P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Directors and Officers
|
|
|
Fergus Reid, III
Chairman and
Director
William J. Armstrong
Director
John F. Finn
Director
Dr. Matthew Goldstein
Director
Robert J. Higgins
Director
Frankie D.
Hughes
Director
Peter C. Marshall
Director
Marilyn McCoy
Director
William G. Morton,
Jr.
Director
|
|
Robert A. Oden, Jr.
Director
Frederick W. Ruebeck
Director
James J.
Schonbachler
Director
Leonard M. Spalding, Jr.
Director
Patricia A. Maleski
President and Principal Executive Officer
Joy C. Dowd
Treasurer and Principal Financial Officer
Stephen M. Ungerman
Chief Compliance
Officer
Frank J. Nasta
Secretary
|
Investment Objective
A closed-end fund seeking a high level of total return
through current income and capital appreciation
by
investing primarily in high-yield, fixed income securities
of domestic companies.
Investment Advisor
J.P. Morgan Investment Management Inc.
Administrator
JPMorgan Funds Management, Inc.
Custodian
JPMorgan Chase Bank, N.A.
Transfer Agent
Computershare Trust Company, N.A.
Legal Counsel
Dechert LLP
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Independent Directors Counsel
Kramer Levin Naftalis & Frankel LLP
Executive Offices
Pacholder High Yield Fund, Inc.
245
Park Avenue
New York, NY 10167
Shareholder Services
(877) 217-9502
Please
visit our web site,
www.pacholder.com
, for information on the Funds NAV, share price, news releases, and SEC filings. We created this site to provide stockholders quick and easy access to the timeliest information available regarding
the Fund.
This report is for the
information of stockholders of Pacholder High Yield Fund, Inc. It is not a prospectus, offering circular or other representation intended for use in connection with the purchase or sale of shares of the Fund or any securities mentioned in this
report.
P
ACHOLDER
H
IGH
Y
IELD
F
UND
, I
NC
.
T
HIRD
Q
UARTER
S
EPTEMBER
30, 2010
(U
NAUDITED
)
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
(Unaudited)
Dear
Shareholders:
Third Quarter Review
As macroeconomic data deteriorated through August, speculation grew
that the global economy might experience a double dip recession. This dampened investor sentiment during much of the period, but investors appetite for risk returned in September amid better-than-expected economic data and
indications from the Federal Reserve that it would use its tools to help stimulate growth. For the quarter, high yield spreads moved tighter on the tailwind of U.S. Treasury yields that were lower, strong inflows into high yield funds, a robust new
issue market and a falling default rate. (Generally, when credit spreads narrow, yields fall and prices rise, relative to comparable-duration U.S. Treasuries). While the market continued to weigh the anemic economic data, the credit fundamentals of
high yield issuers were generally positive and continued to improve.
For
the quarter ended September 30, 2010, the Pacholder High Yield Fund, Inc. (the Fund) returned 7.78% based on Net Asset Value (NAV) compared to the 7.18% average total return of the Morningstar Closed-End High Yield
Category, and the 5.96% return of the Credit Suisse High Yield Index, Developed Countries Only (the Index).
The Funds relative outperformance for the quarter ended September 30, 2010 was due in large part to security selection in the aerospace, chemicals,
food/tobacco and information technology segments. Security selection was also strong in the financial, energy, retail, transportation and utility manufacturing segments. Security selection in the consumer product, forest product/containers,
gaming/leisure housing, healthcare, manufacturing, media/telecom, metals and services segments detracted from the Funds overall performance. The Funds relative outperformance in the third quarter and year-to-date was enhanced due to its
leverage obtained through its Auction Rate Preferred Shares (ARPS).
According to Moodys Investor Services, Inc. (Moodys), the global speculative-grade issuer-weighted default rate declined to 4.0% in September 2010 from the December 2009 rate of 12.5%. Moodys
predicted, under its baseline scenario, that the global speculative-grade default rate will continue to fall to 2.7% by the 2010 year-end.
During the quarter, the Fund was well diversified, with investments in 508 securities in 59 different industries. As of September 30, the Funds largest
industry sector concentration was in media/telecom, which accounted for 9.5% of its market value. For the quarter, the average price of the Index rose 4.38 points from $95.34 to $99.72, the average yield decreased 1.16% from 8.81% to 7.65% and the
spread over the comparable U.S. Treasury narrowed 0.66% from 7.09% to 6.43%.
Fund Strategy
The economic and political uncertainties were headwinds for equity and fixed income markets, but increased policy transparency and slightly positive economic news
buoyed investor sentiment at the end of the quarter. While the market is generally cautious towards risk assets, recently the market has embraced any economic news that is trending better and is pushing equity and high yield prices higher. Our
investment strategy is based upon a credit bar bell process that is intended to take specifically targeted credit risk when our analysis indicates a favorable risk reward opportunity, while maintaining a core of relatively stable credits. Generally,
our credit barbell approach is implemented by establishing a core group of holdings of stable, liquidity credits with improving fundamentals that represent the overall high yield market with total return ideas incorporated to take advantage of
inefficiencies in the market.
Auction Rate Preferred
Shares and Dividend
Since February 2008, most auctions for preferred
shares of closed-end funds and auction rate securities of other issuers failed. The weekly auctions for the Funds ARPS have failed since February 13, 2008. Since that time, a number of broker-dealers announced that they will offer to
repurchase auction rate securities from certain of their clients. Any action taken by the Fund to provide liquidity to the ARPS must be in the best interest of the Fund as a whole.
From January 2009 to February 2010, the Fund paid a monthly dividend of $0.055 per
common share. Beginning with the March 2010 dividend, the Board of Directors authorized the Fund to increase the amount of monthly dividends from $0.055 to $0.060 per common share. The Fund anticipates paying a monthly dividend of $0.060, subject to
market conditions and the requirement that the Fund maintain an asset coverage of at least 200% of the ARPS after payment of dividends.
As always, we appreciate your interest in the Fund and look forward to your continued support.
Sincerely,
George C.W. Gatch
CEO-Investment Management Americas
J.P. Morgan Asset Management
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
(Unaudited)
The
performance quoted is past performance and is not a guarantee of future results. Closed-end funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investors shares, when
sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown.
J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not
limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.
Securities rated below investment grade are called high-yield bonds,
non-investment grade bonds, below investment-grade bonds, or junk bonds. They generally are rated in the fifth or lower rating categories of Standard & Poors and Moodys Investors Service.
Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Funds share value will decline. Because this Fund primarily invests in bonds, it is subject to interest rate risks. Bond
prices generally fall when interest rates rise.
Opinions and estimates
offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its
accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for
informational purposes only, and is not intended to provide, and should not be relied on for, accounting and legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any
forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.
Portfolio Holdings Availability
No sooner than 10 days after the end of each month, the Funds uncertified complete schedule of its portfolio holdings as well as certain other fund facts and
statistical information will be available on the Funds website www.pacholder.com. In addition, the Fund files its certified, complete schedule of its portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the
first and third quarters of each fiscal year on Form N-Q. The Funds Form N-Qs are available, without charge, on the SECs website at www.sec.gov. The Funds Form N-Qs may be reviewed and copied at the SECs Public Reference Room
in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS 103.5%
|
|
|
|
|
|
CONSUMER DISCRETIONARY 30.7%
|
|
|
|
|
|
AUTO COMPONENTS 1.1%
|
|
|
|
|
|
DPH Holdings Corp., 7.125%, 05/01/29
1,4
|
|
$
|
725
|
|
|
$
|
18,125
|
|
|
|
0.0
|
%
12
|
Pinafore LLC/Pinafore, Inc., Private Placement,
9.000%, 10/01/18
2,6
|
|
|
375
|
|
|
|
393,750
|
|
|
|
0.4
|
|
UCI Holdco, Inc., Sr Nt, 9.250%, 12/15/13
|
|
|
535
|
|
|
|
519,429
|
|
|
|
0.5
|
|
United Components, Inc., Sr Nt, 9.375%, 06/15/13
|
|
|
250
|
|
|
|
254,375
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,185,679
|
|
|
|
1.1
|
|
AUTOMOBILES 2.4%
|
|
|
|
|
|
Ford Holdings LLC, 9.300%, 03/01/30
|
|
|
262
|
|
|
|
291,475
|
|
|
|
0.3
|
|
9.375%, 03/01/20
10
|
|
|
150
|
|
|
|
162,188
|
|
|
|
0.1
|
|
Ford Motor Co., 7.750%, 06/15/43
|
|
|
750
|
|
|
|
720,000
|
|
|
|
0.7
|
|
8.900%, 01/15/32
|
|
|
125
|
|
|
|
136,875
|
|
|
|
0.1
|
|
Ford Motor Co., Nt, 9.980%, 02/15/47
|
|
|
125
|
|
|
|
140,000
|
|
|
|
0.1
|
|
Motors Liquidation Co., 0.000%, 03/15/36
1,4
|
|
|
55
|
|
|
|
9,487
|
|
|
|
0.0
|
12
|
5.250%, 03/06/32
|
|
|
25
|
|
|
|
197,528
|
|
|
|
0.2
|
|
6.250%, 07/15/33
|
|
|
15
|
|
|
|
118,856
|
|
|
|
0.1
|
|
7.250%, 04/15/41
|
|
|
|
11
|
|
|
1,647
|
|
|
|
0.0
|
12
|
7.250%, 07/15/41
|
|
|
|
11
|
|
|
705
|
|
|
|
0.0
|
12
|
7.250%, 02/15/52
|
|
|
7
|
|
|
|
55,929
|
|
|
|
0.0
|
12
|
7.375%, 05/15/48
|
|
|
10
|
|
|
|
73,966
|
|
|
|
0.1
|
|
7.375%, 10/01/51
|
|
|
|
11
|
|
|
1,870
|
|
|
|
0.0
|
12
|
Motors Liquidation Co., Debentures,
6.750%, 05/01/28
1,4
|
|
|
50
|
|
|
|
15,500
|
|
|
|
0.0
|
12
|
8.100%, 06/15/24
1,4
|
|
|
1,725
|
|
|
|
547,688
|
|
|
|
0.5
|
|
8.375%, 07/15/33
1,4
|
|
|
425
|
|
|
|
143,437
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,617,151
|
|
|
|
2.4
|
|
BROADCASTING & CABLE TV 2.8%
|
|
|
|
|
|
Adelphia Communications Corp., Pfd,
6.000%, 02/15/06
1,4
|
|
|
125
|
|
|
|
|
|
|
|
0.0
|
|
Adelphia Communications Corp., Sr Nt,
8.125%, 07/15/03
1,4
|
|
|
750
|
|
|
|
10,357
|
|
|
|
0.0
|
12
|
9.375%, 11/15/09
1,4
|
|
|
560
|
|
|
|
7,734
|
|
|
|
0.0
|
12
|
Adelphia Recovery Trust, Contingent Value
1
|
|
|
1,297
|
|
|
|
18,805
|
|
|
|
0.0
|
12
|
Cablevision Systems Corp., 8.000%, 04/15/20
|
|
|
95
|
|
|
|
102,244
|
|
|
|
0.1
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Private Placement,
7.250%, 10/30/17
2
|
|
|
240
|
|
|
|
243,300
|
|
|
|
0.2
|
|
7.875%, 04/30/18
2
|
|
|
90
|
|
|
|
93,375
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROADCASTING & CABLE TV (continued)
|
|
|
|
|
|
Cequel Communications Holdings I LLC and Cequel Capital Corp., Private Placement, Sr Nt, 8.625%, 11/15/17
2
|
|
$
|
260
|
|
|
$
|
274,300
|
|
|
|
0.3
|
%
|
Charter Communications Operating LLC/Charter Communications Operating Capital, Private Placement, Nt, 10.875%, 09/15/14
2
|
|
|
150
|
|
|
|
169,875
|
|
|
|
0.2
|
|
Mediacom LLC/Mediacom Capital Corp., 9.125%, 08/15/19
|
|
|
156
|
|
|
|
161,460
|
|
|
|
0.2
|
|
Sirius XM Radio, Inc., Private Placement, 8.750%,
04/01/15
2,6
|
|
|
180
|
|
|
|
191,250
|
|
|
|
0.2
|
|
9.750%, 09/01/15
2
|
|
|
150
|
|
|
|
165,187
|
|
|
|
0.1
|
|
Telesat Canada/Telesat LLC, (Canada), 11.000%, 11/01/15
|
|
|
136
|
|
|
|
153,680
|
|
|
|
0.1
|
|
12.500%, 11/01/17
10
|
|
|
150
|
|
|
|
177,000
|
|
|
|
0.2
|
|
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, Private Placement, Sr Secd Nt, (Germany), 8.125%, 12/01/17
2
|
|
|
250
|
|
|
|
260,000
|
|
|
|
0.2
|
|
Virgin Media Finance plc, (United Kingdom), 8.375%, 10/15/19
|
|
|
225
|
|
|
|
246,938
|
|
|
|
0.2
|
|
Virgin Media Finance plc, Sr Nt, (United Kingdom), 9.125%, 08/15/16
|
|
|
450
|
|
|
|
481,500
|
|
|
|
0.4
|
|
XM Satellite Radio, Inc., Private Placement, Sr Nt, 13.000%,
08/01/13
2
|
|
|
330
|
|
|
|
379,500
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,136,505
|
|
|
|
2.8
|
|
DISTRIBUTORS 0.3%
|
|
|
|
|
|
McJunkin Red Man Corp., Private Placement, Sr Nt, 9.500%,
12/15/16
2
|
|
|
355
|
|
|
|
312,400
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED CONSUMER SERVICES 1.4%
|
|
|
|
|
|
Knowledge Learning Corp., Inc., Private Placement, Sr Sub Nt, 7.750%, 02/01/15
2
|
|
|
700
|
|
|
|
693,000
|
|
|
|
0.6
|
|
Mac-Gray Corp., Sr Nt, 7.625%, 08/15/15
10
|
|
|
650
|
|
|
|
632,125
|
|
|
|
0.6
|
|
Sothebys, 7.750%, 06/15/15
|
|
|
250
|
|
|
|
260,625
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,585,750
|
|
|
|
1.4
|
|
GAMING 5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Chukchansi Economic Development Authority, Private Placement, 8.000%, 11/15/13
2
|
|
|
766
|
|
|
|
448,110
|
|
|
|
0.4
|
|
Harrahs Operating Co., Inc., 11.250%, 06/01/17
|
|
|
250
|
|
|
|
273,750
|
|
|
|
0.3
|
|
3
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMING (continued)
|
|
|
|
|
|
Isle of Capri Casinos, Inc., Sr Nt,
7.000%, 03/01/14
6
|
|
$
|
400
|
|
|
$
|
362,000
|
|
|
|
0.3
|
%
|
Mandalay Resort Group, Sr Nt, 7.625%, 07/15/13
|
|
|
200
|
|
|
|
172,000
|
|
|
|
0.2
|
|
Marina District Finance Co., Inc., Private Placement, 9.500%, 10/15/15
2,6
|
|
|
100
|
|
|
|
97,000
|
|
|
|
0.1
|
|
9.875%, 08/15/18
2,6
|
|
|
45
|
|
|
|
43,425
|
|
|
|
0.0
|
12
|
Mashantucket Western Pequot Tribe, Private Placement, 5.912%, 09/01/21
1,2,4
|
|
|
475
|
|
|
|
314,037
|
|
|
|
0.3
|
|
8.500%, 11/15/15
1,2,4
|
|
|
820
|
|
|
|
123,000
|
|
|
|
0.1
|
|
MCE Finance Ltd., Private Placement, (Cayman Islands), 10.250%,
05/15/18
2
|
|
|
225
|
|
|
|
250,313
|
|
|
|
0.2
|
|
MGM Resorts International, Co Guar,
5.875%, 02/27/14
6
|
|
|
30
|
|
|
|
25,650
|
|
|
|
0.0
|
12
|
6.625%, 07/15/15
6
|
|
|
231
|
|
|
|
193,462
|
|
|
|
0.2
|
|
7.500%, 06/01/16
6
|
|
|
140
|
|
|
|
118,300
|
|
|
|
0.1
|
|
7.625%, 01/15/17
6
|
|
|
201
|
|
|
|
169,343
|
|
|
|
0.2
|
|
13.000%, 11/15/13
|
|
|
175
|
|
|
|
205,625
|
|
|
|
0.2
|
|
MGM Resorts International, Private Placement,
9.000%, 03/15/20
2
|
|
|
125
|
|
|
|
131,562
|
|
|
|
0.1
|
|
Midwest Gaming Borrower LLC/Midwest Finance Corp., Private Placement, 11.625%, 04/15/16
2
|
|
|
100
|
|
|
|
101,750
|
|
|
|
0.1
|
|
Peninsula Gaming LLC, 8.375%, 08/15/15
|
|
|
350
|
|
|
|
364,000
|
|
|
|
0.3
|
|
Pinnacle Entertainment, Inc., 8.750%, 05/15/20
|
|
|
100
|
|
|
|
98,500
|
|
|
|
0.1
|
|
San Pasqual Casino, Private Placement,
8.000%, 09/15/13
2
|
|
|
500
|
|
|
|
490,625
|
|
|
|
0.4
|
|
Seminole Hard Rock Entertainment, Inc., Private Placement, VAR, 2.792%, 03/15/14
2
|
|
|
500
|
|
|
|
438,750
|
|
|
|
0.4
|
|
Shingle Springs Tribal Gaming Authority, Private Placement, Sr Nt, 9.375%, 06/15/15
2
|
|
|
1,000
|
|
|
|
745,000
|
|
|
|
0.7
|
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Private Placement, 7.750%, 08/15/20
2
|
|
|
375
|
|
|
|
395,625
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,561,827
|
|
|
|
5.1
|
|
HOTELS, RESTAURANTS & LEISURE 1.6%
|
|
|
|
|
|
CKE Restaurants, Inc., Private Placement, 11.375%,
07/15/18
2
|
|
|
350
|
|
|
|
358,750
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTELS, RESTAURANTS & LEISURE (continued)
|
|
|
|
|
|
Games Merger Corp., Private Placement, Sr Nt, 11.000%,
06/01/18
2
|
|
$
|
30
|
|
|
$
|
32,400
|
|
|
|
0.0
|
%
12
|
Landrys Holdings, Inc., Private Placement, 11.500%,
06/01/14
2
|
|
|
100
|
|
|
|
93,000
|
|
|
|
0.1
|
|
Landrys Restaurants, Inc., Sr Nt, 11.625%, 12/01/15
|
|
|
200
|
|
|
|
211,000
|
|
|
|
0.2
|
|
Real Mex Restaurants, Inc., 14.000%, 01/01/13
|
|
|
200
|
|
|
|
204,000
|
|
|
|
0.2
|
|
Royal Caribbean Cruises Ltd., Sr Nt, (Liberia), 11.875%, 07/15/15
|
|
|
231
|
|
|
|
280,087
|
|
|
|
0.3
|
|
Speedway Motorsports, Inc., Sr Nt, 8.750%, 06/01/16
|
|
|
300
|
|
|
|
324,000
|
|
|
|
0.3
|
|
Universal City Development Partners Ltd./UCDP Finance, Inc., 8.875%, 11/15/15
|
|
|
35
|
|
|
|
36,094
|
|
|
|
0.0
|
12
|
Universal City Development Partners Ltd./UCDP Finance, Inc.,
10.875%, 11/15/16
|
|
|
250
|
|
|
|
270,625
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,809,956
|
|
|
|
1.6
|
|
HOUSEHOLD DURABLES 1.4%
|
|
|
|
|
|
K Hovnanian Enterprises, Inc., Sr Nt, 10.625%, 10/15/16
|
|
|
475
|
|
|
|
475,594
|
|
|
|
0.5
|
|
Lennar Corp., Sr Nt, 6.950%, 06/01/18
|
|
|
235
|
|
|
|
217,962
|
|
|
|
0.2
|
|
Meritage Homes Corp., Sr Nt, 6.250%, 03/15/15
|
|
|
75
|
|
|
|
73,688
|
|
|
|
0.1
|
|
7.150%, 04/15/20
|
|
|
260
|
|
|
|
245,700
|
|
|
|
0.2
|
|
Standard Pacific Corp., 7.000%, 08/15/15
|
|
|
130
|
|
|
|
124,475
|
|
|
|
0.1
|
|
Standard Pacific Corp., Sr Nt, 6.250%, 04/01/14
|
|
|
139
|
|
|
|
133,961
|
|
|
|
0.1
|
|
10.750%, 09/15/16
|
|
|
210
|
|
|
|
228,900
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500,280
|
|
|
|
1.4
|
|
LEISURE EQUIPMENT & PRODUCTS 1.2%
|
|
|
|
|
|
Da-Lite Screen Co., Inc., Sr Nt, 12.500%, 04/01/15
|
|
|
375
|
|
|
|
382,500
|
|
|
|
0.3
|
|
Eastman Kodak Co., Private Placement,
9.750%, 03/01/18
2
|
|
|
740
|
|
|
|
717,800
|
|
|
|
0.7
|
|
FGI Holding Co., Inc., Private Placement, Sr Nt, PIK, 11.250%, 10/01/15
2
|
|
|
225
|
|
|
|
215,438
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,315,738
|
|
|
|
1.2
|
|
MEDIA 7.7%
|
|
|
|
|
|
Barrington Broadcasting Group LLC and Barrington Broadcasting Capital Corp., Sr Sub Nt, 10.500%, 08/15/14
|
|
|
700
|
|
|
|
644,875
|
|
|
|
0.6
|
|
4
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA (continued)
|
|
Block Communications, Inc., Private Placement, Sr Nt, 8.250%, 12/15/15
2,10
|
|
$
|
800
|
|
|
$
|
801,000
|
|
|
|
0.7
|
%
|
Clear Channel Worldwide Holdings, Inc., Sr Nt,
|
|
|
|
|
|
|
|
|
|
|
|
|
9.250%, 12/15/17
|
|
|
125
|
|
|
|
132,500
|
|
|
|
0.1
|
|
9.250%, 12/15/17
|
|
|
500
|
|
|
|
533,750
|
|
|
|
0.5
|
|
CSC Holdings LLC, 7.625%, 07/15/18
|
|
|
50
|
|
|
|
53,875
|
|
|
|
0.1
|
|
CSC Holdings LLC, Sr Nt, 7.875%, 02/15/18
|
|
|
96
|
|
|
|
104,760
|
|
|
|
0.1
|
|
DigitalGlobe, Inc., Sr Nt, 10.500%, 05/01/14
|
|
|
250
|
|
|
|
278,125
|
|
|
|
0.3
|
|
Entravision Communications Corp., Private Placement, 8.750%, 08/01/17
2
|
|
|
100
|
|
|
|
102,000
|
|
|
|
0.1
|
|
Fisher Communications, Inc., Sr Nt, 8.625%, 09/15/14
|
|
|
500
|
|
|
|
495,000
|
|
|
|
0.5
|
|
Gannett Co., Inc., Private Placement,
|
|
|
|
|
|
|
|
|
|
|
|
|
6.375%, 09/01/15
2
|
|
|
50
|
|
|
|
49,437
|
|
|
|
0.0
|
12
|
7.125%, 09/01/18
2
|
|
|
75
|
|
|
|
73,875
|
|
|
|
0.1
|
|
9.375%, 11/15/17
2
|
|
|
110
|
|
|
|
120,175
|
|
|
|
0.1
|
|
Gray Television, Inc., 10.500%, 06/29/15
6
|
|
|
50
|
|
|
|
49,938
|
|
|
|
0.0
|
12
|
Intelsat Intermediate Holding Co. S.A., (Luxembourg), 9.500%, 02/01/15
7
|
|
|
200
|
|
|
|
207,000
|
|
|
|
0.2
|
|
Intelsat Jackson Holdings S.A., Private Placement, (Luxembourg), 7.250%, 10/15/20
2
|
|
|
150
|
|
|
|
150,750
|
|
|
|
0.1
|
|
Intelsat Jackson Holdings S.A., Private Placement, Sr Nt, (Luxembourg), 8.500%, 11/01/19
2
|
|
|
150
|
|
|
|
162,750
|
|
|
|
0.2
|
|
Intelsat Luxembourg S.A., (Luxembourg),
|
|
|
|
|
|
|
|
|
|
|
|
|
11.250%, 02/04/17
|
|
|
1,175
|
|
|
|
1,258,719
|
|
|
|
1.1
|
|
11.500%, 02/04/17
|
|
|
297
|
|
|
|
321,610
|
|
|
|
0.3
|
|
Intelsat Subsidiary Holding Co. S.A., (Bermuda),
8.875%, 01/15/15
10
|
|
|
140
|
|
|
|
144,900
|
|
|
|
0.1
|
|
Intelsat Subsidiary Holding Co. S.A., Private Placement, (Bermuda), 8.875%, 01/15/15
2
|
|
|
360
|
|
|
|
370,800
|
|
|
|
0.3
|
|
Lamar Media Corp., Sr Sub Nt, 6.625%, 08/15/15
|
|
|
125
|
|
|
|
126,562
|
|
|
|
0.1
|
|
Media General, Inc., 11.750%, 02/15/17
6
|
|
|
400
|
|
|
|
433,000
|
|
|
|
0.4
|
|
Nexstar Broadcasting, Inc./Mission Broadcasting Inc., Private Placement, 8.875%, 04/15/17
2
|
|
|
100
|
|
|
|
104,250
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA (continued)
|
|
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc., Sr Disc Nt, 11.375%, 04/01/13
7
|
|
$
|
479
|
|
|
$
|
477,588
|
|
|
|
0.4
|
%
|
Nielsen Finance LLC/Nielsen Finance Co.,
0.000%, 08/01/16
7
|
|
|
94
|
|
|
|
94,118
|
|
|
|
0.1
|
|
Nielsen Finance LLC/Nielsen Finance Co., Private Placement, 7.750%, 10/15/18
2
|
|
|
225
|
|
|
|
223,351
|
|
|
|
0.2
|
|
ProQuest LLC/ProQuest Notes Co., Private Placement,
9.000%, 10/15/18
2
|
|
|
125
|
|
|
|
126,875
|
|
|
|
0.1
|
|
Radio One, Inc., Sr Sub Nt,
6.375%, 02/15/13
1,4
|
|
|
500
|
|
|
|
420,625
|
|
|
|
0.4
|
|
Sinclair Television Group, Inc., Private Placement,
8.375%, 10/15/18
2
|
|
|
100
|
|
|
|
100,750
|
|
|
|
0.1
|
|
WMG Acquisition Corp., Nt, 9.500%, 06/15/16
|
|
|
61
|
|
|
|
65,270
|
|
|
|
0.1
|
|
WMG Holdings Corp., Nt, 9.500%, 12/15/14
6,7
|
|
|
.250
|
|
|
|
239,375
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,467,603
|
|
|
|
7.7
|
|
MULTILINE RETAIL 0.3%
|
|
HSN, Inc., 11.250%, 08/01/16
|
|
|
323
|
|
|
|
368,220
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL 4.0%
|
|
Burlington Coat Factory Investment Holdings, Inc.,
14.500%, 10/15/14
7
|
|
|
132
|
|
|
|
140,910
|
|
|
|
0.1
|
|
Collective Brands, Inc., 8.250%, 08/01/13
|
|
|
445
|
|
|
|
451,675
|
|
|
|
0.4
|
|
General Nutrition Centers, Inc., 5.750%, 03/15/14
|
|
|
461
|
|
|
|
456,966
|
|
|
|
0.4
|
|
Michaels Stores, Inc., Sr Nt,
0.000%, 11/01/16
7
|
|
|
1,400
|
|
|
|
1,347,500
|
|
|
|
1.2
|
|
NBC Acquisition Corp., 11.000%, 03/15/13
7
|
|
|
280
|
|
|
|
251,300
|
|
|
|
0.2
|
|
NBTY, Inc., Private Placement,
9.000%, 10/01/18
2
|
|
|
100
|
|
|
|
105,000
|
|
|
|
0.1
|
|
Nebraska Book Co., Inc.,
|
|
|
|
|
|
|
|
|
|
|
|
|
8.625%, 03/15/12
10
|
|
|
365
|
|
|
|
348,575
|
|
|
|
0.3
|
|
10.000%, 12/01/11
|
|
|
345
|
|
|
|
349,312
|
|
|
|
0.4
|
|
PEP Boys-Manny Moe & Jack, Sr Nt, 7.500%, 12/15/14
|
|
|
500
|
|
|
|
500,000
|
|
|
|
0.5
|
|
Toys R Us Property Co. LLC, Private Placement, Sr Secd Nt, 8.500%, 12/01/17
2
|
|
|
285
|
|
|
|
301,388
|
|
|
|
0.3
|
|
Toys R Us, Inc., 7.875%, 04/15/13
6
|
|
|
118
|
|
|
|
123,015
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,375,641
|
|
|
|
4.0
|
|
5
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES, APPAREL & LUXURY GOODS 1.4%
|
|
|
|
|
|
Broder Brothers Co., Private Placement,
12.000%, 10/15/13
2,3,9
|
|
$
|
429
|
|
|
$
|
373,108
|
|
|
|
0.3
|
|
Hanesbrands, Inc., Sr Nt, VAR, 4.121%, 12/15/14
|
|
|
500
|
|
|
|
481,250
|
|
|
|
0.4
|
|
Quiksilver, Inc., 6.875%, 04/15/15
|
|
|
748
|
|
|
|
708,730
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,563,088
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
33,799,838
|
|
|
|
30.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 5.1%
|
|
|
|
|
|
BEVERAGES 0.3%
|
|
|
|
|
|
Constellation Brands, Inc., Sr Nt, 8.375%, 12/15/14
|
|
|
315
|
|
|
|
347,681
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD & STAPLES RETAILING 1.6%
|
|
|
|
|
|
Ingles Markets, Inc., 8.875%, 05/15/17
|
|
|
190
|
|
|
|
204,725
|
|
|
|
0.2
|
|
Rite Aid Corp., 9.500%, 06/15/17
6
|
|
|
1,000
|
|
|
|
840,000
|
|
|
|
0.8
|
|
Rite Aid Corp., Debentures, 7.500%, 03/01/17
|
|
|
600
|
|
|
|
552,750
|
|
|
|
0.5
|
|
Tops Markets LLC, Private Placement,
10.125%, 10/15/15
2
|
|
|
115
|
|
|
|
123,482
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,720,957
|
|
|
|
1.6
|
|
FOOD PRODUCTS 1.9%
|
|
|
|
|
|
Chiquita Brands International, Inc., Sr Nt,
8.875%, 12/01/15
6
|
|
|
299
|
|
|
|
307,970
|
|
|
|
0.3
|
|
Eurofresh, Inc., 15.000%, 11/18/16
3,9
|
|
|
392
|
|
|
|
392,024
|
|
|
|
0.4
|
|
JBS USA LLC/JBS USA Finance, Inc., 11.625%, 05/01/14
|
|
|
325
|
|
|
|
375,375
|
|
|
|
0.4
|
|
Michael Foods, Inc., Private Placement, Sr Nt,
9.750%, 07/15/18
2
|
|
|
350
|
|
|
|
374,500
|
|
|
|
0.3
|
|
Smithfield Foods, Inc., Nt,
7.750%, 05/15/13
10
|
|
|
575
|
|
|
|
594,406
|
|
|
|
0.5
|
|
Toms Foods, Inc., Sr Nt,
10.500%, 11/01/04
1,3,4,9
|
|
|
863
|
|
|
|
8,635
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,052,910
|
|
|
|
1.9
|
|
HOUSEHOLD PRODUCTS 0.6%
|
|
|
|
|
|
Spectrum Brands Holdings, Inc., 12.000%, 08/28/19
|
|
|
596
|
|
|
|
663,345
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERSONAL PRODUCTS 0.3%
|
|
|
|
|
|
Visant Corp., Private Placement,
10.000%, 10/01/17
2
|
|
|
305
|
|
|
|
318,725
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOBACCO 0.4%
|
|
|
|
|
|
Alliance One International, Inc., Nt, 10.000%, 07/15/16
|
|
|
440
|
|
|
|
476,300
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
5,579,918
|
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY 10.3%
|
|
|
|
|
|
ENERGY EQUIPMENT & SERVICES 2.0%
|
|
|
|
|
|
American Petroleum Tankers LLC/AP Tankers Co., Private Placement, 10.250%, 05/01/15
2
|
|
$
|
270
|
|
|
$
|
276,075
|
|
|
|
0.2
|
|
Global Geophysical Services, Inc., Private Placement, 10.500%, 05/01/17
2
|
|
|
85
|
|
|
|
86,487
|
|
|
|
0.1
|
|
Helix Energy Solutions Group, Inc., Private Placement, 9.500%, 01/15/16
2
|
|
|
500
|
|
|
|
506,250
|
|
|
|
0.5
|
|
Key Energy Services, Inc., Sr Nt, 8.375%, 12/01/14
|
|
|
338
|
|
|
|
356,590
|
|
|
|
0.3
|
|
Parker Drilling Co., Private Placement,
9.125%, 04/01/18
2
|
|
|
250
|
|
|
|
253,750
|
|
|
|
0.2
|
|
PHI, Inc., Private Placement,
8.625%, 10/15/18
2
|
|
|
310
|
|
|
|
304,575
|
|
|
|
0.3
|
|
Pride International, Inc., 6.875%, 08/15/20
|
|
|
65
|
|
|
|
70,769
|
|
|
|
0.1
|
|
Seadrill Ltd., (Bermuda), 6.500%, 10/05/15
|
|
|
325
|
|
|
|
325,000
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,179,496
|
|
|
|
2.0
|
|
OIL, GAS & CONSUMABLE FUELS 8.3%
|
|
|
|
|
|
Alon Refining Krotz Springs, Inc., 13.500%, 10/15/14
|
|
|
260
|
|
|
|
253,175
|
|
|
|
0.2
|
|
Antero Resources Finance Corp., Nt, 9.375%, 12/01/17
|
|
|
250
|
|
|
|
265,625
|
|
|
|
0.2
|
|
Arch Coal, Inc., 7.250%, 10/01/20
|
|
|
80
|
|
|
|
84,500
|
|
|
|
0.1
|
|
Bill Barrett Corp., 9.875%, 07/15/16
|
|
|
150
|
|
|
|
163,875
|
|
|
|
0.1
|
|
Brigham Exploration Co., Private Placement,
8.750%, 10/01/18
2
|
|
|
125
|
|
|
|
128,750
|
|
|
|
0.1
|
|
Citgo Petroleum Corp., Private Placement, Sr Nt,
11.500%, 07/01/17
2
|
|
|
300
|
|
|
|
332,250
|
|
|
|
0.3
|
|
Comstock Resources, Inc., Sr Nt, 8.375%, 10/15/17
|
|
|
250
|
|
|
|
257,812
|
|
|
|
0.2
|
|
Consol Energy, Inc., Private Placement,
8.250%, 04/01/20
2
|
|
|
125
|
|
|
|
136,563
|
|
|
|
0.1
|
|
Consol Energy, Inc., Private Placement, Sr Nt,
8.000%, 04/01/17
2
|
|
|
170
|
|
|
|
184,025
|
|
|
|
0.2
|
|
Continental Resources, Inc., Private Placement,
7.125%, 04/01/21
2
|
|
|
75
|
|
|
|
78,000
|
|
|
|
0.1
|
|
Crosstex Energy LP/Crosstex Energy Finance Corp., 8.875%, 02/15/18
|
|
|
120
|
|
|
|
125,700
|
|
|
|
0.1
|
|
Denbury Resources, Inc.,
8.250%, 02/15/20
|
|
|
40
|
|
|
|
43,650
|
|
|
|
0.0
|
12
|
El Paso Performance-Linked Trust, Private Placement, Sr Nt, 7.750%, 07/15/11
2,10
|
|
|
500
|
|
|
|
517,640
|
|
|
|
0.5
|
|
6
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS (continued)
|
|
|
|
|
|
El Paso Pipeline Partners Operating Co., LLC, 6.500%, 04/01/20
|
|
$
|
85
|
|
|
$
|
91,759
|
|
|
|
0.1
|
%
|
Energy Transfer Equity LP,
7.500%, 10/15/20
|
|
|
100
|
|
|
|
105,250
|
|
|
|
0.1
|
|
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr Unsecd Nt, 8.625%, 06/15/20
|
|
|
325
|
|
|
|
348,562
|
|
|
|
0.3
|
|
Forbes Energy Services LLC/Forbes Energy Capital, Inc., 11.000%, 02/15/15
|
|
|
350
|
|
|
|
318,500
|
|
|
|
0.3
|
|
Foresight Energy LLC/Foresight Energy Corp., Private Placement, 9.625%, 08/15/17
2
|
|
|
180
|
|
|
|
185,400
|
|
|
|
0.2
|
|
Forest Oil Corp., Nt, 7.250%, 06/15/19
|
|
|
394
|
|
|
|
402,865
|
|
|
|
0.4
|
|
Gibson Energy ULC/GEP Midstream Finance Corp., Sr Nt, (Canada), 10.000%, 01/15/18
|
|
|
180
|
|
|
|
177,300
|
|
|
|
0.2
|
|
Gibson Energy ULC/GEP Midstream Finance Corp., Sr Nt, (Canada), 11.750%, 05/27/14
|
|
|
200
|
|
|
|
222,000
|
|
|
|
0.2
|
|
Harvest Operations Corp., Private Placement, Sr Nt, (Canada), 6.875%, 10/01/17
2
|
|
|
70
|
|
|
|
71,575
|
|
|
|
0.1
|
|
Holly Corp., 9.875%, 06/15/17
|
|
|
70
|
|
|
|
74,113
|
|
|
|
0.1
|
|
Holly Energy Partners LP/Holly Energy Finance Corp., Private Placement, 8.250%, 03/15/18
2
|
|
|
130
|
|
|
|
135,525
|
|
|
|
0.1
|
|
Inergy LP/Inergy Finance Corp., Private Placement,
7.000%, 10/01/18
2
|
|
|
250
|
|
|
|
256,250
|
|
|
|
0.2
|
|
NFR Energy LLC/NFR Energy Finance Corp., Private Placement, 9.750%, 02/15/17
2
|
|
|
360
|
|
|
|
360,000
|
|
|
|
0.3
|
|
Patriot Coal Corp., 8.250%, 04/30/18
|
|
|
125
|
|
|
|
125,000
|
|
|
|
0.1
|
|
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., Sr Nt, 8.250%, 04/15/18
|
|
|
160
|
|
|
|
165,800
|
|
|
|
0.2
|
|
Petroleum Development Corp., Sr Nt, 12.000%, 02/15/18
|
|
|
48
|
|
|
|
53,280
|
|
|
|
0.0
|
12
|
Pioneer Drilling Co., Private Placement,
9.875%, 03/15/18
2
|
|
|
120
|
|
|
|
122,700
|
|
|
|
0.1
|
|
QEP Resources, Inc., 6.875%, 03/01/21
|
|
|
140
|
|
|
|
151,550
|
|
|
|
0.1
|
|
Range Resources Corp.,
|
|
|
|
|
|
|
|
|
|
|
|
|
6.750%, 08/01/20
|
|
|
20
|
|
|
|
20,800
|
|
|
|
0.0
|
12
|
7.250%, 05/01/18
|
|
|
25
|
|
|
|
26,250
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS (continued)
|
|
|
|
|
|
Range Resources Corp., Sr Sub Nt, 7.500%, 05/15/16
|
|
$
|
267
|
|
|
$
|
279,015
|
|
|
|
0.3
|
%
|
Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.375%, 03/15/20
|
|
|
65
|
|
|
|
69,063
|
|
|
|
0.1
|
|
Swift Energy Co., 8.875%, 01/15/20
|
|
|
100
|
|
|
|
104,125
|
|
|
|
0.1
|
|
Swift Energy Co., Sr Nt, 7.125%, 06/01/17
10
|
|
|
1,260
|
|
|
|
1,247,400
|
|
|
|
1.1
|
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 8.250%, 07/01/16
|
|
|
280
|
|
|
|
296,100
|
|
|
|
0.3
|
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Private Placement, 7.875%, 10/15/18
2
|
|
|
130
|
|
|
|
135,525
|
|
|
|
0.1
|
|
W&T Offshore, Inc., Private Placement, Sr Nt,
8.250%, 06/15/14
2
|
|
|
650
|
|
|
|
624,000
|
|
|
|
0.6
|
|
Western Refining, Inc., Private Placement, VAR,
|
|
|
|
|
|
|
|
|
|
|
|
|
10.750%, 06/15/14
2
|
|
|
225
|
|
|
|
213,750
|
|
|
|
0.2
|
|
11.250%, 06/15/17
2
|
|
|
225
|
|
|
|
211,500
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,166,522
|
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
11,346,018
|
|
|
|
10.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 11.8%
|
|
|
|
|
|
COMMERCIAL BANKS 2.7%
|
|
|
|
|
|
Bank of America Corp., 8.125%, 05/15/18
14
|
|
|
160
|
|
|
|
165,046
|
|
|
|
0.2
|
|
BankAmerica Capital II, Nt, 8.000%, 12/15/26
|
|
|
30
|
|
|
|
30,900
|
|
|
|
0.0
|
12
|
BankAmerica Institutional Capital B, Private Placement, 7.700%, 12/31/26
2
|
|
|
250
|
|
|
|
255,937
|
|
|
|
0.2
|
|
Barclays Bank plc, Private Placement, (United Kingdom), 7.434%, 12/15/17
2,14
|
|
|
600
|
|
|
|
612,000
|
|
|
|
0.6
|
|
Capital One Capital V, 10.250%, 08/15/39
10
|
|
|
560
|
|
|
|
606,200
|
|
|
|
0.6
|
|
Credit Agricole S.A., Private Placement, (France),
6.637%, 05/31/17
2,14
|
|
|
850
|
|
|
|
773,500
|
|
|
|
0.7
|
|
Wachovia Capital Trust III,
5.800%, 03/15/11
14
|
|
|
545
|
|
|
|
478,238
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,921,821
|
|
|
|
2.7
|
|
CONSUMER FINANCE 1.7%
|
|
|
|
|
|
Ally Financial, Inc., 8.000%, 11/01/31
|
|
|
842
|
|
|
|
903,045
|
|
|
|
0.8
|
|
7
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER FINANCE (continued)
|
|
|
|
|
|
American General Finance Corp., 6.900%, 12/15/17
|
|
$
|
200
|
|
|
$
|
167,000
|
|
|
|
0.2
|
%
|
Ford Motor Credit Co. LLC, Nt,
8.000%, 12/15/16
10
|
|
|
700
|
|
|
|
791,260
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,861,305
|
|
|
|
1.7
|
|
DIVERSIFIED FINANCIAL SERVICES 2.6%
|
|
|
|
|
|
ACE Cash Express, Inc., Private Placement, Sr Nt,
10.250%, 10/01/14
2,3,9
|
|
|
1,000
|
|
|
|
860,000
|
|
|
|
0.8
|
|
Aircastle Ltd., Private Placement, Sr Nt, (Bermuda), 9.750%, 08/01/18
2
|
|
|
75
|
|
|
|
76,594
|
|
|
|
0.1
|
|
CIT Group, Inc., Nt, 7.000%, 05/01/15
|
|
|
750
|
|
|
|
744,375
|
|
|
|
0.7
|
|
CNG Holdings, Inc., Private Placement,
12.250%, 02/15/15
2
|
|
|
140
|
|
|
|
148,400
|
|
|
|
0.1
|
|
ILFC E-Capital Trust I, Private Placement, VAR,
5.900%, 12/21/65
2
|
|
|
200
|
|
|
|
131,000
|
|
|
|
0.1
|
|
ILFC E-Capital Trust II, Private Placement, VAR,
6.250%, 12/21/65
2
|
|
|
270
|
|
|
|
182,250
|
|
|
|
0.2
|
|
International Lease Finance Corp., 8.875%, 09/01/17
|
|
|
300
|
|
|
|
324,000
|
|
|
|
0.3
|
|
SquareTwo Financial Corp., Private Placement,
11.625%, 04/01/17
2
|
|
|
425
|
|
|
|
378,250
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,844,869
|
|
|
|
2.6
|
|
INSURANCE 4.6%
|
|
|
|
|
|
American International Group, Inc., VAR, 8.175%, 05/15/58
|
|
|
254
|
|
|
|
254,000
|
|
|
|
0.2
|
|
Crum and Forster Holdings Corp.,
7.750%, 05/01/17
10
|
|
|
600
|
|
|
|
624,750
|
|
|
|
0.6
|
|
Genworth Financial, Inc., 6.150%, 11/15/66
|
|
|
100
|
|
|
|
75,875
|
|
|
|
0.1
|
|
HUB International Holdings, Inc., Private Placement, 9.000%, 12/15/14
2
|
|
|
250
|
|
|
|
246,875
|
|
|
|
0.2
|
|
10.250%, 06/15/15
2,10
|
|
|
550
|
|
|
|
533,500
|
|
|
|
0.5
|
|
Liberty Mutual Group, Inc., Private Placement,
7.500%, 08/15/36
2
|
|
|
250
|
|
|
|
254,279
|
|
|
|
0.2
|
|
VAR, 10.750%, 06/15/58
2,10
|
|
|
1,620
|
|
|
|
1,911,600
|
|
|
|
1.8
|
|
Nationwide Mutual Insurance Co., Private Placement,
8.250%, 12/01/31
2
|
|
|
108
|
|
|
|
115,432
|
|
|
|
0.1
|
|
9.375%, 08/15/39
2
|
|
|
175
|
|
|
|
206,652
|
|
|
|
0.2
|
|
USI Holdings Corp., Private Placement, Sr Sub Nt,
9.750%, 05/15/15
2, 10
|
|
|
842
|
|
|
|
816,740
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,039,703
|
|
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS (REITS) 0.2%
|
|
|
|
|
|
DuPont Fabros Technology LP, Nt, 8.500%, 12/15/17
|
|
$
|
105
|
|
|
$
|
112,612
|
|
|
|
0.1
|
%
|
First Industrial LP, Sr Nt, 6.420%, 06/01/14
|
|
|
180
|
|
|
|
168,795
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
281,407
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
|
12,949,105
|
|
|
|
11.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE 4.8%
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SUPPLIES 0.0%
12
|
|
|
|
|
|
DJO Finance LLC / DJO Finance Corp., Sr Nt, 10.875%, 11/15/14
|
|
|
50
|
|
|
|
54,375
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE PROVIDERS & SERVICES 2.7%
|
|
|
|
|
|
Capella Healthcare, Inc., Private Placement,
9.250%, 07/01/17
2
|
|
|
165
|
|
|
|
176,550
|
|
|
|
0.2
|
|
HCA, Inc., 5.750%, 03/15/14
10
|
|
|
195
|
|
|
|
192,319
|
|
|
|
0.2
|
|
HCA, Inc., Secd Nt,
9.250%, 11/15/16
10
|
|
|
500
|
|
|
|
541,250
|
|
|
|
0.5
|
|
Multiplan, Inc., Private Placement, Nt,
9.875%, 09/01/18
2
|
|
|
450
|
|
|
|
470,250
|
|
|
|
0.4
|
|
OnCure Holdings, Inc., Private Placement,
11.750%, 05/15/17
2
|
|
|
775
|
|
|
|
713,000
|
|
|
|
0.6
|
|
Radiation Therapy Services, Inc., Private Placement, Nt, 9.875%, 04/15/17
2
|
|
|
225
|
|
|
|
222,187
|
|
|
|
0.2
|
|
Team Finance LLC / Health Finance Corp., 11.250%, 12/01/13
|
|
|
105
|
|
|
|
108,675
|
|
|
|
0.1
|
|
Tenet
Healthcare Corp.,
8.875%, 07/01/19
10
|
|
|
500
|
|
|
|
551,875
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,976,106
|
|
|
|
2.7
|
|
PHARMACEUTICALS 2.1%
|
|
|
|
|
|
Catalent Pharma Solutions, Inc., Nt, 10.250%, 04/15/15
|
|
|
402
|
|
|
|
406,376
|
|
|
|
0.4
|
|
Celtic Pharma Phinco B.V., (Bermuda), PIK,
17.000%, 06/15/12
3,9
|
|
|
1,719
|
|
|
|
859,254
|
|
|
|
0.8
|
|
Elan Finance plc/Elan Finance Corp., Private Placement, (Ireland), 8.750%, 10/15/16
2
|
|
|
500
|
|
|
|
500,000
|
|
|
|
0.4
|
|
8.750%, 10/15/16
2
|
|
|
500
|
|
|
|
505,000
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,270,630
|
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
|
|
|
|
|
|
|
5,301,111
|
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS 13.3%
|
|
|
|
|
|
AEROSPACE & DEFENSE 0.4%
|
|
|
|
|
|
Bombardier, Inc., Private Placement, (Canada),
7.500%, 03/15/18
2
|
|
|
50
|
|
|
|
53,750
|
|
|
|
0.0
|
12
|
7.750%, 03/15/20
2
|
|
|
50
|
|
|
|
54,000
|
|
|
|
0.1
|
|
8
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AEROSPACE & DEFENSE (continued)
|
|
|
|
|
|
Colt Defense LLC/Colt Finance Corp., Private Placement, 8.750%, 11/15/17
2
|
|
$
|
22
|
|
|
$
|
16,170
|
|
|
|
0.0
|
%
12
|
Kratos Defense & Security Solutions, Inc., 10.000%, 06/01/17
|
|
|
210
|
|
|
|
222,600
|
|
|
|
0.2
|
|
Triumph Group, Inc., 8.625%, 07/15/18
|
|
|
80
|
|
|
|
86,000
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
432,520
|
|
|
|
0.4
|
|
AIRLINES 2.4%
|
|
|
|
|
|
American Airlines Pass Through Trust 2001-01, 7.377%, 05/23/19
|
|
|
636
|
|
|
|
582,060
|
|
|
|
0.5
|
|
Continental Airlines 2005-ERJ1 Pass Through Trust,
9.798%, 04/01/21
10
|
|
|
1,361
|
|
|
|
1,388,395
|
|
|
|
1.3
|
|
Delta Air Lines, Inc., 8.300%, 12/15/29
1,4
|
|
|
1,145
|
|
|
|
20,037
|
|
|
|
0.0
|
12
|
10.125%, 05/15/11
1,4
|
|
|
500
|
|
|
|
8,750
|
|
|
|
0.0
|
12
|
UAL 2007-1 Pass Through Trust, Private Placement, VAR, 3.003%, 07/02/14
2
|
|
|
107
|
|
|
|
87,947
|
|
|
|
0.1
|
|
7.336%, 07/02/19
2
|
|
|
84
|
|
|
|
77,097
|
|
|
|
0.0
|
12
|
UAL 2009-2B Pass Through Trust, Private Placement,
12.000%, 01/15/16
2
|
|
|
485
|
|
|
|
525,979
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,690,265
|
|
|
|
2.4
|
|
COMMERCIAL SERVICES & SUPPLIES 2.6%
|
|
|
|
|
|
Cenveo Corp., Nt, 8.875%, 02/01/18
|
|
|
200
|
|
|
|
197,750
|
|
|
|
0.2
|
|
Cenveo Corp., Private Placement,
10.500%, 08/15/16
2
|
|
|
1,000
|
|
|
|
1,022,500
|
|
|
|
0.9
|
|
Garda World Security Corp., Private Placement, (Canada), 9.750%, 03/15/17
2
|
|
|
180
|
|
|
|
191,700
|
|
|
|
0.2
|
|
Harland Clarke Holdings Corp., VAR,
6.000%, 05/15/15
10
|
|
|
350
|
|
|
|
294,000
|
|
|
|
0.3
|
|
9.500%, 05/15/15
|
|
|
500
|
|
|
|
473,750
|
|
|
|
0.4
|
|
Iron Mountain, Inc., 8.375%, 08/15/21
|
|
|
250
|
|
|
|
270,312
|
|
|
|
0.2
|
|
Liberty Tire Recycling, Private Placement, Nt, 11.000%,
10/01/16
2
|
|
|
275
|
|
|
|
280,500
|
|
|
|
0.3
|
|
Quebecor World Capital Escrow Corp., (Canada),
6.125%, 11/15/13
1,3,4
|
|
|
1,415
|
|
|
|
84,900
|
|
|
|
0.1
|
|
6.500%, 08/01/27
1,3,4
|
|
|
810
|
|
|
|
48,600
|
|
|
|
0.0
|
12
|
9.750%, 01/15/15
1,3,4
|
|
|
585
|
|
|
|
35,100
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,899,112
|
|
|
|
2.6
|
|
CONSTRUCTION & ENGINEERING 1.6%
|
|
|
|
|
|
New Enterprise Stone & Lime Co., Private Placement, Nt, 11.000%, 09/01/18
2
|
|
|
750
|
|
|
|
701,250
|
|
|
|
0.6
|
|
RSC Equipment Rental, Inc./RSC
Holdings III LLC, Sr Nt,
9.500%, 12/01/14
10
|
|
|
893
|
|
|
|
925,371
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION & ENGINEERING (continued)
|
|
|
|
|
|
United Rentals North America, Inc., 10.875%, 06/15/16
|
|
$
|
80
|
|
|
$
|
90,300
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,716,921
|
|
|
|
1.6
|
|
ELECTRICAL EQUIPMENT 0.4%
|
|
|
|
|
|
Belden, Inc., Private Placement, Sr Nt,
9.250%, 06/15/19
2
|
|
|
125
|
|
|
|
135,000
|
|
|
|
0.1
|
|
General Cable Corp., VAR, 2.908%, 04/01/15
|
|
|
250
|
|
|
|
231,875
|
|
|
|
0.2
|
|
International Wire Group, Inc., Private Placement,
9.750%, 04/15/15
2
|
|
|
100
|
|
|
|
102,125
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
469,000
|
|
|
|
0.4
|
|
ELECTRONIC MANUFACTURING SERVICES 0.4%
|
|
|
|
|
|
Kemet Corp., Private Placement,
10.500%, 05/01/18
2
|
|
|
375
|
|
|
|
392,344
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL CONGLOMERATES 1.1%
|
|
|
|
|
|
JB Poindexter & Co., Inc., Co. Guar,
8.750%, 03/15/14
10
|
|
|
1,184
|
|
|
|
1,157,360
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACHINERY 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Titan International, Inc., Private Placement, 7.875%,
10/01/17
2
|
|
|
125
|
|
|
|
126,250
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARINE 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Barge Line Co., Sr Nt,
12.500%, 07/15/17
6
|
|
|
350
|
|
|
|
385,000
|
|
|
|
0.3
|
|
General Maritime Corp., Sr Nt, 12.000%, 11/15/17
|
|
|
264
|
|
|
|
278,520
|
|
|
|
0.3
|
|
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., Private Placement, 8.875%, 11/01/17
2,6
|
|
|
440
|
|
|
|
464,200
|
|
|
|
0.4
|
|
Sevan Marine ASA, Private Placement, (Norway), 12.000%,
08/10/15
2
|
|
|
200
|
|
|
|
209,000
|
|
|
|
0.2
|
|
Ultrapetrol Bahamas Ltd., 1st Mtg, (Bahamas), 9.000%, 11/24/14
|
|
|
385
|
|
|
|
385,963
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,722,683
|
|
|
|
1.6
|
|
ROAD & RAIL 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., Nt, 7.750%, 05/15/16
|
|
|
200
|
|
|
|
196,500
|
|
|
|
0.2
|
|
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.625%, 03/15/18
|
|
|
290
|
|
|
|
306,675
|
|
|
|
0.3
|
|
Hertz Corp. (The), Sr Nt,
10.500%, 01/01/16
|
|
|
295
|
|
|
|
313,437
|
|
|
|
0.3
|
|
Kansas City Southern Railway, Sr Nt, 8.000%, 06/01/15
|
|
|
250
|
|
|
|
269,063
|
|
|
|
0.2
|
|
9
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROAD & RAIL (continued)
|
|
|
|
|
|
Quality Distribution LLC/QD Capital Corp., 10.000%,
06/01/13
3,9
|
|
$
|
850
|
|
|
$
|
850,000
|
|
|
|
0.8
|
%
|
PIK, 11.750%, 11/01/13
3,9
|
|
|
767
|
|
|
|
724,346
|
|
|
|
0.6
|
|
RailAmerica, Inc., 9.250%, 07/01/17
|
|
|
300
|
|
|
|
328,875
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,988,896
|
|
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
|
14,595,351
|
|
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNICATIONS EQUIPMENT 0.4%
|
|
|
|
|
|
|
|
|
|
Avaya, Inc., Sr Nt, 9.750%, 11/01/15
|
|
|
500
|
|
|
|
471,250
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTERS & PERIPHERALS 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Seagate HDD Cayman, Private Placement, Sr Nt, (Cayman Islands),
6.875%, 05/01/20
2
|
|
|
170
|
|
|
|
166,175
|
|
|
|
0.1
|
|
Stratus Technologies, Inc., Private Placement, Sr Secd Nt,
12.000%, 03/29/15
2
|
|
|
380
|
|
|
|
323,475
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
489,650
|
|
|
|
0.4
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 0.9%
|
|
Intcomex, Inc., Private Placement,
13.250%, 12/15/14
2
|
|
|
75
|
|
|
|
79,125
|
|
|
|
0.1
|
|
Sanmina-SCI Corp., Private Placement, Sr Nt, VAR, 3.042%,
06/15/14
2
|
|
|
200
|
|
|
|
188,500
|
|
|
|
0.2
|
|
Smart Modular Technologies WWH, Inc., Sr Nt, (Cayman Islands), VAR,
6.033%, 04/01/12
3,9
|
|
|
423
|
|
|
|
421,046
|
|
|
|
0.4
|
|
Viasystems, Inc., Private Placement,
12.000%, 01/15/15
2
|
|
|
225
|
|
|
|
245,531
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
934,202
|
|
|
|
0.9
|
|
INTERNET SOFTWARE & SERVICES 0.4%
|
|
|
|
|
|
Equinix, Inc., Sub Nt, 8.125%, 03/01/18
|
|
|
245
|
|
|
|
261,538
|
|
|
|
0.3
|
|
Terremark Worldwide, Inc., Sr Nt, 12.000%, 06/15/17
|
|
|
125
|
|
|
|
142,812
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
404,350
|
|
|
|
0.4
|
|
IT SERVICES 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Compucom Systems, Inc., Private Placement, 12.500%,
10/01/15
2
|
|
|
225
|
|
|
|
241,875
|
|
|
|
0.2
|
|
First Data Corp., 9.875%, 09/24/15
10
|
|
|
300
|
|
|
|
245,250
|
|
|
|
0.3
|
|
Interactive Data Corp., Private Placement, 10.250%,
08/01/18
2
|
|
|
100
|
|
|
|
106,500
|
|
|
|
0.1
|
|
Sitel LLC/Sitel Finance Corp., Private Placement, Sr Nt, 11.500%, 04/01/18
2
|
|
|
160
|
|
|
|
128,000
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Stream Global Services, Inc., Sr Nt, 11.250%, 10/01/14
|
|
$
|
100
|
|
|
$
|
98,500
|
|
|
|
0.1
|
%
|
Unisys Corp., Private Placement,
14.250%, 09/15/15
2
|
|
|
201
|
|
|
|
239,190
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,059,315
|
|
|
|
1.0
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.7%
|
|
|
|
|
|
Amkor Technology, Inc., Private Placement, 7.375%,
05/01/18
2
|
|
|
170
|
|
|
|
172,125
|
|
|
|
0.2
|
|
Freescale Semiconductor, Inc., Private Placement, Nt, 9.250%, 04/15/18
2
|
|
|
105
|
|
|
|
109,200
|
|
|
|
0.1
|
|
10.750%, 08/01/20
2,6
|
|
|
65
|
|
|
|
65,162
|
|
|
|
0.1
|
|
NXP B.V./NXP Funding LLC, Sr Nt, (Netherlands), 7.875%,
10/15/14
10
|
|
|
1,015
|
|
|
|
1,050,525
|
|
|
|
0.9
|
|
NXP B.V./NXP Funding LLC, Sr Nt, VAR, (Netherlands), 3.276%, 10/15/13
|
|
|
400
|
|
|
|
378,000
|
|
|
|
0.3
|
|
NXP B.V./NXP Funding LLC, Private Placement, (Netherlands),
9.750%, 08/01/18
2
|
|
|
100
|
|
|
|
106,500
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,881,512
|
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
|
5,240,279
|
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
CF Industries, Inc., 7.125%, 05/01/20
|
|
|
90
|
|
|
|
98,438
|
|
|
|
0.1
|
|
Chemtura Corp., Private Placement,
7.875%, 09/01/18
2
|
|
|
150
|
|
|
|
156,750
|
|
|
|
0.1
|
|
LBI Escrow Corp., Private Placement,
8.000%, 11/01/17
2
|
|
|
325
|
|
|
|
355,062
|
|
|
|
0.3
|
|
Lyondell Chemical Co.,
11.000%, 05/01/18
|
|
|
967
|
|
|
|
1,069,342
|
|
|
|
1.0
|
|
PolyOne Corp., 7.375%, 09/15/20
|
|
|
280
|
|
|
|
288,750
|
|
|
|
0.3
|
|
Sterling Chemicals, Inc.,
10.250%, 04/01/15
|
|
|
350
|
|
|
|
352,188
|
|
|
|
0.3
|
|
TPC Group LLC, Private Placement,
8.250%, 10/01/17
2
|
|
|
75
|
|
|
|
76,875
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,397,405
|
|
|
|
2.2
|
|
CONSTRUCTION MATERIALS 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Industries, Inc., Private Placement,
9.250%, 08/15/20
2
|
|
|
200
|
|
|
|
207,500
|
|
|
|
0.2
|
|
U.S. Concrete, Inc., Private Placement Secd Nt, 9.500%,
08/31/15
2
|
|
|
46
|
|
|
|
55,200
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
262,700
|
|
|
|
0.2
|
|
10
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTAINERS & PACKAGING 3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ardagh Packaging Finance plc, Private Placement, Sr Sub Nt, (Ireland), 9.125%, 10/15/20
2
|
|
$
|
200
|
|
|
$
|
206,750
|
|
|
|
0.2
|
%
|
Berry Plastics Corp., 9.500%, 05/15/18
|
|
|
595
|
|
|
|
559,300
|
|
|
|
0.5
|
|
Berry Plastics Corp., Co Guar, 8.250%, 11/15/15
|
|
|
165
|
|
|
|
169,950
|
|
|
|
0.2
|
|
8.875%, 09/15/14
|
|
|
150
|
|
|
|
145,125
|
|
|
|
0.1
|
|
Berry Plastics Corp., Sr Nt,
10.250%,
03/01/16
6
|
|
|
37
|
|
|
|
34,410
|
|
|
|
0.0
|
12
|
Berry Plastics Holding Corp., Nt, 8.875%, 09/15/14
|
|
|
200
|
|
|
|
194,500
|
|
|
|
0.2
|
|
Constar International, Inc., Co Guar,
3.751%, 02/15/12
10
|
|
|
950
|
|
|
|
812,250
|
|
|
|
0.7
|
|
Packaging Dynamics Finance Corp., Private Placement, Sr Sub Nt, 10.000%, 05/01/16
2
|
|
|
424
|
|
|
|
400,680
|
|
|
|
0.4
|
|
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, Private Placement, Nt, 8.500%, 05/15/18
2
|
|
|
400
|
|
|
|
391,000
|
|
|
|
0.3
|
|
Solo Cup Co., Sr Nt, 8.500%, 02/15/14
10
|
|
|
100
|
|
|
|
86,000
|
|
|
|
0.1
|
|
Viskase Cos., Inc., Private Placement, Sr Nt, 9.875%,
01/15/18
2
|
|
|
350
|
|
|
|
357,000
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,356,965
|
|
|
|
3.0
|
|
METALS & MINING 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Murray Energy Corp., Private Placement,
10.250%, 10/15/15
2
|
|
|
225
|
|
|
|
233,438
|
|
|
|
0.2
|
|
Noranda Aluminum Acquisition Corp.,
Sr Nt, 5.373%, 05/15/15
|
|
|
31
|
|
|
|
26,079
|
|
|
|
0.0
|
12
|
Wolverine Tube, Inc., Sr Nt,
15.000%, 03/31/12
1,4
|
|
|
954
|
|
|
|
429,480
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
688,997
|
|
|
|
0.6
|
|
PAPER & FOREST PRODUCTS 2.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
ABI Escrow Corp., Private Placement,
10.250%, 10/15/18
2
|
|
|
480
|
|
|
|
488,400
|
|
|
|
0.5
|
|
Abitibi-Consolidated Co. of Canada, Private Placement, Sr Nt, (Canada), 13.750%, 04/01/11
1,2,4
|
|
|
212
|
|
|
|
242,144
|
|
|
|
0.2
|
|
Abitibi-Consolidated Co. of Canada, Sr Nt, (Canada), 6.000%,
06/20/13
1,4
|
|
|
1,331
|
|
|
|
169,703
|
|
|
|
0.1
|
|
7.750%, 06/15/11
1,4
|
|
|
479
|
|
|
|
61,073
|
|
|
|
0.1
|
|
8.375%, 04/01/15
1,4
|
|
|
2,485
|
|
|
|
316,837
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAPER & FOREST PRODUCTS (continued)
|
|
|
|
|
|
|
|
|
|
Abitibi-Consolidated, Inc., Sr Nt, (Canada), 7.500%,
04/01/28
1,4
|
|
$
|
287
|
|
|
$
|
38,027
|
|
|
|
0.1
|
%
|
8.850%, 08/01/30
1,4
|
|
|
102
|
|
|
|
12,750
|
|
|
|
0.0
|
12
|
Appleton Papers, Inc., Private Placement, Sr Secd Nt, 10.500%, 06/15/15
2
|
|
|
250
|
|
|
|
234,375
|
|
|
|
0.2
|
|
Bowater Canada Finance Corp., Nt, (Canada), 7.950%,
11/15/11
1,4
|
|
|
500
|
|
|
|
157,500
|
|
|
|
0.2
|
|
NewPage Corp., Sr Secd Nt, 11.375%, 12/31/14
|
|
|
1,500
|
|
|
|
1,357,500
|
|
|
|
1.2
|
|
Smurfit-Stone Container Corp.,
8.375%, 07/01/12
1,3,4
|
|
|
448
|
|
|
|
16,144
|
|
|
|
0.0
|
12
|
Smurfit-Stone Container Corp., Sr Nt,
8.000%, 03/15/17
1,3,4
|
|
|
1,229
|
|
|
|
44,288
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,138,741
|
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
9,844,808
|
|
|
|
8.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 7.5%
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 3.9%
|
|
|
|
|
|
Cincinnati Bell, Inc., 8.750%, 03/15/18
|
|
|
120
|
|
|
|
117,000
|
|
|
|
0.1
|
|
Clearwire Communications LLC/Clearwire Finance, Inc., Private Placement, 12.000%, 12/01/15
2
|
|
|
850
|
|
|
|
915,875
|
|
|
|
0.8
|
|
Frontier Communications Corp., Sr Nt, 7.875%, 04/15/15
|
|
|
115
|
|
|
|
124,200
|
|
|
|
0.1
|
|
8.250%, 05/01/14
|
|
|
50
|
|
|
|
54,938
|
|
|
|
0.1
|
|
8.250%, 04/15/17
|
|
|
115
|
|
|
|
125,781
|
|
|
|
0.1
|
|
8.500%, 04/15/20
|
|
|
115
|
|
|
|
126,931
|
|
|
|
0.1
|
|
8.750%, 04/15/22
|
|
|
110
|
|
|
|
121,000
|
|
|
|
0.1
|
|
Global Crossing Ltd., (Bermuda), 12.000%, 09/15/15
|
|
|
35
|
|
|
|
39,550
|
|
|
|
0.1
|
|
Level 3 Financing, Inc.,
10.000%, 02/01/18
|
|
|
105
|
|
|
|
94,500
|
|
|
|
0.1
|
|
Level 3 Financing, Inc., Co. Guar,
9.250%, 11/01/14
10
|
|
|
1,000
|
|
|
|
940,000
|
|
|
|
0.9
|
|
PAETEC Holding Corp., Sr Secd Nt, 8.875%, 06/30/17
|
|
|
200
|
|
|
|
209,000
|
|
|
|
0.2
|
|
Qwest Communications International, Inc., Private Placement, Sr Secd Nt, 7.125%, 04/01/18
2
|
|
|
200
|
|
|
|
210,000
|
|
|
|
0.2
|
|
Qwest Corp., Sr Nt, 7.625%, 06/15/15
10
|
|
|
515
|
|
|
|
587,100
|
|
|
|
0.5
|
|
Windstream Corp., 7.875%, 11/01/17
|
|
|
320
|
|
|
|
333,600
|
|
|
|
0.3
|
|
Windstream Corp., Private Placement,
8.125%, 09/01/18
2
|
|
|
250
|
|
|
|
258,750
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,258,225
|
|
|
|
3.9
|
|
11
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WIRELESS TELECOMMUNICATION SERVICES 3.6%
|
|
|
|
|
|
Cricket Communications, Inc., 7.750%, 05/15/16
|
|
$
|
180
|
|
|
$
|
191,025
|
|
|
|
0.2
|
%
|
9.375%, 11/01/14
6
|
|
|
250
|
|
|
|
258,750
|
|
|
|
0.2
|
|
MetroPCS Wireless, Inc., 7.875%, 09/01/18
|
|
|
145
|
|
|
|
149,350
|
|
|
|
0.1
|
|
Nextel Communications, Inc., 7.375%, 08/01/15
|
|
|
1,025
|
|
|
|
1,030,125
|
|
|
|
0.9
|
|
NII Capital Corp., Sr Nt, 8.875%, 12/15/19
|
|
|
315
|
|
|
|
350,044
|
|
|
|
0.3
|
|
10.000%, 08/15/16
|
|
|
135
|
|
|
|
153,562
|
|
|
|
0.2
|
|
Sprint Nextel Corp., Nt,
6.000%, 12/01/16
10
|
|
|
1,400
|
|
|
|
1,382,500
|
|
|
|
1.3
|
|
Wind Acquisition Finance S.A., Private Placement, (Luxembourg), 11.750%, 07/15/17
2
|
|
|
200
|
|
|
|
224,125
|
|
|
|
0.2
|
|
Wind Acquisition Holdings Finance S.A., Private Placement, Sr Secd Nt, (Luxembourg), PIK,
12.250%, 07/15/17
2
|
|
|
220
|
|
|
|
235,299
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,974,780
|
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
|
|
8,233,005
|
|
|
|
7.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRIC UTILITIES 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Homer City Funding LLC,
8.137%, 10/01/19
|
|
|
109
|
|
|
|
101,719
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY
TRADERS 6.0%
|
|
|
|
|
|
Calpine Construction Finance Co. LP and CCFC Finance Corp., Private Placement, 8.000%, 06/01/16
2
|
|
|
200
|
|
|
|
214,000
|
|
|
|
0.2
|
|
Calpine Corp., Private Placement, Sr Nt,
7.250%, 10/15/17
2
|
|
|
354
|
|
|
|
360,195
|
|
|
|
0.3
|
|
Calpine Generating Co. LLC, Secd Nt,
0.000%, 04/01/11
1,4
|
|
|
1,000
|
|
|
|
87,500
|
|
|
|
0.1
|
|
Dynegy Holdings, Inc., Sr Unsecd Nt, 7.125%, 05/15/18
|
|
|
500
|
|
|
|
341,250
|
|
|
|
0.3
|
|
Dynegy Roseton/Danskammer Pass Through Trust, Sr Unsecd Nt, 7.670%, 11/08/16
|
|
|
1,000
|
|
|
|
927,500
|
|
|
|
0.9
|
|
Edison Mission Energy, 7.200%, 05/15/19
|
|
|
500
|
|
|
|
353,750
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY
TRADERS (continued)
|
|
|
|
|
|
Edison Mission Energy, Sr Nt, 7.750%, 06/15/16
|
|
$
|
1,000
|
|
|
$
|
782,500
|
|
|
|
0.7
|
%
|
GenOn Escrow Corp., Private Placement,
9.875%, 10/15/20
2
|
|
|
290
|
|
|
|
276,950
|
|
|
|
0.3
|
|
Midwest Generation LLC,
8.560%, 01/02/16
|
|
|
243
|
|
|
|
240,232
|
|
|
|
0.2
|
|
Mirant Americas Generation LLC, Sr Nt, 8.500%, 10/01/21
|
|
|
500
|
|
|
|
481,250
|
|
|
|
0.4
|
|
North American Energy Alliance LLC/North American Energy Alliance Finance Corp., Private Placement, 10.875%, 06/01/16
2
|
|
|
125
|
|
|
|
136,562
|
|
|
|
0.1
|
|
NRG Energy, Inc., Sr Nt, 7.250%, 02/01/14
6
|
|
|
250
|
|
|
|
256,563
|
|
|
|
0.2
|
|
7.375%, 01/15/17
10
|
|
|
1,375
|
|
|
|
1,409,375
|
|
|
|
1.3
|
|
RRI Energy, Inc., 7.625%, 06/15/14
|
|
|
500
|
|
|
|
495,000
|
|
|
|
0.5
|
|
Texas Competitive Electric Holdings Co. LLC, Sr Nt, 10.250%,
11/01/15
6
|
|
|
350
|
|
|
|
229,250
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,591,877
|
|
|
|
6.0
|
|
MULTI-UTILITIES 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Future Holdings Corp., 10.875%, 11/01/17
|
|
|
89
|
|
|
|
53,400
|
|
|
|
0.0
|
12
|
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.,
10.000%, 12/01/20
|
|
|
230
|
|
|
|
228,255
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
281,655
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
6,975,251
|
|
|
|
6.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $115,634,809)
|
|
|
|
|
|
|
113,864,684
|
|
|
|
103.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN PARTICIPATIONS & ASSIGNMENTS 23.2%
|
|
|
|
|
|
CONSUMER DISCRETIONARY 8.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTO COMPONENTS 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Remy, 1st Lien Term Loan,
5.789%, 12/06/13
|
|
|
4
|
|
|
|
3,648
|
|
|
|
0.0
|
12
|
5.792%, 12/06/13
|
|
|
48
|
|
|
|
47,632
|
|
|
|
0.1
|
|
5.898%, 12/06/13
|
|
|
96
|
|
|
|
95,264
|
|
|
|
0.1
|
|
Remy, 2nd Lien Term Loan,
8.792%, 06/06/14
|
|
|
250
|
|
|
|
249,297
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
395,841
|
|
|
|
0.4
|
|
12
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford Motor Co., Term Loan B,
3.010%, 12/15/13
|
|
$
|
293
|
|
|
$
|
286,720
|
|
|
|
0.3
|
%
|
3.010%, 12/15/13
|
|
|
33
|
|
|
|
32,544
|
|
|
|
0.0
|
12
|
3.050%, 12/15/13
|
|
|
339
|
|
|
|
331,352
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650,616
|
|
|
|
0.6
|
|
GAMING 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Fontainebleau Las Vegas Holdings LLC, Delayed Draw Term Loan B, 4.316%, 06/06/14
1,4
|
|
|
141
|
|
|
|
28,996
|
|
|
|
0.0
|
12
|
Fontainebleau Las Vegas Holdings LLC, Initial Term Loan, 4.527%,
06/06/14
1,4
|
|
|
282
|
|
|
|
57,968
|
|
|
|
0.1
|
|
Harrahs Operating Co., Inc., Term B-2 Loan, 3.498%, 01/28/15
|
|
|
1,006
|
|
|
|
865,862
|
|
|
|
0.8
|
|
MGM Resorts International, Class D Loan, 6.000%, 10/03/11
|
|
|
300
|
|
|
|
290,196
|
|
|
|
0.3
|
|
Suqarnouse HSP Gaming LP, Term Loan, 11.250%, 09/23/14
|
|
|
255
|
|
|
|
256,594
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,499,616
|
|
|
|
1.4
|
|
HOTELS, RESTAURANTS & LEISURE 0.3%
|
|
|
|
|
|
Outback Steakhouse, Inc., Prefunded RC Commitment, 0.112%, 06/14/13
|
|
|
2
|
|
|
|
2,262
|
|
|
|
0.0
|
12
|
0.445%, 06/14/13
|
|
|
|
11
|
|
|
296
|
|
|
|
0.0
|
12
|
2.625%, 06/14/13
|
|
|
2
|
|
|
|
1,580
|
|
|
|
0.0
|
12
|
Outback Steakhouse, Inc., Term Loan B, 2.563%, 06/14/13
|
|
|
|
11
|
|
|
296
|
|
|
|
0.0
|
12
|
2.563%, 06/14/13
|
|
|
|
11
|
|
|
246
|
|
|
|
0.0
|
12
|
2.625%, 06/14/14
|
|
|
415
|
|
|
|
380,979
|
|
|
|
0.3
|
|
2.688%, 06/14/13
|
|
|
|
11
|
|
|
246
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
385,905
|
|
|
|
0.3
|
|
MEDIA 4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cengage Learning Acquisitions, Term Loan, 2.540%, 07/15/14
|
|
|
492
|
|
|
|
441,188
|
|
|
|
0.4
|
|
Clear Channel Communications, Inc., Term Loan B, 3.906%, 01/29/16
|
|
|
593
|
|
|
|
465,746
|
|
|
|
0.4
|
|
Dex Media West, New Term Loan, 7.000%, 10/24/14
|
|
|
14
|
|
|
|
12,105
|
|
|
|
0.0
|
12
|
7.000%, 10/24/14
|
|
|
2
|
|
|
|
1,655
|
|
|
|
0.0
|
12
|
7.500%, 10/24/14
|
|
|
13
|
|
|
|
11,593
|
|
|
|
0.0
|
12
|
Entercom Radio LLC, Term Loan A, 2.256%, 06/30/12
|
|
|
37
|
|
|
|
35,920
|
|
|
|
0.0
|
12
|
2.256%, 06/30/12
|
|
|
878
|
|
|
|
842,738
|
|
|
|
0.8
|
|
High Plains Broadcasting Operating Co. LLC, Term Loan, 9.000%, 09/14/16
|
|
|
191
|
|
|
|
189,986
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Idearc, Inc., (SuperMedia), Exit Term Loan, 11.000%, 12/31/15
|
|
$
|
741
|
|
|
$
|
577,558
|
|
|
|
0.5
|
%
|
Newport Television LLC, Term Loan, 9.000%, 09/14/16
|
|
|
732
|
|
|
|
726,751
|
|
|
|
0.7
|
|
Newsday, Fixed Rate Term Loan, 10.500%, 08/01/13
|
|
|
250
|
|
|
|
265,470
|
|
|
|
0.2
|
|
R.H. Donnelley, Inc., Exit Term Loan, 9.000%, 10/24/14
|
|
|
224
|
|
|
|
189,580
|
|
|
|
0.2
|
|
9.000%, 10/24/14
|
|
|
24
|
|
|
|
20,529
|
|
|
|
0.0
|
12
|
9.000%, 10/24/14
|
|
|
212
|
|
|
|
179,371
|
|
|
|
0.2
|
|
Univision Communications, Inc., 1st Lien Term Loan, 2.506%, 09/20/14
|
|
|
1,392
|
|
|
|
1,222,269
|
|
|
|
1.1
|
|
2.506%, 09/20/14
|
|
|
89
|
|
|
|
78,514
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,260,973
|
|
|
|
4.8
|
|
SPECIALTY RETAIL 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Burlington Coat Factory, Term Loan B, 2.530%, 05/28/13
|
|
|
249
|
|
|
|
238,831
|
|
|
|
0.2
|
|
2.540%, 05/28/13
|
|
|
251
|
|
|
|
241,394
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
480,225
|
|
|
|
0.4
|
|
TEXTILES, APPAREL & LUXURY GOODS 0.8%
|
|
|
|
|
|
Claires Stores, Term Loan B, 3.049%, 05/29/14
|
|
|
852
|
|
|
|
741,888
|
|
|
|
0.7
|
|
3.225%, 05/29/14
|
|
|
142
|
|
|
|
123,352
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
865,240
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
9,538,416
|
|
|
|
8.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 0.4%
|
|
|
|
|
|
FOOD & STAPLES RETAILING 0.4%
|
|
|
|
|
|
Rite Aid Corp., Term Loan 3,
6.000%, 06/04/14
|
|
|
491
|
|
|
|
478,564
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY 0.1%
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS 0.1%
|
|
|
|
|
|
Big West Oil, Term Loan B,
12.000%, 01/22/15
|
|
|
90
|
|
|
|
91,632
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 2.7%
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES 1.5%
|
|
|
|
|
|
Capmark Financial Group, Term Roll-Up Certified Tranche, 4.750%, 03/23/11
|
|
|
700
|
|
|
|
590,696
|
|
|
|
0.5
|
|
Capmark Financial Group, U.S. Term Loan, 3.250%, 03/23/13
|
|
|
1,435
|
|
|
|
522,834
|
|
|
|
0.5
|
|
Capmark Financial Group, Unsecured Bridge Loan, 5.250%, 03/23/13
|
|
|
175
|
|
|
|
60,550
|
|
|
|
0.0
|
12
|
13
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES (continued)
|
|
|
|
|
|
CIT Group, Inc., Tranche 3 Term Loan, 6.250%, 07/27/15
|
|
$
|
54
|
|
|
$
|
53,923
|
|
|
|
0.1
|
%
|
6.250%, 07/27/15
|
|
|
41
|
|
|
|
41,533
|
|
|
|
0.1
|
|
6.250%, 07/27/15
|
|
|
33
|
|
|
|
33,037
|
|
|
|
0.0
|
12
|
6.250%, 07/27/15
|
|
|
49
|
|
|
|
49,308
|
|
|
|
0.1
|
|
6.250%, 07/27/15
|
|
|
125
|
|
|
|
126,220
|
|
|
|
0.1
|
|
6.250%, 07/27/15
|
|
|
126
|
|
|
|
126,906
|
|
|
|
0.1
|
|
6.250%, 07/27/15
|
|
|
30
|
|
|
|
30,081
|
|
|
|
0.0
|
12
|
6.250%, 07/27/15
|
|
|
16
|
|
|
|
16,519
|
|
|
|
0.0
|
12
|
6.250%, 07/27/15
|
|
|
30
|
|
|
|
30,081
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,681,688
|
|
|
|
1.5
|
|
INSURANCE 0.7%
|
|
|
|
|
|
HMSC Corp., 1st Lien Term Loan,
2.506%, 04/03/14
3,9
|
|
|
956
|
|
|
|
755,618
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS (REITS) 0.5%
|
|
|
|
|
|
General Growth Properties, Inc., Revolving Credit Commitment,
5.250%, 02/24/10
1,4
|
|
|
540
|
|
|
|
574,914
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
|
3,012,220
|
|
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS 2.1%
|
|
|
|
|
|
AIRLINES 0.9%
|
|
|
|
|
|
Delta Air Lines, Inc., 1st Lien Credit Linked Deposit, 2.244%, 04/30/12
|
|
|
64
|
|
|
|
61,961
|
|
|
|
0.0
|
12
|
2.256%, 04/30/12
|
|
|
8
|
|
|
|
7,242
|
|
|
|
0.0
|
12
|
2.257%, 04/30/12
|
|
|
413
|
|
|
|
399,127
|
|
|
|
0.4
|
|
Delta Air Lines, Inc., Senior Secured Term Loan, 8.750%, 09/30/13
|
|
|
495
|
|
|
|
500,881
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
969,211
|
|
|
|
0.9
|
|
BUILDING PRODUCTS 0.8%
|
|
|
|
|
|
Jacuzzi Brands, Inc., 1st Lien Term
Loan B, 2.725%, 02/07/14
|
|
|
893
|
|
|
|
725,578
|
|
|
|
0.6
|
|
Jacuzzi Brands, Inc., Synthetic Credit Facility, Letter of Credit,
0.189%, 02/07/14
|
|
|
81
|
|
|
|
65,904
|
|
|
|
0.1
|
|
Jacuzzi Luxco S.A.R.L., New Term Loan,
4.289%, 11/15/13
3,9
|
|
|
123
|
|
|
|
123,089
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
914,571
|
|
|
|
0.8
|
|
COMMERCIAL SERVICES & SUPPLIES 0.4%
|
|
|
|
|
|
Clarke American Corp., Term Loan B, 2.756%, 06/27/14
|
|
|
71
|
|
|
|
62,202
|
|
|
|
0.1
|
|
2.756%, 06/27/14
|
|
|
97
|
|
|
|
85,375
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES & SUPPLIES (continued)
|
|
|
|
|
|
2.789%, 06/27/14
|
|
$
|
102
|
|
|
$
|
89,278
|
|
|
|
0.1
|
%
|
2.789%, 06/27/14
|
|
|
155
|
|
|
|
136,112
|
|
|
|
0.1
|
|
2.789%, 06/27/14
|
|
|
59
|
|
|
|
51,835
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
424,802
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
|
2,308,584
|
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 3.3%
|
|
|
|
|
|
Electronic Equipment, Instruments & Components 0.8%
|
|
|
|
|
|
Sirius Computer Solutions, 2nd Lien Term Loan, 6.289%,
05/30/13
3,9
|
|
|
1,000
|
|
|
|
900,000
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES 2.2%
|
|
|
|
|
|
Compucom Systems, Inc., Term Loan,
3.760%, 08/23/14
3,9
|
|
|
894
|
|
|
|
853,483
|
|
|
|
0.8
|
|
First Data Corp., Initial Tranche B-1 Term Loan, 3.006%, 09/24/14
|
|
|
346
|
|
|
|
304,781
|
|
|
|
0.3
|
|
3.006%, 09/24/14
|
|
|
16
|
|
|
|
13,945
|
|
|
|
0.0
|
12
|
3.006%, 09/24/14
|
|
|
11
|
|
|
|
9,266
|
|
|
|
0.0
|
12
|
First Data Corp., Initial Tranche B-3 Term Loan, 3.006%, 09/24/14
|
|
|
1,339
|
|
|
|
1,177,441
|
|
|
|
1.1
|
|
3.006%, 09/24/14
|
|
|
59
|
|
|
|
52,282
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,411,198
|
|
|
|
2.2
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.3%
|
|
|
|
|
|
Freescale Semiconductor, Inc., Extended Term Loan, 4.509%, 11/29/13
|
|
|
393
|
|
|
|
358,035
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
|
3,669,233
|
|
|
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cristal Inorganic Chemicals (Millenium), 1st Lien Term Loan, 2.539%, 05/15/14
|
|
|
883
|
|
|
|
832,078
|
|
|
|
0.8
|
|
Cristal Inorganic Chemicals (Millenium), 2nd Lien Term Loan, 6.039%, 05/15/14
3,9
|
|
|
500
|
|
|
|
460,000
|
|
|
|
0.4
|
|
Styron LLC, Term Loan, 7.500%, 07/10/16
|
|
|
123
|
|
|
|
124,981
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,417,059
|
|
|
|
1.3
|
|
DIVERSIFIED MANUFACTURING 1.0%
|
|
|
|
|
|
BOC Edwards, 1st Priority Lien, 2.256%, 05/31/14
|
|
|
1,187
|
|
|
|
1,076,612
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAPER & FOREST PRODUCTS 1.2%
|
|
|
|
|
|
Abitibi-Consolidated Co. of Canada, Term Loan, 11.000%, 03/31/12
|
|
$
|
1,329
|
|
|
$
|
1,342,085
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
3,835,756
|
|
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.5%
|
|
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 0.5%
|
|
|
|
|
|
Level 3 Communications, Tranche A Term Loan, 2.507%, 03/13/14
|
|
|
71
|
|
|
|
65,077
|
|
|
|
0.1
|
|
2.777%, 03/13/14
|
|
|
179
|
|
|
|
162,691
|
|
|
|
0.1
|
|
Level 3 Communications, Tranche B Term Loan, 11.500%, 03/13/14
|
|
|
250
|
|
|
|
269,687
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
|
|
497,455
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 1.9%
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 1.9%
|
|
Calpine Corp., 1st Priority Lien, 3.165%, 03/29/14
|
|
|
717
|
|
|
|
699,882
|
|
|
|
0.6
|
|
Texas Competitive Electric Holdings Co. LLC, Initial Tranche B-2 Term Loan, 3.758%, 10/10/14
|
|
|
82
|
|
|
|
63,577
|
|
|
|
0.1
|
|
3.758%, 10/10/14
|
|
|
364
|
|
|
|
282,875
|
|
|
|
0.2
|
|
3.789%, 10/10/14
|
|
|
3
|
|
|
|
1,941
|
|
|
|
0.0
|
12
|
4.066%, 10/10/14
|
|
|
521
|
|
|
|
404,832
|
|
|
|
0.4
|
|
Texas Competitive Electric Holdings Co. LLC, Initial Tranche B-3 Term Loan, 3.758%, 10/10/14
|
|
|
247
|
|
|
|
191,411
|
|
|
|
0.2
|
|
3.789%, 10/10/14
|
|
|
1
|
|
|
|
495
|
|
|
|
0.0
|
12
|
TPF Generation Holdings LLC, 2nd Lien Term Loan, 4.539%, 12/15/14
|
|
|
500
|
|
|
|
452,815
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
2,097,828
|
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Participations & Assignments
|
|
|
|
|
|
(Cost $26,250,800)
|
|
|
|
|
|
|
25,529,688
|
|
|
|
23.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES 1.3%
|
|
Countrywide Asset-Backed Certificates, Series 2004-13, Class MV8, VAR, 1.956%, 01/25/35
3,9
|
|
|
115
|
|
|
|
5,408
|
|
|
|
0.0
|
12
|
Long Beach Mortgage Loan Trust, Series 2004-5, Class M6, VAR, 2.756%, 09/25/34
3,9
|
|
|
57
|
|
|
|
3,851
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES (continued)
|
|
Unipac IX LLC, 13.000%, 04/11/13
3,9
|
|
$
|
1,500
|
|
|
$
|
1,473,058
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $1,638,822)
|
|
|
|
|
|
|
1,482,317
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Income Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $143,524,431)
|
|
|
|
|
|
|
140,876,689
|
|
|
|
128.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 5.7%
|
|
CONSUMER DISCRETIONARY 0.4%
|
|
AUTO COMPONENTS 0.0%
|
|
Glasstech, Inc., Class C
1,3,9
|
|
|
|
11
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROADCASTING & CABLE TV 0.0%
12
|
|
Adelphia Recovery Trust
1,3,9
|
|
|
157
|
|
|
|
1
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEISURE EQUIPMENT & PRODUCTS 0.3%
|
|
True Temper Holdings, Inc. ADR
1,3,9
|
|
|
43
|
|
|
|
343,968
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA 0.1%
|
|
Dex One Corp.
1
|
|
|
10
|
|
|
|
128,056
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES, APPAREL & LUXURY GOODS 0.0%
|
|
Broder Brothers Co.
1,3,9
|
|
|
38
|
|
|
|
|
|
|
|
0.0
|
|
WestPoint International, Inc.
1,3,9
|
|
|
27
|
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
472,025
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 1.1%
|
|
FOOD PRODUCTS 0.2%
|
|
Eurofresh, Inc., ADR
1,3,9
|
|
|
106
|
|
|
|
261,536
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD PRODUCTS 0.9%
|
|
Spectrum Brands Holdings, Inc.
1,6
|
|
|
35
|
|
|
|
945,538
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
1,207,074
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS 0.4%
|
|
BUILDING PRODUCTS 0.2%
|
|
Jupiter Holding I Corp.
1,3,9
|
|
|
8
|
|
|
|
187,887
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES & SUPPLIES 0.1%
|
|
Quad/Graphics, Inc.
1
|
|
|
3
|
|
|
|
149,037
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROAD & RAIL 0.1%
|
|
Quality Distribution, Inc.
1
|
|
|
16
|
|
|
|
103,570
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
|
440,494
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 0.8%
|
|
COMPUTERS & PERIPHERALS 0.0%
|
|
Stratus Technologies, Inc., ADR
1,3,9
|
|
$
|
8
|
|
|
$
|
|
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES 0.1%
|
|
Unisys Corp.
1,3,8,9
|
|
|
3
|
|
|
|
67,253
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.7%
|
|
MagnaChip Semiconductor S.A./MagnaChip Semiconductor Finance Co., ADR, (Luxembourg)
1,3,9
|
|
|
793
|
|
|
|
749,417
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
|
816,670
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 2.7%
|
|
CHEMICALS 1.7%
|
|
LyondellBasell Industries N.V., (Netherlands), Class
A
1
|
|
|
42
|
|
|
|
994,885
|
|
|
|
0.9
|
|
LyondellBasell Industries N.V., (Netherlands), Class
B
1
|
|
|
38
|
|
|
|
909,830
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,904,715
|
|
|
|
1.7
|
|
CONSTRUCTION MATERIALS 0.1%
|
|
U.S. Concrete, Inc.
1
|
|
|
10
|
|
|
|
90,189
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METALS & MINING 0.0%
12
|
|
Lexington Coal Co.
1,3,9
|
|
|
25
|
|
|
|
27,083
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAPER & FOREST PRODUCTS 0.9%
|
|
Smurfit-Stone Container Corp.
1
|
|
|
53
|
|
|
|
973,518
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
2,995,505
|
|
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.3%
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 0.3%
|
|
AboveNet, Inc.
1,3,9
|
|
|
7
|
|
|
|
348,586
|
|
|
|
0.3
|
|
XO Holdings, Inc.
1
|
|
|
1
|
|
|
|
310
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
348,896
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
|
|
348,896
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 0.0%
12
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.0%
12
|
|
Mirant Corp.
1
|
|
|
1
|
|
|
|
9,303
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $8,614,635)
|
|
|
|
|
|
|
6,289,967
|
|
|
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS 2.6%
|
|
CONSUMER DISCRETIONARY 0.6%
|
|
AUTO COMPONENTS 0.0%
|
|
Glasstech, Inc., Pfd, Series C,
1,3,9
|
|
$
|
|
11
|
|
$
|
|
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD DURABLES 0.4%
|
|
M/I Homes, Inc., Pfd, Series A,
9.750%, 03/15/12
1,14
|
|
|
22
|
|
|
|
392,438
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA 0.2%
|
|
Spanish Broadcasting System, Inc., Pfd
1,3,9
|
|
|
481
|
|
|
|
3,224
|
|
|
|
0.0
|
12
|
Spanish Broadcasting System, Inc., Pfd, Series B, PIK,
10.750%, 03/11/10
1,3,9,14
|
|
|
|
11
|
|
|
203,010
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
206,234
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
598,672
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 0.1%
|
|
FOOD PRODUCTS 0.1%
|
|
Eurofresh, Inc., Pfd, ADR
1,3,9
|
|
|
|
11
|
|
|
147,687
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 1.9%
|
|
COMMERCIAL BANKS 1.5%
|
|
CoBank ACB, Pfd,
11.000%, 10/01/14
3,9,14
|
|
|
30
|
|
|
|
1,644,375
|
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER FINANCE 0.2%
|
|
Ally Financial, Inc., 7.000%
14
|
|
|
|
11
|
|
|
229,375
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES 0.2%
|
|
Citi Group Capital XIII, 7.875%, 10/30/40
1
|
|
|
7
|
|
|
|
186,480
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
|
2,060,230
|
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 0.0%
|
|
COMPUTERS & PERIPHERALS 0.0%
|
|
Stratus Technologies, Inc., ADR
1,3,9
|
|
|
2
|
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $3,383,399)
|
|
|
|
|
|
|
2,806,589
|
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $11,998,034)
|
|
|
|
|
|
|
9,096,556
|
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT 1.6%
|
|
INVESTMENT COMPANY 1.6%
|
|
JPMorgan Prime Money Market Fund, Institutional Class Shares,
0.130%
5,13
(Cost $1,714,118)
|
|
|
1,714
|
|
|
|
1,714,118
|
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS OF CASH COLLATERAL
FOR SECURITIES ON LOAN 4.5%
|
|
INVESTMENT COMPANY 4.5%
|
|
JPMorgan Prime Money Market Fund, Capital Shares, 0.160%,
09/01/10
5,13
(Cost $4,914,775)
|
|
$
|
4,915
|
|
|
$
|
4,914,775
|
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $162,151,358)
|
|
|
|
|
|
|
156,602,138
|
|
|
|
142.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock and Liabilities in Excess of Other Assets
|
|
|
|
|
|
|
(46,634,588
|
)
|
|
|
(42.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
|
|
|
|
$
|
109,967,550
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
American Depositary Receipt
|
VAR
|
|
Variable Rate Security. The interest rate shown is the rate in effect as of September 30, 2010.
|
*
|
|
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 $40,213,424 and 36.6% of net assets applicable to common
stockholders.
|
3
|
|
Fair valued security. These securities amounted to $13,275,979 and 12.1% 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.
|
6
|
|
All or a portion of the security is on loan. Securities on loan have a fair market value of $4,785,072.
|
7
|
|
Step-up bond. Interest rate is effective rate as of September 30, 2010.
|
8
|
|
Restricted security. This security amounted to $67,253 and 0.1% of net assets applicable to common stockholders.
|
9
|
|
Security deemed to be illiquid. These securities amounted to $13,046,947 and 11.9 % 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 one thousand (par or shares).
|
12
|
|
Amount rounds to less than 0.1%.
|
13
|
|
The rate shown is the current yield as of September 30, 2010.
|
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, 2010.
|
As of September 30, 2010, 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
|
|
$
|
10,209,291
|
|
Aggregate gross unrealized depreciation
|
|
|
(15,758,511
|
)
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
$
|
(5,549,220
|
)
|
|
|
|
|
|
Federal income tax cost of investments
|
|
$
|
162,151,358
|
|
|
|
|
|
|
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.
17
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (concluded)
As of September 30, 2010 (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
|
|
$
|
128,056
|
|
|
$
|
|
|
|
$
|
343,969
|
|
|
$
|
472,025
|
|
Consumer Staples
|
|
|
945,538
|
|
|
|
|
|
|
|
261,536
|
|
|
|
1,207,074
|
|
Industrials
|
|
|
252,607
|
|
|
|
|
|
|
|
187,887
|
|
|
|
440,494
|
|
Information Technology
|
|
|
|
|
|
|
|
|
|
|
816,670
|
|
|
|
816,670
|
|
Materials
|
|
|
2,968,422
|
|
|
|
|
|
|
|
27,083
|
|
|
|
2,995,505
|
|
Telecommunication Services
|
|
|
310
|
|
|
|
|
|
|
|
348,586
|
|
|
|
348,896
|
|
Utilities
|
|
|
9,303
|
|
|
|
|
|
|
|
|
|
|
|
9,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
4,304,236
|
|
|
|
|
|
|
|
1,985,731
|
|
|
|
6,289,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
392,438
|
|
|
|
206,234
|
|
|
|
598,672
|
|
Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
147,687
|
|
|
|
147,687
|
|
Financials
|
|
|
186,480
|
|
|
|
229,375
|
|
|
|
1,644,375
|
|
|
|
2,060,230
|
|
Information Technology
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
|
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
186,480
|
|
|
|
621,813
|
|
|
|
1,998,296
|
|
|
|
2,806,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
|
|
|
|
|
|
|
|
|
|
1,482,317
|
|
|
|
1,482,317
|
|
Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
33,426,730
|
|
|
|
373,108
|
|
|
|
33,799,838
|
|
Consumer Staples
|
|
|
|
|
|
|
5,179,259
|
|
|
|
400,659
|
|
|
|
5,579,918
|
|
Energy
|
|
|
|
|
|
|
11,346,018
|
|
|
|
|
|
|
|
11,346,018
|
|
Financials
|
|
|
|
|
|
|
12,089,105
|
|
|
|
860,000
|
|
|
|
12,949,105
|
|
Health Care
|
|
|
|
|
|
|
4,441,857
|
|
|
|
859,254
|
|
|
|
5,301,111
|
|
Industrials
|
|
|
|
|
|
|
12,852,405
|
|
|
|
1,742,946
|
|
|
|
14,595,351
|
|
Information Technology
|
|
|
|
|
|
|
4,819,233
|
|
|
|
421,046
|
|
|
|
5,240,279
|
|
Materials
|
|
|
|
|
|
|
9,784,376
|
|
|
|
60,432
|
|
|
|
9,844,808
|
|
Telecommunication Services
|
|
|
|
|
|
|
8,233,005
|
|
|
|
|
|
|
|
8,233,005
|
|
Utilities
|
|
|
|
|
|
|
6,975,251
|
|
|
|
|
|
|
|
6,975,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
|
109,147,239
|
|
|
|
4,717,445
|
|
|
|
113,864,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Participations & Assignments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
9,538,416
|
|
|
|
|
|
|
|
9,538,416
|
|
Consumer Staples
|
|
|
|
|
|
|
478,564
|
|
|
|
|
|
|
|
478,564
|
|
Energy
|
|
|
|
|
|
|
91,632
|
|
|
|
|
|
|
|
91,632
|
|
Financials
|
|
|
|
|
|
|
2,256,602
|
|
|
|
755,618
|
|
|
|
3,012,220
|
|
Industrials
|
|
|
|
|
|
|
2,185,495
|
|
|
|
123,089
|
|
|
|
2,308,584
|
|
Information Technology
|
|
|
|
|
|
|
1,915,750
|
|
|
|
1,753,483
|
|
|
|
3,669,233
|
|
Materials
|
|
|
|
|
|
|
3,375,756
|
|
|
|
460,000
|
|
|
|
3,835,756
|
|
Telecommunication Services
|
|
|
|
|
|
|
497,455
|
|
|
|
|
|
|
|
497,455
|
|
Utilities
|
|
|
|
|
|
|
2,097,828
|
|
|
|
|
|
|
|
2,097,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Participations & Assignments
|
|
|
|
|
|
|
22,437,498
|
|
|
|
3,092,190
|
|
|
|
25,529,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Investments
Investment Companies
|
|
|
1,714,118
|
|
|
|
|
|
|
|
|
|
|
|
1,714,118
|
|
Investments of Cash Collateral for Securities on Loan Investment
Companies
|
|
|
4,914,775
|
|
|
|
|
|
|
|
|
|
|
|
4,914,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities
|
|
$
|
11,119,609
|
|
|
$
|
132,206,550
|
|
|
$
|
13,275,979
|
|
|
$
|
156,602,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
$
|
|
|
|
$
|
(199,142
|
)
|
|
$
|
|
|
|
$
|
(199,142
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Security has no value.
|
There were no significant transfers between Levels 1 and 2 during the period ended September 30, 2010.
18
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of September 30, 2010 (Unaudited)
The following is a summary of investments for which significant unobservable inputs
(Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
of 12/31/09
|
|
|
Realized
gain
(loss)
|
|
|
Change in
unrealized
appreciation
(depreciation)
|
|
|
Net
amortization
(accretion)
|
|
|
Net
purchases
(sales)
|
|
|
Transfers
into Level 3
|
|
|
Transfers
out of
Level 3
|
|
|
Balance as
of 09/30/10
|
|
Investments in Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
|
$
|
1,475,849
|
|
|
$
|
329
|
|
|
$
|
5,458
|
|
|
$
|
6,359
|
|
|
$
|
(5,678
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
1,482,317
|
|
Common Stocks Consumer Discretionary
|
|
|
300,973
|
|
|
|
|
|
|
|
42,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
343,969
|
|
Common Stocks Consumer Staples
|
|
|
52,943
|
|
|
|
|
|
|
|
208,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
261,536
|
|
Common Stocks Financials
|
|
|
|
|
|
|
|
|
|
|
10,675
|
|
|
|
|
|
|
|
177,212
|
|
|
|
|
|
|
|
|
|
|
|
187,887
|
|
Common Stocks Industrials
|
|
|
855,499
|
|
|
|
878,545
|
|
|
|
(453,011
|
)
|
|
|
|
|
|
|
(1,253,950
|
)
|
|
|
|
|
|
|
|
|
|
|
27,083
|
|
Common Stocks Information Technology
|
|
|
111,036
|
|
|
|
(13
|
)
|
|
|
581,692
|
|
|
|
|
|
|
|
|
|
|
|
123,955
|
|
|
|
|
|
|
|
816,670
|
|
Common Stocks Materials
|
|
|
62,100
|
|
|
|
(208,800
|
)
|
|
|
191,700
|
|
|
|
|
|
|
|
(45,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks Telecommunication Services
|
|
|
|
|
|
|
|
|
|
|
(193,409
|
)
|
|
|
|
|
|
|
208,600
|
|
|
|
333,395
|
|
|
|
|
|
|
|
348,586
|
|
Corporate Bonds Consumer Discretionary
|
|
|
291,226
|
|
|
|
(1
|
)
|
|
|
52,840
|
|
|
|
(878
|
)
|
|
|
29,921
|
|
|
|
|
|
|
|
|
|
|
|
373,108
|
|
Corporate Bonds Consumer Staples
|
|
|
2,518,525
|
|
|
|
13
|
|
|
|
8,237
|
|
|
|
|
|
|
|
(576,116
|
)
|
|
|
|
|
|
|
(1,550,000
|
)
|
|
|
400,659
|
|
Corporate Bonds Financials
|
|
|
730,000
|
|
|
|
|
|
|
|
130,294
|
|
|
|
(294
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
860,000
|
|
Corporate Bonds Health Care
|
|
|
950,328
|
|
|
|
(1
|
)
|
|
|
(225,593
|
)
|
|
|
(110
|
)
|
|
|
134,630
|
|
|
|
|
|
|
|
|
|
|
|
859,254
|
|
Corporate Bonds Industrials
|
|
|
1,873,259
|
|
|
|
(2,590,091
|
)
|
|
|
2,881,641
|
|
|
|
(629
|
)
|
|
|
(346,895
|
)
|
|
|
|
|
|
|
(74,339
|
)
|
|
|
1,742,946
|
|
Corporate Bonds Information Technology
|
|
|
405,358
|
|
|
|
|
|
|
|
15,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
421,046
|
|
Corporate Bonds Materials
|
|
|
871,033
|
|
|
|
|
|
|
|
60,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(871,033
|
)
|
|
|
60,432
|
|
Loan Participation & Assignments Financials
|
|
|
|
|
|
|
|
|
|
|
(17,935
|
)
|
|
|
|
|
|
|
(6,285
|
)
|
|
|
779,838
|
|
|
|
|
|
|
|
755,618
|
|
Loan Participation & Assignments Industrials
|
|
|
828,353
|
|
|
|
(1,059,640
|
)
|
|
|
996,926
|
|
|
|
|
|
|
|
(95,580
|
)
|
|
|
122,540
|
|
|
|
(669,510
|
)
|
|
|
123,089
|
|
Loan Participation & Assignments Information Technology
|
|
|
2,046,167
|
|
|
|
810
|
|
|
|
405,497
|
|
|
|
3,475
|
|
|
|
(702,466
|
)
|
|
|
|
|
|
|
|
|
|
|
1,753,483
|
|
Loan Participation & Assignments Materials
|
|
|
1,185,084
|
|
|
|
|
|
|
|
65,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(790,084
|
)
|
|
|
460,000
|
|
Preferred Stocks Consumer Discretionary
|
|
|
77,723
|
|
|
|
|
|
|
|
128,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
206,234
|
|
Preferred Stocks Consumer Staples
|
|
|
139,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,687
|
|
|
|
|
|
|
|
|
|
|
|
147,687
|
|
Preferred Stocks Financials
|
|
|
421,800
|
|
|
|
49,843
|
|
|
|
123,271
|
|
|
|
(85
|
)
|
|
|
(443,893
|
)
|
|
|
1,493,439
|
|
|
|
|
|
|
|
1,644,375
|
|
Preferred Stocks Information Technology
|
|
|
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Warrants Industrials
|
|
|
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Telecommunication Services
|
|
|
41,530
|
|
|
|
(18,792
|
)
|
|
|
167,070
|
|
|
|
|
|
|
|
(189,808
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
15,237,786
|
|
|
$
|
(2,947,798
|
)
|
|
$
|
5,186,573
|
|
|
$
|
7,838
|
|
|
$
|
(3,106,621
|
)
|
|
$
|
2,853,167
|
|
|
$
|
(3,954,966
|
)
|
|
$
|
13,275,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Security has zero value.
|
19
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (concluded)
As of September 30, 2010 (Unaudited)
Transfers into and out of Level 3 are valued utilizing values as of the
beginning of the period.
Transfers from Level 2 to Level 3
or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack of or increase in available market inputs to determine price.
The change in unrealized appreciation (depreciation) attributable to
securities owned at September 30, 2010, which were valued using significant unobservable inputs (Level 3) amounted to $1,179,137.
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 0.228% to 0.354% for the period ended September 30, 2010. 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)
|
|
12/01/06
|
|
|
|
|
|
$
|
5 million
|
|
|
|
12/01/10
|
|
|
|
5.010
|
% monthly
|
|
1 month LIBOR monthly
|
|
|
0.256
|
%
|
|
$
|
(59,308
|
)
|
11/30/07
|
|
|
|
|
|
$
|
5 million
|
|
|
|
06/01/11
|
|
|
|
4.000
|
% monthly
|
|
1 month LIBOR monthly
|
|
|
0.256
|
%
|
|
|
(139,834
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(199,142
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Represents rate in effect at September 30, 2010.
|
20
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