UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file
number: 811-05639
Pacholder High Yield Fund, Inc.
(Exact name of registrant as specified in charter)
270 Park
Avenue
New York, NY 10017
(Address of principal executive offices) (Zip code)
Frank J. Nasta
270 Park Avenue
New York, NY 10017
(Name and Address of Agent for Service)
Registrants telephone number, including area code: (513) 985-3200
Date of fiscal year end: December 31
Date of reporting period: March 31, 2011
ITEM 1.
|
SCHEDULE OF INVESTMENTS.
|
Pacholder High Yield Fund, Inc.
Schedule of Portfolio Investments as of March 31, 2011
(Unaudited)
THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST (the List) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the funds fiscal quarter, using a trade date accounting convention, by contacting
the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. 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.
JPMorgan Distribution Services, Inc.
©
JPMorgan Chase & Co., 2011.
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments
As of March 31, 2011 (Unaudited)
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|
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Description
|
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Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
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CORPORATE BONDS 106.6%
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CONSUMER DISCRETIONARY 33.2%
|
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AUTOMOBILES 2.2%
|
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Ford Holdings LLC, 9.300%, 03/01/30
|
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$
|
262
|
|
|
$
|
308,681
|
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|
|
0.3
|
%
|
9.375%, 03/01/20
10
|
|
|
150
|
|
|
|
174,880
|
|
|
|
0.1
|
|
Ford Motor Co., 7.750%, 06/15/43
|
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|
750
|
|
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|
748,279
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|
0.7
|
|
8.900%, 01/15/32
|
|
|
125
|
|
|
|
142,275
|
|
|
|
0.1
|
|
Ford Motor Co., Nt, 9.980%, 02/15/47
|
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125
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|
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149,441
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|
0.1
|
|
Motors Liquidation Co.,
|
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0.000%, 03/15/36
1,4
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55
|
Units
|
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|
8,663
|
|
|
|
0.0
|
12
|
5.250%, 03/06/32
|
|
|
25
|
Units
|
|
|
182,549
|
|
|
|
0.2
|
|
6.250%, 07/15/33
|
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|
15
|
Units
|
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|
109,636
|
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|
0.1
|
|
7.250%, 04/15/41
|
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|
Units
11
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|
1,476
|
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|
0.0
|
12
|
7.250%, 07/15/41
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|
Units
11
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|
631
|
|
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0.0
|
12
|
7.250%, 02/15/52
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|
7
|
Units
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|
|
50,089
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0.0
|
12
|
7.375%, 05/15/48
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|
|
10
|
Units
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|
66,244
|
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|
0.1
|
|
7.375%, 10/01/51
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Units
11
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1,674
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|
0.0
|
12
|
Motors Liquidation Co., Debentures,
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6.750%, 05/01/28
1,4
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|
50
|
|
|
|
14,000
|
|
|
|
0.0
|
12
|
8.100%, 06/15/24
1,4
|
|
|
1,725
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|
|
|
487,313
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|
0.4
|
|
8.375%, 07/15/33
1,4
|
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|
425
|
|
|
|
126,437
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|
0.1
|
|
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2,572,268
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2.2
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BROADCASTING & CABLE TV 4.3%
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Adelphia Communications Corp., Pfd,
6.000%,
02/15/06
1,4
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|
125
|
|
|
|
|
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|
0.0
|
|
Adelphia Communications Corp., Sr Nt,
8.125%,
07/15/03
1,4
|
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|
750
|
|
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|
13,125
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0.0
|
12
|
9.375%, 11/15/09
1,4
|
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|
560
|
|
|
|
9,800
|
|
|
|
0.0
|
12
|
Cablevision Systems Corp.,
8.000%, 04/15/20
|
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|
95
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|
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103,550
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0.1
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.,
7.000%, 01/15/19
|
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235
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|
240,875
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|
0.2
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Co Guar,
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7.250%, 10/30/17
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340
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355,300
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0.3
|
|
7.875%, 04/30/18
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90
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95,625
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0.1
|
|
8.125%, 04/30/20
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550
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|
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|
598,125
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0.5
|
|
CCO Holdings LLC/CCO Holdings Capital Corp., Private Placement,
7.000%, 01/15/19
2
|
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|
90
|
|
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|
92,025
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0.1
|
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|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
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|
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BROADCASTING & CABLE TV (continued)
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Cequel Communications Holdings I LLC and Cequel Capital Corp., Private Placement, Sr Nt,
8.625%, 11/15/17
2
|
|
$
|
709
|
|
|
$
|
739,133
|
|
|
|
0.6
|
%
|
Charter Communications Operating LLC/Charter Communications Operating Capital, Private Placement, Nt,
10.875%, 09/15/14
2
|
|
|
150
|
|
|
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168,000
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|
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|
0.2
|
|
CSC Holdings LLC,
|
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7.625%, 07/15/18
|
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50
|
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54,750
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0.1
|
|
8.625%, 02/15/19
|
|
|
44
|
|
|
|
50,380
|
|
|
|
0.0
|
12
|
CSC Holdings LLC, Sr Nt,
7.875%, 02/15/18
|
|
|
96
|
|
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|
106,560
|
|
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|
0.1
|
|
Mediacom LLC/Mediacom Capital Corp., 9.125%, 08/15/19
|
|
|
367
|
|
|
|
392,690
|
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0.3
|
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Sirius XM Radio, Inc., Private Placement,
|
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8.750%, 04/01/15
2
|
|
|
180
|
|
|
|
202,500
|
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|
0.2
|
|
9.750%, 09/01/15
2
|
|
|
150
|
|
|
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168,938
|
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0.1
|
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Telesat Canada/Telesat LLC, (Canada),
11.000%, 11/01/15
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136
|
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151,470
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0.1
|
|
12.500%, 11/01/17
10
|
|
|
150
|
|
|
|
178,875
|
|
|
|
0.2
|
|
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, Private Placement, Sr Secd Nt, (Germany),
8.125%, 12/01/17
2
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|
|
375
|
|
|
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394,687
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|
0.4
|
|
Virgin Media Finance plc, (United Kingdom), 8.375%, 10/15/19
|
|
|
225
|
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|
253,125
|
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|
0.2
|
|
Virgin Media Finance plc, Sr Nt, (United Kingdom), 9.125%, 08/15/16
|
|
|
250
|
|
|
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265,000
|
|
|
|
0.2
|
|
XM Satellite Radio, Inc., Private Placement, Sr Nt,
13.000%, 08/01/13
2
|
|
|
330
|
|
|
|
391,875
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0.3
|
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5,026,408
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4.3
|
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DISTRIBUTORS 0.3%
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McJunkin Red Man Corp., Private Placement, Sr Nt,
9.500%, 12/15/16
2
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|
|
355
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359,437
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0.3
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DIVERSIFIED CONSUMER SERVICES 1.2%
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Knowledge Learning Corp., Inc., Private Placement, Sr Sub Nt,
7.750%, 02/01/15
2,10
|
|
|
700
|
|
|
|
693,000
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0.6
|
|
3
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
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|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
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|
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DIVERSIFIED CONSUMER SERVICES (continued)
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Mac-Gray Corp., Sr Nt,
7.625%, 08/15/15
10
|
|
$
|
650
|
|
|
$
|
663,000
|
|
|
|
0.6
|
%
|
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|
|
|
|
|
|
|
|
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|
|
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1,356,000
|
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|
1.2
|
|
GAMING 6.6%
|
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Ameristar Casinos, Inc., Private Placement, Nt,
7.500%,
04/15/21
2
|
|
|
238
|
|
|
|
235,918
|
|
|
|
0.2
|
|
Caesars Entertainment Operating Co., Inc., 11.250%, 06/01/17
|
|
|
300
|
|
|
|
340,875
|
|
|
|
0.3
|
|
Chukchansi Economic Development Authority, Private Placement, 8.000%, 11/15/13
2
|
|
|
766
|
|
|
|
566,840
|
|
|
|
0.5
|
|
CityCenter Holdings LLC/CityCenter Finance Corp., Private Placement,
|
|
|
|
|
|
|
|
|
|
|
|
|
7.625%, 01/15/16
2
|
|
|
225
|
|
|
|
232,313
|
|
|
|
0.2
|
|
PIK, 10.750%, 01/15/17
2
|
|
|
325
|
|
|
|
335,562
|
|
|
|
0.3
|
|
Isle of Capri Casinos, Inc., Private Placement, 7.750%,
03/15/19
2
|
|
|
300
|
|
|
|
298,500
|
|
|
|
0.3
|
|
Isle of Capri Casinos, Inc., Sr Nt, 7.000%, 03/01/14
|
|
|
250
|
|
|
|
248,125
|
|
|
|
0.2
|
|
Mandalay Resort Group, Sr Nt, 7.625%, 07/15/13
|
|
|
200
|
|
|
|
198,000
|
|
|
|
0.2
|
|
Mashantucket Western Pequot Tribe, Private Placement,
5.912%,
09/01/21
1,2,4
|
|
|
475
|
|
|
|
216,111
|
|
|
|
0.2
|
|
8.500%, 11/15/15
1,2,4
|
|
|
820
|
|
|
|
82,000
|
|
|
|
0.0
|
12
|
MCE Finance Ltd., Sr Secd Nt, (Cayman Islands), 10.250%, 05/15/18
|
|
|
225
|
|
|
|
260,719
|
|
|
|
0.2
|
|
MGM Resorts International, Co Guar, 5.875%, 02/27/14
|
|
|
30
|
|
|
|
28,650
|
|
|
|
0.0
|
12
|
6.625%, 07/15/15
|
|
|
231
|
|
|
|
218,872
|
|
|
|
0.2
|
|
7.500%, 06/01/16
|
|
|
140
|
|
|
|
132,300
|
|
|
|
0.1
|
|
7.625%, 01/15/17
|
|
|
201
|
|
|
|
189,694
|
|
|
|
0.2
|
|
MGM Resorts International, Private Placement, Nt,
10.000%, 11/01/16
2
|
|
|
1,400
|
|
|
|
1,473,500
|
|
|
|
1.3
|
|
Peninsula Gaming LLC, 8.375%, 08/15/15
|
|
|
350
|
|
|
|
373,625
|
|
|
|
0.3
|
|
Peninsula Gaming LLC, Private Placement,
8.375%, 08/15/15
2
|
|
|
50
|
|
|
|
53,375
|
|
|
|
0.0
|
12
|
Pinnacle Entertainment, Inc.,
8.750%, 05/15/20
|
|
|
350
|
|
|
|
364,000
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMING (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
San Pasqual Casino, Private Placement,
8.000%, 09/15/13
2
|
|
$
|
500
|
|
|
$
|
500,000
|
|
|
|
0.4
|
%
|
Seminole Hard Rock Entertainment, Inc., Private Placement, VAR, 2.809%, 03/15/14
2
|
|
|
500
|
|
|
|
487,500
|
|
|
|
0.4
|
|
Seminole Indian Tribe of Florida, Private Placement,
7.750%,
10/01/17
2
|
|
|
75
|
|
|
|
79,312
|
|
|
|
0.1
|
|
Seneca Gaming Corp., Private Placement, 8.250%,
12/01/18
2
|
|
|
175
|
|
|
|
180,250
|
|
|
|
0.1
|
|
Shingle Springs Tribal Gaming Authority, Private Placement, Sr Nt, 9.375%, 06/15/15
2,10
|
|
|
1,000
|
|
|
|
660,000
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,756,041
|
|
|
|
6.6
|
|
HOTELS, RESTAURANTS & LEISURE 2.7%
|
|
|
|
|
|
|
|
|
|
Banc of America Large Loan, Inc., Private Placement, Class HLTN, VAR, 2.005%, 11/15/15
2
|
|
|
591
|
|
|
|
558,760
|
|
|
|
0.5
|
|
CKE Holdings, Inc., Private Placement, Nt, PIK,
10.500%, 03/14/16
2
|
|
|
95
|
|
|
|
90,012
|
|
|
|
0.1
|
|
CKE Restaurants, Inc., Sr Secd Nt, 11.375%, 07/15/18
|
|
|
350
|
|
|
|
385,875
|
|
|
|
0.3
|
|
Dave & Busters, Inc.,
11.000%, 06/01/18
|
|
|
30
|
|
|
|
32,550
|
|
|
|
0.0
|
12
|
DineEquity, Inc., Private Placement,
9.500%, 10/30/18
2
|
|
|
170
|
|
|
|
184,450
|
|
|
|
0.2
|
|
Dunkin Finance Corp., Private Placement, 9.625%,
12/01/18
2
|
|
|
190
|
|
|
|
193,563
|
|
|
|
0.2
|
|
Landrys Holdings, Inc., Private Placement, 11.500%,
06/01/14
2
|
|
|
100
|
|
|
|
99,000
|
|
|
|
0.1
|
|
Landrys Restaurants, Inc., Private Placement, Sr Secd Nt,
11.625%, 12/01/15
2
|
|
|
120
|
|
|
|
129,300
|
|
|
|
0.1
|
|
Landrys Restaurants, Inc., Sr Secd Nt, 11.625%, 12/01/15
|
|
|
200
|
|
|
|
215,500
|
|
|
|
0.2
|
|
Palace Entertainment Holdings LLC/Palace Entertainment Holdings Corp., Private Placement,
8.875%, 04/15/17
2
|
|
|
125
|
|
|
|
127,813
|
|
|
|
0.1
|
|
Real Mex Restaurants, Inc.,
14.000%, 01/01/13
|
|
|
200
|
|
|
|
208,000
|
|
|
|
0.2
|
|
Royal Caribbean Cruises Ltd., Sr Nt, (Liberia), 11.875%, 07/15/15
|
|
|
231
|
|
|
|
283,552
|
|
|
|
0.2
|
|
4
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTELS, RESTAURANTS & LEISURE (continued)
|
|
|
|
|
|
Speedway Motorsports, Inc., Sr Nt, 8.750%, 06/01/16
|
|
$
|
300
|
|
|
$
|
328,875
|
|
|
|
0.3
|
%
|
Universal City Development Partners Ltd./UCDP Finance, Inc.,
10.875%, 11/15/16
|
|
|
250
|
|
|
|
280,625
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,117,875
|
|
|
|
2.7
|
|
HOUSEHOLD DURABLES 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
American Standard Americas, Private Placement, 10.750%,
01/15/16
2
|
|
|
100
|
|
|
|
106,750
|
|
|
|
0.1
|
|
K Hovnanian Enterprises, Inc., Sr Nt,
10.625%, 10/15/16
|
|
|
445
|
|
|
|
472,812
|
|
|
|
0.4
|
|
Lennar Corp., Sr Nt,
6.950%, 06/01/18
|
|
|
410
|
|
|
|
405,900
|
|
|
|
0.4
|
|
M/I Homes, Inc., Private Placement,
8.625%,
11/15/18
2
|
|
|
375
|
|
|
|
375,000
|
|
|
|
0.3
|
|
Standard Pacific Corp., Private Placement, Co Guar,
8.375%,
05/15/18
2
|
|
|
165
|
|
|
|
171,394
|
|
|
|
0.1
|
|
Standard Pacific Corp., Sr Nt,
10.750%, 09/15/16
|
|
|
210
|
|
|
|
244,650
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,776,506
|
|
|
|
1.5
|
|
INTERNET & CATALOG RETAIL 0.1%
|
|
|
|
|
|
Affinion Group, Inc., Private Placement, 7.875%,
12/15/18
2
|
|
|
75
|
|
|
|
70,500
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEISURE EQUIPMENT & PRODUCTS 1.3%
|
|
|
|
|
|
Da-Lite Screen Co., Inc., Sr Nt,
12.500%, 04/01/15
|
|
|
275
|
|
|
|
305,250
|
|
|
|
0.3
|
|
Eastman Kodak Co., Private Placement, 9.750%,
03/01/18
2
|
|
|
740
|
|
|
|
727,050
|
|
|
|
0.6
|
|
FGI Holding Co., Inc., Private Placement, Sr Nt, PIK,
11.250%, 10/01/15
2
|
|
|
231
|
|
|
|
227,918
|
|
|
|
0.2
|
|
Icon Health & Fitness, Private Placement, 11.875%,
10/15/16
2
|
|
|
225
|
|
|
|
239,063
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,499,281
|
|
|
|
1.3
|
|
MEDIA 7.7%
|
|
|
|
|
|
Barrington Broadcasting Group LLC and Barrington Broadcasting Capital Corp., Sr Sub Nt,
10.500%, 08/15/14
|
|
|
700
|
|
|
|
705,250
|
|
|
|
0.6
|
|
Block Communications, Inc., Private Placement, Sr Nt,
8.250%,
12/15/15
2,10
|
|
|
800
|
|
|
|
822,000
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA (continued)
|
|
|
|
|
|
Bresnan Broadband Holdings LLC, Private Placement, Co Guar, 8.000%, 12/15/18
2
|
|
$
|
125
|
|
|
$
|
131,875
|
|
|
|
0.1
|
%
|
Clear Channel Communications, Inc., Private Placement, Nt,
9.000%, 03/01/21
2
|
|
|
500
|
|
|
|
498,750
|
|
|
|
0.4
|
|
Clear Channel Worldwide Holdings, Inc., Sr Nt,
9.250%, 12/15/17
|
|
|
125
|
|
|
|
136,563
|
|
|
|
0.1
|
|
9.250%, 12/15/17
|
|
|
250
|
|
|
|
274,062
|
|
|
|
0.3
|
|
DigitalGlobe, Inc., Sr Nt,
10.500%, 05/01/14
|
|
|
250
|
|
|
|
283,438
|
|
|
|
0.2
|
|
Fisher Communications, Inc., Sr Nt,
8.625%, 09/15/14
|
|
|
500
|
|
|
|
513,125
|
|
|
|
0.4
|
|
Gannett Co., Inc., Private Placement, 6.375%,
09/01/15
2
|
|
|
50
|
|
|
|
52,000
|
|
|
|
0.0
|
12
|
7.125%, 09/01/18
2
|
|
|
200
|
|
|
|
200,500
|
|
|
|
0.2
|
|
Intelsat Intermediate Holding Co. S.A., (Luxembourg), 9.500%,
02/01/15
7
|
|
|
400
|
|
|
|
414,000
|
|
|
|
0.4
|
|
Intelsat Jackson Holdings S.A., Private Placement, (Luxembourg),
7.250%, 10/15/20
2
|
|
|
150
|
|
|
|
150,000
|
|
|
|
0.1
|
|
7.500%, 04/01/21
2
|
|
|
50
|
|
|
|
50,125
|
|
|
|
0.1
|
|
Intelsat Jackson Holdings S.A., Private Placement, Sr Nt, (Luxembourg),
8.500%, 11/01/19
2
|
|
|
150
|
|
|
|
161,250
|
|
|
|
0.1
|
|
Intelsat Luxembourg S.A., (Luxembourg), PIK,
11.500%, 02/04/17
|
|
|
1,032
|
|
|
|
1,132,482
|
|
|
|
1.0
|
|
Intelsat Subsidiary Holding Co. S.A., (Bermuda), 8.875%, 01/15/15
|
|
|
140
|
|
|
|
144,550
|
|
|
|
0.1
|
|
Intelsat Subsidiary Holding Co. S.A., Private Placement, (Bermuda),
8.875%, 01/15/15
2
|
|
|
360
|
|
|
|
369,900
|
|
|
|
0.3
|
|
Lamar Media Corp., Sr Sub Nt, Series B, 6.625%, 08/15/15
|
|
|
125
|
|
|
|
127,500
|
|
|
|
0.1
|
|
McClatchy Co. (The),
11.500%, 02/15/17
|
|
|
200
|
|
|
|
225,000
|
|
|
|
0.2
|
|
Media General, Inc.,
11.750%, 02/15/17
|
|
|
650
|
|
|
|
713,375
|
|
|
|
0.6
|
|
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc.,
8.875%, 04/15/17
|
|
|
400
|
|
|
|
433,000
|
|
|
|
0.4
|
|
Nexstar Finance Holdings LLC/Nexstar Finance Holdings, Inc., Sr Disc Nt, 11.375%, 04/01/13
7
|
|
|
349
|
|
|
|
350,597
|
|
|
|
0.3
|
|
5
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nielsen Finance LLC/Nielsen Finance Co., Private Placement,
7.750%, 10/15/18
2
|
|
$
|
50
|
|
|
$
|
53,625
|
|
|
|
0.1
|
%
|
Radio One, Inc., Private Placement, PIK, 12.500%,
05/24/16
2
|
|
|
485
|
|
|
|
510,060
|
|
|
|
0.4
|
|
Sinclair Television Group, Inc., Private Placement, 8.375%,
10/15/18
2
|
|
|
100
|
|
|
|
105,750
|
|
|
|
0.1
|
|
Valassis Communications, Inc., Private Placement,
6.625%,
02/01/21
2
|
|
|
150
|
|
|
|
145,687
|
|
|
|
0.1
|
|
WMG Acquisition Corp.,
7.375%, 04/15/14
|
|
|
202
|
|
|
|
202,505
|
|
|
|
0.2
|
|
WMG Holdings Corp., Nt,
9.500%, 12/15/14
7
|
|
|
50
|
|
|
|
51,000
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,957,969
|
|
|
|
7.7
|
|
MULTILINE RETAIL 0.3%
|
|
|
|
|
|
HSN, Inc., 11.250%, 08/01/16
|
|
|
323
|
|
|
|
365,797
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL 4.0%
|
|
|
|
|
|
Chinos Acquisition Corp., Private Placement, Sr Nt,
8.125%,
03/01/19
2
|
|
|
175
|
|
|
|
171,719
|
|
|
|
0.2
|
|
Claires Stores, Inc., Private Placement, Nt, 8.875%,
03/15/19
2
|
|
|
480
|
|
|
|
458,400
|
|
|
|
0.4
|
|
Giraffe Acquisition Corp., Private Placement, 9.125%,
12/01/18
2
|
|
|
300
|
|
|
|
291,000
|
|
|
|
0.3
|
|
Michaels Stores, Inc., Private Placement, 7.750%,
11/01/18
2
|
|
|
150
|
|
|
|
153,000
|
|
|
|
0.1
|
|
Michaels Stores, Inc., Sr Nt,
0.000%,
11/01/16
7
|
|
|
1,400
|
|
|
|
1,428,000
|
|
|
|
1.2
|
|
NBC Acquisition Corp.,
11.000%, 03/15/13
7
|
|
|
270
|
|
|
|
51,300
|
|
|
|
0.0
|
12
|
Nebraska Book Co., Inc.,
8.625%, 03/15/12
10
|
|
|
370
|
|
|
|
321,900
|
|
|
|
0.3
|
|
10.000%, 12/01/11
|
|
|
345
|
|
|
|
351,900
|
|
|
|
0.3
|
|
Needle Merger Sub Corp., Private Placement, Sr Nt,
8.125%,
03/15/19
2
|
|
|
200
|
|
|
|
202,000
|
|
|
|
0.2
|
|
PEP Boys-Manny Moe & Jack, Sr Nt, 7.500%, 12/15/14
|
|
|
500
|
|
|
|
510,000
|
|
|
|
0.4
|
|
Petco Animal Supplies, Inc., Private Placement, 9.250%,
12/01/18
2
|
|
|
240
|
|
|
|
256,800
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL (continued)
|
|
|
|
|
|
Toys R Us Property Co II LLC, Sr Secd Nt, 8.500%, 12/01/17
|
|
$
|
285
|
|
|
$
|
306,375
|
|
|
|
0.3
|
%
|
Toys R Us, Inc., 7.875%, 04/15/13
|
|
|
118
|
|
|
|
126,850
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,629,244
|
|
|
|
4.0
|
|
TEXTILES, APPAREL & LUXURY GOODS 1.0%
|
|
|
|
|
|
Broder Brothers Co., Private Placement, PIK,
12.000%,
10/15/13
2
|
|
|
461
|
|
|
|
461,024
|
|
|
|
0.4
|
|
Quiksilver, Inc., 6.875%, 04/15/15
|
|
|
748
|
|
|
|
736,780
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,197,804
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
38,685,130
|
|
|
|
33.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 4.2%
|
|
|
|
|
|
|
|
|
|
BEVERAGES 0.3%
|
|
|
|
|
|
Constellation Brands, Inc., Sr Nt,
8.375%, 12/15/14
|
|
|
315
|
|
|
|
356,738
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD & STAPLES RETAILING 1.5%
|
|
|
|
|
|
Ingles Markets, Inc.,
8.875%, 05/15/17
|
|
|
190
|
|
|
|
204,013
|
|
|
|
0.2
|
|
Rite Aid Corp., 9.500%, 06/15/17
|
|
|
1,000
|
|
|
|
898,750
|
|
|
|
0.8
|
|
Rite Aid Corp., Debentures,
7.500%, 03/01/17
|
|
|
600
|
|
|
|
600,000
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,702,763
|
|
|
|
1.5
|
|
FOOD PRODUCTS 1.1%
|
|
|
|
|
|
Blue Merger Sub, Inc., Private Placement, Sr Nt,
7.625%,
02/15/19
2
|
|
|
245
|
|
|
|
248,369
|
|
|
|
0.2
|
|
Eurofresh, Inc.,
15.000%, 11/18/16
3,9
|
|
|
422
|
|
|
|
421,977
|
|
|
|
0.3
|
|
Simmons Foods, Inc., Private Placement, 10.500%,
11/01/17
2
|
|
|
325
|
|
|
|
350,187
|
|
|
|
0.3
|
|
Smithfield Foods, Inc., Nt,
7.750%, 05/15/13
|
|
|
307
|
|
|
|
330,025
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,350,558
|
|
|
|
1.1
|
|
HOUSEHOLD PRODUCTS 0.6%
|
|
|
|
|
|
Spectrum Brands Holdings, Inc., PIK, 12.000%, 08/28/19
|
|
|
596
|
|
|
|
664,835
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERSONAL PRODUCTS 0.3%
|
|
|
|
|
|
American Achievement Corp., Private Placement, 10.875%,
04/15/16
2
|
|
|
360
|
|
|
|
353,700
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOBACCO 0.4%
|
|
|
|
|
|
Alliance One International, Inc., Nt,
10.000%, 07/15/16
|
|
$
|
440
|
|
|
$
|
446,050
|
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
4,874,644
|
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY 10.9%
|
|
|
|
|
|
|
|
|
|
ENERGY EQUIPMENT & SERVICES 2.3%
|
|
|
|
|
|
Calfrac Holdings LP, Private Placement, 7.500%,
12/01/20
2
|
|
|
100
|
|
|
|
103,500
|
|
|
|
0.1
|
|
Dresser-Rand Group, Inc., Private Placement, 6.500%,
05/01/21
2
|
|
|
135
|
|
|
|
139,219
|
|
|
|
0.1
|
|
Exterran Holdings, Inc., Private Placement, 7.250%,
12/01/18
2
|
|
|
230
|
|
|
|
234,600
|
|
|
|
0.2
|
|
Gibson Energy ULC/GEP Midstream Finance Corp., Sr Nt, (Canada),
10.000%, 01/15/18
|
|
|
180
|
|
|
|
188,100
|
|
|
|
0.1
|
|
11.750%, 05/27/14
|
|
|
200
|
|
|
|
223,000
|
|
|
|
0.2
|
|
Global Geophysical Services, Inc.,
10.500%, 05/01/17
|
|
|
85
|
|
|
|
91,375
|
|
|
|
0.1
|
|
Helix Energy Solutions Group, Inc., Private Placement,
9.500%, 01/15/16
2,10
|
|
|
250
|
|
|
|
263,750
|
|
|
|
0.2
|
|
Key Energy Services, Inc., Nt,
6.750%, 03/01/21
|
|
|
165
|
|
|
|
167,888
|
|
|
|
0.1
|
|
Parker Drilling Co., 9.125%, 04/01/18
|
|
|
250
|
|
|
|
268,750
|
|
|
|
0.2
|
|
PHI, Inc., 8.625%, 10/15/18
|
|
|
310
|
|
|
|
324,337
|
|
|
|
0.3
|
|
Pride International, Inc.,
6.875%, 08/15/20
|
|
|
65
|
|
|
|
73,694
|
|
|
|
0.1
|
|
Seadrill Ltd., (Bermuda),
6.500%, 10/05/15
|
|
|
300
|
|
|
|
299,250
|
|
|
|
0.3
|
|
Sevan Marine ASA, Private Placement, (Norway), VAR, 3.443%,
05/14/13
2
|
|
|
200
|
|
|
|
186,500
|
|
|
|
0.2
|
|
Trinidad Drilling Ltd., Private Placement, Sr Unsecd Nt, (Canada), 7.875%, 01/15/19
2
|
|
|
130
|
|
|
|
137,150
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,701,113
|
|
|
|
2.3
|
|
OIL, GAS & CONSUMABLE FUELS 8.6%
|
|
|
|
|
|
|
|
|
|
Alta Mesa Holdings/Alta Mesa Finance Services Corp., Private Placement, 9.625%, 10/15/18
2
|
|
|
240
|
|
|
|
243,600
|
|
|
|
0.2
|
|
AmeriGas Partners LP/AmeriGas Finance Corp., 6.500%, 05/20/21
|
|
|
145
|
|
|
|
148,806
|
|
|
|
0.1
|
|
Antero Resources Finance Corp., Nt, 9.375%, 12/01/17
|
|
|
150
|
|
|
|
163,500
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS (continued)
|
|
|
|
|
|
|
|
|
|
Arch Coal, Inc., 7.250%, 10/01/20
|
|
$
|
80
|
|
|
$
|
85,800
|
|
|
|
0.1
|
%
|
Bill Barrett Corp., 9.875%, 07/15/16
|
|
|
150
|
|
|
|
168,750
|
|
|
|
0.1
|
|
Brigham Exploration Co., Private Placement, 8.750%,
10/01/18
2
|
|
|
125
|
|
|
|
138,750
|
|
|
|
0.1
|
|
Carrizo Oil & Gas, Inc., Private Placement, 8.625%, 10/15/18
2
|
|
|
170
|
|
|
|
180,200
|
|
|
|
0.2
|
|
Citgo Petroleum Corp., Private Placement, Sr Nt,
11.500%,
07/01/17
2
|
|
|
300
|
|
|
|
349,500
|
|
|
|
0.3
|
|
Comstock Resources, Inc.,
7.750%, 04/01/19
|
|
|
75
|
|
|
|
76,312
|
|
|
|
0.1
|
|
Comstock Resources, Inc., Sr Nt, 8.375%, 10/15/17
|
|
|
406
|
|
|
|
425,285
|
|
|
|
0.4
|
|
Consol Energy, Inc.,
8.000%, 04/01/17
|
|
|
170
|
|
|
|
186,150
|
|
|
|
0.2
|
|
8.250%, 04/01/20
|
|
|
125
|
|
|
|
138,594
|
|
|
|
0.1
|
|
Consol Energy, Inc., Private Placement,
6.375%, 03/01/21
2
|
|
|
95
|
|
|
|
95,119
|
|
|
|
0.1
|
|
Continental Resources, Inc.,
7.125%, 04/01/21
|
|
|
75
|
|
|
|
79,687
|
|
|
|
0.1
|
|
Denbury Resources, Inc.,
8.250%, 02/15/20
|
|
|
40
|
|
|
|
44,700
|
|
|
|
0.0
|
12
|
El Paso Performance-Linked Trust, Private Placement, Sr Nt,
7.750%, 07/15/11
2,10
|
|
|
450
|
|
|
|
456,420
|
|
|
|
0.4
|
|
El Paso Pipeline Partners Operating Co., LLC, 6.500%, 04/01/20
|
|
|
85
|
|
|
|
93,469
|
|
|
|
0.1
|
|
Energy XXI Gulf Coast, Inc., Private Placement, 7.750%,
06/15/19
2
|
|
|
175
|
|
|
|
175,437
|
|
|
|
0.2
|
|
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr Unsecd Nt, 8.625%, 06/15/20
|
|
|
113
|
|
|
|
122,605
|
|
|
|
0.1
|
|
Forbes Energy Services LLC/Forbes Energy Capital, Inc.,
11.000%, 02/15/15
|
|
|
350
|
|
|
|
364,437
|
|
|
|
0.3
|
|
Foresight Energy LLC/Foresight Energy Corp., Private Placement,
9.625%, 08/15/17
2
|
|
|
180
|
|
|
|
193,725
|
|
|
|
0.2
|
|
Forest Oil Corp., Nt,
7.250%, 06/15/19
|
|
|
269
|
|
|
|
281,105
|
|
|
|
0.2
|
|
Frontier Oil Corp., 6.875%, 11/15/18
|
|
|
65
|
|
|
|
67,763
|
|
|
|
0.1
|
|
Hilcorp Energy I LP/Hilcorp Finance Co., Private Placement,
7.625%, 04/15/21
2
|
|
|
75
|
|
|
|
78,563
|
|
|
|
0.1
|
|
7
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS (continued)
|
|
|
|
|
|
|
|
|
|
Holly Corp., 9.875%, 06/15/17
|
|
$
|
70
|
|
|
$
|
79,100
|
|
|
|
0.1
|
%
|
Holly Energy Partners LP/Holly Energy Finance Corp., Private Placement, 8.250%, 03/15/18
2
|
|
|
130
|
|
|
|
138,450
|
|
|
|
0.1
|
|
Inergy LP/Inergy Finance Corp., Private Placement,
|
|
|
|
|
|
|
|
|
|
|
|
|
6.875%, 08/01/21
2
|
|
|
175
|
|
|
|
182,438
|
|
|
|
0.2
|
|
7.000%, 10/01/18
2
|
|
|
250
|
|
|
|
260,000
|
|
|
|
0.2
|
|
James River Escrow, Inc.,
7.875%, 04/01/19
2
|
|
|
60
|
|
|
|
62,100
|
|
|
|
0.1
|
|
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
6.750%, 11/01/20
|
|
|
150
|
|
|
|
153,750
|
|
|
|
0.1
|
|
NFR Energy LLC/NFR Energy Finance Corp., Private Placement,
9.750%, 02/15/17
2
|
|
|
360
|
|
|
|
356,400
|
|
|
|
0.3
|
|
Patriot Coal Corp., 8.250%, 04/30/18
|
|
|
125
|
|
|
|
133,125
|
|
|
|
0.1
|
|
Penn Virginia Corp.,
10.375%, 06/15/16
|
|
|
21
|
|
|
|
23,730
|
|
|
|
0.0
|
12
|
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp., Sr Nt, 8.250%, 04/15/18
|
|
|
160
|
|
|
|
171,200
|
|
|
|
0.1
|
|
Petroleum Development Corp., Sr Nt, 12.000%, 02/15/18
|
|
|
48
|
|
|
|
54,420
|
|
|
|
0.0
|
12
|
Pioneer Drilling Co.,
9.875%, 03/15/18
|
|
|
120
|
|
|
|
129,000
|
|
|
|
0.1
|
|
QEP Resources, Inc.,
6.875%, 03/01/21
|
|
|
140
|
|
|
|
147,000
|
|
|
|
0.1
|
|
Range Resources Corp.,
6.750%, 08/01/20
|
|
|
20
|
|
|
|
21,300
|
|
|
|
0.0
|
12
|
7.250%, 05/01/18
|
|
|
25
|
|
|
|
26,750
|
|
|
|
0.0
|
12
|
Range Resources Corp., Sr Sub Nt, 7.500%, 05/15/16
|
|
|
267
|
|
|
|
277,013
|
|
|
|
0.2
|
|
SM Energy Co., Private Placement,
6.625%, 02/15/19
2
|
|
|
130
|
|
|
|
133,412
|
|
|
|
0.1
|
|
Swift Energy Co., 8.875%, 01/15/20
|
|
|
100
|
|
|
|
109,250
|
|
|
|
0.1
|
|
Swift Energy Co., Sr Nt,
7.125%, 06/01/17
10
|
|
|
1,260
|
|
|
|
1,288,350
|
|
|
|
1.1
|
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 8.250%, 07/01/16
|
|
|
280
|
|
|
|
294,700
|
|
|
|
0.3
|
|
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Private Placement,
|
|
|
|
|
|
|
|
|
|
|
|
|
6.875%, 02/01/21
2
|
|
|
200
|
|
|
|
198,000
|
|
|
|
0.2
|
|
7.875%, 10/15/18
2
|
|
|
130
|
|
|
|
137,150
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS (continued)
|
|
|
|
|
|
|
|
|
|
Venoco, Inc., Private Placement,
8.875%, 02/15/19
2
|
|
$
|
225
|
|
|
$
|
225,000
|
|
|
|
0.2
|
%
|
W&T Offshore, Inc., Private Placement, Sr Nt,
8.250%,
06/15/14
2
|
|
|
650
|
|
|
|
672,750
|
|
|
|
0.6
|
|
Western Refining, Inc., Private Placement, VAR,
10.750%,
06/15/14
2
|
|
|
225
|
|
|
|
243,000
|
|
|
|
0.2
|
|
11.250%, 06/15/17
2
|
|
|
100
|
|
|
|
113,000
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,988,665
|
|
|
|
8.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
12,689,778
|
|
|
|
10.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 11.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL BANKS 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corp., VAR,
8.125%, 05/15/18
14
|
|
|
160
|
|
|
|
172,059
|
|
|
|
0.2
|
|
BankAmerica Capital II, Nt,
8.000%, 12/15/26
|
|
|
30
|
|
|
|
30,675
|
|
|
|
0.0
|
12
|
BankAmerica Institutional Capital B, Private Placement, Class B,
7.700%, 12/31/26
2
|
|
|
250
|
|
|
|
254,375
|
|
|
|
0.2
|
|
Barclays Bank plc, Private Placement, (United Kingdom), VAR,
7.434%, 12/15/17
2,14
|
|
|
600
|
|
|
|
600,000
|
|
|
|
0.5
|
|
Wachovia Capital Trust III, VAR,
5.570%, 05/02/11
14
|
|
|
545
|
|
|
|
500,038
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,557,147
|
|
|
|
1.3
|
|
CONSUMER FINANCE 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ally Financial, Inc.,
8.000%, 11/01/31
|
|
|
842
|
|
|
|
917,780
|
|
|
|
0.8
|
|
Ford Motor Credit Co. LLC, Nt,
8.000%,
12/15/16
10
|
|
|
700
|
|
|
|
794,627
|
|
|
|
0.7
|
|
Springleaf Finance Corp.,
6.900%, 12/15/17
|
|
|
700
|
|
|
|
639,625
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,352,032
|
|
|
|
2.0
|
|
DIVERSIFIED FINANCIAL SERVICES 3.7%
|
|
|
|
|
|
|
|
|
|
ACE Cash Express, Inc., Private Placement, 11.000%,
02/01/19
2
|
|
|
495
|
|
|
|
503,663
|
|
|
|
0.4
|
|
Aircastle Ltd., Sr Nt, (Bermuda),
9.750%, 08/01/18
|
|
|
75
|
|
|
|
83,063
|
|
|
|
0.1
|
|
CIT Group, Inc., Nt, 7.000%, 05/01/15
|
|
|
750
|
|
|
|
756,562
|
|
|
|
0.6
|
|
CIT Group, Inc., Private Placement,
6.625%, 04/01/18
2
|
|
|
180
|
|
|
|
182,631
|
|
|
|
0.1
|
|
8
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES (continued)
|
|
|
|
|
|
|
|
|
|
CNG Holdings, Inc., Private Placement,
|
|
|
|
|
|
|
|
|
|
|
|
|
12.250%, 02/15/15
2
|
|
$
|
140
|
|
|
$
|
156,100
|
|
|
|
0.1
|
%
|
13.750%, 08/15/15
2
|
|
|
250
|
|
|
|
279,375
|
|
|
|
0.3
|
|
Deluxe Corp., Private Placement,
7.000%, 03/15/19
2
|
|
|
125
|
|
|
|
124,375
|
|
|
|
0.1
|
|
ILFC E-Capital Trust I, Private Placement, VAR,
5.970%,
12/21/65
2
|
|
|
950
|
|
|
|
790,600
|
|
|
|
0.7
|
|
ILFC E-Capital Trust II, Private Placement, VAR,
6.250%,
12/21/65
2
|
|
|
520
|
|
|
|
436,800
|
|
|
|
0.4
|
|
International Lease Finance Corp., 8.875%, 09/01/17
|
|
|
300
|
|
|
|
338,250
|
|
|
|
0.3
|
|
Northern Tier Energy LLC and Northern Tier Finance Corp., Private Placement,
10.500%, 12/01/17
2
|
|
|
100
|
|
|
|
113,250
|
|
|
|
0.1
|
|
SquareTwo Financial Corp., Private Placement, 11.625%,
04/01/17
2
|
|
|
425
|
|
|
|
431,375
|
|
|
|
0.4
|
|
Tops Holding Corp./Tops Markets LLC, 10.125%, 10/15/15
|
|
|
115
|
|
|
|
123,625
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,319,669
|
|
|
|
3.7
|
|
INSURANCE 3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
American International Group, Inc., VAR, 8.175%, 05/15/58
|
|
|
450
|
|
|
|
484,313
|
|
|
|
0.4
|
|
Genworth Financial, Inc., VAR, 6.150%, 11/15/66
|
|
|
355
|
|
|
|
280,450
|
|
|
|
0.2
|
|
HUB International Holdings, Inc., Private Placement,
|
|
|
|
|
|
|
|
|
|
|
|
|
9.000%, 12/15/14
2
|
|
|
250
|
|
|
|
261,250
|
|
|
|
0.2
|
|
10.250%, 06/15/15
2,10
|
|
|
550
|
|
|
|
569,250
|
|
|
|
0.5
|
|
Liberty Mutual Group, Inc., Private Placement, VAR,
10.750%,
06/15/58
2
|
|
|
1,495
|
|
|
|
1,943,500
|
|
|
|
1.7
|
|
Nationwide Mutual Insurance Co., Private Placement,
9.375%, 08/15/39
2
|
|
|
175
|
|
|
|
212,818
|
|
|
|
0.2
|
|
USI Holdings Corp., Private Placement, Sr Sub Nt, 9.750%,
05/15/15
2,10
|
|
|
592
|
|
|
|
606,800
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,358,381
|
|
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS (REITs) 0.9%
|
|
|
|
|
|
Aviv Healthcare Properties LP, Private Placement, Sr Nt,
7.750%, 02/15/19
2
|
|
$
|
220
|
|
|
$
|
229,350
|
|
|
|
0.2
|
%
|
CB Richard Ellis Services, Inc.,
6.625%, 10/15/20
|
|
|
150
|
|
|
|
154,500
|
|
|
|
0.1
|
|
CNL Income Properties, Inc., Private Placement, Sr Nt,
7.250%, 04/15/19
2
|
|
|
330
|
|
|
|
327,522
|
|
|
|
0.3
|
|
DuPont Fabros Technology LP, Nt,
8.500%, 12/15/17
|
|
|
105
|
|
|
|
115,631
|
|
|
|
0.1
|
|
First Industrial LP, Sr Nt,
6.420%, 06/01/14
|
|
|
180
|
|
|
|
183,637
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,010,640
|
|
|
|
0.9
|
|
REAL ESTATE MANAGEMENT & DEVELOPMENT 0.1%
|
|
|
|
|
|
Kennedy-Wilson, Inc., Private Placement, 8.750%,
04/01/19
2
|
|
|
90
|
|
|
|
89,367
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
|
13,687,236
|
|
|
|
11.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE 4.2%
|
|
|
|
|
|
HEALTH CARE EQUIPMENT & SUPPLIES 0.0%
12
|
|
|
|
|
|
DJO Finance LLC/DJO Finance Corp., Sr Nt, 10.875%, 11/15/14
|
|
|
50
|
|
|
|
54,500
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE PROVIDERS & SERVICES 2.1%
|
|
|
|
|
|
Capella Healthcare, Inc., Private Placement, 9.250%,
07/01/17
2
|
|
|
165
|
|
|
|
175,725
|
|
|
|
0.2
|
|
HCA, Inc., 5.750%, 03/15/14
10
|
|
|
195
|
|
|
|
198,656
|
|
|
|
0.2
|
|
HCA, Inc., Secd Nt,
9.250%, 11/15/16
10
|
|
|
500
|
|
|
|
538,125
|
|
|
|
0.5
|
|
Multiplan, Inc., Private Placement, Nt, 9.875%,
09/01/18
2
|
|
|
450
|
|
|
|
481,500
|
|
|
|
0.4
|
|
OnCure Holdings, Inc.,
11.750%, 05/15/17
|
|
|
395
|
|
|
|
395,988
|
|
|
|
0.3
|
|
Radiation Therapy Services, Inc.,
9.875%, 04/15/17
|
|
|
225
|
|
|
|
229,500
|
|
|
|
0.2
|
|
Tenet Healthcare Corp.,
8.875%, 07/01/19
10
|
|
|
250
|
|
|
|
285,000
|
|
|
|
0.2
|
|
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc., Private Placement,
7.750%, 02/01/19
2
|
|
|
100
|
|
|
|
101,250
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,405,744
|
|
|
|
2.1
|
|
9
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS 2.1%
|
|
|
|
|
|
Catalent Pharma Solutions, Inc., Nt, PIK, 9.500%, 04/15/15
|
|
$
|
402
|
|
|
$
|
412,914
|
|
|
|
0.3
|
%
|
Celtic Pharma Phinco B.V., (Bermuda), PIK, 17.000%,
06/15/12
3,9
|
|
|
1,865
|
|
|
|
932,291
|
|
|
|
0.8
|
|
Elan Finance plc/Elan Finance Corp., Private Placement, (Ireland),
|
|
|
|
|
|
|
|
|
|
|
|
|
8.750%, 10/15/16
2
|
|
|
500
|
|
|
|
528,750
|
|
|
|
0.5
|
|
8.750%, 10/15/16
2
|
|
|
500
|
|
|
|
527,500
|
|
|
|
0.4
|
|
Giant Funding Corp.,
8.250%, 02/01/18
2
|
|
|
100
|
|
|
|
102,625
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,504,080
|
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
|
|
|
|
|
|
|
4,964,324
|
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS 12.4%
|
|
|
|
|
|
AEROSPACE & DEFENSE 0.8%
|
|
|
|
|
|
Acquisition Co. Lanza Parent, Private Placement, 10.000%,
06/01/17
2
|
|
|
160
|
|
|
|
176,400
|
|
|
|
0.2
|
|
Colt Defense LLC/Colt Finance Corp., Private Placement,
8.750%, 11/15/17
2
|
|
|
72
|
|
|
|
58,680
|
|
|
|
0.0
|
12
|
CPI International Acquisition, Inc., Private Placement,
8.000%, 02/15/18
2
|
|
|
125
|
|
|
|
125,625
|
|
|
|
0.1
|
|
Huntington Ingalls Industries, Inc., Private Placement,
6.875%, 03/15/18
2
|
|
|
180
|
|
|
|
187,875
|
|
|
|
0.1
|
|
7.125%, 03/15/21
2
|
|
|
90
|
|
|
|
93,825
|
|
|
|
0.1
|
|
Kratos Defense & Security Solutions, Inc., 10.000%, 06/01/17
|
|
|
210
|
|
|
|
231,525
|
|
|
|
0.2
|
|
Triumph Group, Inc.,
8.625%, 07/15/18
|
|
|
80
|
|
|
|
88,200
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
962,130
|
|
|
|
0.8
|
|
AIR FREIGHT & LOGISTICS 0.1%
|
|
|
|
|
|
AMGH Merger Sub, Inc., Private Placement,
9.250%,
11/01/18
2
|
|
|
72
|
|
|
|
77,310
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIRLINES 1.5%
|
|
|
|
|
|
American Airlines Pass Through Trust 2001-01, Series 01-1,
7.377%, 05/23/19
|
|
|
612
|
|
|
|
587,813
|
|
|
|
0.5
|
|
Continental Airlines 2005-ERJ1 Pass Through Trust, Series ERJ1,
9.798%, 04/01/21
10
|
|
|
734
|
|
|
|
774,117
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIRLINES (continued)
|
|
|
|
|
|
UAL 2007-1 Pass Through Trust, Private Placement, VAR,
2.707%, 07/02/14
2
|
|
$
|
104
|
|
|
$
|
91,270
|
|
|
|
0.1
|
%
|
7.336%, 07/02/19
2
|
|
|
82
|
|
|
|
78,013
|
|
|
|
0.0
|
12
|
UAL 2009-2B Pass Through Trust, Private Placement,
12.000%,
01/15/16
2
|
|
|
183
|
|
|
|
203,309
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,734,522
|
|
|
|
1.5
|
|
BUILDING PRODUCTS 0.1%
|
|
|
|
|
|
Associated Materials LLC, Private Placement, 9.125%,
11/01/17
2
|
|
|
75
|
|
|
|
80,250
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES & SUPPLIES 2.1%
|
|
|
|
|
|
Cenveo Corp., Nt, 8.875%, 02/01/18
|
|
|
300
|
|
|
|
300,750
|
|
|
|
0.2
|
|
Cenveo Corp., Private Placement,
10.500%,
08/15/16
2
|
|
|
500
|
|
|
|
502,500
|
|
|
|
0.4
|
|
Garda World Security Corp., Private Placement, (Canada),
9.750%, 03/15/17
2
|
|
|
180
|
|
|
|
193,950
|
|
|
|
0.2
|
|
Geo Group, Inc. (The), Private Placement, Nt,
6.625%,
02/15/21
2
|
|
|
102
|
|
|
|
100,980
|
|
|
|
0.1
|
|
Harland Clarke Holdings Corp., VAR,
6.000%,
05/15/15
10
|
|
|
447
|
|
|
|
402,859
|
|
|
|
0.4
|
|
9.500%, 05/15/15
|
|
|
40
|
|
|
|
39,550
|
|
|
|
0.0
|
12
|
Iron Mountain, Inc., 8.375%, 08/15/21
|
|
|
250
|
|
|
|
270,625
|
|
|
|
0.2
|
|
Liberty Tire Recycling, Private Placement, Nt,
11.000%,
10/01/16
2
|
|
|
275
|
|
|
|
308,687
|
|
|
|
0.3
|
|
Mobile Mini, Inc., Private Placement,
7.875%,
12/01/20
2
|
|
|
200
|
|
|
|
212,000
|
|
|
|
0.2
|
|
Quebecor World Capital Escrow Corp., (Canada),
6.125%,
11/15/13
1,4
|
|
|
1,415
|
|
|
|
84,900
|
|
|
|
0.1
|
|
6.500%, 08/01/27
1,4
|
|
|
810
|
|
|
|
48,600
|
|
|
|
0.0
|
12
|
9.750%, 01/15/15
1,4
|
|
|
585
|
|
|
|
35,100
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500,501
|
|
|
|
2.1
|
|
CONSTRUCTION & ENGINEERING 1.5%
|
|
|
|
|
|
Great Lakes Dredge & Dock Corp., Private Placement, 7.375%, 02/01/19
2
|
|
|
50
|
|
|
|
50,625
|
|
|
|
0.0
|
12
|
New Enterprise Stone & Lime Co., Private Placement, Nt,
11.000%, 09/01/18
2
|
|
|
750
|
|
|
|
759,375
|
|
|
|
0.7
|
|
RSC Equipment Rental, Inc./RSC Holdings III LLC, Private Placement,
8.250%, 02/01/21
2
|
|
|
160
|
|
|
|
166,400
|
|
|
|
0.1
|
|
10
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION & ENGINEERING (continued)
|
|
|
|
|
|
RSC Equipment Rental, Inc./RSC Holdings III LLC, Sr Nt,
9.500%, 12/01/14
10
|
|
$
|
271
|
|
|
$
|
283,873
|
|
|
|
0.3
|
%
|
Tutor Perini Corp., Private Placement,
7.625%,
11/01/18
2
|
|
|
150
|
|
|
|
154,500
|
|
|
|
0.1
|
|
United Rentals North America, Inc.,
8.375%, 09/15/20
|
|
|
200
|
|
|
|
209,000
|
|
|
|
0.2
|
|
10.875%, 06/15/16
|
|
|
80
|
|
|
|
92,400
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,716,173
|
|
|
|
1.5
|
|
ELECTRICAL EQUIPMENT 0.4%
|
|
|
|
|
|
Belden, Inc., Sr Nt,
9.250%, 06/15/19
|
|
|
125
|
|
|
|
138,594
|
|
|
|
0.1
|
|
General Cable Corp., VAR,
2.678%, 04/01/15
|
|
|
250
|
|
|
|
245,625
|
|
|
|
0.2
|
|
International Wire Group, Inc., Private Placement,
9.750%,
04/15/15
2
|
|
|
100
|
|
|
|
106,125
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
490,344
|
|
|
|
0.4
|
|
ENVIRONMENTAL SERVICES 0.1%
|
|
|
|
|
|
Casella Waste Systems, Inc., Private Placement, Nt,
7.750%,
02/15/19
2
|
|
|
90
|
|
|
|
90,000
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL CONGLOMERATES 0.4%
|
|
|
|
|
|
JB Poindexter & Co., Inc., Co. Guar,
8.750%,
03/15/14
10
|
|
|
434
|
|
|
|
438,340
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACHINERY 0.8%
|
|
|
|
|
|
Boart Longyear Management Pty Ltd., Private Placement, Co Guar, (Australia),
7.000%, 04/01/21
2
|
|
|
60
|
|
|
|
61,500
|
|
|
|
0.1
|
|
Columbus McKinnon Corp., Private Placement, Co Guar,
7.875%,
02/01/19
2
|
|
|
120
|
|
|
|
123,150
|
|
|
|
0.1
|
|
CPM Holdings, Inc., Private Placement, Sr Nt,
10.875%,
09/01/14
2
|
|
|
55
|
|
|
|
59,400
|
|
|
|
0.0
|
12
|
Thermadyne Holdings Corp., Private Placement,
9.000%,
12/15/17
2
|
|
|
525
|
|
|
|
554,531
|
|
|
|
0.5
|
|
Titan International, Inc., Private Placement,
7.875%,
10/01/17
2
|
|
|
125
|
|
|
|
132,500
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
931,081
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARINE 2.4%
|
|
|
|
|
|
ACL I Corp., Private Placement, PIK,
10.625%,
02/15/16
2
|
|
$
|
500
|
|
|
$
|
510,000
|
|
|
|
0.4
|
%
|
American Petroleum Tankers LLC/AP Tankers Co., Private Placement, 10.250%, 05/01/15
2
|
|
|
270
|
|
|
|
284,175
|
|
|
|
0.2
|
|
Bluewater Holding BV, Private Placement, Nt, (Netherlands), VAR, 3.303%, 07/17/14
2
|
|
|
400
|
|
|
|
340,500
|
|
|
|
0.3
|
|
CMA CGM S.A., Private Placement, (France), 7.250%,
02/01/13
2
|
|
|
200
|
|
|
|
199,500
|
|
|
|
0.2
|
|
Commercial Barge Line Co., Sr Nt, 12.500%, 07/15/17
|
|
|
350
|
|
|
|
403,375
|
|
|
|
0.3
|
|
General Maritime Corp., Sr Nt, 12.000%, 11/15/17
|
|
|
364
|
|
|
|
350,350
|
|
|
|
0.3
|
|
Navios Maritime Holdings, Inc./Navios Maritime Finance U.S., Inc., 8.875%, 11/01/17
|
|
|
377
|
|
|
|
408,574
|
|
|
|
0.4
|
|
Ultrapetrol Bahamas Ltd., 1st Mtg, (Bahamas), 9.000%,
11/24/14
10
|
|
|
310
|
|
|
|
316,975
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,813,449
|
|
|
|
2.4
|
|
ROAD & RAIL 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.250%, 01/15/19
|
|
|
150
|
|
|
|
157,125
|
|
|
|
0.1
|
|
9.625%, 03/15/18
|
|
|
290
|
|
|
|
320,450
|
|
|
|
0.3
|
|
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., Nt, 7.750%, 05/15/16
|
|
|
200
|
|
|
|
206,250
|
|
|
|
0.2
|
|
Kansas City Southern de Mexico S.A. de C.V., Private Placement, (Mexico), 6.625%, 12/15/20
2
|
|
|
113
|
|
|
|
115,260
|
|
|
|
0.1
|
|
Kansas City Southern Railway, Sr Nt, 8.000%, 06/01/15
|
|
|
250
|
|
|
|
271,250
|
|
|
|
0.2
|
|
Quality Distribution LLC/QD Capital Corp., PIK, 11.750%,
11/01/13
3,9
|
|
|
65
|
|
|
|
65,389
|
|
|
|
0.0
|
12
|
Quality Distribution LLC/QD Capital Corp., Private Placement, 9.875%, 11/01/18
2
|
|
|
1,100
|
|
|
|
1,141,250
|
|
|
|
1.0
|
|
RailAmerica, Inc., 9.250%, 07/01/17
|
|
|
300
|
|
|
|
331,875
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,608,849
|
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
|
14,442,949
|
|
|
|
12.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 6.1%
|
|
|
|
|
|
|
|
|
|
COMMUNICATIONS EQUIPMENT 0.9%
|
|
|
|
|
|
|
|
|
|
Avaya, Inc., Private Placement,
7.000%, 04/01/19
2
|
|
$
|
260
|
|
|
$
|
253,500
|
|
|
|
0.2
|
%
|
Avaya, Inc., Sr Nt, 9.750%, 11/01/15
|
|
|
500
|
|
|
|
508,125
|
|
|
|
0.4
|
|
Brightstar Corp., Private Placement,
9.500%, 12/01/16
2
|
|
|
260
|
|
|
|
279,175
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,040,800
|
|
|
|
0.9
|
|
COMPUTERS & PERIPHERALS 0.9%
|
|
|
|
|
|
|
|
|
|
Seagate HDD Cayman, Private Placement, Co Guar, (Cayman Islands), 7.750%, 12/15/18
2
|
|
|
450
|
|
|
|
465,750
|
|
|
|
0.4
|
|
Seagate HDD Cayman, Private Placement, Sr Nt, (Cayman Islands), 6.875%, 05/01/20
2
|
|
|
170
|
|
|
|
169,575
|
|
|
|
0.2
|
|
Stratus Technologies, Inc., Private Placement, Sr Secd Nt, 12.000%, 03/29/15
2
|
|
|
380
|
|
|
|
350,075
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
985,400
|
|
|
|
0.9
|
|
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS 1.3%
|
|
Intcomex, Inc., 13.250%, 12/15/14
|
|
|
218
|
|
|
|
229,445
|
|
|
|
0.2
|
|
Kemet Corp., 10.500%, 05/01/18
|
|
|
375
|
|
|
|
422,812
|
|
|
|
0.4
|
|
Sanmina-SCI Corp., Private Placement, Sr Nt, VAR,
3.059%, 06/15/14
2
|
|
|
200
|
|
|
|
197,000
|
|
|
|
0.2
|
|
Smart Modular Technologies WWH, Inc., Sr Nt, (Cayman Islands), VAR, 5.803%, 04/01/12
3,9
|
|
|
423
|
|
|
|
420,885
|
|
|
|
0.3
|
|
Viasystems, Inc., Private Placement,
12.000%, 01/15/15
2
|
|
|
225
|
|
|
|
254,250
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,524,392
|
|
|
|
1.3
|
|
INTERNET SOFTWARE & SERVICES 0.2%
|
|
|
|
|
|
eAccess Ltd., Private Placement, (Japan),
8.250%, 04/01/18
2
|
|
|
75
|
|
|
|
75,000
|
|
|
|
0.1
|
|
Equinix, Inc., Sub Nt, 8.125%, 03/01/18
|
|
|
185
|
|
|
|
200,263
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
275,263
|
|
|
|
0.2
|
|
IT SERVICES 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Compucom Systems, Inc., Private Placement, 12.500%,
10/01/15
2
|
|
|
225
|
|
|
|
243,281
|
|
|
|
0.2
|
|
First Data Corp., 9.875%, 09/24/15
|
|
|
19
|
|
|
|
19,475
|
|
|
|
0.0
|
12
|
First Data Corp., Private Placement,
8.250%, 01/15/21
2
|
|
|
80
|
|
|
|
79,800
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
First Data Corp., Private Placement, Sr Nt,
12.625%, 01/15/21
2
|
|
$
|
378
|
|
|
$
|
410,130
|
|
|
|
0.4
|
%
|
Sitel LLC/Sitel Finance Corp., Private Placement, Sr Nt, 11.500%, 04/01/18
2
|
|
|
850
|
|
|
|
791,563
|
|
|
|
0.7
|
|
Stream Global Services, Inc., Sr Nt, 11.250%, 10/01/14
|
|
|
100
|
|
|
|
107,000
|
|
|
|
0.1
|
|
Unisys Corp., Private Placement,
14.250%, 09/15/15
2
|
|
|
130
|
|
|
|
155,675
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,806,924
|
|
|
|
1.6
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.2%
|
|
|
|
|
|
Amkor Technology, Inc., 7.375%, 05/01/18
|
|
|
170
|
|
|
|
175,950
|
|
|
|
0.1
|
|
Freescale Semiconductor, Inc., Private Placement, Nt,
9.250%,
04/15/18
2
|
|
|
105
|
|
|
|
114,975
|
|
|
|
0.1
|
|
10.750%, 08/01/20
2
|
|
|
65
|
|
|
|
72,963
|
|
|
|
0.1
|
|
MEMC Electronic Materials, Inc., Private Placement,
7.750%, 04/01/19
2
|
|
|
135
|
|
|
|
138,206
|
|
|
|
0.1
|
|
NXP B.V./NXP Funding LLC, Private Placement, (Netherlands), 9.750%, 08/01/18
2
|
|
|
100
|
|
|
|
112,000
|
|
|
|
0.1
|
|
NXP B.V./NXP Funding LLC, Sr Nt, (Netherlands), VAR, 3.053%, 10/15/13
|
|
|
400
|
|
|
|
396,500
|
|
|
|
0.3
|
|
7.875%, 10/15/14
|
|
|
415
|
|
|
|
431,081
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,441,675
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
|
7,074,454
|
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 9.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
CF Industries, Inc., 7.125%, 05/01/20
|
|
|
90
|
|
|
|
102,150
|
|
|
|
0.1
|
|
Chemtura Corp., Private Placement,
7.875%, 09/01/18
2
|
|
|
150
|
|
|
|
158,625
|
|
|
|
0.2
|
|
Lyondell Chemical Co., 11.000%, 05/01/18
|
|
|
967
|
|
|
|
1,085,050
|
|
|
|
0.9
|
|
Lyondell Chemical Co., Private Placement, 8.000%,
11/01/17
2
|
|
|
292
|
|
|
|
321,930
|
|
|
|
0.3
|
|
Nexeo Solutions LLC/Nexeo Solutions Finance Corp., Private Placement, Nt, 8.375%, 03/01/18
2
|
|
|
35
|
|
|
|
35,700
|
|
|
|
0.0
|
12
|
Omnova Solutions, Inc., Private Placement, 7.875%,
11/01/18
2
|
|
|
40
|
|
|
|
40,500
|
|
|
|
0.0
|
12
|
PolyOne Corp., 7.375%, 09/15/20
|
|
|
280
|
|
|
|
294,700
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,038,655
|
|
|
|
1.8
|
|
CONSTRUCTION MATERIALS 0.8%
|
|
|
|
|
|
|
|
|
|
Cemex S.A.B. de C.V., Private Placement, (Mexico),
9.000%, 01/11/18
2
|
|
|
650
|
|
|
|
681,687
|
|
|
|
0.6
|
|
12
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION MATERIALS (continued)
|
|
|
|
|
|
|
|
|
|
Texas Industries, Inc., 9.250%, 08/15/20
|
|
$
|
200
|
|
|
$
|
216,000
|
|
|
|
0.2
|
%
|
U.S. Concrete, Inc., Private Placement Secd Nt, 9.500%,
08/31/15
2
|
|
|
46
|
|
|
|
58,420
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
956,107
|
|
|
|
0.8
|
|
CONTAINERS & PACKAGING 2.3%
|
|
|
|
|
|
|
|
|
|
Ardagh Packaging Finance plc, Private Placement, Sr Sub Nt, (Ireland), 9.125%, 10/15/20
2
|
|
|
200
|
|
|
|
216,500
|
|
|
|
0.2
|
|
Berry Plastics Corp., 9.500%, 05/15/18
|
|
|
370
|
|
|
|
368,150
|
|
|
|
0.3
|
|
Berry Plastics Corp., Co Guar, 8.250%, 11/15/15
|
|
|
165
|
|
|
|
175,106
|
|
|
|
0.1
|
|
Berry Plastics Corp., Private Placement, 9.750%,
01/15/21
2
|
|
|
300
|
|
|
|
297,000
|
|
|
|
0.3
|
|
Constar International, Inc., Co Guar, VAR, 0.000%,
02/15/12
1,4
|
|
|
950
|
|
|
|
441,750
|
|
|
|
0.4
|
|
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Private Placement, Nt, 8.250%, 02/15/21
2
|
|
|
300
|
|
|
|
297,000
|
|
|
|
0.3
|
|
8.500%, 05/15/18
2
|
|
|
400
|
|
|
|
405,000
|
|
|
|
0.3
|
|
9.000%, 04/15/19
2
|
|
|
1250
|
|
|
|
129,375
|
|
|
|
0.1
|
|
Viskase Cos., Inc., Private Placement, Sr Nt, 9.875%,
01/15/18
2
|
|
|
350
|
|
|
|
377,125
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,707,006
|
|
|
|
2.3
|
|
METALS & MINING 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Constellation Enterprises LLC, Private Placement, 10.625%,
02/01/16
2
|
|
|
275
|
|
|
|
283,250
|
|
|
|
0.2
|
|
Edgen Murray Corp., Sr Nt, 12.250%, 01/15/15
|
|
|
250
|
|
|
|
245,312
|
|
|
|
0.2
|
|
FMG Resources August 2006 Pty Ltd., Private Placement, (Australia), 7.000%, 11/01/15
2
|
|
|
200
|
|
|
|
207,500
|
|
|
|
0.2
|
|
JMC Steel Group, Private Placement,
8.250%, 03/15/18
2
|
|
|
100
|
|
|
|
102,250
|
|
|
|
0.1
|
|
Murray Energy Corp., Private Placement, 10.250%,
10/15/15
2
|
|
|
330
|
|
|
|
354,750
|
|
|
|
0.3
|
|
Noranda Aluminum Acquisition Corp., Sr Nt, PIK, 5.193%, 05/15/15
|
|
|
475
|
|
|
|
457,026
|
|
|
|
0.4
|
|
Severstal Columbus LLC, 10.250%, 02/15/18
|
|
|
100
|
|
|
|
110,500
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METALS & MINING (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Wolverine Tube, Inc., Sr Nt,
15.000%, 03/31/12
1,4
|
|
$
|
983
|
|
|
$
|
344,062
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,104,650
|
|
|
|
1.8
|
|
PAPER & FOREST PRODUCTS 2.4%
|
|
|
|
|
|
|
|
|
|
AbitibiBowater, Inc., Private Placement, 10.250%,
10/15/18
2
|
|
|
330
|
|
|
|
364,650
|
|
|
|
0.3
|
|
Abitibi-Consolidated Co. of Canada, Escrow, (Canada), 6.000%, 06/20/13
1,4
|
|
|
1,331
|
|
|
|
14,974
|
|
|
|
0.0
|
12
|
7.500%, 04/01/28
1,4
|
|
|
287
|
|
|
|
3,228
|
|
|
|
0.0
|
12
|
Abitibi-Consolidated Co. of Canada, Sr Nt, Escrow, (Canada), 7.500%, 06/15/11
1,4
|
|
|
479
|
|
|
|
5,389
|
|
|
|
0.0
|
12
|
8.375%, 04/01/15
1,4
|
|
|
2,485
|
|
|
|
27,956
|
|
|
|
0.0
|
12
|
8.850%, 08/01/30
1,4
|
|
|
102
|
|
|
|
1,148
|
|
|
|
0.0
|
12
|
Appleton Papers, Inc., Private Placement, Sr Secd Nt, 10.500%, 06/15/15
2
|
|
|
250
|
|
|
|
263,125
|
|
|
|
0.2
|
|
Bowater Canada Finance Corp., Nt, (Canada), 7.950%,
11/15/11
1,4
|
|
|
500
|
|
|
|
152,500
|
|
|
|
0.2
|
|
NewPage Corp., Sr Nt, 10.000%, 05/01/12
|
|
|
500
|
|
|
|
331,250
|
|
|
|
0.3
|
|
NewPage Corp., Sr Secd Nt, 11.375%, 12/31/14
|
|
|
1,500
|
|
|
|
1,501,875
|
|
|
|
1.3
|
|
Smurfit-Stone Container Corp., Sr Nt,
8.000%, 03/15/17
1,3,4,9
|
|
|
1,229
|
|
|
|
90,639
|
|
|
|
0.1
|
|
Smurfit-Stone Container Enterprises, Inc., 8.375%,
07/01/12
1,3,4,9
|
|
|
448
|
|
|
|
33,040
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,789,774
|
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
10,596,192
|
|
|
|
9.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 8.3%
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 4.7%
|
|
|
|
|
|
Cincinnati Bell, Inc., 8.750%, 03/15/18
|
|
|
120
|
|
|
|
113,250
|
|
|
|
0.1
|
|
Clearwire Communications LLC/Clearwire Finance, Inc., Private Placement,
|
|
|
|
|
|
|
|
|
|
|
|
|
12.000%, 12/01/15
2
|
|
|
1,500
|
|
|
|
1,620,000
|
|
|
|
1.4
|
|
12.000%, 12/01/17
2
|
|
|
65
|
|
|
|
69,469
|
|
|
|
0.0
|
12
|
Cogent Communications Group, Inc., Private Placement, 8.375%, 02/15/18
2
|
|
|
210
|
|
|
|
216,562
|
|
|
|
0.2
|
|
13
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
|
|
|
|
|
|
Frontier Communications Corp., Sr Nt,
|
|
|
|
|
|
|
|
|
|
|
|
|
8.250%, 05/01/14
|
|
$
|
50
|
|
|
$
|
55,500
|
|
|
|
0.1
|
%
|
8.250%, 04/15/17
|
|
|
115
|
|
|
|
124,200
|
|
|
|
0.1
|
|
8.500%, 04/15/20
|
|
|
115
|
|
|
|
124,631
|
|
|
|
0.1
|
|
8.750%, 04/15/22
|
|
|
110
|
|
|
|
119,075
|
|
|
|
0.1
|
|
Global Crossing Ltd., (Bermuda), 12.000%, 09/15/15
|
|
|
35
|
|
|
|
39,900
|
|
|
|
0.0
|
12
|
Level 3 Financing, Inc., 10.000%, 02/01/18
|
|
|
105
|
|
|
|
105,131
|
|
|
|
0.1
|
|
Level 3 Financing, Inc., Co. Guar,
9.250%, 11/01/14
10
|
|
|
1,000
|
|
|
|
1,022,500
|
|
|
|
0.9
|
|
Level 3 Financing, Inc., Private Placement, Sr Nt,
9.375%,
04/01/19
2
|
|
|
295
|
|
|
|
285,413
|
|
|
|
0.2
|
|
PAETEC Holding Corp., Sr Secd Nt, 8.875%, 06/30/17
|
|
|
200
|
|
|
|
215,500
|
|
|
|
0.2
|
|
Qwest Communications International, Inc., Sr Secd Nt, 7.125%, 04/01/18
|
|
|
200
|
|
|
|
215,750
|
|
|
|
0.2
|
|
Qwest Corp., Sr Nt, 7.625%, 06/15/15
10
|
|
|
515
|
|
|
|
592,250
|
|
|
|
0.5
|
|
Windstream Corp., 7.875%, 11/01/17
|
|
|
320
|
|
|
|
343,200
|
|
|
|
0.3
|
|
8.125%, 09/01/18
|
|
|
250
|
|
|
|
266,875
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,529,206
|
|
|
|
4.7
|
|
WIRELESS TELECOMMUNICATION SERVICES 3.6%
|
|
|
|
|
|
Cricket Communications, Inc., 7.750%, 05/15/16
|
|
|
180
|
|
|
|
191,250
|
|
|
|
0.2
|
|
7.750%, 10/15/20
|
|
|
375
|
|
|
|
377,813
|
|
|
|
0.3
|
|
MetroPCS Wireless, Inc., 7.875%, 09/01/18
|
|
|
145
|
|
|
|
155,150
|
|
|
|
0.1
|
|
Nextel Communications, Inc., Series D,
7.375%, 08/01/15
10
|
|
|
1,025
|
|
|
|
1,028,844
|
|
|
|
0.9
|
|
NII Capital Corp., Sr Nt, 8.875%, 12/15/19
|
|
|
315
|
|
|
|
346,500
|
|
|
|
0.3
|
|
10.000%, 08/15/16
|
|
|
135
|
|
|
|
153,900
|
|
|
|
0.1
|
|
Sprint Nextel Corp., Nt, 6.000%, 12/01/16
10
|
|
|
1,400
|
|
|
|
1,405,250
|
|
|
|
1.2
|
|
Wind Acquisition Finance S.A., Private Placement, (Luxembourg), 7.250%, 02/15/18
2
|
|
|
200
|
|
|
|
209,000
|
|
|
|
0.2
|
|
Wind Acquisition Holdings Finance S.A., Private Placement, Sr Secd Nt, (Luxembourg), PIK, 12.250%, 07/15/17
2
|
|
|
233
|
|
|
|
282,053
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,149,760
|
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
9,678,966
|
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
GAS UTILITIES 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Genesis Energy LP/Genesis Energy Finance Corp., Private Placement, 7.875%, 12/15/18
2
|
|
$
|
160
|
|
|
$
|
161,600
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 5.7%
|
|
Calpine Construction Finance Co. LP and CCFC Finance Corp., Private Placement, 8.000%, 06/01/16
2
|
|
|
200
|
|
|
|
218,000
|
|
|
|
0.2
|
|
Calpine Corp., Private Placement, Sr Nt, 7.250%,
10/15/17
2
|
|
|
354
|
|
|
|
368,160
|
|
|
|
0.3
|
|
Calpine Generating Co. LLC, Secd Nt,
0.000%, 04/01/11
1,4
|
|
|
1,000
|
|
|
|
127,500
|
|
|
|
0.1
|
|
Dynegy Holdings, Inc., Sr Nt, 7.750%, 06/01/19
|
|
|
750
|
|
|
|
582,188
|
|
|
|
0.5
|
|
Dynegy Holdings, Inc., Sr Unsecd Nt, 7.125%, 05/15/18
|
|
|
500
|
|
|
|
367,500
|
|
|
|
0.3
|
|
Dynegy Roseton/Danskammer Pass Through Trust, Sr Unsecd Nt, Series B, 7.670%, 11/08/16
|
|
|
1,000
|
|
|
|
945,000
|
|
|
|
0.8
|
|
Edison Mission Energy, 7.200%, 05/15/19
|
|
|
500
|
|
|
|
390,000
|
|
|
|
0.3
|
|
Edison Mission Energy, Sr Nt, 7.750%, 06/15/16
|
|
|
1,000
|
|
|
|
850,000
|
|
|
|
0.7
|
|
GenOn Americas Generation LLC, Sr Nt, 8.500%, 10/01/21
|
|
|
500
|
|
|
|
520,000
|
|
|
|
0.5
|
|
GenOn Energy, Inc., Private Placement, 9.875%,
10/15/20
2
|
|
|
290
|
|
|
|
303,050
|
|
|
|
0.3
|
|
Homer City Funding LLC, 8.137%, 10/01/19
|
|
|
104
|
|
|
|
94,503
|
|
|
|
0.1
|
|
Midwest Generation LLC, Series B, 8.560%, 01/02/16
|
|
|
221
|
|
|
|
225,228
|
|
|
|
0.2
|
|
NRG Energy, Inc., Sr Nt, 7.375%, 01/15/17
10
|
|
|
1,375
|
|
|
|
1,433,437
|
|
|
|
1.2
|
|
Texas Competitive Electric Holdings Co. LLC, Sr Nt, Series A, 10.250%, 11/01/15
|
|
|
350
|
|
|
|
204,750
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,629,316
|
|
|
|
5.7
|
|
MULTI-UTILITIES 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Future Holdings Corp., 10.875%, 11/01/17
|
|
|
89
|
|
|
|
74,315
|
|
|
|
0.1
|
|
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.000%, 12/01/20
|
|
|
730
|
|
|
|
773,563
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
847,878
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
7,638,794
|
|
|
|
6.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $121,244,933)
|
|
|
|
|
|
|
124,332,467
|
|
|
|
106.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN PARTICIPATIONS & ASSIGNMENTS 20.7%
|
|
|
|
|
|
CONSUMER DISCRETIONARY 8.1%
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ford Motor Co., Tranche B1 Term Loan,
VAR, 3.010%, 12/15/13
|
|
$
|
364
|
|
|
$
|
363,377
|
|
|
|
0.3
|
%
|
VAR, 3.010%, 12/15/13
|
|
|
158
|
|
|
|
158,224
|
|
|
|
0.2
|
|
VAR, 3.010%, 12/15/13
|
|
|
28
|
|
|
|
27,689
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
549,290
|
|
|
|
0.5
|
|
GAMING 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Boyd Gaming Corp., 1st Lien Term Loan, VAR, 3.746%, 12/17/15
|
|
|
365
|
|
|
|
357,457
|
|
|
|
0.3
|
|
Caesars Entertainment Operating Co., Inc., Term B-2 Loan, VAR, 3.303%, 01/28/15
|
|
|
1,006
|
|
|
|
934,524
|
|
|
|
0.8
|
|
CCM Merger, Inc., Term Loan, VAR, 7.000%, 03/01/17
|
|
|
400
|
|
|
|
404,668
|
|
|
|
0.4
|
|
Isle of Capri Casinos, Inc., Term Loan B, VAR, 4.750%, 03/24/17
|
|
|
100
|
|
|
|
100,458
|
|
|
|
0.1
|
|
Sugarhouse HSP Gaming, Term Loan B, VAR,
11.250%, 09/23/14
|
|
|
238
|
|
|
|
240,300
|
|
|
|
0.2
|
|
VAR, 11.250%, 09/23/14
|
|
|
22
|
|
|
|
22,527
|
|
|
|
0.0
|
12
|
VAR, 11.250%, 09/23/14
|
|
|
2
|
|
|
|
1,912
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,061,846
|
|
|
|
1.8
|
|
HOTELS, RESTAURANTS & LEISURE 0.3%
|
|
|
|
|
|
Outback Steakhouse, Inc., Prefunded RC Commitment,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 0.130%, 06/14/13
|
|
|
1
|
|
|
|
1,144
|
|
|
|
0.0
|
12
|
VAR, 4.500%, 06/14/13
|
|
|
4
|
|
|
|
4,072
|
|
|
|
0.0
|
12
|
Outback Steakhouse, Inc., Term Loan B,
VAR, 2.563%, 06/14/14
|
|
|
390
|
|
|
|
378,359
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
383,575
|
|
|
|
0.3
|
|
MEDIA 4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Bresnan Communications, Term Loan B,
VAR, 4.500%, 12/14/17
|
|
|
150
|
|
|
|
150,310
|
|
|
|
0.1
|
|
Cengage Learning Acquisitions, Term Loan,
VAR, 2.500%, 07/03/14
|
|
|
739
|
|
|
|
707,357
|
|
|
|
0.6
|
|
Clear Channel Communications, Inc., Term Loan B,
VAR, 3.896%, 01/29/16
|
|
|
572
|
|
|
|
502,987
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Entercom Radio LLC, Term Loan A,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 1.373%, 06/30/12
|
|
$
|
734
|
|
|
$
|
718,896
|
|
|
|
0.6
|
%
|
VAR, 3.375%, 06/30/12
|
|
|
29
|
|
|
|
28,192
|
|
|
|
0.0
|
12
|
High Plains Broadcasting Operating Co. LLC, Term Loan,
VAR, 9.000%, 09/14/16
|
|
|
190
|
|
|
|
190,649
|
|
|
|
0.2
|
|
Newport Television LLC, Term Loan, VAR, 9.000%, 09/14/16
|
|
|
694
|
|
|
|
695,708
|
|
|
|
0.6
|
|
Newsday, Fixed Rate Term Loan, VAR, 10.500%, 08/01/13
|
|
|
250
|
|
|
|
264,532
|
|
|
|
0.2
|
|
R.H. Donnelley, Inc., Exit Term Loan,
VAR, 9.000%, 10/24/14
|
|
|
181
|
|
|
|
140,924
|
|
|
|
0.1
|
|
VAR, 9.000%, 10/24/14
|
|
|
184
|
|
|
|
143,504
|
|
|
|
0.1
|
|
VAR, 9.000%, 10/24/14
|
|
|
49
|
|
|
|
37,920
|
|
|
|
0.1
|
|
Radio One, 1st Lien Term Loan B,
VAR, 7.500%, 03/25/16
|
|
|
250
|
|
|
|
252,813
|
|
|
|
0.2
|
|
Univision Communications, Inc.,
Initial Term Loan,
VAR, 2.246%, 09/29/14
|
|
|
1,311
|
|
|
|
1,280,080
|
|
|
|
1.1
|
|
Vertis, Inc., 1st Lien Term Loan,
VAR, 11.750%, 12/20/15
|
|
|
296
|
|
|
|
291,806
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,405,678
|
|
|
|
4.6
|
|
SPECIALTY RETAIL 0.9%
|
|
|
|
|
|
Claires Stores, Term Loan B,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 3.054%, 05/29/14
|
|
|
142
|
|
|
|
134,674
|
|
|
|
0.1
|
|
VAR, 3.057%, 05/29/14
|
|
|
676
|
|
|
|
642,563
|
|
|
|
0.6
|
|
VAR, 5.000%, 05/29/14
|
|
|
3
|
|
|
|
2,693
|
|
|
|
0.0
|
12
|
J. Crew, 1st Lien Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 4.750%, 03/07/18
|
|
|
168
|
|
|
|
167,739
|
|
|
|
0.1
|
|
VAR, 4.750%, 03/07/18
|
|
|
56
|
|
|
|
55,913
|
|
|
|
0.1
|
|
VAR, 4.750%, 03/07/18
|
|
|
1
|
|
|
|
560
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,004,142
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
9,404,531
|
|
|
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 0.4%
|
|
|
|
|
|
Food & Staples Retailing 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Rite Aid Corp., 1st Lien Term Loan TL 5,
VAR, 4.500%, 02/28/18
|
|
|
486
|
|
|
|
481,502
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY 0.2%
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS 0.2%
|
|
|
|
|
|
Big West Oil, Term Loan B, VAR,
7.000%, 03/31/16
|
|
|
137
|
|
|
|
138,324
|
|
|
|
0.1
|
|
15
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS & CONSUMABLE FUELS (continued)
|
|
|
|
|
|
Western Refinancing, Inc., Term Loan B,
VAR, 7.500%, 03/15/17
|
|
$
|
100
|
|
|
$
|
100,550
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Energy
|
|
|
|
|
|
|
238,874
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 2.9%
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES 2.0%
|
|
|
|
|
|
Capmark Financial Group, U.S. Term Loan, VAR, 5.250%,
03/23/11
1,4
|
|
|
2,285
|
|
|
|
1,094,836
|
|
|
|
0.9
|
|
Capmark Financial Group, Unsecured Bridge Loan,
VAR, 5.250%,
03/23/11
1,4
|
|
|
175
|
|
|
|
82,469
|
|
|
|
0.1
|
|
Checksmart Financial Co., Term Loan B,
VAR, 4.750%,
05/01/12
3,9
|
|
|
200
|
|
|
|
178,500
|
|
|
|
0.2
|
|
CIT Group, Inc., Tranche 3 Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 6.250%, 08/11/15
|
|
|
126
|
|
|
|
128,029
|
|
|
|
0.1
|
|
VAR, 6.250%, 08/11/15
|
|
|
125
|
|
|
|
127,338
|
|
|
|
0.1
|
|
VAR, 6.250%, 08/11/15
|
|
|
54
|
|
|
|
54,401
|
|
|
|
0.1
|
|
VAR, 6.250%, 08/11/15
|
|
|
49
|
|
|
|
49,745
|
|
|
|
0.1
|
|
VAR, 6.250%, 08/11/15
|
|
|
41
|
|
|
|
41,900
|
|
|
|
0.0
|
12
|
VAR, 6.250%, 08/11/15
|
|
|
33
|
|
|
|
33,329
|
|
|
|
0.0
|
12
|
VAR, 6.250%, 08/11/15
|
|
|
30
|
|
|
|
30,347
|
|
|
|
0.0
|
12
|
VAR, 6.250%, 08/11/15
|
|
|
30
|
|
|
|
30,347
|
|
|
|
0.0
|
12
|
VAR, 6.250%, 08/11/15
|
|
|
16
|
|
|
|
16,665
|
|
|
|
0.0
|
12
|
Clarke American Corp., Term Loan B,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 2.746%, 06/30/14
|
|
|
97
|
|
|
|
92,611
|
|
|
|
0.1
|
|
VAR, 2.746%, 06/30/14
|
|
|
71
|
|
|
|
67,474
|
|
|
|
0.1
|
|
VAR, 2.807%, 06/30/14
|
|
|
101
|
|
|
|
96,315
|
|
|
|
0.1
|
|
VAR, 2.807%, 06/30/14
|
|
|
59
|
|
|
|
55,964
|
|
|
|
0.0
|
12
|
VAR, 2.807%, 06/30/14
|
|
|
154
|
|
|
|
146,060
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,326,330
|
|
|
|
2.0
|
|
REAL ESTATE INVESTMENT TRUSTS (REITs) 0.9%
|
|
|
|
|
|
CB Richard Ellis, Delayed Draw Term Loan C, VAR, 3.811%, 03/04/18
|
|
|
232
|
|
|
|
231,202
|
|
|
|
0.2
|
|
CB Richard Ellis, Delayed Draw Term Loan D, VAR, 3.811%, 09/04/19
|
|
|
290
|
|
|
|
289,275
|
|
|
|
0.3
|
|
I-Star, Term Loan A-1,
VAR, 5.000%, 06/28/13
|
|
|
475
|
|
|
|
470,450
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
990,927
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
|
3,317,257
|
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTH CARE 0.2%
|
|
|
|
|
|
HEALTH CARE PROVIDERS & SERVICES 0.1%
|
|
|
|
|
|
Inventive Health, Term B-1 Loan,
VAR, 4.750%, 08/04/16
|
|
$
|
33
|
|
|
$
|
33,375
|
|
|
|
0.0
|
%
12
|
Inventive Health, Term B-2 Loan,
VAR, 4.750%, 08/04/16
|
|
|
67
|
|
|
|
66,916
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,291
|
|
|
|
0.1
|
|
PHARMACEUTICALS 0.1%
|
|
|
|
|
|
Axcan Intermediate Holdings, Inc., Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 5.500%, 02/11/17
|
|
|
65
|
|
|
|
65,255
|
|
|
|
0.1
|
|
VAR, 5.500%, 02/11/17
|
|
|
11
|
|
|
|
11,156
|
|
|
|
0.0
|
12
|
VAR, 5.500%, 02/11/17
|
|
|
38
|
|
|
|
38,206
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114,617
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care
|
|
|
|
|
|
|
214,908
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS 2.8%
|
|
|
|
|
|
AIRLINES 0.8%
|
|
|
|
|
|
Delta Air Lines, Inc., 1st Lien Credit Linked Deposit,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 0.094%, 04/30/12
|
|
|
72
|
|
|
|
71,270
|
|
|
|
0.1
|
|
VAR, 2.256%, 04/30/12
|
|
|
408
|
|
|
|
406,071
|
|
|
|
0.3
|
|
Delta Air Lines, Inc., Term Loan,
VAR, 4.250%, 03/05/16
|
|
|
500
|
|
|
|
495,000
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
972,341
|
|
|
|
0.8
|
|
BUILDING PRODUCTS 0.8%
|
|
|
|
|
|
Jacuzzi Brands, Inc., 1st Lien Synthetic Credit Facility,
VAR, 0.207%, 02/07/14
|
|
|
81
|
|
|
|
69,057
|
|
|
|
0.1
|
|
Jacuzzi Brands, Inc., 1st Lien Term Loan B, VAR, 2.554%, 02/07/14
|
|
|
890
|
|
|
|
757,192
|
|
|
|
0.6
|
|
Jacuzzi Luxco S.A.R.L., New Term Loan, VAR, 6.307%,
11/15/13
3,9
|
|
|
124
|
|
|
|
124,268
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
950,517
|
|
|
|
0.8
|
|
COMMERCIAL SERVICES & SUPPLIES 0.2%
|
|
|
|
|
|
Cenveo Corp., Term Loan,
VAR, 6.250%, 12/21/16
|
|
|
200
|
|
|
|
200,747
|
|
|
|
0.2
|
|
INDUSTRIAL CONGLOMERATES 1.0%
|
|
|
|
|
|
BOC Edwards, Extended Term Loan,
VAR, 5.500%, 05/31/16
|
|
|
1,181
|
|
|
|
1,176,681
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
|
3,300,286
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 2.4%
|
|
|
|
|
|
IT SERVICES 2.1%
|
|
|
|
|
|
Compucom Systems, Inc., Term Loan,
VAR, 3.750%,
08/23/14
3,9
|
|
$
|
772
|
|
|
$
|
751,118
|
|
|
|
0.6
|
%
|
First Data Corp., Initial Tranche B-1 Term Loan, VAR, 3.002%, 09/24/14
|
|
|
373
|
|
|
|
356,762
|
|
|
|
0.3
|
|
First Data Corp., Initial Tranche B-3 Term Loan, VAR, 3.002%, 09/24/14
|
|
|
1,399
|
|
|
|
1,339,156
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,447,036
|
|
|
|
2.1
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.3%
|
|
|
|
|
|
Freescale Semiconductor, Inc., Extended Maturity Term Loan,
VAR, 4.511%, 12/01/16
|
|
|
390
|
|
|
|
387,408
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
|
2,834,444
|
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 1.8%
|
|
|
|
|
|
CHEMICALS 1.7%
|
|
|
|
|
|
AZ Chem US, Inc. (Arizona Chemical), Term Loan, VAR, 4.750%, 11/19/16
|
|
|
120
|
|
|
|
120,189
|
|
|
|
0.1
|
|
Cristal Inorganic Chemicals (Millenium), 1st Lien Term Loan, VAR, 2.557%, 05/15/14
|
|
|
879
|
|
|
|
871,850
|
|
|
|
0.8
|
|
Cristal Inorganic Chemicals (Millenium), 2nd Lien Term Loan, VAR, 6.057%, 11/14/14
3,9
|
|
|
500
|
|
|
|
498,750
|
|
|
|
0.4
|
|
Nexeo Solutions, Term Loan,
VAR, 5.000%, 07/31/17
|
|
|
100
|
|
|
|
100,000
|
|
|
|
0.1
|
|
Styron, 1st Lien Term Loan,
VAR, 6.000%, 08/02/17
|
|
|
249
|
|
|
|
250,761
|
|
|
|
0.2
|
|
Univar Inc., Term Loan B,
VAR, 5.000%, 06/01/17
|
|
|
165
|
|
|
|
165,144
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,006,694
|
|
|
|
1.7
|
|
CONTAINERS & PACKAGING 0.1%
|
|
|
|
|
|
Reynolds Group Holdings, U.S. Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 4.250%, 02/14/18
|
|
|
52
|
|
|
|
52,188
|
|
|
|
0.1
|
|
VAR, 4.250%, 02/14/18
|
|
|
27
|
|
|
|
26,995
|
|
|
|
0.0
|
12
|
VAR, 4.250%, 02/14/18
|
|
|
46
|
|
|
|
46,342
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,525
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
2,132,219
|
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.5%
|
|
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 0.5%
|
|
|
|
|
|
Level 3 Communications, Tranche A Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 2.553%, 03/13/14
|
|
$
|
71
|
|
|
$
|
69,245
|
|
|
|
0.1
|
%
|
VAR, 2.553%, 03/13/14
|
|
|
179
|
|
|
|
173,113
|
|
|
|
0.1
|
|
Level 3 Communications, Tranche B Term Loan, VAR, 11.500%, 03/13/14
|
|
|
250
|
|
|
|
266,875
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
509,233
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 1.4%
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 1.4%
|
|
Texas Competitive Electric Holdings Co. LLC, Initial Tranche B-2 Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 3.746%, 10/10/14
|
|
|
35
|
|
|
|
29,461
|
|
|
|
0.0
|
12
|
VAR, 3.759%, 10/10/14
|
|
|
386
|
|
|
|
324,825
|
|
|
|
0.3
|
|
VAR, 3.803%, 10/10/14
|
|
|
544
|
|
|
|
457,983
|
|
|
|
0.4
|
|
Texas Competitive Electric Holdings Co. LLC, Initial Tranche B-3 Term Loan,
|
|
|
|
|
|
|
|
|
|
|
|
|
VAR, 3.746%, 10/10/14
|
|
|
9
|
|
|
|
7,514
|
|
|
|
0.0
|
12
|
VAR, 3.759%, 10/10/14
|
|
|
435
|
|
|
|
365,377
|
|
|
|
0.3
|
|
VAR, 3.803%, 10/10/14
|
|
|
3
|
|
|
|
2,147
|
|
|
|
0.0
|
12
|
TPF Generation Holdings LLC, 2nd Lien Term Loan, VAR, 4.557%, 12/15/14
|
|
|
500
|
|
|
|
475,625
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utilities
|
|
|
|
|
|
|
1,662,932
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Participations & Assignments
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $23,282,201)
|
|
|
|
|
|
|
24,096,186
|
|
|
|
20.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET-BACKED SECURITIES 1.3%
|
|
|
|
|
|
|
|
|
|
Countrywide Asset-Backed Certificates, Series 2004-13, Class MV8, VAR, 1.950%, 01/25/35
3,9
|
|
|
115
|
|
|
|
6,969
|
|
|
|
0.0
|
12
|
Long Beach Mortgage Loan Trust, Series 2004-5, Class M6, VAR, 2.750%, 09/25/34
3,9
|
|
|
56
|
|
|
|
6,136
|
|
|
|
0.0
|
12
|
Unipac IX LLC, 13.000%, 04/11/13
3,9
|
|
|
1,500
|
|
|
|
1,477,558
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asset-Backed Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $1,642,092)
|
|
|
|
|
|
|
1,490,663
|
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Income Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $146,169,226)
|
|
|
|
|
|
|
149,919,316
|
|
|
|
128.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Shares
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY 0.5%
|
|
|
|
|
|
|
|
|
|
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
|
Adelphia Recovery Trust, Contingent Value
1
|
|
|
1,297
|
|
|
|
40,204
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,205
|
|
|
|
0.0
|
12
|
LEISURE EQUIPMENT & PRODUCTS 0.3%
|
|
|
|
|
|
|
|
|
|
True Temper Holdings, Inc. ADR
1,3,9
|
|
|
43
|
|
|
|
393,414
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES, APPAREL & LUXURY GOODS 0.2%
|
|
|
|
|
|
Broder Brothers Co.
1,3,9
|
|
|
38
|
|
|
|
187,765
|
|
|
|
0.2
|
|
WestPoint International, Inc.
1,3,9
|
|
|
28
|
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
187,765
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
621,384
|
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD PRODUCTS 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Eurofresh, Inc., ADR
1,3,9
|
|
|
106
|
|
|
|
79,414
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD PRODUCTS 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Spectrum Brands Holdings, Inc.
1
|
|
|
6
|
|
|
|
172,056
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
251,470
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
135,702
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials
|
|
|
|
|
|
|
323,589
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 1.0%
|
|
|
|
|
|
|
|
|
|
COMPUTERS & PERIPHERALS 0.0%
12
|
|
|
|
|
|
|
|
|
|
Stratus Technologies, Inc., ADR
1,3,9
|
|
|
8
|
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IT SERVICES 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
Unisys Corp.
1
|
|
|
3
|
|
|
|
100,341
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.9%
|
|
|
|
|
|
MagnaChip Semiconductor S.A./MagnaChip Semiconductor Finance Co., (Luxembourg)
1,3,9
|
|
|
99
|
|
|
|
1,022,379
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology
|
|
|
|
|
|
|
1,122,720
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Shares
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MATERIALS 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
LyondellBasell Industries N.V., (Netherlands),
Class A
1
|
|
|
10
|
|
|
$
|
393,008
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION MATERIALS 0.1%
|
|
|
|
|
|
|
|
|
|
U.S. Concrete, Inc.
1
|
|
|
10
|
|
|
|
95,300
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
METALS & MINING
0.0%
12
|
|
|
|
|
|
|
|
|
|
|
|
|
Lexington Coal Co.
1,3,9
|
|
|
25
|
|
|
|
27,083
|
|
|
|
0.0
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAPER & FOREST PRODUCTS 1.0%
|
|
|
|
|
|
|
|
|
|
AbitibiBowater, Inc., (Canada)
1
|
|
|
43
|
|
|
|
1,145,177
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials
|
|
|
|
|
|
|
1,660,568
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES 0.4%
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES 0.4%
|
|
|
|
|
|
AboveNet, Inc.
|
|
|
7
|
|
|
|
434,043
|
|
|
|
0.4
|
|
XO Holdings, Inc.
1
|
|
|
1
|
|
|
|
387
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
434,430
|
|
|
|
0.4
|
|
WIRELESS TELECOMMUNICATION SERVICES 0.0%
12
|
|
|
|
|
|
USA Mobility, Inc.
|
|
|
|
11
|
|
|
420
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Telecommunication Services
|
|
|
|
|
|
|
434,850
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES 0.0%
12
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS 0.0%
12
|
|
GenOn Energy, Inc.
1
|
|
|
3
|
|
|
|
10,085
|
|
|
|
0.0
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $6,394,750)
|
|
|
|
|
|
|
4,424,666
|
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS 3.1%
|
|
|
|
|
|
CONSUMER DISCRETIONARY 0.8%
|
|
|
|
|
|
AUTO
COMPONENTS 0.0%
12
|
|
|
|
|
|
Glasstech, Inc., Pfd, Series C,
1,3,9
|
|
|
|
11
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES 0.3%
|
|
|
|
|
|
General Motors Co., Series B,
4.750%, 12/01/13
|
|
|
7
|
|
|
|
337,400
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD DURABLES 0.3%
|
|
|
|
|
|
M/I Homes, Inc., Pfd, Series A, 9.750%,
03/15/12
1,14
|
|
|
21
|
|
|
|
380,321
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA 0.2%
|
|
|
|
|
|
Spanish Broadcasting System, Inc., Pfd
1,3,9
|
|
|
481
|
|
|
|
3,657
|
|
|
|
0.0
|
12
|
18
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Shares
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA (continued)
|
|
|
|
|
|
Spanish Broadcasting System, Inc., Pfd, Series B, PIK,
10.750%, 05/02/11
1,3,9,14
|
|
|
|
11
|
|
$
|
230,280
|
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233,937
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
951,658
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES 0.1%
|
|
|
|
|
|
FOOD PRODUCTS 0.1%
|
|
|
|
|
|
Eurofresh, Inc., Pfd, ADR
1,3,9
|
|
|
|
11
|
|
|
147,688
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIALS 2.2%
|
|
|
|
|
|
COMMERCIAL BANKS 1.4%
|
|
|
|
|
|
CoBank ACB, Pfd, Series D,
11.000%,
10/01/14
3,9,14
|
|
|
30
|
|
|
|
1,674,375
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER FINANCE 0.7%
|
|
|
|
|
|
Ally Financial, Inc., 7.000%, 12/31/11
2,14
|
|
|
1
|
|
|
|
568,574
|
|
|
|
0.5
|
|
Citi Group Capital XIII, VAR,
7.875%, 10/30/40
|
|
|
7
|
|
|
|
197,280
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
765,854
|
|
|
|
0.7
|
|
DIVERSIFIED FINANCIAL SERVICES 0.1%
|
|
|
|
|
|
GMAC Capital Trust I, Series 2,
VAR, 8.125%,
02/15/40
1
|
|
|
4
|
|
|
|
91,800
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials
|
|
|
|
|
|
|
2,532,029
|
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY 0.0%
|
|
|
|
|
|
COMPUTERS & PERIPHERALS 0.0%
|
|
|
|
|
|
Stratus Technologies, Inc., ADR
1,3,9
|
|
|
2
|
|
|
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
|
|
|
(Cost $4,161,333)
|
|
|
|
|
|
|
3,631,375
|
|
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Investments
|
|
|
|
|
|
(Cost $10,556,083)
|
|
|
|
|
|
|
8,056,041
|
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Par
(000)
|
|
|
Value
|
|
|
Percent
of Net
Assets*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT 1.3%
|
|
|
|
|
|
INVESTMENT COMPANY 1.3%
|
|
|
|
|
|
JPMorgan Prime Money Market Fund, Institutional Class Shares,
0.100%
5,13
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $1,522,800)
|
|
$
|
1,523
|
|
|
$
|
1,522,800
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
(Cost $158,248,109)
|
|
|
|
|
|
|
159,498,157
|
|
|
|
136.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock and Liabilities in Excess of Other Assets
|
|
|
|
|
|
|
(42,901,539
|
)
|
|
|
(36.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS Applicable to Common Stockholders
|
|
|
|
|
|
|
116,596,618
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
American Depositary Receipt
|
LIBOR
|
|
London Interbank Offered Rate
|
VAR
|
|
Variable Rate Security. The interest rate shown is the rate in effect as of March 31, 2011.
|
*
|
|
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 $54,235,205 and 46.5% of net assets applicable to common
stockholders.
|
3
|
|
Fair valued security. These securities amounted to $8,961,463 and 7.7% 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.
|
7
|
|
Step-up bond. Interest rate is effective rate as of March 31, 2011.
|
9
|
|
Security deemed to be illiquid. These securities amounted to $8,961,463 and 7.7% 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%.
|
19
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
13
|
|
The rate shown is the current yield as of March 31, 2011.
|
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 March 31, 2011.
|
As of March 31, 2011, 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
|
|
$
|
11,510,238
|
|
Aggregate gross unrealized depreciation
|
|
|
(10,260,190
|
)
|
|
|
|
|
|
Net unrealized appreciation/depreciation
|
|
$
|
1,250,048
|
|
|
|
|
|
|
Federal income tax cost of investments
|
|
$
|
158,248,109
|
|
|
|
|
|
|
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)
|
A financial instruments level within the fair value
hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated
with investing in those securities.
20
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (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
|
|
$
|
|
|
|
$
|
40,204
|
|
|
$
|
581,180
|
|
|
$
|
621,384
|
|
Consumer Staples
|
|
|
172,056
|
|
|
|
|
|
|
|
79,414
|
|
|
|
251,470
|
|
Industrials
|
|
|
135,702
|
|
|
|
|
|
|
|
187,887
|
|
|
|
323,589
|
|
Information Technology
|
|
|
100,341
|
|
|
|
|
|
|
|
1,022,379
|
|
|
|
1,122,720
|
|
Materials
|
|
|
1,633,485
|
|
|
|
|
|
|
|
27,083
|
|
|
|
1,660,568
|
|
Telecommunication Services
|
|
|
434,850
|
|
|
|
|
|
|
|
|
|
|
|
434,850
|
|
Utilities
|
|
|
10,085
|
|
|
|
|
|
|
|
|
|
|
|
10,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
2,486,519
|
|
|
|
40,204
|
|
|
|
1,897,943
|
|
|
|
4,424,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
717,721
|
|
|
|
233,937
|
|
|
|
951,658
|
|
Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
147,688
|
|
|
|
147,688
|
|
Financials
|
|
|
197,280
|
|
|
|
660,374
|
|
|
|
1,674,375
|
|
|
|
2,532,029
|
|
Information Technology
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
|
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
197,280
|
|
|
|
1,378,095
|
|
|
|
2,056,000
|
|
|
|
3,631,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
|
|
|
|
|
|
|
|
|
|
1,490,663
|
|
|
|
1,490,663
|
|
Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
38,685,130
|
|
|
|
|
|
|
|
38,685,130
|
|
Consumer Staples
|
|
|
|
|
|
|
4,452,667
|
|
|
|
421,977
|
|
|
|
4,874,644
|
|
Energy
|
|
|
|
|
|
|
12,689,778
|
|
|
|
|
|
|
|
12,689,778
|
|
Financials
|
|
|
|
|
|
|
13,687,236
|
|
|
|
|
|
|
|
13,687,236
|
|
Health Care
|
|
|
|
|
|
|
4,032,033
|
|
|
|
932,291
|
|
|
|
4,964,324
|
|
Industrials
|
|
|
|
|
|
|
14,377,560
|
|
|
|
65,389
|
|
|
|
14,442,949
|
|
Information Technology
|
|
|
|
|
|
|
6,653,569
|
|
|
|
420,885
|
|
|
|
7,074,454
|
|
Materials
|
|
|
|
|
|
|
10,472,513
|
|
|
|
123,679
|
|
|
|
10,596,192
|
|
Telecommunication Services
|
|
|
|
|
|
|
9,678,966
|
|
|
|
|
|
|
|
9,678,966
|
|
Utilities
|
|
|
|
|
|
|
7,638,794
|
|
|
|
|
|
|
|
7,638,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
|
|
|
|
|
|
122,368,246
|
|
|
|
1,964,221
|
|
|
|
124,332,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Participations & Assignments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
|
|
|
|
9,404,531
|
|
|
|
|
|
|
|
9,404,531
|
|
Consumer Staples
|
|
|
|
|
|
|
481,502
|
|
|
|
|
|
|
|
481,502
|
|
Energy
|
|
|
|
|
|
|
238,874
|
|
|
|
|
|
|
|
238,874
|
|
Financials
|
|
|
|
|
|
|
3,138,757
|
|
|
|
178,500
|
|
|
|
3,317,257
|
|
Health Care
|
|
|
|
|
|
|
214,908
|
|
|
|
|
|
|
|
214,908
|
|
Industrials
|
|
|
|
|
|
|
3,176,018
|
|
|
|
124,268
|
|
|
|
3,300,286
|
|
Information Technology
|
|
|
|
|
|
|
2,083,326
|
|
|
|
751,118
|
|
|
|
2,834,444
|
|
Materials
|
|
|
|
|
|
|
1,633,469
|
|
|
|
498,750
|
|
|
|
2,132,219
|
|
Telecommunication Services
|
|
|
|
|
|
|
509,233
|
|
|
|
|
|
|
|
509,233
|
|
Utilities
|
|
|
|
|
|
|
1,662,932
|
|
|
|
|
|
|
|
1,662,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loan Participations & Assignments
|
|
|
|
|
|
|
22,543,550
|
|
|
|
1,552,636
|
|
|
|
24,096,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Companies
|
|
|
1,522,800
|
|
|
|
|
|
|
|
|
|
|
|
1,522,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities
|
|
$
|
4,206,599
|
|
|
$
|
146,330,095
|
|
|
$
|
8,961,463
|
|
|
$
|
159,498,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation in Other Financial Instrument
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap
|
|
$
|
|
|
|
$
|
(47,268
|
)
|
|
$
|
|
|
|
$
|
(47,268
|
)
|
(a)
|
|
Security has zero value.
|
There were no transfers between Levels 1 and 2 during the period ended March 31, 2011.
21
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (continued)
As of March 31, 2011 (Unaudited)
The
following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as
of 12/31/10
|
|
|
Realized
gain
(loss)
|
|
|
Change in
unrealized
appreciation
(depreciation)
|
|
|
Net
amortization
(accretion)
|
|
|
Purchases
1
|
|
|
Sales
2
|
|
|
Transfers
into Level 3
|
|
|
Transfers
out of
Level 3
|
|
|
Balance as
of 3/31/11
|
|
Investments in Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed Securities
|
|
$
|
1,488,539
|
|
|
$
|
|
|
|
$
|
(221
|
)
|
|
$
|
2,345
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
1,490,663
|
|
Common Stocks Consumer Discretionary
|
|
|
343,970
|
|
|
|
|
|
|
|
237,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
581,180
|
|
Common Stocks Consumer Staples
|
|
|
219,182
|
|
|
|
|
|
|
|
(139,768
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,414
|
|
Common Stocks Industrials
|
|
|
187,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
187,887
|
|
Common Stocks Information Technology
|
|
|
1,030,974
|
|
|
|
|
|
|
|
(8,595
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,022,379
|
(a)
|
Common Stocks Materials
|
|
|
27,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,083
|
|
Corporate Bonds Consumer Discretionary
|
|
|
424,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(424,142
|
)
|
|
|
|
|
Corporate Bonds Consumer Staples
|
|
|
406,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
421,977
|
|
Corporate Bonds Financials
|
|
|
880,000
|
|
|
|
154,170
|
|
|
|
(19,756
|
)
|
|
|
1,461
|
|
|
|
|
|
|
|
(1,015,875
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds Health Care
|
|
|
932,291
|
|
|
|
|
|
|
|
97
|
|
|
|
(97
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
932,291
|
|
Corporate Bonds Industrials
|
|
|
465,443
|
|
|
|
|
|
|
|
(185
|
)
|
|
|
618
|
|
|
|
1,581
|
|
|
|
(261,568
|
)
|
|
|
|
|
|
|
(140,500
|
)
|
|
|
65,389
|
|
Corporate Bonds Information Technology
|
|
|
418,093
|
|
|
|
|
|
|
|
2,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
420,885
|
|
Corporate Bonds Materials
|
|
|
84,204
|
|
|
|
|
|
|
|
39,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,679
|
|
Loan Participations & Assignments Financials
|
|
|
817,789
|
|
|
|
(4,782
|
)
|
|
|
(3,500
|
)
|
|
|
|
|
|
|
182,000
|
|
|
|
(813,007
|
)
|
|
|
|
|
|
|
|
|
|
|
178,500
|
|
Loan Participations & Assignments Industrials
|
|
|
123,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124,268
|
|
Loan Participations & Assignments Information Technology
|
|
|
857,780
|
|
|
|
|
|
|
|
8,186
|
|
|
|
(760
|
)
|
|
|
|
|
|
|
(114,088
|
)
|
|
|
|
|
|
|
|
|
|
|
751,118
|
|
Loan Participations & Assignments Materials
|
|
|
493,750
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
498,750
|
|
Preferred Stocks Consumer Discretionary
|
|
|
206,234
|
|
|
|
|
|
|
|
27,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
233,937
|
|
Preferred Stocks Consumer Staples
|
|
|
147,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,688
|
|
Preferred Stocks Financials
|
|
|
1,622,814
|
|
|
|
|
|
|
|
51,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,674,375
|
|
Preferred Stocks Information Technology
|
|
|
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
11,178,306
|
|
|
$
|
149,388
|
|
|
$
|
199,999
|
|
|
$
|
3,567
|
|
|
$
|
199,383
|
|
|
$
|
(2,204,538
|
)
|
|
$
|
|
|
|
$
|
(564,642
|
)
|
|
$
|
8,961,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Security has zero value.
|
1
|
|
Purchases include all purchases of securities and securities received in corporate actions.
|
2
|
|
Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.
|
22
P
ACHOLDER
H
IGH
Y
IELD
F
UND,
I
NC.
Schedule of Portfolio Investments (concluded)
As of March 31, 2011 (Unaudited)
Transfers into, and out of, Level 3 are valued using 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 March 31, 2011, which were valued using significant unobservable inputs (Level 3) amounted to $219,755.
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 0.243% to 0.266%
for the period ended March 31, 2011. 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)
|
|
11/30/07
|
|
|
|
|
|
$
|
5 million
|
|
|
|
06/01/11
|
|
|
|
4.000
|
% monthly
|
|
1 month LIBOR monthly
|
|
|
0.243
|
%
|
|
$
|
(47,268
|
)
|
*
|
|
Represents rate in effect at March 31, 2011.
|
23
ITEM 2.
|
CONTROLS AND PROCEDURES.
|
|
(a)
|
The Registrants principal executive and principal financial officers have concluded, based on their evaluation of the Registrants disclosure controls and
procedures as of a date within 90 days of the filing date of this report, that the Registrants disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is
recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the
Registrants management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
|
|
(b)
|
There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that
occurred during the Registrants most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrants internal controls over financial reporting.
|
CERTIFICATIONS
PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Pacholder High Yield Fund, Inc.
|
|
|
|
|
By:
|
|
/s/ Patricia A. Maleski
|
|
|
Patricia A. Maleski
President and Principal Executive Officer
May 27,
2011
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this
report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
By:
|
|
/s/ Patricia A. Maleski
|
|
|
Patricia A. Maleski
President and Principal Executive Officer
May 27,
2011
|
|
|
|
|
|
By:
|
|
/s/ Joy C. Dowd
|
|
|
Joy C. Dowd
Treasurer and Principal Financial Officer
May 27,
2011
|
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