SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2007 |
Moody’s/ | ||||||||||
Standard & | Principal | |||||||||
Poor’s Rating(a) | Amount (000’s) | Value | ||||||||
LONG-TERM DEBT SECURITIES (98.18%) |
||||||||||
AUTOMOTIVE (6.67%) |
||||||||||
DaimlerChrysler Co. LLC, Unsec. Debs., 12.375%, 05/01/20 |
Baa1/BBB | 1,000,000 | $ | 1,631,504 | ||||||
Ford Holdings, LLC, Gtd., 9.30%, 03/01/30 |
Caa1/CCC+ | 1,000,000 | 910,000 | |||||||
Ford Motor Co., Debs., 8.90%, 01/15/32 |
Caa1/CCC+ | 1,060,000 | 922,200 | |||||||
Ford Motor Credit Co., Debs., 7.00%, 10/01/13 |
B1/B | 1,000,000 | 926,496 | |||||||
Ford Motor Credit Co., Sr. Unsec. Notes, 8.00%, 12/15/16 |
B1/B | 1,000,000 | 957,848 | |||||||
General Motors Acceptance Corp., Notes, 7.25%, 03/02/11 |
Ba1/BB+ | 1,000,000 | 996,721 | |||||||
Meritor Automotive Inc., Notes, 6.80%, 02/15/09 |
B1/B+ | 87,000 | 85,260 | |||||||
6,430,029 | ||||||||||
CHEMICALS (0.76%) |
||||||||||
Lyondell Chemical Co., Sr. Unsec. Notes, 8.25%, 09/15/16 |
B1/B+ | 250,000 | 261,250 | |||||||
Nova Chemicals Co., Sr. Notes, 6.50%, 01/15/12 |
Ba3/B+ | 500,000 | 467,500 | |||||||
728,750 | ||||||||||
COMMERCIAL SERVICES (0.26%) |
||||||||||
Avis Budget
Car Rental LLC, Sr. Unsec. Notes, 7.86%, 05/15/14(b) |
Ba3/BB- | 250,000 | 253,750 | |||||||
DIVERSIFIED FINANCIAL SERVICES (16.72%) |
||||||||||
Bank of America Corp., Sub. Notes, 5.42%, 03/15/17 |
Aa2/AA- | 1,000,000 | 958,664 | |||||||
Capital One Financial Corp., Notes, 7.125%, 08/01/08 |
A3/BBB+ | 1,000,000 | 1,015,782 | |||||||
Credit Suisse FB USA, Inc., Notes, 4.875%, 08/15/10 |
Aa1/AA- | 500,000 | 492,437 | |||||||
General Electric Capital Corp., Notes, 6.125%, 02/22/11 |
Aaa/AAA | 1,000,000 | 1,019,294 | |||||||
General Electric Capital Corp., Unsec. Notes, 6.00%, 06/15/12 |
Aaa/AAA | 1,725,000 | 1,755,765 | |||||||
HSBC America Capital Trust II, Co. Gtd., 8.38%, 05/15/27, 144A |
NA/A | 2,500,000 | 2,610,017 | |||||||
HSBC Finance Corp., Notes, 6.75%, 05/15/11 |
Aa3/AA- | 1,500,000 | 1,557,040 | |||||||
ICICI Bank Ltd., Notes, 5.75%, 01/12/12, 144A |
Baa2/BBB- | 1,000,000 | 982,096 | |||||||
Landesbank Baden-Wurtt NY, Sub. Notes, 6.35%, 04/01/12 |
Aaa/AA+ | 500,000 | 517,982 | |||||||
Residential Capital Corp., Gtd., 6.375%, 06/30/10 |
Baa3/BBB- | 1,000,000 | 987,092 | |||||||
Residential Capital LLC, Co. Gty., 6.125%, 11/21/08 |
Baa3/BBB- | 500,000 | 495,437 | |||||||
Sanwa Bank Ltd., Sub. Notes, 7.40%, 06/15/11 |
Aa3/A | 500,000 | 533,085 | |||||||
Takefuji Corp., Sr. Notes, 9.20%, 04/15/11, 144A |
Baa1/BBB | 1,000,000 | 1,110,140 | |||||||
UBS PFD Funding Trust I, Co. Gtd., 8.622%, 12/31/49(b) |
Aa2/AA- | 1,000,000 | 1,086,087 | |||||||
Wachovia Capital Trust III, Gtd., 5.80%, 08/29/49(b) |
A2/A | 1,000,000 | 995,642 | |||||||
16,116,560 | ||||||||||
ENERGY (7.48%) |
||||||||||
Anadarko Petroleum Corp., Sr. Notes, 5.95%, 09/15/16 |
Baa3/BBB- | 700,000 | 683,496 | |||||||
Apache Corp., Notes, 7.70%, 03/15/26 |
A3/A- | 500,000 | 570,211 | |||||||
Chesapeake Energy Corp., Sr. Notes, 7.50%, 09/15/13 |
Ba2/BB | 500,000 | 508,750 | |||||||
Pemex Project Funding Master Trust, Co. Gty., 6.125%,
08/15/08 |
Baa1/BBB | 1,000,000 | 1,006,000 | |||||||
Petrobras International Finance Co., Sr. Unsub. Notes, 6.125%,
10/06/16 |
Baa2/BBB- | 750,000 | 735,000 | |||||||
Transocean, Inc., Notes, 7.50%, 04/15/31 |
Baa1/A- | 500,000 | 552,905 | |||||||
Western Atlas, Inc., Debs., 8.55%, 06/15/24 |
A2/A | 2,539,000 | 3,149,987 | |||||||
7,206,349 | ||||||||||
GAMING, LODGING & LEISURE (4.21%) |
||||||||||
Caesars Entertainment Inc., Sr. Notes, 7.50%, 09/01/09 |
Baa3/BB | 1,000,000 | 1,022,500 | |||||||
MGM Mirage, Inc., Co. Gty., 6.00%, 10/01/09 |
Ba2/BB | 1,000,000 | 991,250 | |||||||
Royal Caribbean Cruises Ltd., Sr. Notes, 6.75%, 03/15/08 |
Ba1/BBB- | 1,000,000 | 1,005,991 |
1
Moody’s/ | ||||||||||
Standard & | Principal | |||||||||
Poor’s Rating(a) | Amount (000’s) | Value | ||||||||
Starwood Hotels & Resorts Worldwide, Inc., Gtd., 7.875%,
05/01/12 |
Baa3/BBB- | 1,000,000 | $ | 1,041,345 | ||||||
4,061,086 | ||||||||||
HOME BUILDERS (0.99%) |
||||||||||
Centex Corp., Notes, 5.45%, 08/15/12 |
Baa2/BBB | 1,000,000 | 954,150 | |||||||
INDUSTRIAL (0.75%) |
||||||||||
Belden CDT, Inc., Sr. Sub. Notes, 7.00%, 03/15/17, 144A |
Ba2/BB- | 250,000 | 246,250 | |||||||
L-3 Communications Corp., Co. Gty., 6.125%, 07/15/13 |
Ba3/BB+ | 500,000 | 472,500 | |||||||
718,750 | ||||||||||
INSURANCE (5.32%) |
||||||||||
AIG Sunamerica Global Finance VI, Sr. Notes, 6.30%,
05/10/11, 144A |
Aa2/AA+ | 1,000,000 | 1,024,171 | |||||||
Berkshire Hathaway Finance Corp., Notes, 5.10%, 07/15/14 |
Aaa/AAA | 1,000,000 | 971,573 | |||||||
Penn Central Corp., Sub. Notes, 10.875%, 05/01/11(c) |
WR/NR | 1,500,000 | 1,720,320 | |||||||
Sunamerica Inc., Debs., 8.125%, 04/28/23 |
Aa2/AA | 750,000 | 897,577 | |||||||
XL Capital Europe PLC, Gtd., 6.50%, 01/15/12 |
A3/A- | 500,000 | 513,442 | |||||||
5,127,083 | ||||||||||
MEDIA (12.82%) |
||||||||||
Clear Channel Communication, Inc., Co. Gty., 8.00%, 11/01/08 |
Baa3/B+ | 1,000,000 | 1,025,695 | |||||||
Comcast Corp., Gtd., 7.05%, 03/15/33 |
Baa2/BBB+ | 2,000,000 | 2,064,264 | |||||||
Dex Media West LLC, Sr. Notes, 8.50%, 08/15/10 |
B1/B | 500,000 | 518,125 | |||||||
Harcourt General, Inc., Sr. Debs., 8.875%, 06/01/22 |
WR/A- | 2,000,000 | 2,438,062 | |||||||
News America Holdings, Inc., Gtd., 7.90%, 12/31/49 |
Baa2/BBB | 1,400,000 | 1,525,136 | |||||||
Quebecor World Capital Corp., Gtd., 6.125%, 11/15/13 |
B2/B+ | 1,000,000 | 902,500 | |||||||
Time Warner, Inc., Debs., 9.15%, 02/01/23 |
Baa2/BBB+ | 3,000,000 | 3,627,114 | |||||||
Viacom, Inc., Sr. Debs., 7.875%, 07/30/30 |
Baa3/BBB | 250,000 | 258,514 | |||||||
12,359,410 | ||||||||||
MINING (1.58%) |
||||||||||
Freeport-McMoran C&G, Sr. Unsec. Notes, 8.375%, 04/01/17 |
Ba3/BB | 500,000 | 533,750 | |||||||
Vale Overseas Ltd., Co. Gty., 6.25%, 01/23/17 |
Baa3/BBB | 1,000,000 | 991,820 | |||||||
1,525,570 | ||||||||||
PAPER (2.53%) |
||||||||||
Abitibi-Consolidated, Inc., Debs., 8.85%, 08/01/30 |
B3/B | 500,000 | 420,000 | |||||||
Smurfit Capital Funding PLC, Debs., 7.50%, 11/20/25 |
Ba2/BB | 2,000,000 | 2,015,000 | |||||||
2,435,000 | ||||||||||
PHARMACEUTICALS (0.55%) |
||||||||||
Monsanto Co. (Pharmacia Corp.), Debs., 6.50%, 12/01/18 |
Aa1/AAA | 500,000 | 529,730 | |||||||
REAL ESTATE INVESTMENT TRUST (REIT) (5.50%) |
||||||||||
Chelsea Property Group, Inc., Notes, 7.25%, 10/21/07 |
A3/A- | 1,000,000 | 1,004,133 | |||||||
Federal Realty Investment Trust, Sr. Unsec. Notes, 5.40%,
12/01/13 |
Baa1/BBB+ | 750,000 | 728,701 | |||||||
Host Marriott LP, Sr. Notes, 7.00%, 08/15/12 |
Ba1/BB | 500,000 | 500,625 | |||||||
iStar Financial, Inc., Sr. Notes, 6.00%, 12/15/10 |
Baa2/BBB | 1,000,000 | 1,004,222 | |||||||
Liberty Property LP, Sr. Notes, 7.50%, 01/15/18 |
Baa2/BBB | 1,000,000 | 1,076,588 | |||||||
Nationwide Health Properties, Inc., Notes, 6.00%, 05/20/15 |
Baa3/BBB- | 500,000 | 489,205 | |||||||
Prologis, Sr. Notes, 5.50%, 04/01/12 |
Baa1/BBB+ | 500,000 | 495,822 | |||||||
5,299,296 | ||||||||||
RETAIL & RESTAURANT (2.14%) |
||||||||||
Autonation, Inc., Co. Gty., 7.00%, 04/15/14 |
Ba2/BB+ | 500,000 | 493,750 | |||||||
Darden Restaurants, Inc., Debs., 7.125%, 02/01/16 |
Baa1/BBB+ | 500,000 | 515,952 |
2
Moody’s/ | ||||||||||
Standard & | Principal | |||||||||
Poor’s Rating(a) | Amount (000’s) | Value | ||||||||
JC Penney Co., Inc., Sr. Unsec. Notes, 8.00%, 03/01/10 |
Baa3/BBB- | 1,000,000 | $ | 1,055,911 | ||||||
2,065,613 | ||||||||||
TECHNOLOGY (0.52%) |
||||||||||
Avnet, Inc., Sr. Notes, 6.625%, 09/15/16 |
Ba1/BBB- | 500,000 | 506,627 | |||||||
TELECOMMUNICATIONS (10.18%) |
||||||||||
Citizens Communications Co., Sr. Notes, 6.25%, 01/15/13 |
Ba2/BB+ | 500,000 | 479,375 | |||||||
Deutsche Telekom International Finance BV, Gtd., 8.25%,
06/15/30 |
A3/A- | 2,000,000 | 2,397,130 | |||||||
France Telecom SA, Notes, 7.75%, 03/01/11(d) |
A3/A- | 750,000 | 801,281 | |||||||
GTE Corp., Debs., 6.94%, 04/15/28 |
Baa1/A | 2,000,000 | 2,057,006 | |||||||
SBC Communications, Inc., Notes, 5.875%, 08/15/12 |
A2/A | 500,000 | 503,797 | |||||||
Sprint Capital Corp., Co. Gty., 6.90%, 05/01/19 |
Baa3/BBB | 1,750,000 | 1,732,388 | |||||||
Verizon Global Funding Corp., Notes, 7.75%, 12/01/30 |
A3/A | 1,646,000 | 1,843,788 | |||||||
9,814,765 | ||||||||||
TRANSPORTATION (3.87%) |
||||||||||
BNSF Funding Trust I, Co. Gty., 6.613%, 12/15/49(b) |
Baa3/BBB- | 250,000 | 228,362 | |||||||
Burlington North Santa Fe., Unsec. Notes, 5.65%, 05/01/17 |
Baa1/BBB | 1,000,000 | 974,157 | |||||||
Federal Express Corp., Notes, 9.65%, 06/15/12 |
Baa2/BBB | 1,750,000 | 2,037,571 | |||||||
Ryder Systems, Inc., Notes, 5.85%, 03/01/14 |
Baa1/BBB+ | 500,000 | 491,843 | |||||||
3,731,933 | ||||||||||
UTILITIES (6.42%) |
||||||||||
Dominion Resources, Inc., Sr. Notes, 6.75%, 12/15/32 |
Baa2/BBB | 1,000,000 | 1,074,867 | |||||||
DPL, Inc., Sr. Notes, 8.00%, 03/31/09(e) |
NR/NR | 1,000,000 | 1,039,604 | |||||||
Hydro-Quebec, Gtd., Debs., 8.25%, 04/15/26 |
Aa2/A+ | 1,550,000 | 1,992,733 | |||||||
Midamerican Funding LLC, Sec. Sr. Bonds, 6.927%, 03/01/29 |
A3/BBB+ | 500,000 | 539,817 | |||||||
NSTAR, Notes, 8.00%, 02/15/10 |
A2/A | 500,000 | 530,062 | |||||||
Ohio Power Co., Sr. Notes, 6.00%, 06/01/16 |
A3/BBB | 500,000 | 500,478 | |||||||
Old Dominion Electric Coop., Sec. Bonds, 6.25%, 06/01/11 |
Aaa/AAA | 500,000 | 512,567 | |||||||
6,190,128 | ||||||||||
MORTGAGE-BACKED SECURITIES (7.95%) |
||||||||||
FHLMC Pool # B11892, 4.50%, 01/01/19 |
Aaa/AAA | 1,495,598 | 1,425,545 | |||||||
FHLMC Pool # A15675, 6.00%, 11/01/33 |
Aaa/AAA | 1,022,283 | 1,017,949 | |||||||
FNMA Pool # 754791, 6.50%, 12/01/33 |
Aaa/AAA | 1,332,596 | 1,354,057 | |||||||
FNMA Pool # 763852, 5.50%, 02/01/34 |
Aaa/AAA | 2,312,238 | 2,238,674 | |||||||
GNSF Pool # 417239, 7.00%, 02/15/26 |
Aaa/AAA | 64,300 | 67,063 | |||||||
GNSF Pool # 780374, 7.50%, 12/15/23 |
Aaa/AAA | 27,864 | 29,161 | |||||||
Meristar Commercial Mortagage Trust, Series 1999-C1, Class
C, 8.29%, 03/03/16, 144A |
Aaa/AAA | 500,000 | 531,640 | |||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28,
Class A3, 5.679%, 10/15/48 |
Aaa/AAA | 500,000 | 492,555 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2007-10,
Class 1A19, 6.00%, 07/25/37(c) |
Aaa/NR | 500,000 | 502,188 | |||||||
7,658,832 | ||||||||||
ASSET-BACKED SECURITIES (0.96%) |
||||||||||
Option One Mortgage Loan Trust, Series 2007-FXD2, Class
2A1, 5.90%, 03/25/38(d) |
Aaa/AAA | 922,312 | 920,157 | |||||||
TOTAL LONG-TERM DEBT SECURITIES (Cost of $92,432,859) |
94,633,568 | |||||||||
3
Shares | Value | |||||||
INVESTMENT COMPANIES (3.42%) |
||||||||
PNC Bank Money Market |
3,301,312 | $ | 3,301,312 | |||||
TOTAL INVESTMENTS (101.6%) |
||||||||
(Cost of $95,734,171)* |
$ | 97,934,880 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.6%) |
(1,544,316 | ) | ||||||
NET ASSETS (100.0%) |
$ | 96,390,564 | ||||||
(a) | Ratings for debt securities are unaudited. All ratings are as of June 30, 2007 and may have changed subsequently. | |
(b) | Variable rate security. Rate disclosed is as of June 30, 2007. | |
(c) | Security was valued using fair value procedures as of June 30, 2007. | |
(d) | Multi-Step Coupon. Rate disclosed is as of June 30, 2007. | |
(e) | Security rated BBB+ by Fitch. | |
144A | Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At June 30, 2007, these securities amounted to 6.75% of net assets. | |
* | Aggregate cost for Federal income tax purpose is $95,734,171. |
Gross unrealized appreciation |
$ | 3,889,048 | ||
Gross unrealized depreciation |
(1,688,339 | ) | ||
Net unrealized depreciation |
$ | 2,200,709 | ||
4
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
5
(Registrant)
|
Rivus Bond Fund | |
By (Signature and Title)*
|
/s/ Clifford D. Corso | |
Clifford D. Corso, President | ||
(principal executive officer) | ||
Date |
August 28, 2007 | |
By (Signature and Title)*
|
/s/ Clifford D. Corso | |
Clifford D. Corso, President | ||
(principal executive officer ) | ||
Date |
August 28, 2007 | |
By (Signature and Title)*
|
/s/ Marc D. Morris | |
Marc D. Morris, Treasurer | ||
(principal financial officer ) | ||
Date |
August 28, 2007 | |
* | Print the name and title of each signing officer under his or her signature. |
6