.8
|
%
|
Qwest Corp., Sr Nt,
7.625%, 06/15/15
10
|
|
|
1,015
|
|
|
1,027,687
|
|
1.1
|
|
Telcordia Technologies, Inc., VAR, 4.259%, 07/15/12
2
|
|
|
350
|
|
|
301,875
|
|
0.3
|
|
Time Warner Telecom Holdings, Inc., Sr Nt, 9.250%, 02/15/14
10
|
|
|
250
|
|
|
257,500
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,380,312
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
WIRELESS TELECOMMUNICATION SERVICES 5.0%
|
|
American Tower Corp., Private Placement, 7.250%, 05/15/19
2,6
|
|
|
230
|
|
|
236,325
|
|
0.3
|
|
CC Holdings GS V LLC/Crown Castle GS III Corp., Private Placement,
7.750%, 05/01/17
2
|
|
|
110
|
|
|
113,850
|
|
0.1
|
|
Cricket Communications, Inc., Private Placement, 7.750%, 05/15/16
2
|
|
|
180
|
|
|
182,700
|
|
0.2
|
|
iPCS, Inc., Sr Nt, VAR, 2.608%, 05/01/13
|
|
|
440
|
|
|
371,800
|
|
0.4
|
|
MetroPCS Wireless, Inc., Sr Nt, 9.250%, 11/01/14
|
|
|
500
|
|
|
511,250
|
|
0.6
|
|
Nextel Communications, Inc., 7.375%, 08/01/15
|
|
|
1,475
|
|
|
1,323,813
|
|
1.4
|
|
NII Capital Corp., 10.000%, 08/15/16
2
|
|
|
275
|
|
|
286,000
|
|
0.3
|
|
SBA Telecommunications, Inc.,
|
|
|
|
|
|
|
|
|
|
8.000%, 08/15/16
2
|
|
|
60
|
|
|
61,350
|
|
0.0
|
12
|
8.250%, 08/15/19
2
|
|
|
65
|
|
|
66,950
|
|
0.1
|
|
Sprint Nextel Corp., Nt,
6.000%, 12/01/16
|
|
|
1,400
|
|
|
1,249,500
|
|
1.4
|
|
Wind Acquisition Finance S.A., (Luxembourg), Series 144a,
11.750%, 07/15/17
2
|
|
|
200
|
|
|
225,500
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,629,038
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
|
7,009,350
|
|
7.5
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 5.6%
|
|
|
|
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 5.3%
|
|
Calpine Construction Finance Co. LP and CCFC Finance Corp., Private Placement, 8.000%, 06/01/16
2
|
|
|
200
|
|
|
205,000
|
|
0.2
|
|
Calpine Generating Co. LLC, Secd Nt, 4,823.931%, 04/01/11
4
|
|
|
1,000
|
|
|
95,000
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (continued)
|
|
Dynegy Holdings, Inc., Sr Unsecd Nt, 7.125%, 05/15/18
|
|
$
|
500
|
|
$
|
385,000
|
|
0.4
|
%
|
Dynegy Roseton/Danskammer Pass Through Trust, 7.670%, 11/08/16
|
|
|
500
|
|
|
459,375
|
|
0.5
|
|
Edison Mission Energy, Sr Nt,
7.750%, 06/15/16
|
|
|
1,000
|
|
|
875,000
|
|
1.0
|
|
Mirant Americas Generation LLC, Sr Nt, 8.500%, 10/01/21
|
|
|
500
|
|
|
435,000
|
|
0.5
|
|
North American Energy Alliance LLC / North American Energy Alliance Finance Corp.,
10.875%, 06/01/16
2
|
|
|
125
|
|
|
128,750
|
|
0.1
|
|
NRG Energy, Inc., Sr Nt,
|
|
|
|
|
|
|
|
|
|
7.250%, 02/01/14
|
|
|
250
|
|
|
245,625
|
|
0.3
|
|
7.375%, 01/15/17
|
|
|
1,375
|
|
|
1,330,313
|
|
1.4
|
|
RRI Energy, Inc., 7.625%, 06/15/14
6
|
|
|
500
|
|
|
490,625
|
|
0.5
|
|
Texas Competitive Electric Holdings Co. LLC, Series A, 10.250%, 11/01/15
7
|
|
|
350
|
|
|
252,000
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,901,688
|
|
5.3
|
|
|
|
|
|
|
|
|
|
|
|
MULTI-UTILITIES 0.3%
|
|
|
|
|
|
|
|
|
|
Energy Future Holdings Corp., Nt, 10.875%, 11/01/17
7
|
|
|
450
|
|
|
339,750
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
5,241,438
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
|
|
|
|
(Cost $116,622,972)
|
|
|
|
|
|
102,727,272
|
|
110.5
|
|
|
|
|
|
|
|
|
|
|
|
LOAN PARTICIPATIONS & ASSIGNMENTS 27.7%
|
|
CONSUMER DISCRETIONARY 9.7%
|
|
AUTOMOBILES 1.4%
|
|
Ford Motor Co., Term Loan B,
|
|
|
|
|
|
|
|
|
|
3.250%, 12/15/13
|
|
|
63
|
|
|
55,875
|
|
0.1
|
|
3.510%, 06/14/14
|
|
|
1,408
|
|
|
1,248,581
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,304,456
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
BROADCASTING & CABLE TV 1.0%
|
|
|
|
|
|
|
CCO Holdings LLC, 3rd Lien Term Loan, 6.750%, 09/06/14
|
|
|
600
|
|
|
514,950
|
|
0.5
|
|
Sirius Satellite Radio, Term Loan, 2.563%, 06/14/13
|
|
|
490
|
|
|
450,648
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
965,598
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
GAMING 2.7%
|
|
|
|
|
|
|
|
|
|
Fontainebleau Las Vegas Holdings LLC, Delayed Draw Term Loan B, 4.316%, 06/06/14
4
|
|
|
167
|
|
|
44,804
|
|
0.0
|
12
|
10
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
Percent
of Net
Assets*
|
|
GAMING (continued)
|
|
|
|
|
|
|
|
|
|
|
Fontainebleau Las Vegas Holdings LLC, Initial Term Loan, 4.527%, 09/24/14
4
|
|
$
|
333
|
|
|
$
|
89,571
|
|
0.1
|
%
|
Harrahs Operating Co., Inc., Term B-2 Loan, 3.504%, 11/29/13
|
|
|
1,012
|
|
|
|
820,987
|
|
0.9
|
|
HSP Gaming, Term Loan, 11.250%, 08/20/14
|
|
|
255
|
|
|
|
248,944
|
|
0.3
|
|
Venetian Macau, Term B Funded Project Loan, 5.790%, 04/30/13
|
|
|
1,327
|
|
|
|
1,263,371
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,467,677
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTELS, RESTAURANTS & LEISURE 0.7%
|
|
|
|
|
|
|
|
Outback Steakhouse, Prefunded RC Commitment,
|
|
|
|
|
|
|
|
|
|
|
0.120%, 12/21/14
|
|
|
5
|
|
|
|
3,823
|
|
0.0
|
12
|
2.563%, 06/14/13
|
|
|
|
11
|
|
|
181
|
|
0.0
|
12
|
2.563%, 09/14/16
|
|
|
|
11
|
|
|
168
|
|
0.0
|
12
|
2.563%, 09/16/16
|
|
|
|
11
|
|
|
363
|
|
0.0
|
12
|
Outback Steakhouse, Term Loan B, 2.563%, 12/21/14
|
|
|
444
|
|
|
|
374,723
|
|
0.4
|
|
Six Flags Theme Parks, Inc., Term Loan B,
|
|
|
|
|
|
|
|
|
|
|
2.500%, 06/04/14
|
|
|
1
|
|
|
|
620
|
|
0.0
|
12
|
2.520%, 06/14/14
|
|
|
189
|
|
|
|
184,553
|
|
0.2
|
|
2.830%, 07/10/12
|
|
|
60
|
|
|
|
58,310
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
622,741
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
LEISURE EQUIPMENT & PRODUCTS 0.0%
12
|
|
|
|
|
|
|
|
True Temper Sports, Inc., 2nd Lien Term Loan, 6.600%, 04/30/13
4,9
|
|
|
77
|
|
|
|
9,624
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA 3.4%
|
|
Cengage Learning Acquisitions, Term Loan, 2.750%, 07/15/14
|
|
|
497
|
|
|
|
445,104
|
|
0.5
|
|
Clear Channel Communications, Inc., Term Loan B, 3.854%, 01/29/16
|
|
|
500
|
|
|
|
375,415
|
|
0.4
|
|
Dex Media West, Term Loan B, 7.000%, 10/24/14
|
|
|
43
|
|
|
|
36,650
|
|
0.0
|
12
|
High Plains Broadcasting Operating Co. LLC, Term Loan, 7.250%, 01/28/15
|
|
|
194
|
|
|
|
149,383
|
|
0.2
|
|
Idearc, Inc., Term Loan, 6.250%, 11/17/14
|
|
|
200
|
|
|
|
84,584
|
|
0.1
|
|
Idearc, Inc., Term Loan B,
|
|
|
|
|
|
|
|
|
|
|
3.220%, 04/03/14
4
|
|
|
21
|
|
|
|
8,994
|
|
0.0
|
12
|
3.220%, 11/17/14
4
|
|
|
509
|
|
|
|
215,359
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
MEDIA (continued)
|
|
Newport Television LLC, Term Loan,
|
|
|
|
|
|
|
|
|
|
7.250%, 08/01/14
|
|
$
|
246
|
|
$
|
189,878
|
|
0.2
|
%
|
8.000%, 09/14/16
|
|
|
485
|
|
|
374,393
|
|
0.4
|
|
Univision Communications, Inc., 1st Lien Term Loan, 2.533%, 04/30/13
|
|
|
1,500
|
|
|
1,264,095
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,143,855
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL 0.5%
|
|
|
|
|
|
|
|
|
|
Burlington Coat Factory, Term Loan B,
|
|
|
|
|
|
|
|
|
|
2.500%, 05/28/13
|
|
|
186
|
|
|
169,182
|
|
0.2
|
|
2.630%, 05/28/13
|
|
|
311
|
|
|
283,021
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
452,203
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
8,966,154
|
|
9.7
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 1.2%
|
|
|
|
|
|
|
|
|
|
FOOD & STAPLES RETAILING 0.5%
|
|
|
|
|
|
|
Rite Aid Corp., Term Loan 3, 6.000%, 06/14/13
|
|
|
496
|
|
|
470,500
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD PRODUCTS 0.7%
|
|
|
|
|
|
|
Spectrum Brands, Inc., Letter of Credit, 0.131%, 12/20/12
4
|
|
|
24
|
|
|
22,953
|
|
0.0
|
12
|
Spectrum Brands, Inc., Term Loan B,
|
|
|
|
|
|
|
|
|
|
6.250%, 05/30/13
4
|
|
|
2
|
|
|
2,344
|
|
0.0
|
12
|
8.000%, 12/20/12
|
|
|
223
|
|
|
211,418
|
|
0.2
|
|
8.000%, 04/30/15
|
|
|
445
|
|
|
422,835
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
659,550
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples
|
|
|
|
|
|
1,130,050
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 1.9%
|
|
DIVERSIFIED FINANCIAL SERVICES 1.2%
|
|
Capmark Financial Group, 1st Lien Term Loan, 2.929%, 03/23/11
|
|
$
|
680
|
|
$
|
501,450
|
|
0.5
|
%
|
CIT Group, Inc., Term Loan,
|
|
|
|
|
|
|
|
|
|
13.000%, 01/20/12
|
|
|
600
|
|
|
617,574
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,119,024
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE 0.7%
|
|
|
|
|
|
|
|
|
|
HMSC Corp., 1st Lien Term Loan, 2.496%, 09/14/16
|
|
|
963
|
|
|
659,493
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
1,778,517
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
11
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
INDUSTRIALS 2.0%
|
|
|
|
|
|
|
|
|
|
AIRLINES 0.5%
|
|
|
|
|
|
|
|
|
|
Delta Airlines, Inc., 1st Lien Term Loan,
|
|
|
|
|
|
|
|
|
|
0.131%, 04/30/12
|
|
$
|
18
|
|
$
|
16,716
|
|
0.0
|
%
12
|
2.246%, 04/30/12
|
|
|
8
|
|
|
6,838
|
|
0.0
|
12
|
2.249%, 04/30/12
|
|
|
464
|
|
|
423,223
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
446,777
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
BUILDING PRODUCTS 0.3%
|
|
|
|
|
|
|
|
|
|
Jacuzzi Brands, Inc., 1st Lien Term Loan B, 2.496%, 02/07/14
9
|
|
|
442
|
|
|
210,423
|
|
0.2
|
|
Jacuzzi Brands, Inc., 1st Lien Term Loan, Letter of Credit, 0.183%, 12/18/13
9
|
|
|
40
|
|
|
18,943
|
|
0.0
|
12
|
Jacuzzi Brands, Inc., 2nd Lien Term Loan Tranche B-2, 6.746%, 02/07/14
9
|
|
|
1,142
|
|
|
97,080
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
326,446
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES & SUPPLIES 1.2%
|
|
|
|
Clarke American Corp., Term Loan B,
|
|
|
|
|
|
|
|
|
|
2.761%, 06/27/14
|
|
|
701
|
|
|
586,203
|
|
0.6
|
|
3.098%, 06/27/14
|
|
|
281
|
|
|
235,134
|
|
0.3
|
|
Quebecor World, Inc. Term Loan, 9.000%, 06/14/13
|
|
|
250
|
|
|
249,582
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,070,919
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
1,844,142
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 4.4%
|
|
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 1.2%
|
|
Isola Group S.A.R.L., 1st Lien Term Loan, 11.000%, 12/18/12
4,9
|
|
|
445
|
|
|
267,039
|
|
0.3
|
|
Isola Group S.A.R.L., 2nd Lien Term Loan, 17.750%, 11/17/14
4,9
|
|
|
250
|
|
|
50,000
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
Sirius Computer Solutions, 2nd Lien Term Loan, 6.283%, 06/14/13
9
|
|
|
1,000
|
|
|
820,000
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,137,039
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES 2.6%
|
|
Compucom Systems, Inc., Term Loan, 3.750%, 08/23/14
9
|
|
|
904
|
|
|
817,848
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
Percent
of Net
Assets*
|
|
IT SERVICES (continued)
|
|
First Data Corp., Initial Tranche B-1 Term Loan, 2.996%, 09/24/14
|
|
$
|
361
|
|
|
$
|
309,623
|
|
0.4
|
%
|
3.033%, 09/24/14
|
|
|
21
|
|
|
|
17,637
|
|
0.0
|
12
|
3.036%, 09/24/14
|
|
|
11
|
|
|
|
9,413
|
|
0.0
|
12
|
First Data Corp., Initial Tranche B-3 Term Loan, 3.033%, 09/24/14
|
|
|
77
|
|
|
|
66,036
|
|
0.0
|
12
|
3.036%, 09/24/14
|
|
|
1,394
|
|
|
|
1,197,386
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,417,943
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.6%
|
|
Freescale Semiconductor, Inc., Incremental Term Loan, 12.500%, 12/15/14
|
|
|
150
|
|
|
|
150,006
|
|
0.2
|
|
Freescale Semiconductor, Inc., Term Loan, 2.011%, 12/15/13
|
|
|
491
|
|
|
|
391,746
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
541,752
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
|
4,096,734
|
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 5.3%
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS 3.2%
|
|
|
|
|
|
|
|
|
|
|
Cristal Inorganic Chemicals, 1st Lien Term Loan, 2.532%, 05/15/14
9
|
|
|
893
|
|
|
|
772,019
|
|
0.8
|
|
Cristal Inorganic Chemicals, 2nd Lien Term Loan, 6.032%, 05/15/14
9
|
|
|
500
|
|
|
|
375,000
|
|
0.4
|
|
Lyondell Chemical Co., Dutch Tranche A Dollar Term Loan, 3.746%, 12/20/13
|
|
|
14
|
|
|
|
9,043
|
|
0.0
|
12
|
Lyondell Chemical Co., Dutch Tranche Revolving Credit Loan,
3.746%, 12/22/14
|
|
|
6
|
|
|
|
3,944
|
|
0.0
|
12
|
Lyondell Chemical Co., German Tranche B-1 Euro Term Loan,
3.996%, 12/22/14
|
|
|
17
|
|
|
|
11,321
|
|
0.0
|
12
|
Lyondell Chemical Co., German Tranche B-2 Euro Term Loan, 3.996%, 12/15/09
|
|
|
17
|
|
|
|
11,321
|
|
0.0
|
12
|
Lyondell Chemical Co., German Tranche B-3 Euro Term Loan, 3.996%, 12/15/09
|
|
|
17
|
|
|
|
11,321
|
|
0.0
|
12
|
Lyondell Chemical Co., New Money DIP Term Loan, 1.500%, 12/20/14
|
|
|
|
11
|
|
|
1
|
|
0.0
|
12
|
13.000%, 12/20/13
|
|
|
|
11
|
|
|
|
|
0.0
|
|
Lyondell Chemical Co., Roll-Up DIP Term Loan, 5.799%, 12/20/14
|
|
|
300
|
|
|
|
291,809
|
|
0.3
|
|
5.940%, 12/15/09
|
|
|
835
|
|
|
|
811,389
|
|
0.9
|
|
12
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
CHEMICALS (continued)
|
|
|
|
|
|
|
|
|
|
Lyondell Chemical Co., U.S. Tranche A Dollar Term Loan, 3.746%, 12/20/13
|
|
$
|
43
|
|
$
|
28,175
|
|
0.0
|
%
12
|
Lyondell Chemical Co., U.S. Tranche B-1 Dollar Term Loan, 7.000%, 12/20/13
|
|
|
75
|
|
|
49,126
|
|
0.1
|
|
Lyondell Chemical Co., U.S. Tranche B-2 Dollar Term Loan, 7.000%, 03/13/14
|
|
|
75
|
|
|
49,126
|
|
0.1
|
|
Lyondell Chemical Co., U.S. Tranche B-3 Dollar Term Loan, 7.000%, 12/15/09
|
|
|
825
|
|
|
539,558
|
|
0.6
|
|
Lyondell Chemical Co., U.S. Tranche Primary Revolving Credit Loan, 3.746%, 12/22/14
|
|
|
23
|
|
|
14,788
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,977,941
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED MANUFACTURING 0.8%
|
|
|
|
BOC Edwards, 1st Priority Lien Term Loan, 2.246%, 05/31/14
|
|
|
1,200
|
|
|
743,819
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
PAPER & FOREST PRODUCTS 1.3%
|
|
|
|
|
|
|
Abitibi-Consolidated Co. of Canada, Term Loan, 11.000%, 03/31/11
4
|
|
|
832
|
|
|
695,723
|
|
0.8
|
|
Smurfit Stone Container, US Revolver, 2.750%, 11/01/11
|
|
|
500
|
|
|
483,930
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,179,653
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
4,901,413
|
|
5.3
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.5%
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 0.5%
|
|
Level 3 Communications, Term Loan B, 2.490%, 08/07/14
|
|
|
71
|
|
|
63,125
|
|
0.0
|
12
|
2.760%, 03/13/14
|
|
|
179
|
|
|
157,813
|
|
0.2
|
|
11.500%, 03/13/14
|
|
|
250
|
|
|
264,610
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
|
485,548
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 2.7%
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 2.7%
|
|
Calpine Corp., 1st Priority Lien Term Loan, 3.165%, 03/29/14
|
|
|
1,420
|
|
|
1,299,613
|
|
1.4
|
|
Texas Competitive Electric Holdings Co. LLC, Initial Tranche B-2 Term Loan,
|
|
|
|
|
|
|
|
|
|
3.754%, 04/30/15
|
|
|
975
|
|
|
775,349
|
|
0.8
|
|
3.783%, 04/30/15
|
|
|
5
|
|
|
3,977
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Shares/Par
(000)
|
|
|
Value
|
|
Percent
of Net
Assets*
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS (continued)
|
|
TPF Generation Holdings LLC, 2nd Lien Term Loan,
|
|
|
|
|
|
|
|
|
|
|
4.496%, 03/30/13
|
|
$
|
392
|
|
|
$
|
336,260
|
|
0.4
|
%
|
4.533%, 03/30/13
|
|
|
108
|
|
|
|
92,180
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
2,507,379
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Participations & Assignments
|
|
|
|
|
|
|
|
(Cost $28,871,868)
|
|
|
|
|
|
|
25,709,937
|
|
27.7
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES 1.6%
|
|
|
|
|
|
|
|
Countrywide Asset-Backed Certificates, Series 2004-13, Class MV8, VAR, 1.946%, 01/25/35
9
|
|
|
115
|
|
|
|
5,709
|
|
0.0
|
12
|
Long Beach Mortgage Loan Trust, Series 2004-5, Class M6, VAR, 2.746%, 09/25/34
9
|
|
|
65
|
|
|
|
2,779
|
|
0.0
|
12
|
Unipac IX LLC, 13.000%, 04/11/13
3,9
|
|
|
1,500
|
|
|
|
1,464,864
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
|
|
|
|
|
|
|
|
|
|
|
(Cost $1,637,579)
|
|
|
|
|
|
|
1,473,352
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Income Investments
|
|
|
|
|
|
|
|
|
|
|
(Cost $147,132,419)
|
|
|
|
|
|
|
129,910,561
|
|
139.8
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS 2.7%
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 0.1%
|
|
|
|
|
|
|
|
MEDIA 0.1%
|
|
|
|
|
|
|
|
|
|
|
Spanish Broadcasting System, Inc., Pfd
1,3
|
|
|
481
|
|
|
|
1,215
|
|
0.0
|
12
|
Spanish Broadcasting System, Inc., Pfd, Series B, PIK, 10.750%, 05/04/09
3,14
|
|
|
|
11
|
|
|
76,507
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
77,722
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 2.6%
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL BANKS 2.6%
|
|
|
|
|
|
|
|
|
|
|
CoBank ACB, Series D, 11.000%,
1,2,14
|
|
|
40
|
|
|
|
1,922,500
|
|
2.1
|
|
Royal Bank of Scotland Group plc, Pfd, (United Kingdom), Series 1, ADR, 9.118%, 03/31/10
|
|
|
500
|
|
|
|
462,500
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
|
2,385,000
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
13
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Shares
(000)
|
|
|
Value
|
|
Percent
of Net
Assets*
|
|
MATERIALS 0.0%
|
|
CONTAINERS & PACKAGING 0.0%
|
|
Glasstech, Inc., Pfd, Series C,
1,3
|
|
|
11
|
|
$
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
|
|
|
|
|
|
|
(Cost $1,654,819)
|
|
|
|
|
|
2,462,722
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 2.8%
|
|
CONSUMER DISCRETIONARY 0.2%
|
|
BROADCASTING & CABLE TV 0.0%
12
|
|
Adelphia Recovery Trust
1,3
|
|
157
|
|
|
|
2
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
MEDIA 0.2%
|
|
Time Warner Cable, Inc.
|
|
5
|
|
|
|
221,138
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES, APPAREL & LUXURY GOODS 0.0%
12
|
|
Broder Brothers Co.
1,3,9
|
|
38
|
|
|
|
11,266
|
|
0.0
|
12
|
Westpoint Stevens, Inc.
1,3
|
|
14
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,266
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
232,406
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 0.9%
|
|
HOUSEHOLD PRODUCTS 0.9%
|
|
Spectrum Brands, Inc.
1
|
|
35
|
|
|
|
800,124
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS 1.1%
|
|
AIRLINES 0.0%
12
|
|
Delta Air Lines, Inc.
1
|
|
3
|
|
|
|
22,731
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
BUILDING PRODUCTS 0.0%
12
|
|
Lexington Coal Co.
1,3
|
|
25
|
|
|
|
27,083
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES & SUPPLIES 0.2%
|
|
World Color Press, Inc., (Canada)
1
|
|
18
|
|
|
|
171,668
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL CONGLOMERATES 0.9%
|
|
Milacron Holdings, Inc.
1,3,9
|
|
1
|
|
|
|
828,416
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
1,049,898
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 0.1%
|
|
IT SERVICES 0.1%
|
|
Unisys Corp.
1
|
|
32
|
|
|
|
85,830
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 0.2%
|
|
CONTAINERS & PACKAGING 0.2%
|
|
Constar International, Inc.
1
|
|
8
|
|
|
|
134,695
|
|
0.1
|
|
Glasstech, Inc., Class C
1,3
|
|
|
11
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Shares
(000)
|
|
Value
|
|
Percent
of Net
Assets*
|
|
CONTAINERS & PACKAGING (continued)
|
|
Portola Packaging
1,3
|
|
15
|
|
$
|
62,100
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
196,795
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.3%
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 0.3%
|
|
AboveNet, Inc.
1
|
|
5
|
|
|
249,944
|
|
0.3
|
|
XO Holdings, Inc.
1
|
|
1
|
|
|
351
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
250,295
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 0.0%
12
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.0%
12
|
|
Mirant Corp.
1
|
|
1
|
|
|
15,345
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
(Cost $5,198,312)
|
|
|
|
|
2,630,693
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
WARRANTS 0.1%
|
|
INDUSTRIALS 0.0%
12
|
|
COMMERCIAL SERVICES & SUPPLIES 0.0%
12
|
|
World Color Press, Inc., (Canada), expiring 07/20/14 (Strike Price $13.00)
1
|
|
20
|
|
|
52,232
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
TRANSPORTATION SERVICES 0.0%
|
|
IdleAire Technologies Corp. , expiring 12/15/15 (Strike Price $1.00)
1,3
|
|
1
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
52,232
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.1%
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 0.1%
|
|
AboveNet, Inc., Class W , expiring 09/08/10 (Strike Price $24.00)
1,3,9
|
|
2
|
|
|
57,519
|
|
0.1
|
|
XO Holdings, Inc., Series A, Class B, expiring 01/16/10 (Strike Price $6.25)
1
|
|
1
|
|
|
25
|
|
0.0
|
12
|
XO Holdings, Inc., Series B, Class B, expiring 01/16/10 (Strike Price $7.50)
1
|
|
1
|
|
|
4
|
|
0.0
|
12
|
XO Holdings, Inc., Series C, Class B, expiring 01/16/10 (Strike Price $10.00)
1
|
|
1
|
|
|
8
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
57,556
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
Total Warrants
|
|
|
|
|
|
|
|
|
(Cost $1,166,218)
|
|
|
|
|
109,788
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
14
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (concluded)
As of September 30, 2009 (Unaudited)
|
|
|
|
|
|
|
|
|
|
Description
|
|
Shares/
Par
(000)
|
|
Value
|
|
|
Percent
of Net
Assets
*
|
|
RIGHT 0.0%
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 0.0%
|
|
|
|
|
|
|
|
TEXTILES, APPAREL & LUXURY GOODS 0.0%
|
|
|
|
|
Westpoint Stevens, Inc., expiring 04/25/14
1,3
(Cost $184,476)
|
|
13
|
|
$
|
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY INVESTMENTS
|
|
|
|
|
|
|
|
|
|
(Cost $8,203,825)
|
|
|
|
|
5,203,203
|
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT 2.8%
|
|
|
|
|
|
|
|
INVESTMENT COMPANY 2.8%
|
|
|
|
|
|
|
|
JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.220%
5,13
(Cost 2,600,057)
|
|
2,600,057
|
|
|
2,600,057
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN 7.4%
|
|
INVESTMENT COMPANY 7.4%
|
|
|
|
|
|
|
|
JPMorgan Prime Money Market Fund, Capital Shares, 0.260%
5,13
|
|
|
|
|
|
|
|
|
|
(Cost $6,906,873)
|
|
6,906,873
|
|
|
6,906,873
|
|
|
7.4
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
|
|
|
|
|
(Cost $164,843,174)
|
|
|
|
|
144,620,694
|
|
|
155.6
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities in Excess of Other Assets
|
|
|
(51,652,554
|
)
|
|
(55.6
|
)
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
|
|
$
|
92,968,140
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
American Depositary Receipt
|
LIBOR
|
|
London Interbank Offered Rate
|
VAR
|
|
Variable Rate Security. The interest rate shown is the rate in effect as of September 30, 2009.
|
*
|
|
Applicable to common stockholders.
|
1
|
|
Non-income producing security.
|
2
|
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Unless otherwise indicated, this security has been determined to be liquid under procedures
established by the Board of Directors and may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities amounted to $33,790,081 and 36.3% of net assets applicable to common stockholders.
|
3
|
|
Fair valued security. These securities amounted to $4,532,999 and 4.9% of net assets applicable to common stockholders.
|
5
|
|
Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. or JPMorgan
Investment Advisors Inc.
|
6
|
|
All or a portion of the security is on loan. Securities on loan have a fair market value of $7,029,918.
|
7
|
|
Step-up bond. Interest rate is effective rate as of September 30, 2009.
|
8
|
|
Restricted security. These securities amounted to $1,594,563 and 1.7% of net assets applicable to common stockholders.
|
9
|
|
Security deemed to be illiquid. These securities amounted to $13,930,113 and 15.0% of net assets applicable to common stockholders.
|
10
|
|
All or a portion of the security is reserved for current or potential holdings of swaps, TBAs, when-issued securities and delayed delivery securities.
|
11
|
|
Amount rounds to less than 1,000 shares.
|
12
|
|
Amount rounds to less than 0.1%.
|
13
|
|
The rate shown is the current yield as of September 30, 2009.
|
14
|
|
Security is perpetual and, thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust
thereafter. The date shown reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2009.
|
As of September 30, 2009, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:
|
|
|
|
|
Aggregate gross unrealized appreciation
|
|
$
|
9,013,148
|
|
Aggregate gross unrealized depreciation
|
|
|
(29,235,628
|
)
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
$
|
(20,222,480
|
)
|
|
|
|
|
|
Federal income tax cost of investments
|
|
$
|
164,843,174
|
|
|
|
|
|
|
15
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments
As of September 30, 2009 (Unaudited)
The Fund entered into interest payment swap arrangements with Citibank, N. A. New York (Citibank) for the purpose of partially hedging
its dividend payment obligations with respect to the Auction Rate Preferred Shares (ARPS). Pursuant to each of the swap arrangements, the Fund makes payments to Citibank on a monthly basis at fixed annual rates. In exchange for such payments
Citibank makes payments to the Fund on a monthly basis at a variable rate determined with reference to the one month London Interbank Offered Rate (LIBOR). The variable rates ranged from 0.259% to 0.564% for the period ended September 30, 2009. The
effective date, upfront premiums, notional contract amount, maturity, fixed and floating annual rates and unrealized appreciation/depreciation of the swaps are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective
Date
|
|
Upfront
Premiums
(Paid)/
Received
|
|
Notional
Contract
Amount
|
|
Maturity
|
|
Payments
Made by the
Fund
|
|
Payments Received by
the Fund
|
|
Floating
Annual
Rate*
|
|
|
Unrealized
Appreciation/
(Depreciation)
|
|
12/1/2005
|
|
|
|
$
|
5 million
|
|
12/01/09
|
|
4.740% monthly
|
|
1 month LIBOR monthly
|
|
0.259
|
%
|
|
$
|
(56,547
|
)
|
8/14/2006
|
|
|
|
|
5 million
|
|
06/01/10
|
|
5.255% monthly
|
|
1 month LIBOR monthly
|
|
0.259
|
|
|
|
(183,490
|
)
|
12/1/2006
|
|
|
|
|
5 million
|
|
12/01/10
|
|
5.010% monthly
|
|
1 month LIBOR monthly
|
|
0.259
|
|
|
|
(272,467
|
)
|
11/30/2007
|
|
|
|
|
5 million
|
|
06/01/11
|
|
4.000% monthly
|
|
1 month LIBOR monthly
|
|
0.259
|
|
|
|
(267,060
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(779,564
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Represents rate in effect at September 30, 2009.
|
The various inputs that are used in determining the fair value of the Funds investments are summarized into the three broad levels listed below.
|
|
Level 1 quoted prices in active markets for identical securities
|
|
|
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
|
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
|
The inputs or methodology used for valuing securities are
not necessarily an indication of the risk associated with investing in those securities.
16
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments
As of September 30, 2009 (Unaudited)
The following table represents each valuation input by sector as presented in the Schedule of Portfolio Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
Quoted prices
|
|
Level 2
Other significant observable
inputs
|
|
|
Level 3
Significant unobservable
inputs
|
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
221,138
|
|
$
|
|
|
|
$
|
11,268
|
|
$
|
232,406
|
|
Consumer Staples
|
|
|
800,124
|
|
|
|
|
|
|
|
|
|
800,124
|
|
Industrials
|
|
|
194,399
|
|
|
|
|
|
|
855,499
|
|
|
1,049,898
|
|
Information Technology
|
|
|
85,830
|
|
|
|
|
|
|
|
|
|
85,830
|
|
Materials
|
|
|
134,695
|
|
|
|
|
|
|
62,100
|
|
|
196,795
|
|
Telecommunication Services
|
|
|
250,295
|
|
|
|
|
|
|
|
|
|
250,295
|
|
Utilities
|
|
|
15,345
|
|
|
|
|
|
|
|
|
|
15,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
1,701,826
|
|
|
|
|
|
|
928,867
|
|
|
2,630,693
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
|
|
|
77,722
|
|
|
77,722
|
|
Financials
|
|
|
|
|
|
2,385,000
|
|
|
|
|
|
|
2,385,000
|
|
Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
|
|
|
2,385,000
|
|
|
|
77,722
|
|
|
2,462,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
|
|
|
|
|
8,488
|
|
|
|
1,464,864
|
|
|
1,473,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
25,290,127
|
|
|
|
166,998
|
|
|
25,457,125
|
|
Consumer Staples
|
|
|
|
|
|
7,579,102
|
|
|
|
8,718
|
|
|
7,587,820
|
|
Energy
|
|
|
|
|
|
7,884,816
|
|
|
|
|
|
|
7,884,816
|
|
Financials
|
|
|
|
|
|
14,039,901
|
|
|
|
|
|
|
14,039,901
|
|
Health Care
|
|
|
|
|
|
5,782,221
|
|
|
|
|
|
|
5,782,221
|
|
Industrials
|
|
|
|
|
|
12,759,970
|
|
|
|
519,239
|
|
|
13,279,209
|
|
Information Technology
|
|
|
|
|
|
5,310,523
|
|
|
|
408,810
|
|
|
5,719,333
|
|
Materials
|
|
|
|
|
|
9,825,797
|
|
|
|
900,262
|
|
|
10,726,059
|
|
Telecommunication Services
|
|
|
|
|
|
7,009,350
|
|
|
|
|
|
|
7,009,350
|
|
Utilities
|
|
|
|
|
|
5,241,438
|
|
|
|
|
|
|
5,241,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
100,723,245
|
|
|
|
2,004,027
|
|
|
102,727,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Participations & Assignments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
8,966,154
|
|
|
|
|
|
|
8,966,154
|
|
Consumer Staples
|
|
|
|
|
|
1,130,050
|
|
|
|
|
|
|
1,130,050
|
|
Financials
|
|
|
|
|
|
1,778,517
|
|
|
|
|
|
|
1,778,517
|
|
Industrials
|
|
|
|
|
|
1,844,142
|
|
|
|
|
|
|
1,844,142
|
|
Information Technology
|
|
|
|
|
|
4,096,734
|
|
|
|
|
|
|
4,096,734
|
|
Materials
|
|
|
|
|
|
4,901,413
|
|
|
|
|
|
|
4,901,413
|
|
Telecommunication Services
|
|
|
|
|
|
485,548
|
|
|
|
|
|
|
485,548
|
|
Utilities
|
|
|
|
|
|
2,507,379
|
|
|
|
|
|
|
2,507,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Participations & Assignments
|
|
|
|
|
|
25,709,937
|
|
|
|
|
|
|
25,709,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials
|
|
|
52,232
|
|
|
|
|
|
|
|
|
|
52,232
|
|
Telecommunication Services
|
|
|
37
|
|
|
|
|
|
|
57,519
|
|
|
57,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Warrants
|
|
|
52,269
|
|
|
|
|
|
|
57,519
|
|
|
109,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Investments Investment Company
|
|
|
2,600,057
|
|
|
|
|
|
|
|
|
|
2,600,057
|
|
Investments of Cash Collateral for Securities on Loan Investment Company
|
|
|
6,906,873
|
|
|
|
|
|
|
|
|
|
6,906,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities
|
|
$
|
11,261,025
|
|
$
|
128,826,670
|
|
|
$
|
4,532,999
|
|
$
|
144,620,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation in Other Financial Instruments*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
$
|
|
|
$
|
(779,564
|
)
|
|
$
|
|
|
$
|
(779,564
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Other financial instruments may include futures, forwards and swap contracts.
|
17
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (concluded)
As of September 30, 2009 (Unaudited)
SFAS 157 also requires a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
of 12/31/08
|
|
Realized
gain
(loss)
|
|
Change in
unrealized
appreciation
(depreciation)
|
|
|
Net
amortization /
accretion
|
|
|
Net purchases
(sales)
|
|
|
Net transfers
in (out) of
Level 3
|
|
|
Balance as
of 09/30/09
|
Investments in Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds Airlines
|
|
$
|
314,945
|
|
$
|
4,254
|
|
$
|
32,387
|
|
|
$
|
13,999
|
|
|
$
|
(132,693
|
)
|
|
$
|
|
|
|
$
|
232,892
|
Corporate Bonds Containers & Packaging
|
|
|
62,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,100
|
Corporate Bonds Electronic Equipment, Instruments & Components
|
|
|
351,671
|
|
|
|
|
|
57,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
408,810
|
Corporate Bonds Food Products
|
|
|
8,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,718
|
Corporate Bonds Independent Power Producers & Energy Traders
|
|
|
70,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(70,000
|
)
|
|
|
|
Corporate Bonds Industrial Conglomerates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272,197
|
|
|
|
272,197
|
Corporate Bonds Leisure Equipment & Products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds Metals & Mining
|
|
|
|
|
|
|
|
|
(258,190
|
)
|
|
|
6,105
|
|
|
|
1,152,347
|
|
|
|
|
|
|
|
900,262
|
Corporate Bonds Textile, Apparel & Luxury Goods
|
|
|
|
|
|
|
|
|
(209,313
|
)
|
|
|
(363
|
)
|
|
|
376,674
|
|
|
|
|
|
|
|
166,998
|
Corporate Bonds Transportation Services
|
|
|
14,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,150
|
Loan Participations & Assignments Industrial Conglomerates
|
|
|
|
|
|
|
|
|
453,011
|
|
|
|
|
|
|
|
375,405
|
|
|
|
|
|
|
|
828,416
|
Asset-Backed Securities
|
|
|
1,458,514
|
|
|
|
|
|
866
|
|
|
|
5,484
|
|
|
|
|
|
|
|
|
|
|
|
1,464,864
|
Common Stocks Broadcasting & Cable TV
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Common Stocks Building Products
|
|
|
26,323
|
|
|
|
|
|
760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,083
|
Common Stocks Containers & Packaging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks Textiles, Apparel & Luxury Goods
|
|
|
|
|
|
|
|
|
11,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,266
|
Preferred Stocks Containers & Packaging
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks Media
|
|
|
76,507
|
|
|
|
|
|
1,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,723
|
Rights Textiles, Apparel & Luxury Goods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Diversified Telecommunication Services
|
|
|
3,915
|
|
|
|
|
|
53,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,519
|
Warrants Transportation Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
2,386,844
|
|
$
|
4,254
|
|
$
|
142,746
|
|
|
$
|
25,225
|
|
|
$
|
1,771,733
|
|
|
$
|
202,197
|
|
|
$
|
4,532,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The change in unrealized
appreciation (depreciation) attributable to securities owned at September 30, 2009, which were valued using significant unobservable inputs (Level 3) amounted to $364,348.
18
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
|
(a)
|
The Registrants principal executive and principal financial officers have concluded, based on their evaluation of the Registrants disclosure controls and
procedures as of a date within 90 days of the filing date of this report, that the Registrants disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is
recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the
Registrants management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
|
|
(b)
|
There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that
occurred during the Registrants most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal controls over financial reporting.
|
CERTIFICATIONS
PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 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.
|
|
|
Pacholder High Yield Fund, Inc.
|
|
|
By:
|
|
/
S
/ G
EORGE
C.W.
G
ATCH
|
|
|
George C.W. Gatch
|
|
|
President and Principal Executive Officer
|
|
|
November 24, 2009
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
By:
|
|
/
S
/ G
EORGE
C.W.
G
ATCH
|
|
|
George C.W. Gatch
|
|
|
President and Principal Executive Officer
|
|
|
November 24, 2009
|
|
|
By:
|
|
/
S
/ P
ATRICIA
A.
M
ALESKI
|
|
|
Patricia A. Maleski
|
|
|
Treasurer and Principal Financial Officer
|
|
|
November 24, 2009
|
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