-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Od/py2Fr5StBkWnObkV4mR3oUyShyu5noJyGifP9fSyNOonVuxaXrySuE/vsDMLh jkGgSWrd1X/AXO+UNsFgnQ== 0001104659-06-028753.txt : 20060428 0001104659-06-028753.hdr.sgml : 20060428 20060428105538 ACCESSION NUMBER: 0001104659-06-028753 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060228 FILED AS OF DATE: 20060428 DATE AS OF CHANGE: 20060428 EFFECTIVENESS DATE: 20060428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FUNDS TRUST I CENTRAL INDEX KEY: 0000021832 IRS NUMBER: 046143403 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02214 FILM NUMBER: 06787708 BUSINESS ADDRESS: STREET 1: ONE FINANCIAL CENTER CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 6174263750 MAIL ADDRESS: STREET 1: ONE FINANCIAL CENTER CITY: BOSTON STATE: MA ZIP: 02111 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY FUNDS TRUST I DATE OF NAME CHANGE: 19990430 FORMER COMPANY: FORMER CONFORMED NAME: COLONIAL TRUST I DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: COLONIAL HIGH YIELD SECURITIES TRUST DATE OF NAME CHANGE: 19910917 0000021832 S000008344 Columbia High Yield Opportunity Fund C000022835 Class A C000022836 Class B C000022837 Class C C000022838 Class Z N-Q 1 a06-10291_11nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

OMB APPROVAL

 

OMB Number:    3235-0578
Expires:    February 28, 2006
Estimated average burden hours per response........20.0

 

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-2214

 

 

Columbia Funds Trust I

(Exact name of registrant as specified in charter)

 

One Financial Center, Boston, Massachusetts

 

02111

(Address of principal executive offices)

 

(Zip code)

 

James R. Bordewick, Jr., Esq.
Columbia Management Advisors, LLC
One Financial Center
Boston, MA 02111

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

1-617-426-3750

 

 

Date of fiscal year end:

5/31/06

 

 

 

 

Date of reporting period:

2/28/06

 

 


 

Item 1. Schedule of Investments.

 


 

INVESTMENT PORTFOLIO

February 28, 2006 (Unaudited)

Columbia High Yield Opportunity Fund

 

 

 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – 88.4%

 

 

 

 

 

 

 

BASIC MATERIALS – 7.3%

 

 

 

 

 

 

 

 

 

Chemicals – 4.1%

 

 

 

 

 

 

 

 

 

Agricultural Chemicals – 1.1%

 

 

 

 

 

 

 

 

 

IMC Global, Inc.

 

 

 

 

 

 

 

 

 

 

 

10.875% 08/01/13

 

 

 

1,050,000

 

1,211,437

 

Terra Capital, Inc.

 

 

 

 

 

 

 

 

 

 

 

12.875% 10/15/08

 

 

 

1,920,000

 

2,212,800

 

UAP Holding Corp.

 

 

 

 

 

 

 

 

 

 

 

(a) 07/15/12
(10.750% 01/15/08)

 

 

 

1,190,000

 

1,062,075

 

United Agri Products

 

 

 

 

 

 

 

 

 

 

 

8.250% 12/15/11

 

 

 

555,000

 

584,138

 

 

 

 

 

 

 

 

 

5,070,450

 

Chemicals-Diversified – 2.6%

 

 

 

 

 

 

 

 

 

BCP Crystal US Holdings Corp.

 

 

 

 

 

 

 

 

 

 

 

9.625% 06/15/14

 

 

 

917,000

 

1,029,332

 

EquiStar Chemicals LP

 

 

 

 

 

 

 

 

 

 

 

10.625% 05/01/11

 

 

 

1,150,000

 

1,242,000

 

Huntsman International LLC

 

 

 

 

 

 

 

 

 

 

 

7.375% 01/01/15(b)

 

 

 

1,415,000

 

1,429,150

 

Huntsman LLC

 

 

 

 

 

 

 

 

 

 

 

11.500% 07/15/12

 

 

 

535,000

 

609,900

 

Ineos Group Holdings PLC

 

 

 

 

 

 

 

 

 

 

 

7.875% 02/15/16(b)

 

EUR

 

1,020,000

 

1,197,703

 

 

 

8.500% 02/15/16(b)

 

USD

 

1,220,000

 

1,204,750

 

Innophos Investments Holdings, Inc.

 

 

 

 

 

 

 

 

 

 

 

PIK,

 

 

 

 

 

 

 

 

 

12.749% 02/15/15(b)(c)

 

 

 

926,014

 

898,233

 

Lyondell Chemical Co.

 

 

 

 

 

 

 

 

 

 

 

9.625% 05/01/07

 

 

 

1,750,000

 

1,811,250

 

NOVA Chemicals Corp.

 

 

 

 

 

 

 

 

 

 

 

6.500% 01/15/12

 

 

 

1,825,000

 

1,758,844

 

 

 

7.561% 11/15/13(c)

 

 

 

805,000

 

820,094

 

 

 

 

 

 

 

 

 

12,001,256

 

Chemicals-Specialty – 0.4%

 

 

 

 

 

 

 

 

 

Rhodia SA

 

 

 

 

 

 

 

 

 

 

 

8.875% 06/01/11

 

 

 

1,939,000

 

2,004,441

 

 

 

 

 

 

 

 

 

2,004,441

 

 

 

 

 

Chemicals Total

 

19,076,147

 

Forest Products & Paper – 2.6%

 

 

 

 

 

 

 

Paper & Related Products – 2.6%

 

 

 

 

 

 

 

Abitibi-Consolidated, Inc.

 

 

 

 

 

 

 

 

1


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

BASIC MATERIALS – (continued)

 

 

 

 

 

 

 

Forest Products & Paper – (continued)

 

 

 

 

 

 

 

Paper & Related Products – (continued)

 

 

 

 

 

 

 

 

 

8.375% 04/01/15

 

1,325,000

 

1,252,125

 

Boise Cascade LLC

 

 

 

 

 

 

 

 

 

7.125% 10/15/14

 

1,250,000

 

1,196,875

 

 

 

7.475% 10/15/12(c)

 

1,370,000

 

1,370,000

 

Buckeye Technologies, Inc.

 

 

 

 

 

 

 

 

 

8.500% 10/01/13

 

480,000

 

488,400

 

Caraustar Industries, Inc.

 

 

 

 

 

 

 

 

 

9.875% 04/01/11

 

1,075,000

 

1,131,438

 

Georgia-Pacific Corp.

 

 

 

 

 

 

 

 

 

8.000% 01/15/24

 

2,340,000

 

2,340,000

 

Neenah Paper, Inc.

 

 

 

 

 

 

 

 

 

7.375% 11/15/14

 

790,000

 

730,750

 

Newark Group, Inc.

 

 

 

 

 

 

 

 

 

9.750% 03/15/14

 

945,000

 

831,600

 

NewPage Corp.

 

 

 

 

 

 

 

 

 

10.000% 05/01/12

 

1,090,000

 

1,141,775

 

Norske Skog

 

 

 

 

 

 

 

 

 

7.375% 03/01/14

 

995,000

 

915,400

 

 

 

8.625% 06/15/11

 

450,000

 

447,750

 

 

 

 

 

 

 

11,846,113

 

Forest Products & Paper Total

 

11,846,113

 

 

 

 

 

 

 

 

 

Iron/Steel – 0.5%

 

 

 

 

 

 

 

Steel-Producers – 0.3%

 

 

 

 

 

 

 

Steel Dynamics, Inc.

 

 

 

 

 

 

 

 

 

9.500% 03/15/09

 

1,080,000

 

1,131,300

 

 

 

 

 

 

 

1,131,300

 

Steel-Specialty – 0.2%

 

 

 

 

 

 

 

UCAR Finance, Inc.

 

 

 

 

 

 

 

 

 

10.250% 02/15/12

 

1,011,000

 

1,076,715

 

 

 

 

 

 

 

1,076,715

 

 

 

Iron/Steel Total

 

2,208,015

 

Metals & Mining – 0.1%

 

 

 

 

 

 

 

Mining Services – 0.1%

 

 

 

 

 

 

 

Hudson Bay Mining & Smelting Co., Ltd.

 

 

 

 

 

 

 

 

2


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

BASIC MATERIALS – (continued)

 

 

 

 

 

 

 

Metals & Mining – (continued)

 

 

 

 

 

 

 

Mining Services – (continued)

 

 

 

 

 

 

 

 

 

9.625% 01/15/12

 

560,000

 

609,000

 

 

 

 

 

 

 

609,000

 

Metals & Mining Total

 

609,000

 

BASIC MATERIALS TOTAL

 

33,739,275

 

COMMUNICATIONS – 19.4%

 

 

 

 

 

 

 

Media – 7.7%

 

 

 

 

 

 

 

Broadcast Services/Programs – 0.2%

 

 

 

 

 

 

 

Fisher Communications, Inc.

 

 

 

 

 

 

 

 

 

8.625% 09/15/14

 

860,000

 

904,075

 

 

 

 

 

 

 

904,075

 

Cable TV – 3.3%

 

 

 

 

 

 

 

Atlantic Broadband Finance LLC

 

 

 

 

 

 

 

 

 

9.375% 01/15/14

 

1,855,000

 

1,725,150

 

Charter Communications Holdings II LLC

 

 

 

 

 

 

 

 

 

10.250% 09/15/10

 

1,500,000

 

1,492,500

 

Charter Communications Holdings LLC

 

 

 

 

 

 

 

 

 

9.920% 04/01/14(b)

 

5,770,000

 

3,000,400

 

CSC Holdings, Inc.

 

 

 

 

 

 

 

 

 

7.000% 04/15/12(b)

 

2,270,000

 

2,207,575

 

 

 

7.625% 04/01/11

 

1,775,000

 

1,792,750

 

EchoStar DBS Corp.

 

 

 

 

 

 

 

 

 

6.625% 10/01/14

 

2,185,000

 

2,124,912

 

Insight Midwest LP

 

 

 

 

 

 

 

 

 

9.750% 10/01/09

 

1,255,000

 

1,297,356

 

Pegasus Satellite Communications, Inc.

 

 

 

 

 

 

 

 

 

11.250% 01/15/10(b)(d)

 

2,325,000

 

226,688

 

Telenet Group Holding NV

 

 

 

 

 

 

 

 

 

(a) 06/15/14

(11.500% 12/15/08)(b)

 

1,662,000

 

1,377,383

 

 

 

 

 

 

 

15,244,714

 

Multimedia – 1.1%

 

 

 

 

 

 

 

Advanstar Communications, Inc.

 

 

 

 

 

 

 

 

 

15.000% 10/15/11

 

1,325,000

 

1,389,594

 

Haights Cross Operating Co.

 

 

 

 

 

 

 

 

 

11.750% 08/15/11

 

665,000

 

704,900

 

Lamar Media Corp.

 

 

 

 

 

 

 

 

 

6.625% 08/15/15

 

1,445,000

 

1,452,225

 

Quebecor Media, Inc.

 

 

 

 

 

 

 

 

 

7.750% 03/15/16(b)

 

1,530,000

 

1,579,725

 

 

 

 

 

 

 

5,126,444

 

 

3


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

COMMUNICATIONS – (continued)

 

 

 

 

 

 

 

Media – (continued)

 

 

 

 

 

 

 

Publishing-Newspapers – 0.5%

 

 

 

 

 

 

 

Hollinger, Inc.

 

 

 

 

 

 

 

 

 

11.875% 03/01/11(b)

 

1,009,000

 

1,009,000

 

 

 

12.875% 03/01/11(b)

 

1,474,000

 

1,538,487

 

 

 

 

 

 

 

2,547,487

 

Publishing-Periodicals – 2.1%

 

 

 

 

 

 

 

Dex Media, Inc.

 

 

 

 

 

 

 

 

 

(a) 11/15/13

(9.000% 11/15/08)

 

1,230,000

 

1,030,125

 

Dex Media West LLC

 

 

 

 

 

 

 

 

 

9.875% 08/15/13

 

3,607,000

 

3,999,261

 

PriMedia, Inc.

 

 

 

 

 

 

 

 

 

8.000% 05/15/13

 

2,200,000

 

1,969,000

 

RH Donnelley Corp.

 

 

 

 

 

 

 

 

 

8.875% 01/15/16(b)

 

1,405,000

 

1,464,712

 

WDAC Subsidiary Corp.

 

 

 

 

 

 

 

 

 

8.375% 12/01/14(b)

 

1,385,000

 

1,367,688

 

 

 

 

 

 

 

9,830,786

 

Television – 0.5%

 

 

 

 

 

 

 

LIN Television Corp.

 

 

 

 

 

 

 

 

 

6.500% 05/15/13

 

450,000

 

432,000

 

Sinclair Broadcast Group, Inc.

 

 

 

 

 

 

 

 

 

8.750% 12/15/11

 

1,615,000

 

1,695,750

 

 

 

 

 

 

 

2,127,750

 

Media Total

 

35,781,256

 

Telecommunication Services – 11.7%

 

 

 

 

 

 

 

Cellular Telecommunications – 4.0%

 

 

 

 

 

 

 

American Cellular Corp.

 

 

 

 

 

 

 

 

 

10.000% 08/01/11

 

675,000

 

734,906

 

Digicel Ltd.

 

 

 

 

 

 

 

 

 

9.250% 09/01/12(b)

 

1,655,000

 

1,748,094

 

Dobson Cellular Systems, Inc.

 

 

 

 

 

 

 

 

 

8.375% 11/01/11

 

1,805,000

 

1,913,300

 

 

 

9.875% 11/01/12

 

1,140,000

 

1,245,450

 

Horizon PCS, Inc.

 

 

 

 

 

 

 

 

 

11.375% 07/15/12

 

325,000

 

372,938

 

iPCS Escrow Co.

 

 

 

 

 

 

 

 

 

11.500% 05/01/12

 

790,000

 

902,575

 

 

4


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

COMMUNICATIONS – (continued)

 

 

 

 

 

 

 

Telecommunication Services – (continued)

 

 

 

 

 

 

Cellular Telecommunications – (continued)

 

 

 

 

 

 

Nextel Communications, Inc.

 

 

 

 

 

 

 

 

 

7.375% 08/01/15

 

1,275,000

 

1,349,852

 

Nextel Partners, Inc.

 

 

 

 

 

 

 

 

 

8.125% 07/01/11

 

1,070,000

 

1,134,200

 

Rogers Cantel, Inc.

 

 

 

 

 

 

 

 

 

9.750% 06/01/16

 

2,080,000

 

2,558,400

 

Rogers Wireless, Inc.

 

 

 

 

 

 

 

 

 

8.000% 12/15/12

 

1,295,000

 

1,388,887

 

Rural Cellular Corp.

 

 

 

 

 

 

 

 

 

8.250% 03/15/12

 

1,355,000

 

1,431,219

 

 

 

9.750% 01/15/10

 

375,000

 

383,438

 

 

 

10.430% 11/01/12(b)(c)

 

1,315,000

 

1,370,887

 

US Unwired, Inc.

 

 

 

 

 

 

 

 

 

10.000% 06/15/12

 

1,845,000

 

2,089,513

 

 

 

 

 

 

 

18,623,659

 

Satellite Telecommunications – 1.5%

 

 

 

 

 

 

 

Inmarsat Finance II PLC

 

 

 

 

 

 

 

 

 

(a) 11/15/12

(10.375% 11/15/08)

 

2,285,000

 

1,925,112

 

Intelsat Bermuda Ltd.

 

 

 

 

 

 

 

 

 

8.250% 01/15/13(b)

 

2,685,000

 

2,748,769

 

PanAmSat Corp.

 

 

 

 

 

 

 

 

 

9.000% 08/15/14

 

1,031,000

 

1,090,283

 

Zeus Special Subsidiary Ltd.

 

 

 

 

 

 

 

 

 

(a) 02/01/15

(9.250% 02/01/10)(b)

 

1,780,000

 

1,228,200

 

 

 

 

 

 

 

6,992,364

 

Telecommunication Equipment – 0.3%

 

 

 

 

 

 

 

Lucent Technologies, Inc.

 

 

 

 

 

 

 

 

 

6.450% 03/15/29

 

1,790,000

 

1,503,600

 

 

 

 

 

 

 

1,503,600

 

Telecommunication Services – 1.1%

 

 

 

 

 

 

 

Syniverse Technologies, Inc.

 

 

 

 

 

 

 

 

 

7.750% 08/15/13

 

1,210,000

 

1,222,100

 

Time Warner Telecom, Inc.

 

 

 

 

 

 

 

 

 

10.125% 02/01/11

 

2,690,000

 

2,831,225

 

Time Warner Telecom Holdings, Inc.

 

 

 

 

 

 

 

 

 

9.250% 02/15/14

 

870,000

 

938,512

 

 

 

 

 

 

 

4,991,837

 

 

5


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

COMMUNICATIONS – (continued)

 

 

 

 

 

 

 

Telecommunication Services – (continued)

 

 

 

 

 

 

Telephone-Integrated – (continued)

 

 

 

 

 

 

 

Telephone-Integrated – 3.9%

 

 

 

 

 

 

 

Axtel SA de CV

 

 

 

 

 

 

 

 

 

11.000% 12/15/13

 

764,000

 

878,600

 

Cincinnati Bell, Inc.

 

 

 

 

 

 

 

 

 

7.000% 02/15/15

 

2,880,000

 

2,865,600

 

Citizens Communications Co.

 

 

 

 

 

 

 

 

 

9.000% 08/15/31

 

2,280,000

 

2,433,900

 

Qwest Capital Funding, Inc.

 

 

 

 

 

 

 

 

 

6.875% 07/15/28

 

3,205,000

 

2,956,612

 

Qwest Communications International, Inc.

 

 

 

 

 

 

 

 

 

7.500% 02/15/14

 

2,180,000

 

2,239,950

 

Qwest Corp.

 

 

 

 

 

 

 

 

 

7.500% 06/15/23

 

2,430,000

 

2,454,300

 

 

 

8.875% 03/15/12

 

3,050,000

 

3,423,625

 

US LEC Corp.

 

 

 

 

 

 

 

 

 

12.716% 10/01/09(c)

 

960,000

 

1,041,600

 

 

 

 

 

 

 

18,294,187

 

Wireless Equipment – 0.9%

 

 

 

 

 

 

 

American Towers, Inc.

 

 

 

 

 

 

 

 

 

7.250% 12/01/11

 

1,825,000

 

1,911,688

 

SBA Telecommunications, Inc.

 

 

 

 

 

 

 

 

 

(a) 12/15/11

(9.750% 12/15/07)

 

2,135,000

 

2,017,575

 

 

 

 

 

 

 

3,929,263

 

Telecommunication Services Total

 

54,334,910

 

COMMUNICATIONS TOTAL

 

90,116,166

 

CONSUMER CYCLICAL – 16.3%

 

 

 

 

 

 

 

Airlines – 0.5%

 

 

 

 

 

 

 

Airlines – 0.5%

 

 

 

 

 

 

 

Continental Airlines, Inc.

 

 

 

 

 

 

 

 

 

7.568% 12/01/06

 

2,215,000

 

2,203,925

 

 

 

 

 

 

 

2,203,925

 

Airlines Total

 

2,203,925

 

Apparel – 1.3%

 

 

 

 

 

 

 

Apparel Manufacturers – 1.3%

 

 

 

 

 

 

 

Broder Brothers Co.

 

 

 

 

 

 

 

 

 

11.250% 10/15/10

 

1,430,000

 

1,426,425

 

Levi Strauss & Co.

 

 

 

 

 

 

 

 

 

9.750% 01/15/15

 

2,575,000

 

2,742,375

 

 

6


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER CYCLICAL – (continued)

 

 

 

 

 

 

 

Apparel – (continued)

 

 

 

 

 

 

 

Apparel Manufacturers – (continued)

 

 

 

 

 

 

 

Phillips-Van Heusen Corp.

 

 

 

 

 

 

 

 

 

7.250% 02/15/11

 

1,010,000

 

1,035,250

 

 

 

8.125% 05/01/13

 

1,000,000

 

1,065,000

 

 

 

 

 

 

 

6,269,050

 

Apparel Total

 

6,269,050

 

Auto Manufacturers – 0.5%

 

 

 

 

 

 

 

Auto-Cars/Light Trucks – 0.2%

 

 

 

 

 

 

 

General Motors Corp.

 

 

 

 

 

 

 

 

 

8.375% 07/15/33

 

1,210,000

 

853,050

 

 

 

 

 

 

 

853,050

 

Auto-Medium & Heavy Duty Trucks – 0.3%

 

 

 

 

 

 

 

Navistar International Corp.

 

 

 

 

 

 

 

 

 

7.500% 06/15/11

 

1,545,000

 

1,556,588

 

 

 

 

 

 

 

1,556,588

 

Auto Manufacturers Total

 

2,409,638

 

Auto Parts & Equipment – 1.6%

 

 

 

 

 

 

 

Auto/Truck Parts & Equipment-Original – 0.3%

 

 

 

 

 

 

TRW Automotive, Inc.

 

 

 

 

 

 

 

 

 

9.375% 02/15/13

 

1,385,000

 

1,506,187

 

 

 

 

 

 

 

1,506,187

 

Auto/Truck Parts & Equipment-Replacement – 0.7%

 

 

 

 

 

Commercial Vehicle Group, Inc.

 

 

 

 

 

 

 

 

 

8.000% 07/01/13

 

1,475,000

 

1,467,625

 

Rexnord Corp.

 

 

 

 

 

 

 

 

 

10.125% 12/15/12

 

1,360,000

 

1,492,600

 

 

 

 

 

 

 

2,960,225

 

Rubber-Tires – 0.6%

 

 

 

 

 

 

 

Goodyear Tire & Rubber Co.

 

 

 

 

 

 

 

 

 

9.000% 07/01/15

 

2,890,000

 

2,904,450

 

 

 

 

 

 

 

2,904,450

 

Auto Parts & Equipment Total

 

7,370,862

 

Distribution/Wholesale – 0.2%

 

 

 

 

 

 

 

Distribution/Wholesale – 0.2%

 

 

 

 

 

 

 

Buhrmann US, Inc.

 

 

 

 

 

 

 

 

 

7.875% 03/01/15

 

945,000

 

945,000

 

 

 

 

 

 

 

945,000

 

Distribution/Wholesale Total

 

945,000

 

 

7


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER CYCLICAL – (continued)

 

 

 

 

 

 

 

Entertainment – 1.4%

 

 

 

 

 

 

 

Gambling (Non-Hotel) – 0.4%

 

 

 

 

 

 

 

Global Cash Access LLC

 

 

 

 

 

 

 

 

 

8.750% 03/15/12

 

1,554,000

 

1,668,608

 

 

 

 

 

 

 

1,668,608

 

Music – 0.6%

 

 

 

 

 

 

 

Steinway Musical Instruments, Inc.

 

 

 

 

 

 

 

 

 

7.000% 03/01/14(b)

 

1,265,000

 

1,274,487

 

Warner Music Group

 

 

 

 

 

 

 

 

 

7.375% 04/15/14

 

1,715,000

 

1,723,575

 

 

 

 

 

 

 

2,998,062

 

Resorts/Theme Parks – 0.4%

 

 

 

 

 

 

 

Six Flags, Inc.

 

 

 

 

 

 

 

 

 

9.625% 06/01/14

 

1,935,000

 

1,971,281

 

 

 

 

 

 

 

1,971,281

 

Entertainment Total

 

6,637,951

 

Home Builders – 1.4%

 

 

 

 

 

 

 

Building-Residential/Commercial – 1.4%

 

 

 

 

 

 

 

D.R. Horton, Inc.

 

 

 

 

 

 

 

 

 

9.750% 09/15/10

 

2,045,000

 

2,331,300

 

K. Hovnanian Enterprises, Inc.

 

 

 

 

 

 

 

 

 

6.375% 12/15/14

 

1,435,000

 

1,352,488

 

 

 

8.875% 04/01/12

 

1,435,000

 

1,503,162

 

Standard Pacific Corp.

 

 

 

 

 

 

 

 

 

7.000% 08/15/15

 

990,000

 

908,325

 

 

 

9.250% 04/15/12

 

205,000

 

210,381

 

 

 

 

 

 

 

6,305,656

 

Home Builders Total

 

6,305,656

 

Home Furnishings – 0.2%

 

 

 

 

 

 

 

Home Furnishings – 0.2%

 

 

 

 

 

 

 

WII Components, Inc.

 

 

 

 

 

 

 

 

 

10.000% 02/15/12

 

1,160,000

 

1,160,000

 

 

 

 

 

 

 

1,160,000

 

Home Furnishings Total

 

1,160,000

 

Leisure Time – 0.5%

 

 

 

 

 

 

 

Leisure & Recreational Products – 0.2%

 

 

 

 

 

 

 

K2, Inc.

 

 

 

 

 

 

 

 

 

7.375% 07/01/14

 

1,100,000

 

1,108,250

 

 

 

 

 

 

 

1,108,250

 

 

8


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER CYCLICAL – (continued)

 

 

 

 

 

 

 

Leisure Time – (continued)

 

 

 

 

 

 

 

Recreational Centers – 0.3%

 

 

 

 

 

 

 

Town Sports International, Inc.

 

 

 

 

 

 

 

 

 

(a) 02/01/14

(11.000% 02/01/09)

 

1,830,000

 

1,317,600

 

 

 

 

 

 

 

1,317,600

 

Leisure Time Total

 

2,425,850

 

Lodging – 6.2%

 

 

 

 

 

 

 

Casino Hotels – 5.9%

 

 

 

 

 

 

 

CCM Merger, Inc.

 

 

 

 

 

 

 

 

 

8.000% 08/01/13(b)

 

1,360,000

 

1,363,400

 

Chukchansi Economic Development Authority

 

 

 

 

 

 

 

 

 

8.000% 11/15/13(b)

 

1,495,000

 

1,539,850

 

 

 

8.060% 11/15/12(b)(c)

 

1,250,000

 

1,284,375

 

Circus & Eldorado/Silver Legacy Capital Corp.

 

 

 

 

 

 

 

 

 

10.125% 03/01/12

 

1,715,000

 

1,839,337

 

Eldorado Casino Shreveport/Shreveport Capital Corp.

 

 

 

 

 

 

 

 

 

10.000% 08/01/12

 

5,654,345

 

4,523,476

 

Galaxy Entertainment Finance Co., Ltd.

 

 

 

 

 

 

 

 

 

9.875% 12/15/12(b)

 

1,340,000

 

1,390,250

 

Greektown Holdings LLC

 

 

 

 

 

 

 

 

 

10.750% 12/01/13(b)

 

1,685,000

 

1,695,531

 

Hard Rock Hotel, Inc.

 

 

 

 

 

 

 

 

 

8.875% 06/01/13

 

2,205,000

 

2,392,425

 

Inn of the Mountain Gods Resort & Casino

 

 

 

 

 

 

 

 

 

12.000% 11/15/10

 

1,620,000

 

1,709,100

 

Kerzner International Ltd.

 

 

 

 

 

 

 

 

 

6.750% 10/01/15

 

2,280,000

 

2,262,900

 

MGM Mirage

 

 

 

 

 

 

 

 

 

6.000% 10/01/09

 

1,135,000

 

1,126,488

 

 

 

6.750% 09/01/12

 

1,845,000

 

1,868,062

 

 

 

8.500% 09/15/10

 

575,000

 

621,000

 

Mohegan Tribal Gaming Authority

 

 

 

 

 

 

 

 

 

6.125% 02/15/13

 

380,000

 

378,100

 

Station Casinos, Inc.

 

 

 

 

 

 

 

 

 

6.000% 04/01/12

 

1,785,000

 

1,776,075

 

Wynn Las Vegas LLC

 

 

 

 

 

 

 

 

 

6.625% 12/01/14

 

1,705,000

 

1,683,688

 

 

 

 

 

 

 

27,454,057

 

 

9


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER CYCLICAL – (continued)

 

 

 

 

 

 

 

Lodging – (continued)

 

 

 

 

 

 

 

Hotels & Motels – 0.3%

 

 

 

 

 

 

 

Hilton Hotels Corp.

 

 

 

 

 

 

 

 

 

7.500% 12/15/17

 

1,171,000

 

1,291,732

 

 

 

 

 

 

 

1,291,732

 

Lodging Total

 

28,745,789

 

Retail – 2.3%

 

 

 

 

 

 

 

Retail-Automobiles – 0.4%

 

 

 

 

 

 

 

Asbury Automotive Group, Inc.

 

 

 

 

 

 

 

 

 

8.000% 03/15/14

 

1,680,000

 

1,688,400

 

 

 

 

 

 

 

1,688,400

 

Retail-Drug Stores – 0.2%

 

 

 

 

 

 

 

Rite Aid Corp.

 

 

 

 

 

 

 

 

 

7.500% 01/15/15

 

1,250,000

 

1,204,688

 

 

 

 

 

 

 

1,204,688

 

Retail-Home Furnishings – 0.4%

 

 

 

 

 

 

 

Tempur-Pedic, Inc.

 

 

 

 

 

 

 

 

 

10.250% 08/15/10

 

1,771,000

 

1,906,039

 

 

 

 

 

 

 

1,906,039

 

Retail-Propane Distributors – 0.8%

 

 

 

 

 

 

 

AmeriGas Partners LP

 

 

 

 

 

 

 

 

 

7.125% 05/20/16

 

1,100,000

 

1,111,000

 

Ferrellgas Partners LP

 

 

 

 

 

 

 

 

 

8.750% 06/15/12

 

1,355,000

 

1,371,937

 

Inergy LP/Inergy Finance Corp.

 

 

 

 

 

 

 

 

 

8.250% 03/01/16(b)

 

1,110,000

 

1,132,200

 

 

 

 

 

 

 

3,615,137

 

Retail-Restaurants – 0.3%

 

 

 

 

 

 

 

Landry’s Restaurants, Inc.

 

 

 

 

 

 

 

 

 

7.500% 12/15/14

 

1,355,000

 

1,312,656

 

 

 

 

 

 

 

1,312,656

 

Retail-Video Rental – 0.2%

 

 

 

 

 

 

 

Movie Gallery, Inc.

 

 

 

 

 

 

 

 

 

11.000% 05/01/12

 

1,230,000

 

805,650

 

 

 

 

 

 

 

805,650

 

Retail Total

 

10,532,570

 

Textiles – 0.2%

 

 

 

 

 

 

 

Textile-Products – 0.2%

 

 

 

 

 

 

 

INVISTA

 

 

 

 

 

 

 

 

10


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER CYCLICAL – (continued)

 

 

 

 

 

 

 

Textiles – (continued)

 

 

 

 

 

 

 

Textile-Products – (continued)

 

 

 

 

 

 

 

 

 

9.250% 05/01/12(b)

 

890,000

 

947,850

 

 

 

 

 

 

 

947,850

 

Textiles Total

 

947,850

 

CONSUMER CYCLICAL TOTAL

 

75,954,141

 

CONSUMER NON-CYCLICAL – 13.3%

 

 

 

 

 

 

 

Agriculture – 0.2%

 

 

 

 

 

 

 

Alliance One International, Inc.

 

 

 

 

 

 

 

 

 

11.000% 05/15/12

 

1,220,000

 

1,152,900

 

Agriculture Total

 

1,152,900

 

Beverages – 0.2%

 

 

 

 

 

 

 

Beverages-Wine/Spirits – 0.2%

 

 

 

 

 

 

 

Constellation Brands, Inc.

 

 

 

 

 

 

 

 

 

8.000% 02/15/08

 

780,000

 

813,150

 

 

 

8.125% 01/15/12

 

320,000

 

336,400

 

 

 

 

 

 

 

1,149,550

 

Beverages Total

 

1,149,550

 

Biotechnology – 0.4%

 

 

 

 

 

 

 

Medical-Biomedical/Gene – 0.4%

 

 

 

 

 

 

 

Bio-Rad Laboratories, Inc.

 

 

 

 

 

 

 

 

 

7.500% 08/15/13

 

2,015,000

 

2,125,825

 

 

 

 

 

 

 

2,125,825

 

Biotechnology Total

 

2,125,825

 

Commercial Services – 4.0%

 

 

 

 

 

 

 

Commercial Services – 0.5%

 

 

 

 

 

 

 

Iron Mountain, Inc.

 

 

 

 

 

 

 

 

 

7.750% 01/15/15

 

1,620,000

 

1,648,350

 

Mac-Gray Corp.

 

 

 

 

 

 

 

 

 

7.625% 08/15/15

 

440,000

 

448,800

 

 

 

 

 

 

 

2,097,150

 

Commercial Services-Finance – 0.2%

 

 

 

 

 

 

 

Dollar Financial Group, Inc.

 

 

 

 

 

 

 

 

 

9.750% 11/15/11

 

875,000

 

920,938

 

 

 

 

 

 

 

920,938

 

Consulting Services – 0.2%

 

 

 

 

 

 

 

FTI Consulting, Inc.

 

 

 

 

 

 

 

 

 

7.625% 06/15/13

 

960,000

 

1,008,000

 

 

 

 

 

 

 

1,008,000

 

Funeral Services & Related Items – 0.5%

 

 

 

 

 

 

 

Service Corp. International

 

 

 

 

 

 

 

 

11


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER NON-CYCLICAL – (continued)

 

 

 

 

 

 

 

Commercial Services – (continued)

 

 

 

 

 

 

 

Funeral Services & Related Items – (continued)

 

 

 

 

 

 

 

 

 

7.700% 04/15/09

 

2,135,000

 

2,236,412

 

 

 

 

 

 

 

2,236,412

 

Printing-Commercial – 0.4%

 

 

 

 

 

 

 

Sheridan Group

 

 

 

 

 

 

 

 

 

10.250% 08/15/11

 

965,000

 

998,775

 

Vertis, Inc.

 

 

 

 

 

 

 

 

 

13.500% 12/07/09(b)

 

1,110,000

 

932,400

 

 

 

 

 

 

 

1,931,175

 

Private Corrections – 0.7%

 

 

 

 

 

 

 

Corrections Corp. of America

 

 

 

 

 

 

 

 

 

6.250% 03/15/13

 

1,955,000

 

1,945,225

 

GEO Group, Inc.

 

 

 

 

 

 

 

 

 

8.250% 07/15/13

 

1,400,000

 

1,417,500

 

 

 

 

 

 

 

3,362,725

 

Rental Auto/Equipment – 1.5%

 

 

 

 

 

 

 

Ashtead Holdings PLC

 

 

 

 

 

 

 

 

 

8.625% 08/01/15(b)

 

1,615,000

 

1,693,731

 

Hertz Corp.

 

 

 

 

 

 

 

 

 

8.875% 01/01/14(b)

 

1,560,000

 

1,630,200

 

NationsRent, Inc.

 

 

 

 

 

 

 

 

 

9.500% 10/15/10

 

1,455,000

 

1,593,225

 

United Rentals North America, Inc.

 

 

 

 

 

 

 

 

 

6.500% 02/15/12

 

1,360,000

 

1,353,200

 

 

 

7.750% 11/15/13

 

685,000

 

686,713

 

 

 

 

 

 

 

6,957,069

 

Commercial Services Total

 

18,513,469

 

Cosmetics/Personal Care – 0.6%

 

 

 

 

 

 

 

Cosmetics & Toiletries – 0.6%

 

 

 

 

 

 

 

DEL Laboratories, Inc.

 

 

 

 

 

 

 

 

 

8.000% 02/01/12

 

1,320,000

 

1,082,400

 

Elizabeth Arden, Inc.

 

 

 

 

 

 

 

 

 

7.750% 01/15/14

 

1,520,000

 

1,565,600

 

 

 

 

 

 

 

2,648,000

 

Cosmetics/Personal Care Total

 

2,648,000

 

Food – 1.6%

 

 

 

 

 

 

 

Food-Confectionery – 0.3%

 

 

 

 

 

 

 

Merisant Co.

 

 

 

 

 

 

 

 

 

9.500% 07/15/13

 

1,405,000

 

881,637

 

 

12


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER NON-CYCLICAL – (continued)

 

 

 

 

 

 

 

Food – (continued)

 

 

 

 

 

 

 

Food-Confectionery – (continued)

 

 

 

 

 

 

 

Merisant Worldwide, Inc.

 

 

 

 

 

 

 

 

 

(a) 05/15/14

(12.250% 11/15/08)

 

2,455,000

 

398,938

 

 

 

 

 

 

 

1,280,575

 

Food-Miscellaneous/Diversified – 1.1%

 

 

 

 

 

 

 

Dole Food Co., Inc.

 

 

 

 

 

 

 

 

 

8.625% 05/01/09

 

1,710,000

 

1,744,200

 

Pinnacle Foods Holding Corp.

 

 

 

 

 

 

 

 

 

8.250% 12/01/13

 

2,080,000

 

2,038,400

 

Reddy Ice Holdings, Inc.

 

 

 

 

 

 

 

 

 

(a) 11/01/12

(10.500% 11/01/08)

 

1,420,000

 

1,150,200

 

 

 

 

 

 

 

4,932,800

 

Food-Retail – 0.2%

 

 

 

 

 

 

 

Stater Brothers Holdings, Inc.

 

 

 

 

 

 

 

 

 

8.125% 06/15/12

 

1,035,000

 

1,045,350

 

 

 

 

 

 

 

1,045,350

 

Food Total

 

7,258,725

 

Healthcare Services – 2.5%

 

 

 

 

 

 

 

Dialysis Centers – 0.3%

 

 

 

 

 

 

 

DaVita, Inc.

 

 

 

 

 

 

 

 

 

7.250% 03/15/15

 

1,520,000

 

1,550,400

 

 

 

 

 

 

 

1,550,400

 

Medical-HMO – 0.2%

 

 

 

 

 

 

 

Coventry Health Care, Inc.

 

 

 

 

 

 

 

 

 

8.125% 02/15/12

 

945,000

 

996,975

 

 

 

 

 

 

 

996,975

 

Medical-Hospitals – 1.0%

 

 

 

 

 

 

 

HCA, Inc.

 

 

 

 

 

 

 

 

 

7.875% 02/01/11

 

1,695,000

 

1,811,513

 

Tenet Healthcare Corp.

 

 

 

 

 

 

 

 

 

9.875% 07/01/14

 

2,825,000

 

2,892,094

 

 

 

 

 

 

 

4,703,607

 

Medical-Outpatient/Home Medical – 0.2%

 

 

 

 

 

 

 

Select Medical Corp.

 

 

 

 

 

 

 

 

 

7.625% 02/01/15

 

950,000

 

819,375

 

 

 

 

 

 

 

819,375

 

MRI/Medical Diagnostic Imaging – 0.2%

 

 

 

 

 

 

 

MedQuest, Inc.

 

 

 

 

 

 

 

 

 

11.875% 08/15/12

 

675,000

 

519,750

 

 

13


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER NON-CYCLICAL – (continued)

 

 

 

 

 

 

 

Healthcare Services – (continued)

 

 

 

 

 

 

 

MRI/Medical Diagnostic Imaging – (continued)

 

 

 

 

 

 

 

MQ Associates, Inc.

 

 

 

 

 

 

 

 

 

(a) 08/15/12

(12.250% 08/15/08)

 

1,965,000

 

407,738

 

 

 

 

 

 

 

927,488

 

Physician Practice Management – 0.6%

 

 

 

 

 

 

 

US Oncology Holdings, Inc.

 

 

 

 

 

 

 

 

 

9.264% 03/15/15(c)

 

745,000

 

746,862

 

US Oncology, Inc.

 

 

 

 

 

 

 

 

 

9.000% 08/15/12

 

1,780,000

 

1,904,600

 

 

 

 

 

 

 

2,651,462

 

Healthcare Services Total

 

11,649,307

 

Household Products/Wares – 1.5%

 

 

 

 

 

 

 

Consumer Products-Miscellaneous – 1.3%

 

 

 

 

 

 

 

Amscan Holdings, Inc.

 

 

 

 

 

 

 

 

 

8.750% 05/01/14

 

1,420,000

 

1,228,300

 

Jostens IH Corp.

 

 

 

 

 

 

 

 

 

7.625% 10/01/12

 

1,360,000

 

1,383,800

 

Playtex Products, Inc.

 

 

 

 

 

 

 

 

 

9.375% 06/01/11

 

1,595,000

 

1,672,756

 

Scotts Co.

 

 

 

 

 

 

 

 

 

6.625% 11/15/13

 

1,550,000

 

1,581,000

 

 

 

 

 

 

 

5,865,856

 

Office Supplies & Forms – 0.2%

 

 

 

 

 

 

 

ACCO Brands Corp.

 

 

 

 

 

 

 

 

 

7.625% 08/15/15

 

1,130,000

 

1,053,725

 

 

 

 

 

 

 

1,053,725

 

Household Products/Wares Total

 

6,919,581

 

Pharmaceuticals – 2.3%

 

 

 

 

 

 

 

Medical-Drugs – 0.7%

 

 

 

 

 

 

 

Elan Finance PLC

 

 

 

 

 

 

 

 

 

7.750% 11/15/11

 

2,330,000

 

2,158,162

 

Warner Chilcott Corp.

 

 

 

 

 

 

 

 

 

8.750% 02/01/15(b)

 

1,300,000

 

1,287,000

 

 

 

 

 

 

 

3,445,162

 

Medical-Generic Drugs – 0.4%

 

 

 

 

 

 

 

Mylan Laboratories, Inc.

 

 

 

 

 

 

 

 

 

6.375% 08/15/15

 

2,015,000

 

2,045,225

 

 

 

 

 

 

 

2,045,225

 

 

14


 

 

 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

CONSUMER NON-CYCLICAL – (continued)

 

 

 

 

 

 

 

 

 

Pharmaceuticals – (continued)

 

 

 

 

 

 

 

 

Medical-Wholesale Drug Distribution – 0.7%

 

 

 

 

 

 

 

 

AmerisourceBergen Corp.

 

 

 

 

 

 

 

 

 

 

 

5.875% 09/15/15(b)

 

 

 

1,125,000

 

1,134,844

 

Nycomed A/S

 

 

 

 

 

 

 

 

 

 

PIK,

 

 

 

 

 

 

 

 

 

11.750% 09/15/13(b)

 

EUR

 

1,616,891

 

2,004,595

 

 

 

 

 

 

 

 

 

3,139,439

 

Pharmacy Services – 0.2%

 

 

 

 

 

 

 

 

 

Omnicare, Inc.

 

 

 

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

 

 

 

6.750% 12/15/13

 

 

 

760,000

 

771,400

 

 

 

 

 

 

 

 

 

771,400

 

Vitamins & Nutrition Products – 0.3%

 

 

 

 

 

 

 

 

 

NBTY, Inc.

 

 

 

 

 

 

 

 

 

 

 

7.125% 10/01/15(b)

 

 

 

1,260,000

 

1,193,850

 

 

 

 

 

 

 

 

 

1,193,850

 

Pharmaceuticals Total

 

10,595,076

 

CONSUMER NON-CYCLICAL TOTAL

 

62,012,433

 

ENERGY – 9.1%

 

 

 

 

 

 

 

 

 

Coal – 0.9%

 

 

 

 

 

 

 

 

 

Coal – 0.9%

 

 

 

 

 

 

 

 

 

Arch Western Finance LLC

 

 

 

 

 

 

 

 

 

 

 

6.750% 07/01/13

 

 

 

1,835,000

 

1,844,175

 

Massey Energy Co.

 

 

 

 

 

 

 

 

 

 

 

6.875% 12/15/13(b)

 

 

 

2,450,000

 

2,462,250

 

 

 

 

 

 

 

 

 

4,306,425

 

Coal Total

 

4,306,425

 

Oil & Gas – 3.0%

 

 

 

 

 

 

 

 

 

Oil & Gas Drilling – 0.2%

 

 

 

 

 

 

 

 

 

Pride International, Inc.

 

 

 

 

 

 

 

 

 

 

 

7.375% 07/15/14

 

 

 

960,000

 

1,027,200

 

 

 

 

 

 

 

 

 

1,027,200

 

Oil Companies-Exploration & Production – 2.2%

 

 

 

 

 

 

 

Chesapeake Energy Corp.

 

 

 

 

 

 

 

 

 

 

 

6.375% 06/15/15

 

 

 

1,145,000

 

1,145,000

 

 

 

7.500% 06/15/14

 

 

 

1,145,000

 

1,219,425

 

Compton Petroleum Corp.

 

 

 

 

 

 

 

 

 

 

 

7.625% 12/01/13

 

 

 

1,415,000

 

1,443,300

 

Delta Petroleum Corp.

 

 

 

 

 

 

 

 

 

 

 

7.000% 04/01/15

 

 

 

1,060,000

 

1,025,550

 

Forest Oil Corp.

 

 

 

 

 

 

 

 

 

 

 

8.000% 12/15/11

 

 

 

1,080,000

 

1,179,900

 

 

15

 


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

ENERGY – (continued)

 

 

 

 

 

 

 

Oil & Gas – (continued)

 

 

 

 

 

 

 

Oil Companies-Exploration & Production – (continued)

 

 

 

 

 

Magnum Hunter Resources, Inc.

 

 

 

 

 

 

 

 

 

9.600% 03/15/12

 

1,133,000

 

1,225,056

 

Pogo Producing Co.

 

 

 

 

 

 

 

 

 

6.625% 03/15/15

 

1,100,000

 

1,102,750

 

Whiting Petroleum Corp.

 

 

 

 

 

 

 

 

 

7.250% 05/01/12

 

2,085,000

 

2,095,425

 

 

 

 

 

 

 

10,436,406

 

Oil Refining & Marketing – 0.6%

 

 

 

 

 

 

 

Premcor Refining Group, Inc.

 

 

 

 

 

 

 

 

 

7.500% 06/15/15

 

1,015,000

 

1,080,975

 

Tesoro Corp.

 

 

 

 

 

 

 

 

 

6.625% 11/01/15(b)

 

1,465,000

 

1,479,650

 

 

 

 

 

 

 

2,560,625

 

Oil & Gas Total

 

14,024,231

 

Oil & Gas Services – 0.8%

 

 

 

 

 

 

 

Oil-Field Services – 0.8%

 

 

 

 

 

 

 

Hornbeck Offshore Services, Inc.

 

 

 

 

 

 

 

 

 

6.125% 12/01/14(b)

 

1,755,000

 

1,746,225

 

Newpark Resources, Inc.

 

 

 

 

 

 

 

 

 

8.625% 12/15/07

 

1,660,000

 

1,662,075

 

 

 

 

 

 

 

3,408,300

 

Oil & Gas Services Total

 

3,408,300

 

Pipelines – 4.4%

 

 

 

 

 

 

 

Pipelines – 4.4%

 

 

 

 

 

 

 

Atlas Pipeline Partners LP

 

 

 

 

 

 

 

 

 

8.125% 12/15/15(b)

 

1,070,000

 

1,104,775

 

Colorado Interstate Gas Co.

 

 

 

 

 

 

 

 

 

6.800% 11/15/15(b)

 

2,145,000

 

2,230,800

 

El Paso Corp.

 

 

 

 

 

 

 

 

 

7.625% 09/01/08(b)

 

500,000

 

509,375

 

 

 

7.750% 06/15/10(b)

 

2,685,000

 

2,799,113

 

Northwest Pipeline Corp.

 

 

 

 

 

 

 

 

 

8.125% 03/01/10

 

915,000

 

971,044

 

Pacific Energy Partners LP/Pacific Energy Finance Corp.

 

 

 

 

 

 

 

 

 

6.250% 09/15/15

 

1,960,000

 

1,957,550

 

Sonat, Inc.

 

 

 

 

 

 

 

 

 

7.625% 07/15/11

 

4,860,000

 

5,054,400

 

 

16


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

ENERGY – (continued)

 

 

 

 

 

 

 

Pipelines – (continued)

 

 

 

 

 

 

 

Pipelines – (continued)

 

 

 

 

 

 

 

Southern Natural Gas Co.

 

 

 

 

 

 

 

 

 

8.875% 03/15/10

 

1,630,000

 

1,742,063

 

Williams Companies, Inc.

 

 

 

 

 

 

 

 

 

6.375% 10/01/10(b)

 

3,030,000

 

3,071,662

 

 

 

8.125% 03/15/12

 

1,015,000

 

1,116,500

 

 

 

 

 

 

 

20,557,282

 

Pipelines Total

 

20,557,282

 

ENERGY TOTAL

 

42,296,238

 

FINANCIALS – 3.6%

 

 

 

 

 

 

 

Diversified Financial Services – 3.2%

 

 

 

 

 

 

 

Finance-Auto Loans – 1.7%

 

 

 

 

 

 

 

Ford Motor Credit Co.

 

 

 

 

 

 

 

 

 

7.375% 02/01/11

 

2,325,000

 

2,098,411

 

General Motors Acceptance Corp.

 

 

 

 

 

 

 

 

 

6.875% 09/15/11

 

1,865,000

 

1,678,120

 

 

 

8.000% 11/01/31

 

4,585,000

 

4,195,275

 

 

 

 

 

 

 

7,971,806

 

Finance-Investment Banker/Broker – 1.2%

 

 

 

 

 

 

 

E*Trade Financial Corp.

 

 

 

 

 

 

 

 

 

8.000% 06/15/11

 

1,700,000

 

1,789,250

 

LaBranche & Co., Inc.

 

 

 

 

 

 

 

 

 

11.000% 05/15/12

 

3,155,000

 

3,509,938

 

 

 

 

 

 

 

5,299,188

 

Special Purpose Entity – 0.3%

 

 

 

 

 

 

 

Dow Jones CDX High Yield Index

 

 

 

 

 

 

 

 

 

8.750% 12/29/10(b)

 

1,357,300

 

1,387,839

 

 

 

 

 

 

 

1,387,839

 

Diversified Financial Services Total

 

14,658,833

 

Real Estate Investment Trusts – 0.1%

 

 

 

 

 

 

 

REITS-Hotels – 0.1%

 

 

 

 

 

 

 

Host Marriott LP

 

 

 

 

 

 

 

 

 

6.375% 03/15/15

 

655,000

 

656,638

 

 

 

 

 

 

 

656,638

 

Real Estate Investment Trusts Total

 

656,638

 

Savings & Loans – 0.3%

 

 

 

 

 

 

 

Savings & Loans/Thrifts-Western US – 0.3%

 

 

 

 

 

 

 

Western Financial Bank

 

 

 

 

 

 

 

 

17


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

FINANCIALS – (continued)

 

 

 

 

 

 

 

Savings & Loans – (continued)

 

 

 

 

 

 

 

Savings & Loans/Thrifts-Western US – (continued)

 

 

 

 

 

 

 

9.625% 05/15/12

 

1,295,000

 

1,456,875

 

 

 

 

 

 

 

1,456,875

 

Savings & Loans Total

 

1,456,875

 

FINANCIALS TOTAL

 

16,772,346

 

INDUSTRIALS – 14.3%

 

 

 

 

 

 

 

Aerospace & Defense – 1.8%

 

 

 

 

 

 

 

Aerospace/Defense-Equipment – 1.4%

 

 

 

 

 

 

 

Argo-Tech Corp.

 

 

 

 

 

 

 

 

 

9.250% 06/01/11

 

1,250,000

 

1,325,000

 

BE Aerospace, Inc.

 

 

 

 

 

 

 

 

 

8.500% 10/01/10

 

1,655,000

 

1,770,850

 

Sequa Corp.

 

 

 

 

 

 

 

 

 

8.875% 04/01/08

 

1,048,000

 

1,100,400

 

 

 

9.000% 08/01/09

 

780,000

 

838,500

 

Standard Aero Holdings, Inc.

 

 

 

 

 

 

 

 

 

8.250% 09/01/14

 

650,000

 

573,625

 

TransDigm, Inc.

 

 

 

 

 

 

 

 

 

8.375% 07/15/11

 

1,160,000

 

1,215,100

 

 

 

 

 

 

 

6,823,475

 

Electronics-Military – 0.4%

 

 

 

 

 

 

 

Condor Systems, Inc.

 

 

 

 

 

 

 

 

 

11.875% 05/01/09(d)(e)(f)

 

4,000,000

 

—

 

L-3 Communications Corp.

 

 

 

 

 

 

 

 

 

5.875% 01/15/15

 

365,000

 

352,225

 

 

 

6.375% 10/15/15

 

1,380,000

 

1,380,000

 

 

 

 

 

 

 

1,732,225

 

Aerospace & Defense Total

 

8,555,700

 

Building Materials – 0.7%

 

 

 

 

 

 

 

Building & Construction Products-Miscellaneous – 0.4%

 

 

 

 

 

Nortek, Inc.

 

 

 

 

 

 

 

 

 

8.500% 09/01/14

 

1,110,000

 

1,104,450

 

NTK Holdings, Inc.

 

 

 

 

 

 

 

 

 

(a) 03/01/14

(10.750% 09/01/09)

 

1,215,000

 

844,425

 

 

 

 

 

 

 

1,948,875

 

Building Products-Cement/Aggregation – 0.3%

 

 

 

 

 

 

 

RMCC Acquisition Co.

 

 

 

 

 

 

 

 

18


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

 

 

Building Materials – (continued)

 

 

 

 

 

 

 

Building Products-Cement/Aggregation – (continued)

 

 

 

 

 

 

 

9.500% 11/01/12(b)

 

1,250,000

 

1,275,000

 

 

 

 

 

 

 

1,275,000

 

Building Materials Total

 

3,223,875

 

Electronics – 0.5%

 

 

 

 

 

 

 

Electronic Components-Miscellaneous – 0.5%

 

 

 

 

 

 

 

Flextronics International Ltd.

 

 

 

 

 

 

 

 

 

6.250% 11/15/14

 

1,470,000

 

1,462,650

 

Sanmina-SCI Corp.

 

 

 

 

 

 

 

 

 

6.750% 03/01/13

 

855,000

 

822,938

 

 

 

 

 

 

 

2,285,588

 

Electronics Total

 

2,285,588

 

Engineering & Construction – 0.5%

 

 

 

 

 

 

 

Building & Construction-Miscellaneous – 0.5%

 

 

 

 

 

 

 

J. Ray McDermott SA

 

 

 

 

 

 

 

 

 

11.500% 12/15/13(b)

 

1,960,000

 

2,332,400

 

 

 

 

 

 

 

2,332,400

 

Engineering & Construction Total

 

2,332,400

 

Environmental Control – 1.4%

 

 

 

 

 

 

 

Non-Hazardous Waste Disposal – 1.2%

 

 

 

 

 

 

 

Allied Waste North America, Inc.

 

 

 

 

 

 

 

 

 

7.250% 03/15/15

 

2,025,000

 

2,070,562

 

 

 

7.875% 04/15/13

 

2,010,000

 

2,100,450

 

Waste Services, Inc.

 

 

 

 

 

 

 

 

 

9.500% 04/15/14

 

1,479,000

 

1,508,580

 

 

 

 

 

 

 

5,679,592

 

Recycling – 0.2%

 

 

 

 

 

 

 

Aleris International, Inc.

 

 

 

 

 

 

 

 

 

9.000% 11/15/14

 

670,000

 

705,175

 

 

 

 

 

 

 

705,175

 

Environmental Control Total

 

6,384,767

 

Machinery-Construction & Mining – 0.2%

 

 

 

 

 

 

 

Machinery-Construction & Mining – 0.2%

 

 

 

 

 

 

 

Terex Corp.

 

 

 

 

 

 

 

 

 

7.375% 01/15/14

 

830,000

 

848,675

 

 

 

 

 

 

 

848,675

 

Machinery-Construction & Mining Total

 

848,675

 

Machinery-Diversified – 0.7%

 

 

 

 

 

 

 

Machinery-General Industry – 0.4%

 

 

 

 

 

 

 

Douglas Dynamics LLC

 

 

 

 

 

 

 

 

19


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

 

 

Machinery-Diversified – (continued)

 

 

 

 

 

 

 

Machinery-General Industry – (continued)

 

 

 

 

 

 

 

 

 

7.750% 01/15/12(b)

 

1,300,000

 

1,254,500

 

Manitowoc Co., Inc.

 

 

 

 

 

 

 

 

 

7.125% 11/01/13

 

760,000

 

782,800

 

 

 

 

 

 

 

2,037,300

 

Machinery-Material Handling – 0.3%

 

 

 

 

 

 

 

Columbus McKinnon Corp.

 

 

 

 

 

 

 

 

 

8.875% 11/01/13

 

1,190,000

 

1,252,475

 

 

 

 

 

 

 

1,252,475

 

Machinery-Diversified Total

 

3,289,775

 

Metal Fabricate/Hardware – 0.9%

 

 

 

 

 

 

 

Metal Processors & Fabrication – 0.7%

 

 

 

 

 

 

 

Mueller Group, Inc.

 

 

 

 

 

 

 

 

 

10.000% 05/01/12

 

1,065,000

 

1,164,844

 

Mueller Holdings, Inc.

 

 

 

 

 

 

 

 

 

(a) 04/15/14
(14.750% 04/15/09)

 

1,190,000

 

949,025

 

TriMas Corp.

 

 

 

 

 

 

 

 

 

9.875% 06/15/12

 

970,000

 

856,025

 

 

 

 

 

 

 

2,969,894

 

Metal Products-Fasteners – 0.2%

 

 

 

 

 

 

 

FastenTech, Inc.

 

 

 

 

 

 

 

 

 

11.500% 05/01/11

 

1,065,000

 

1,019,737

 

 

 

 

 

 

 

1,019,737

 

Metal Fabricate/Hardware Total

 

3,989,631

 

Miscellaneous Manufacturing – 2.0%

 

 

 

 

 

 

 

Diversified Manufacturing Operators – 1.6%

 

 

 

 

 

 

 

Bombardier, Inc.

 

 

 

 

 

 

 

 

 

6.300% 05/01/14(b)

 

2,961,000

 

2,679,705

 

J.B. Poindexter & Co.

 

 

 

 

 

 

 

 

 

8.750% 03/15/14

 

1,255,000

 

1,019,687

 

Koppers Industries, Inc.

 

 

 

 

 

 

 

 

 

9.875% 10/15/13

 

1,625,000

 

1,779,375

 

Trinity Industries, Inc.

 

 

 

 

 

 

 

 

 

6.500% 03/15/14

 

2,136,000

 

2,136,000

 

 

 

 

 

 

 

7,614,767

 

Miscellaneous Manufacturing – 0.4%

 

 

 

 

 

 

 

Samsonite Corp.

 

 

 

 

 

 

 

 

20


 

 

 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

 

 

 

 

Miscellaneous Manufacturing – (continued)

 

 

 

 

 

 

 

 

 

Miscellaneous Manufacturing – (continued)

 

 

 

 

 

 

 

 

 

 

 

8.875% 06/01/11

 

 

 

1,615,000

 

1,703,825

 

 

 

 

 

 

 

 

 

1,703,825

 

Miscellaneous Manufacturing Total

 

9,318,592

 

Packaging & Containers – 2.7%

 

 

 

 

 

 

 

 

 

Containers-Metal/Glass – 1.4%

 

 

 

 

 

 

 

 

 

Crown Americas LLC & Crown Americas Capital Corp.

 

 

 

 

 

 

 

 

 

 

 

7.750% 11/15/15(b)

 

 

 

1,830,000

 

1,907,775

 

Owens-Brockway Glass Container, Inc.

 

 

 

 

 

 

 

 

 

 

 

8.250% 05/15/13

 

 

 

3,020,000

 

3,155,900

 

Owens-Illinois, Inc.

 

 

 

 

 

 

 

 

 

 

 

7.500% 05/15/10

 

 

 

1,530,000

 

1,560,600

 

 

 

 

 

 

 

 

 

6,624,275

 

Containers-Paper/Plastic – 1.3%

 

 

 

 

 

 

 

 

 

Consolidated Container Co., LLC

 

 

 

 

 

 

 

 

 

 

 

(a) 06/15/09
(10.750% 06/15/07)

 

 

 

1,065,000

 

921,225

 

Jefferson Smurfit Corp.

 

 

 

 

 

 

 

 

 

 

 

8.250% 10/01/12

 

 

 

1,770,000

 

1,730,175

 

 

PIK,

 

 

 

 

 

 

 

 

 

11.500% 10/01/15(b)

 

EUR

 

1,166,547

 

1,404,547

 

MDP Acquisitions PLC

 

 

 

 

 

 

 

 

 

 

 

9.625% 10/01/12

 

USD

 

1,990,000

 

2,099,450

 

 

 

 

 

 

 

 

 

6,155,397

 

Packaging & Containers Total

 

12,779,672

 

Transportation – 2.9%

 

 

 

 

 

 

 

 

 

Transportation-Marine – 1.2%

 

 

 

 

 

 

 

 

 

Ship Finance International Ltd.

 

 

 

 

 

 

 

 

 

 

 

8.500% 12/15/13

 

 

 

3,010,000

 

2,836,925

 

Stena AB

 

 

 

 

 

 

 

 

 

 

 

7.500% 11/01/13

 

 

 

2,575,000

 

2,533,156

 

 

 

 

 

 

 

 

 

5,370,081

 

Transportation-Railroad – 0.6%

 

 

 

 

 

 

 

 

 

TFM SA de CV

 

 

 

 

 

 

 

 

 

 

 

9.375% 05/01/12

 

 

 

1,955,000

 

2,160,275

 

 

 

12.500% 06/15/12

 

 

 

780,000

 

881,400

 

 

 

 

 

 

 

 

 

3,041,675

 

Transportation-Services – 0.9%

 

 

 

 

 

 

 

 

 

CHC Helicopter Corp.

 

 

 

 

 

 

 

 

 

 

 

7.375% 05/01/14

 

 

 

2,015,000

 

2,065,375

 

 

21


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

INDUSTRIALS – (continued)

 

 

 

 

 

 

 

Transportation – (continued)

 

 

 

 

 

 

 

Transportation-Services – (continued)

 

 

 

 

 

 

 

Petroleum Helicopters, Inc.

 

 

 

 

 

 

 

 

 

9.375% 05/01/09

 

1,875,000

 

1,971,094

 

 

 

 

 

 

 

4,036,469

 

Transportation-Trucks – 0.2%

 

 

 

 

 

 

 

QDI LLC

 

 

 

 

 

 

 

 

 

9.000% 11/15/10

 

1,060,000

 

932,800

 

 

 

 

 

 

 

932,800

 

Transportation Total

 

13,381,025

 

INDUSTRIALS TOTAL

 

66,389,700

 

TECHNOLOGY – 0.5%

 

 

 

 

 

 

 

Office/Business Equipment – 0.3%

 

 

 

 

 

 

 

Office Automation & Equipment – 0.3%

 

 

 

 

 

 

 

Xerox Corp.

 

 

 

 

 

 

 

 

 

7.125% 06/15/10

 

1,470,000

 

1,521,450

 

 

 

 

 

 

 

1,521,450

 

Office/Business Equipment Total

 

1,521,450

 

Semiconductors – 0.2%

 

 

 

 

 

 

 

Electronic Components-Semiconductors – 0.2%

 

 

 

 

 

 

 

Amkor Technology, Inc.

 

 

 

 

 

 

 

 

 

9.250% 02/15/08

 

685,000

 

693,563

 

 

 

 

 

 

 

693,563

 

Semiconductors Total

 

693,563

 

TECHNOLOGY TOTAL

 

2,215,013

 

UTILITIES – 4.6%

 

 

 

 

 

 

 

Electric – 4.6%

 

 

 

 

 

 

 

Electric-Generation – 1.1%

 

 

 

 

 

 

 

AES Corp.

 

 

 

 

 

 

 

 

 

9.000% 05/15/15(b)

 

610,000

 

667,950

 

 

 

9.500% 06/01/09

 

1,773,000

 

1,925,921

 

Edison Mission Energy

 

 

 

 

 

 

 

 

 

7.730% 06/15/09

 

2,640,000

 

2,739,000

 

 

 

 

 

 

 

5,332,871

 

Electric-Integrated – 1.4%

 

 

 

 

 

 

 

CMS Energy Corp.

 

 

 

 

 

 

 

 

 

6.875% 12/15/15

 

910,000

 

930,475

 

 

 

8.500% 04/15/11

 

575,000

 

628,188

 

Nevada Power Co.

 

 

 

 

 

 

 

 

 

9.000% 08/15/13

 

640,000

 

707,968

 

 

 

10.875% 10/15/09

 

1,147,000

 

1,244,495

 

 

22


 

 

 

 

 

Par ($)

 

Value ($)*

 

Corporate Fixed-Income Bonds & Notes – (continued)

 

 

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

 

 

Electric – (continued)

 

 

 

 

 

 

 

Electric-Integrated – (continued)

 

 

 

 

 

 

 

Sierra Pacific Resources

 

 

 

 

 

 

 

 

 

6.750% 08/15/17(b)

 

1,570,000

 

1,573,925

 

TECO Energy, Inc.

 

 

 

 

 

 

 

 

 

7.000% 05/01/12

 

1,205,000

 

1,268,262

 

 

 

 

 

 

 

6,353,313

 

Independent Power Producer – 2.1%

 

 

 

 

 

 

 

Dynegy Holdings, Inc.

 

 

 

 

 

 

 

 

 

6.875% 04/01/11

 

1,275,000

 

1,271,813

 

 

 

7.125% 05/15/18

 

870,000

 

843,900

 

 

 

9.875% 07/15/10(b)

 

1,230,000

 

1,346,850

 

Mirant North America LLC

 

 

 

 

 

 

 

 

 

7.375% 12/31/13(b)

 

2,195,000

 

2,255,362

 

MSW Energy Holdings LLC

 

 

 

 

 

 

 

 

 

7.375% 09/01/10

 

910,000

 

941,850

 

 

 

8.500% 09/01/10

 

1,195,000

 

1,278,650

 

NRG Energy, Inc.

 

 

 

 

 

 

 

 

 

7.250% 02/01/14

 

960,000

 

979,200

 

 

 

7.375% 02/01/16

 

900,000

 

924,750

 

 

 

 

 

 

 

9,842,375

 

Electric Total

 

21,528,559

 

UTILITIES TOTAL

 

21,528,559

 

 

 

Total Corporate Fixed-Income Bonds & Notes (cost of $414,028,097)

 

411,023,871

 

 

 

 

 

Shares

 

 

 

Preferred Stocks – 2.1%

 

 

 

 

 

 

 

COMMUNICATIONS – 0.8%

 

 

 

 

 

 

 

Media – 0.8%

 

 

 

 

 

 

 

PTV Inc.

 

10.000%

 

18

 

32

 

Spanish Broadcasting System, Inc.

 

PIK,

 

 

 

 

 

 

 

10.750%

 

3,250

 

3,510,000

 

Media Total

 

3,510,032

 

COMMUNICATIONS TOTAL

 

3,510,032

 

FINANCIALS – 1.3%

 

 

 

 

 

 

 

Real Estate Investment Trusts – 1.3%

 

 

 

 

 

 

 

iStar Financial, Inc.

 

Series E,

 

 

 

 

 

 

 

7.850%

 

86,769

 

2,163,802

 

iStar Financial, Inc.

 

Series F,

 

 

 

 

 

 

 

7.800%

 

57,000

 

1,425,000

 

 

23


 

 

 

 

 

Shares

 

Value ($)

 

Preferred Stocks – (continued)

 

 

 

 

 

 

 

FINANCIALS – (continued)

 

 

 

 

 

 

 

Real Estate Investment Trusts – (continued)

 

 

 

 

 

 

 

Sovereign Real Estate Investment Corp.

 

12.000%(b)

 

1,800,000

 

2,628,000

 

Real Estate Investment Trusts Total

 

6,216,802

 

FINANCIALS TOTAL

 

6,216,802

 

 

 

Total Preferred Stocks
(cost of $9,638,202)

 

 

 

9,726,834

 

Common Stocks – 1.0%

 

 

 

 

 

 

 

CONSUMER DISCRETIONARY – 0.1%

 

 

 

 

 

 

 

Hotels, Restaurants & Leisure – 0.1%

 

 

 

 

 

 

 

 

 

Shreveport Gaming Holdings, Inc.(g)

 

36,086

 

306,731

 

Hotels, Restaurants & Leisure Total

 

306,731

 

CONSUMER DISCRETIONARY TOTAL

 

306,731

 

INDUSTRIALS – 0.0%

 

 

 

 

 

 

 

Commercial Services & Supplies – 0.0%

 

 

 

 

 

 

 

 

 

Fairlane Management Corp. (e)(f)(g)

 

50,004

 

—

 

Commercial Services & Supplies Total

 

—

 

INDUSTRIALS TOTAL

 

—

 

MATERIALS – 0.1%

 

 

 

 

 

 

 

Chemicals – 0.1%

 

 

 

 

 

 

 

 

 

Lyondell Chemical Co.

 

30,000

 

627,600

 

Chemicals Total

 

627,600

 

MATERIALS TOTAL

 

627,600

 

TELECOMMUNICATION SERVICES – 0.6%

 

 

 

 

 

 

 

Diversified Telecommunication Services – 0.2%

 

 

 

 

 

 

 

 

 

NTL, Inc. (g)

 

14,154

 

932,041

 

Diversified Telecommunication Services Total

 

932,041

 

Wireless Telecommunication Services – 0.4%

 

 

 

 

 

 

 

 

 

Sprint Nextel Corp.

 

76,922

 

1,848,436

 

Wireless Telecommunication Services Total

 

1,848,436

 

TELECOMMUNICATION SERVICES TOTAL

 

2,780,477

 

UTILITIES – 0.2%

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders – 0.2%

 

 

 

 

 

 

 

 

 

Dynegy, Inc., Class A (g)

 

113,000

 

611,330

 

 

24


 

 

 

 

 

Shares

 

Value ($)

 

Common Stocks – (continued)

 

 

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

 

 

Independent Power Producers & Energy Traders – (continued)

 

 

 

 

 

 

 

 

 

Mirant Corp. (g)

 

23,717

 

583,438

 

Independent Power Producers & Energy Traders Total

 

1,194,768

 

UTILITIES TOTAL

 

1,194,768

 

 

 

Total Common Stocks
(cost of $5,245,515)

 

 

 

4,909,576

 

 

 

 

 

Par ($)

 

 

 

Municipal Bonds (Taxable) – 0.7%

 

 

 

 

 

 

 

CALIFORNIA – 0.7%

 

 

 

 

 

 

 

CA Cabazon Band Mission Indians

 

 

 

 

 

 

 

 

 

13.000% 10/01/11

 

3,250,000

 

3,261,765

 

CALIFORNIA TOTAL

 

3,261,765

 

 

 

Total Municipal Bonds (Taxable) (cost of $3,250,000)

 

 

 

3,261,765

 

Convertible Bonds – 0.5%

 

 

 

 

 

 

 

COMMUNICATIONS – 0.5%

 

 

 

 

 

 

 

Telecommunication Services – 0.5%

 

 

 

 

 

 

 

Telecommunication Equipment – 0.5%

 

 

 

 

 

 

 

Nortel Networks Corp.

 

 

 

 

 

 

 

 

 

4.250% 09/01/08

 

2,605,000

 

2,458,469

 

 

 

 

 

 

 

2,458,469

 

Telecommunication Services Total

 

2,458,469

 

COMMUNICATIONS TOTAL

 

2,458,469

 

 

 

Total Convertible Bonds
(cost of $2,499,052)

 

 

 

2,458,469

 

 

 

 

 

Units

 

 

 

Warrants – 0.0%

 

 

 

 

 

 

 

COMMUNICATIONS – 0.0%

 

 

 

 

 

 

 

Media – 0.0%

 

 

 

 

 

 

 

Broadcast Services/Programs – 0.0%

 

 

 

 

 

 

 

XM Satellite Radio Holdings, Inc.

 

Expires 03/15/10(g)(b)

 

2,435

 

63,310

 

 

 

 

 

 

 

63,310

 

Media Total

 

63,310

 

Telecommunication Services – 0.0%

 

 

 

 

 

 

 

Cellular Telecommunications – 0.0%

 

 

 

 

 

 

 

UbiquiTel, Inc.

 

Expires 04/15/10(g)(b)

 

5,250

 

52

 

 

 

 

 

 

 

52

 

 

25


 

 

 

 

 

Units

 

Value ($)

 

Warrants – (continued)

 

 

 

 

 

 

 

COMMUNICATIONS – (continued)

 

 

 

 

 

 

 

Telecommunication Services – (continued)

 

 

 

 

 

 

 

Telecommunication Services – 0.0%

 

 

 

 

 

 

 

Jazztel PLC

 

Expires 07/15/10(e)(f)(g)

 

1,435

 

—

 

 

 

 

 

 

 

—

 

Telecommunication Services Total

 

52

 

COMMUNICATIONS TOTAL

 

63,362

 

CONSUMER NON-CYCLICAL – 0.0%

 

 

 

 

 

 

 

Food – 0.0%

 

 

 

 

 

 

 

Food-Retail – 0.0%

 

 

 

 

 

 

 

Pathmark Stores Inc.

 

Expires 09/19/10(g)

 

58,758

 

18,215

 

 

 

 

 

 

 

18,215

 

Food Total

 

18,215

 

CONSUMER NON-CYCLICAL TOTAL

 

18,215

 

INDUSTRIALS – 0.0%

 

 

 

 

 

 

 

Metal Fabricate/Hardware – 0.0%

 

 

 

 

 

 

 

Metal Processors & Fabrication – 0.0%

 

 

 

 

 

 

 

Mueller Holdings, Inc.

 

Expires 04/15/14(e)(g)

 

1,310

 

1,546

 

 

 

 

 

 

 

1,546

 

Metal Fabricate/Hardware Total

 

1,546

 

Transportation – 0.0%

 

 

 

 

 

 

 

Transportation-Trucks – 0.0%

 

 

 

 

 

 

 

QDI LLC

 

Expires 01/15/07(b)(e)(g)

 

10,207

 

81,860

 

 

 

 

 

 

 

81,860

 

Transportation Total

 

81,860

 

INDUSTRIALS TOTAL

 

83,406

 

 

 

Total Warrants
(cost of $7,829,465)

 

 

 

164,983

 

 

 

 

 

Par ($)

 

 

 

Short-Term Obligation – 5.8%

 

 

 

 

 

 

 

 

 

Repurchase agreement with State Street Bank & Trust Co., dated 02/28/06, due 03/01/06 at 4.440%, collateralized by a U.S. Treasury Bond maturing 02/15/36, market value of $27,332,650 (repurchase proceeds $26,799,305)

 

26,796,000

 

26,796,000

 

 

 

Total Short-Term Obligation
(cost of $26,796,000)

 

 

 

26,796,000

 

 

 

Total Investments – 98.5% (cost of $469,286,331)(h)(i)

 

 

 

458,341,498

 

 

 

Other Assets & Liabilities, Net – 1.5%

 

 

 

6,753,773

 

 

 

Net Assets – 100.0%

 

 

 

465,095,271

 

 

26


 

 

Notes to Investment Portfolio:

 

*

Security Valuation:

Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

Equity securities, exchange traded funds and securities of certain investment companies are valued at the last sale price on the principal exchange on which they trade, except for securities traded on the NASDAQ, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the closing bid price on such exchanges or over-the-counter markets.

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

Forward currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

Foreign securities are generally valued at the last sale price on the foreign exchange or market on which they trade. If any foreign share prices are not readily available as a result of limited share activity, the securities are valued at the last sale price of the local shares in the principal market in which such securities are normally traded.

 

Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net asset value of the Fund’s shares are determined as of such times. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Events affecting the values of such foreign securities and such exchange rates may occur between the times at which they are determined and the close of the customary trading session of the NYSE, which would not be reflected in the computation of the Fund’s net asset value. If events materially affecting the values of such foreign securities occur and it is determined that market quotations are not reliable, then these foreign securities will be valued at their fair value using procedures approved by the Board of Trustees.

Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.

 

 

 

 

(a)

Step bond. This security is currently not paying coupon. Shown parenthetically is the next interest rate to be paid and the date the Fund will begin accruing at this rate.

 

27


 

 

(b)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2006, these securities, which did not include any illiquid securities except the following, amounted to $82,364,932, which represents 17.7% of net assets.

 

 

 

Acquisition

 

 

 

 

 

 

 

Security

 

Date

 

Par/Units

 

Cost

 

Value

 

Hollinger, Inc.

 

 

 

 

 

 

 

 

 

11.875% 03/01/11

 

09/30/04

 

$

1,009,000

 

$

1,009,000

 

$

1,009,000

 

12.875% 03/01/11

 

03/05/03

 

1,474,000

 

1,464,817

 

1,538,487

 

QDI LLC

 

05/28/02

 

10,207

 

—

 

81,860

 

 

 

 

 

 

 

 

 

$

2,629,347

 

 

 

(c)

The interest rate shown on floating rate or variable rate securities reflects the rate at February 28, 2006.

 

 

 

 

(d)

The issuer has filed for bankruptcy protection under Chapter 11.  Income is not being accrued.  At February 28, 2006, the value of these securities amounted to $226,688, which represents 0.1% of net assets.

 

 

 

 

(e)

Represents fair value as determined in good faith under procedures approved by the Board of Trustees.

 

 

 

 

(f)

Security has no value.

 

 

 

 

(g)

Non-income producing

 

 

 

 

(h)

Cost for federal income tax purposes is $470,327,108.

 

 

 

 

(i)

Unrealized appreciation and depreciation at February 28, 2006 based on cost of investments for federal income tax purposes was:

 

Unrealized

 

Unrealized

 

Net Unrealized

 

Appreciation

 

Depreciation

 

Depreciation

 

$ 13,077,530

 

$

(25,063,140

)

$

(11,985,610

)

 

 

 

At February 28, 2006, the Fund had entered into the following forward currency exchange contracts:

 

 

 

 

Forward Currency

 

 

 

Aggregate

 

Settlement

 

Unrealized

 

Contracts to Sell

 

Value

 

Face Value

 

Date

 

Depreciation

 

EUR

 

$

2,408,890

 

$

2,405,345

 

03/23/06

 

$

(3,545

)

EUR

 

2,098,314

 

2,093,738

 

03/31/06

 

(4,576

)

 

 

 

 

 

 

 

 

$

(8,121

)

 

Acronym

 

Name

EUR

 

Euro Currency

PIK

 

Payment-In-Kind

REIT

 

Real Estate Investment Trust

USD

 

US Dollar

 

28


 

Item 2. Controls and Procedures. 

 

(a)     The registrant’s principal executive officer and principal financial officer, based on his evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, has concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

(b)     There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant)

 

Columbia Funds Trust I

 

 

 

 

 

 

 

By (Signature and Title)

 

/S/ Christopher L. Wilson

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

Date

 

April 26, 2006

 

 

 

 

 

 

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

 

 

By (Signature and Title)

 

/S/ Christopher L. Wilson

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

Date

 

April 26, 2006

 

 

 

 

 

 

 

 

 

By (Signature and Title)

 

/S/ J. Kevin Connaughton

 

 

 

J. Kevin Connaughton, Treasurer

 

 

 

 

 

 

 

Date

 

April 26, 2006

 

 

 EX-99.CERT 2 a06-10291_11ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

I, J. Kevin Connaughton, certify that:

 

1.                                       I have reviewed this report on Form N-Q of Columbia Funds Trust I;

 

2.                                       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                       Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.                                       The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)                                  evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)                                 disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                       The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)                                 any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:

April 26, 2006

   /S/ J. Kevin Connaughton

 

 

 

 

 

 

J. Kevin Connaughton, Treasurer

 


 

I, Christopher L. Wilson, certify that:

 

1.                                       I have reviewed this report on Form N-Q of Columbia Funds Trust I;

 

2.                                       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.                                       Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.                                       The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)                                  designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)                                 designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)                                  evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)                                 disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.                                       The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)                                  all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)                                 any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:

April 26, 2006

/S/ Christopher L. Wilson

 

 

 

 

 

 

Christopher L. Wilson, President

 

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