N-Q 1 a04-11569_4nq.htm N-Q

 

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........20.00

 

 

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-5567

 

Colonial Intermediate High Income Fund

(Exact name of registrant as specified in charter)

One Financial Center, Boston, Massachusetts

02111

(Address of principal executive offices)

(Zip code)

Vincent Pietropaolo, Esq.
Columbia Management Group, Inc.
One Financial Center
Boston, MA 02111

(Name and address of agent for service)

 

 

 

Registrant's telephone number, including area code:

1-617-772-3698

 

 

Date of fiscal year end:

11/30/04

 

 

Date of reporting period:

6/1/04 - 8/31/04

 

 


Investment Portfolio

 

August 31, 2004 (unaudited)

Colonial Intermediate High Income Fund

 

 

 

 

 

 

 

 

 

Par ($)

 

Value ($)

 

Corporate Fixed-Income Bonds & Notes - 126.0%

 

 

 

 

 

 

 

 

 

 

 

AGRICULTURE - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Agriculture Production - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Seminis, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

10/01/13

 

 

 

438,000

 

481,800

 

 

 

 

 

 

 

 

 

Agriculture Production Total

 

481,800

 

 

 

 

 

 

 

 

 

AGRICULTURE TOTAL

 

481,800

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSTRUCTION - 4.7%

 

 

 

 

 

 

 

 

 

 

 

Building Construction - 4.7%

 

 

 

 

 

 

 

 

 

 

 

Associated Materials, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

03/01/14

 

 

 

 

 

 

 

 

 

 

 

(11.250% 03/01/09)

(b)

 

 

205,000

 

144,525

 

Atrium Companies, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

10.500%

 

05/01/09

 

 

 

445,000

 

468,362

 

 

 

10.500%

 

05/01/09

 

 

 

 

 

 

 

D.R. Horton, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

09/15/10

 

 

 

955,000

 

1,119,738

 

K. Hovnanian Enterprises, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

8.875%

 

04/01/12

 

 

 

170,000

 

187,850

 

 

 

10.500%

 

10/01/07

 

 

 

340,000

 

394,400

 

Norcraft Companies,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

11/01/11

(b)

 

 

140,000

 

149,800

 

Nortek Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.500%

 

09/01/14

(b)

 

 

140,000

 

145,600

 

Standard Pacific Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

04/15/12

 

 

 

415,000

 

472,063

 

WII Components, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.000%

 

02/15/12

(b)

 

 

320,000

 

316,800

 

William Lyon Homes, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.750%

 

04/01/13

 

 

 

210,000

 

240,450

 

 

 

 

 

 

 

 

 

Building Construction Total

 

3,639,588

 

 

 

 

 

 

 

 

 

CONSTRUCTION TOTAL

 

3,639,588

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCE, INSURANCE & REAL ESTATE - 4.4%

 

 

 

 

 

 

 

 

 

 

 

Depository Institutions - 0.3%

 

 

 

 

 

 

 

 

 

 

 

Western Financial Bank,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.625%

 

05/15/12

 

 

 

210,000

 

231,000

 

 

 

 

 

 

 

 

 

Depository Institutions Total

 

231,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Services - 4.1%

 

 

 

 

 

 

 

 

 

 

 

Dollar Financial Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

11/15/11

 

 

 

475,000

 

503,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Dow Jones CDX High Yield Series 3,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.000%

 

12/29/09

(b)

 

 

1,000,000

 

995,000

 

 

 

 

 

 

 

 

 

 

 

 

 

E*Trade Financial Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.000%

 

06/15/11

(b)

 

 

275,000

 

279,125

 

 

 

 

 

 

 

 

 

 

 

 

 

FINOVA Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.500%

 

11/15/09

 

 

 

473,850

 

234,556

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Cash Access LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

03/15/12

(b)

 

 

340,000

 

357,850

 

 

 

 

 

 

 

 

 

 

 

 

 

LaBranche & Co., Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

05/15/12

(b)

 

 

505,000

 

510,050

 

 

 

 

 

 

 

 

 

 

 

 

 

Thornburg Mortgage, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.000%

 

05/15/13

 

 

 

250,000

 

255,000

 

 

 

 

 

 

 

 

 

Financial Services Total

 

3,135,081

 

 

 

 

 

 

 

 

 

FINANCE, INSURANCE & REAL ESTATE TOTAL

 

3,366,081

 

 

 

 

 

 

 

 

 

 

 

 

 

INDUSTRIALS - 0.2%

 

 

 

 

 

 

 

 

 

 

 

Industrial Conglomerates - 0.2%

 

 

 

 

 

 

 

 

 

 

 

SPX Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.500%

 

01/01/13

 

 

 

120,000

 

125,400

 

 

 

 

 

 

 

 

 

Industrial Conglomerates Total

 

125,400

 

 

 

 

 

 

 

 

 

INDUSTRIALS TOTAL

 

125,400

 

 


 

MANUFACTURING - 39.5%

 

 

 

 

 

 

 

 

 

 

 

Apparel - 1.2%

 

 

 

 

 

 

 

 

 

 

 

Broder Brothers Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.250%

 

10/15/10

 

 

 

225,000

 

223,312

 

Levi Strauss & Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.250%

 

12/15/12

 

 

 

280,000

 

290,500

 

Phillips-Van Heusen Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.250%

 

02/15/11

 

 

 

300,000

 

308,250

 

Warnaco, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.875%

 

06/15/13

 

 

 

100,000

 

110,500

 

 

 

 

 

 

 

 

 

Apparel Total

 

932,562

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto Parts & Equipment - 2.5%

 

 

 

 

 

 

 

 

 

 

 

Accuride Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

02/01/08

 

 

 

155,000

 

158,875

 

Dana Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

08/15/11

 

 

 

210,000

 

250,950

 

Delco Remy International, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

05/01/09

 

 

 

315,000

 

336,263

 

Dura Operating Corp.:

 

 

 

 

 

 

 

 

 

 

 

 

 

8.625%

 

04/15/12

 

 

 

345,000

 

353,625

 

 

 

9.000%

 

05/01/09

 

 

 

250,000

 

245,000

 

Goodyear Tire & Rubber Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.857%

 

08/15/11

 

 

 

180,000

 

168,750

 

Navistar International Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.500%

 

06/15/11

 

 

 

320,000

 

335,200

 

TRW Automotive, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.375%

 

02/15/13

 

 

 

76,000

 

87,780

 

 

 

 

 

 

 

 

 

Auto Parts & Equipment Total

 

1,936,443

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals & Allied Products - 7.9%

 

 

 

 

 

 

 

 

 

 

 

Avecia Group PLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

07/01/09

 

 

 

210,000

 

166,425

 

BCP Caylux Holdings Luxembourg S.C.A.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.625%

 

06/15/14

(b)

 

 

230,000

 

247,250

 

Crompton Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.670%

 

08/01/10

(b)

 

 

285,000

 

289,987

 

Equistar Chemicals LP,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.625%

 

05/01/11

 

 

 

575,000

 

644,000

 

HMP Equity Holdings Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

 

05/15/08

 

 

 

480,000

 

285,600

 

Huntsman ICI Holdings LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

 

12/31/09

 

 

 

2,125,000

 

1,083,750

 

IMC Global, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.875%

 

08/01/13

 

 

 

310,000

 

390,600

 

INVISTA,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

05/01/12

(b)

 

 

210,000

 

223,650

 

Koppers Industries, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

10/15/13

 

 

 

360,000

 

397,800

 

Lyondell Chemical Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.625%

 

05/01/07

 

 

 

660,000

 

706,200

 

NOVA Chemicals Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.500%

 

01/15/12

 

 

 

170,000

 

172,178

 

Terra Capital, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.875%

 

10/15/08

 

 

 

475,000

 

584,250

 

UAP Holding Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

07/15/12

 

 

 

 

 

 

 

 

 

 

 

(10.750% 01/15/08)

(b)

 

 

295,000

 

228,625

 

United Agri Products

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

12/15/11

(b)

 

 

245,000

 

263,375

 

Westlake Chemical Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

07/15/11

 

 

 

395,000

 

439,438

 

 

 

 

 

 

 

 

 

Chemicals & Allied Products Total

 

6,123,128

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronics & Electrical Equipment - 1.2%

 

 

 

 

 

 

 

 

 

 

 

Amkor Technology, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

02/15/08

 

 

 

320,000

 

310,400

 

 

 

 

 

 

 

 

 

350,000

 

321,776

 

Lucent Technologies, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.450%

 

03/15/29

 

 

 

335,000

 

261,300

 

 

 

 

 

 

 

 

 

Electronics & Electrical Equipment Total

 

893,476

 

 

 

 

 

 

 

 

 

 

 

 

 

Fabricated Metal - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Earle M. Jorgensen Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

06/01/12

 

 

 

425,000

 

471,750

 

 

 

 

 

 

 

 

 

Fabricated Metal Total

 

471,750

 

 

 

 

 

 

 

 

 

 

 

 

 

Food & Kindred Products - 3.5%

 

 

 

 

 

 

 

 

 

 

 

Constellation Brands, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.125%

 

01/15/12

 

 

 

270,000

 

294,975

 

Del Monte Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

05/15/11

 

 

 

500,000

 

550,000

 

Dole Food Co., Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.625%

 

05/01/09

 

 

 

415,000

 

439,900

 

Merisant Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.500%

 

07/15/13

(b)

 

 

205,000

 

200,900

 

Pinnacle Foods,

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

8.250%

 

12/01/13

(b)

 

 

385,000

 

369,600

 

Premier International Foods PLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.000%

 

09/01/09

 

 

 

500,000

 

530,000

 

Tabletop Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

05/15/14

 

 

 

 

 

 

 

 

 

 

 

(12.250% 11/15/08)

(b)

 

 

525,000

 

288,750

 

 

 

 

 

 

 

 

 

Food & Kindred Products Total

 

2,674,125

 

 

 

 

 

 

 

 

 

 

 

 

 

Furniture & Fixtures - 0.7%

 

 

 

 

 

 

 

 

 

 

 

Congoleum Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.625%

 

08/01/08

(d)

 

 

225,000

 

177,750

 

Tempur-Pedic, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

08/15/10

 

 

 

322,000

 

362,250

 

 

 

 

 

 

 

 

 

Furniture & Fixtures Total

 

540,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Products - 1.1%

 

 

 

 

 

 

 

 

 

 

 

Elizabeth Arden, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.750%

 

01/15/14

 

 

 

245,000

 

254,187

 

Playtex Products, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.375%

 

06/01/11

 

 

 

600,000

 

609,000

 

 

 

 

 

 

 

 

 

Household Products Total

 

863,187

 

 

 

 

 

 

 

 

 

 

 

 

 

Lumber & Wood - 0.5%

 

 

 

 

 

 

 

 

 

 

 

Georgia-Pacific Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.000%

 

01/15/24

 

 

 

130,000

 

140,725

 

Millar Western Forest Products,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.750%

 

11/15/13

 

 

 

225,000

 

232,313

 

 

 

 

 

 

 

 

 

Lumber & Wood Total

 

373,038

 

 

 

 

 

 

 

 

 

 

 

 

 

Miscellaneous Manufacturing - 5.7%

 

 

 

 

 

 

 

 

 

 

 

Amscan Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

05/01/14

(b)

 

 

390,000

 

390,000

 

Building Materials Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.750%

 

08/01/14

(b)

 

 

195,000

 

189,150

 

FastenTech, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.500%

 

05/01/11

(b)

 

 

510,000

 

569,925

 

Hexcel Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

01/15/09

 

 

 

370,000

 

389,425

 

J.B. Poindexter & Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

03/15/14

(b)

 

 

335,000

 

352,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Mueller Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

04/15/14

 

 

 

 

 

 

 

 

 

 

 

(14.750% 04/15/09)

(b)

 

 

375,000

 

262,500

 

 

 

10.000%

 

05/01/12

(b)

 

 

165,000

 

176,962

 

Rexnord Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.125%

 

12/15/12

 

 

 

195,000

 

219,375

 

Superior Essex Communications LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

04/15/12

(b)

 

 

260,000

 

256,100

 

Tekni-Plex, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.750%

 

06/15/10

 

 

 

365,000

 

350,400

 

Terex Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.375%

 

04/01/11

 

 

 

320,000

 

361,600

 

TriMas Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

06/15/12

 

 

 

725,000

 

768,500

 

Trinity Industries, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.500%

 

03/15/14

(b)

 

 

165,000

 

158,400

 

 

 

 

 

 

 

 

 

Miscellaneous Manufacturing Total

 

4,444,925

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper Products - 3.6%

 

 

 

 

 

 

 

 

 

 

 

Buckeye Technologies, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

8.500%

 

10/01/13

 

 

 

60,000

 

63,300

 

 

 

9.250%

 

09/15/08

 

 

 

235,000

 

235,000

 

Caraustar Industries, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

04/01/11

 

 

 

355,000

 

374,525

 

Consolidated Container Co. LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

06/15/09

 

 

 

 

 

 

 

 

 

 

 

(10.750% 06/15/07)

(b)

 

 

280,000

 

224,000

 

Jefferson Smurfit Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

10/01/12

 

 

 

450,000

 

490,500

 

MDP Acquisitions PLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.625%

 

10/01/12

 

 

 

525,000

 

591,938

 

Newark Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

03/15/14

(b)

 

 

205,000

 

199,875

 

Norske Skog Canada Ltd.:

 

 

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

03/01/14

 

 

 

105,000

 

106,575

 

 

 

8.625%

 

06/15/11

 

 

 

150,000

 

162,375

 

Portola Packaging, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

02/01/12

 

 

 

210,000

 

179,550

 

Solo Cup Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.500%

 

02/15/14

 

 

 

140,000

 

134,400

 

 

 

 

 

 

 

 

 

Paper Products Total

 

2,762,038

 

 

 

 

 

 

 

 

 

 

 

 

 

Primary Metal - 2.5%

 

 

 

 

 

 

 

 

 

 

 

Bayou Steel Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

03/31/11

 

 

 

250,000

 

232,500

 

Kaiser Aluminum & Chemical Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.875%

 

10/15/06

(e)

 

 

505,000

 

489,850

 

Metallurg, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

12/01/07

 

 

 

200,000

 

114,000

 

Oregon Steel Mills, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.000%

 

07/15/09

 

 

 

195,000

 

207,675

 

Steel Dynamics, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

9.500%

 

03/15/09

 

 

 

80,000

 

88,400

 

 

 

9.500%

 

03/15/09

 

 

 

80,000

 

88,400

 

UCAR Finance, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

02/15/12

 

 

 

355,000

 

402,925

 

Wise Metals Group LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

05/15/12

(b)

 

 

315,000

 

318,150

 

 

 

 

 

 

 

 

 

Primary Metal Total

 

1,941,900

 

 

 

 

 

 

 

 

 

 

 

 

 

Printing & Publishing - 5.4%

 

 

 

 

 

 

 

 

 

 

 

Dex Media, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

11/15/13

 

 

 

 

 

 

 

 

 

 

 

(9.000% 11/15/08)

(b)

 

 

250,000

 

183,125

 

 

 

8.000%

 

11/15/13

(b)

 

 

320,000

 

331,200

 

Dex Media East LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.125%

 

11/15/12

 

 

 

367,000

 

451,410

 

Dex Media West LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

08/15/13

 

 

 

274,000

 

315,100

 

Haights Cross Communications:

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

08/15/11

 

 

 

 

 

 

 

 

 

 

 

(12.500% 02/15/07)

 

 

 

315,000

 

182,700

 

 

 

11.750%

 

08/15/11

 

 

 

195,000

 

213,525

 

Hollinger, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.875%

 

03/01/11

(b)

 

 

192,000

 

219,840

 

Quebecor Media, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.125%

 

07/15/11

 

 

 

725,000

 

833,750

 

Sheridan Group,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

08/15/11

(b)

 

 

250,000

 

266,875

 

Von Hoffmann Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

03/15/09

 

 

 

620,000

 

689,750

 

Yell Finance BV,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.750%

 

08/01/11

 

 

 

388,000

 

452,020

 

 

 

 

 

 

 

 

 

Printing & Publishing Total

 

4,139,295

 

 

 

 

 

 

 

 

 

 

 

 

 

Stone, Clay, Glass & Concrete - 2.3%

 

 

 

 

 

 

 

 

 

 

 

Crown European Holdings SA,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.875%

 

03/01/13

 

 

 

480,000

 

559,200

 

Owens-Brockway Glass Container,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

05/15/13

 

 

 

600,000

 

634,500

 

Owens-Illinois, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

7.350%

 

05/15/08

 

 

 

200,000

 

205,500

 

 

 

7.500%

 

05/15/10

 

 

 

75,000

 

76,313

 

U.S. Concrete, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.125%

 

04/01/14

 

 

 

310,000

 

320,075

 

 

 

 

 

 

 

 

 

Stone, Clay, Glass & Concrete Total

 

1,795,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Textile Mill Products - 0.3%

 

 

 

 

 

 

 

 

 

 

 

Collins & Aikman Floorcovering, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

02/15/10

 

 

 

265,000

 

274,275

 

 

 

 

 

 

 

 

 

Textile Mill Products Total

 

274,275

 

Tobacco Products - 0.3%

 

 

 

 

 

 

 

 

 

 

 

North Atlantic Trading Co., Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

3/1/2012

 

 

 

225,000

 

219,375

 

 

 

 

 

 

 

 

 

Tobacco Products Total

 

219,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation Equipment - 0.2%

 

 

 

 

 

 

 

 

 

 

 

Newcor, Inc., PIK,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.000%

 

01/31/13

(f)

 

 

215,562

 

131,493

 

 

 

 

 

 

 

 

 

Transportation Equipment Total

 

131,493

 

 

 

 

 

 

 

 

 

MANUFACTURING TOTAL

 

30,516,598

 

 

 

 

 

 

 

 

 

 

 

 

 

MINING & ENERGY - 6.3%

 

 

 

 

 

 

 

 

 

 

 

Oil & Gas Extraction - 4.1%

 

 

 

 

 

 

 

 

 

 

 

Benton Oil & Gas Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.375%

 

11/01/07

 

 

 

485,000

 

494,700

 

Chesapeake Energy Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.500%

 

06/15/14

 

 

 

295,000

 

314,912

 

Compton Petroleum Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.900%

 

05/15/09

 

 

 

475,000

 

523,687

 

Encore Acquisition Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.375%

 

06/15/12

 

 

 

325,000

 

354,250

 

Energy Partners Ltd.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

08/01/10

 

 

 

205,000

 

217,300

 

Ferrellgas Partners LP,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

06/15/12

 

 

 

295,000

 

322,288

 

Magnum Hunter Resources, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.600%

 

03/15/12

 

 

 

283,000

 

318,375

 

Pride International, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

07/15/14

(b)

 

 

170,000

 

180,625

 

Whiting Petroleum Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.250%

 

05/01/12

 

 

 

425,000

 

427,125

 

 

 

 

 

 

 

 

 

Oil & Gas Extraction Total

 

3,153,262

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil & Gas Field Services - 2.2%

 

 

 

 

 

 

 

 

 

 

 

CHC Helicopter Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

05/01/14

(b)

 

 

275,000

 

277,750

 

J. Ray McDermott SA,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

12/15/13

(b)

 

 

325,000

 

333,125

 

Newpark Resources, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.625%

 

12/15/07

 

 

 

270,000

 

274,050

 

Petroleum Helicopters, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.375%

 

05/01/09

 

 

 

530,000

 

559,150

 

Premcor Refining Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.500%

 

06/15/15

 

 

 

235,000

 

250,275

 

 

 

 

 

 

 

 

 

Oil & Gas Field Services Total

 

1,694,350

 

 

 

 

 

 

 

 

 

MINING & ENERGY TOTAL

 

4,847,612

 

 


 

RETAIL TRADE - 2.9%

 

 

 

 

 

 

 

 

 

 

 

Apparel & Accessory Stores - 0.5%

 

 

 

 

 

 

 

 

 

 

 

Finlay Fine Jewelry Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.375%

 

06/01/12

(b)

 

 

280,000

 

298,200

 

Saks, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.000%

 

12/01/13

 

 

 

83,000

 

82,792

 

 

 

 

 

 

 

 

 

Apparel & Accessory Stores Total

 

380,992

 

Food Stores - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Stater Brothers Holdings,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.125%

 

06/15/12

(b)

 

 

410,000

 

425,375

 

 

 

 

 

 

 

 

 

Food Stores Total

 

425,375

 

Miscellaneous Retail - 1.8%

 

 

 

 

 

 

 

 

 

 

 

Asbury Automotive Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.000%

 

03/15/14

 

 

 

320,000

 

309,600

 

Jean Coutu Group., Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.500%

 

08/01/14

(b)

 

 

240,000

 

240,900

 

Leiner Health Products,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

06/01/12

(b)

 

 

80,000

 

83,600

 

Rite Aid Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

06/01/13

 

 

 

470,000

 

494,675

 

Steinway Musical Instruments, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

04/15/11

 

 

 

265,000

 

286,200

 

 

 

 

 

 

 

 

 

Miscellaneous Retail Total

 

1,414,975

 

 

 

 

 

 

 

 

 

RETAIL TRADE TOTAL

 

2,221,342

 

 

 

 

 

 

 

 

 

 

 

 

 

SERVICES - 25.7%

 

 

 

 

 

 

 

 

 

 

 

Amusement & Recreation - 14.1%

 

 

 

 

 

 

 

 

 

 

 

Ameristar Casinos, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.750%

 

02/15/09

 

 

 

400,000

 

453,000

 

AMF Bowling Worldwide, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.000%

 

03/01/10

(b)

 

 

245,000

 

254,187

 

Bombardier Recreational Products,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.375%

 

12/15/13

(b)

 

 

470,000

 

484,100

 

Boyd Gaming Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

04/15/12

 

 

 

125,000

 

136,875

 

Circus-Circus & Eldorado/Silver Legacy,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.125%

 

03/01/12

 

 

 

225,000

 

233,437

 

Equinox Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

12/15/09

(b)

 

 

405,000

 

413,606

 

Hard Rock Hotel, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.875%

 

06/01/13

 

 

 

380,000

 

403,750

 

Hollywood Casino Schrevport.,

 

 

 

 

 

 

 

 

 

 

 

 

 

13.000%

 

08/01/06

(g)

 

 

950,000

 

845,500

 

Inn of the Mountain Gods Resort & Casino,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.000%

 

11/15/10

 

 

 

340,000

 

384,200

 

K2, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

07/01/14

(b)

 

 

195,000

 

205,027

 

Loews Cineplex Entertainment Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

08/01/14

(b)

 

 

485,000

 

491,062

 

Marquee Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

08/15/14

 

 

 

 

 

 

 

 

 

 

 

(12.000% 08/15/09)

(b)

 

 

980,000

 

573,300

 

MGM Mirage, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.375%

 

02/01/11

 

 

 

415,000

 

449,237

 

Mohegan Tribal Gaming Authority,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.125%

 

04/01/12

(b)

 

 

70,000

 

71,750

 

NCL, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.625%

 

07/15/14

(b)

 

 

140,000

 

143,500

 

Park Place Entertainment Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.375%

 

02/15/07

 

 

 

435,000

 

482,850

 

Pinnacle Entertainment, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

03/15/12

 

 

 

200,000

 

201,000

 

 

 

8.750%

 

10/01/13

 

 

 

1,015,000

 

1,030,225

 

Premier Entertainment Biloxi LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.750%

 

02/01/12

(b)

 

 

200,000

 

209,500

 

River Rock Entertainment,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

11/01/11

 

 

 

395,000

 

418,700

 

Seneca Gaming Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.250%

 

05/01/12

(b)

 

 

345,000

 

351,900

 

Six Flags, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.500%

 

02/01/09

 

 

 

1,080,000

 

1,036,800

 

Station Casinos, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.875%

 

03/01/16

 

 

 

95,000

 

94,762

 

Town Sports International, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

02/01/14

 

 

 

 

 

 

 

 

 

 

 

(11.000% 02/01/14)

(b)

 

 

435,000

 

208,800

 

Trump Casino Holdings LLC, PIK,

 

 

 

 

 

 

 

 

 

 

 

 

 

17.625%

 

09/15/10

 

 

 

365,000

 

366,825

 

Vail Resorts, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.750%

 

02/15/14

 

 

 

285,000

 

280,725

 

Warner Music Group,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

04/15/14

(b)

 

 

380,000

 

378,100

 

Wynn Las Vegas LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.000%

 

11/01/10

 

 

 

201,000

 

247,732

 

 

 

 

 

 

 

 

 

Amusement & Recreation Total

 

10,850,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Services - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Iron Mountain, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.750%

 

01/15/15

 

 

 

90,000

 

93,600

 

Language Line Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.125%

 

06/15/12

(b)

 

 

385,000

 

389,813

 

 

 

 

 

 

 

 

 

Business Services Total

 

483,413

 

 

 

 

 

 

 

 

 

 

 

 

 

Funeral Services - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Service Corp. International,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.700%

 

04/15/09

 

 

 

450,000

 

478,125

 

 

 

 

 

 

 

 

 

Funeral Services Total

 

478,125

 

 


Health Services - 6.1%

 

 

 

 

 

 

 

340,000

 

362,525

 

Bio-Rad Laboratories, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.500%

 

08/15/13

 

 

 

525,000

 

582,750

 

Coventry Health Care, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.125%

 

02/15/12

 

 

 

520,000

 

525,200

 

InSight Health Services Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

11/01/11

 

 

 

500,000

 

565,000

 

MedQuest, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.875%

 

08/15/12

 

 

 

 

 

 

 

MQ Associates, Inc.,

 

 

 

 

 

 

 

755,000

 

468,100

 

 

 

(a)

 

08/15/12

 

 

 

 

 

 

 

 

 

 

 

(12.250% 06/15/07)

(b)

 

 

125,000

 

145,000

 

PacifiCare Health Systems, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.750%

 

06/01/09

 

 

 

295,000

 

289,100

 

Team Health, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

04/01/12

(b)

 

 

40,000

 

35,800

 

 

 

 

 

 

 

 

 

875,000

 

912,188

 

Tenet Healthcare Corp.,

 

6.375%

 

12/01/11

 

 

 

 

 

 

 

 

 

9.875%

 

07/01/14

(b)

 

 

400,000

 

456,000

 

United Surgical Partners International, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.000%

 

12/15/11

 

 

 

390,000

 

406,575

 

US Oncology, Inc.,

 

 

 

 

 

 

 

Health Services Total

 

4,748,238

 

 

 

9.000%

 

08/15/12

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Camps & Lodging - 1.1%

 

 

 

 

 

 

 

70,000

 

71,925

 

Host Marriott LP,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.000%

 

08/15/12

(b)

 

 

100,000

 

103,125

 

La Quinta Properties, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.000%

 

08/15/12

(b)

 

 

625,000

 

703,125

 

Starwood Hotels & Resorts Worldwide, Inc.,

 

 

 

 

 

 

 

Hotels, Camps & Lodging Total

 

878,175

 

 

 

7.875%

 

05/01/12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Services - 3.2%

 

 

 

 

 

 

 

 

 

 

 

Advanstar Communications, Inc.,

 

 

 

 

 

 

 

310,000

 

263,500

 

 

 

(a)

 

10/15/11

 

 

 

345,000

 

364,838

 

 

 

 

 

(15.000% 10/15/05)

 

 

 

 

 

 

 

 

 

12.000%

 

02/15/11

 

 

 

95,000

 

92,625

 

Cornell Companies, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.750%

 

07/01/12

(b)

 

 

350,000

 

390,688

 

Corrections Corp. of America,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

05/01/09

 

 

 

180,000

 

182,700

 

GEO Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

07/15/13

 

 

 

525,000

 

561,750

 

NationsRent, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.500%

 

10/15/10

(b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

375,000

 

367,500

 

Securus Technologies, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

09/01/11

(b)(h)

 

 

230,000

 

228,275

 

Williams Scotsman, Inc.,

 

 

 

 

 

 

 

Other Services Total

 

2,451,876

 

 

 

9.875%

 

06/01/07

 

 

 

SERVICES TOTAL

 

19,890,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC, GAS & SANITARY SERVICES - 41.7%

 

 

 

 

 

 

 

 

 

 

 

Aerospace - 1.9%

 

 

 

 

 

 

 

240,000

 

253,200

 

Argo-Tech Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

06/01/11

(b)

 

 

375,000

 

365,625

 

BE Aerospace, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.875%

 

05/01/11

 

 

 

255,000

 

274,125

 

Sequa Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.875%

 

04/01/08

 

 

 

265,000

 

271,625

 

Standard Aero Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

09/01/14

(b)

 

 

250,000

 

263,750

 

TransDigm, Inc.,

 

 

 

 

 

 

 

Aerospace Total

 

1,428,325

 

 

 

8.375%

 

07/15/11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Transportation - 1.5%

 

 

 

 

 

 

 

450,000

 

319,500

 

Continental Airlines, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.568%

 

12/01/06

 

 

 

535,000

 

171,200

 

Delta Air Lines, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.900%

 

12/15/09

 

 

 

520,000

 

392,600

 

Northwest Airlines, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

03/15/07

 

 

 

354,149

 

279,778

 

United Air Lines, Inc.,

 

 

 

 

 

 

 

Air Transportation Total

 

1,163,078

 

 

 

1.535%

 

03/02/49

(i)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadcasting - 2.2%

 

 

 

 

 

 

 

500,000

 

471,250

 

Granite Broadcasting Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

12/01/10

 

 

 

250,000

 

270,000

 

Sinclair Broadcast Group, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.750%

 

12/15/11

 

 

 

710,000

 

727,750

 

TV Azteca SA de CV,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.500%

 

02/15/07

 

 

 

250,000

 

251,875

 

XM Satellite Radio Holdings, Inc.,

 

 

 

 

 

 

 

Broadcasting Total

 

1,720,875

 

 

 

7.194%

 

05/01/09

(i)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable - 6.7%

 

 

 

 

 

 

 

360,000

 

334,800

 

Atlantic Broadband Finance LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.375%

 

01/15/14

(b)

 

 

 

 

 

 

 

Cablevision Systems Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

5.670%

 

04/01/09

(b)(i)

 

 

290,000

 

297,250

 

Charter Communications Holdings LLC:

 

 

 

 

 

 

 

 

 

 

 

 

 

9.920%

 

04/01/11

 

 

 

1,890,000

 

1,497,825

 

 

 

10.250%

 

09/15/10

 

 

 

190,000

 

196,175

 

CSC Holdings, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

6.750%

 

04/15/12

(b)

 

 

265,000

 

262,350

 

 

 

7.625%

 

04/01/11

 

 

 

20,000

 

20,850

 

DirecTV Holdings LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.375%

 

03/15/13

 

 

 

300,000

 

341,250

 

EchoStar DBS Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.375%

 

10/01/11

 

 

 

400,000

 

401,500

 

Insight Communications Co., Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

02/15/11

 

 

 

 

 

 

 

 

 

 

 

(12.250% 02/15/06)

 

 

 

475,000

 

420,375

 

Insight Midwest LP,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

10/01/09

 

 

 

195,000

 

203,775

 

Northland Cable Television, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

11/15/07

 

 

 

495,000

 

482,625

 

PanAmSat Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

08/15/14

(b)

 

 

170,000

 

176,800

 

Pegasus Satellite Communications, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.250%

 

01/15/10

(b)(e)

 

 

435,000

 

286,013

 

Telenet Group Holdings NV,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

06/15/14

 

 

 

 

 

 

 

 

 

 

 

(11.500% 12/15/08)

(b)

 

 

400,000

 

265,000

 

 

 

 

 

 

 

 

 

 

 

5,186,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric, Gas & Sanitary Services - 1.3%

 

 

 

 

 

 

 

 

 

 

 

Allied Waste North America, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

6.500%

 

11/15/10

 

 

 

385,000

 

406,175

 

 

 

8.500%

 

12/01/08

 

 

 

255,000

 

279,863

 

Waste Services, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.500%

 

04/15/14

(b)

 

 

325,000

 

289,250

 

 

 

 

 

 

 

 

 

 

 

975,288

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Services - 2.6%

 

 

 

 

 

 

 

 

 

 

 

Beaver Valley Funding Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

06/01/17

 

 

 

355,000

 

413,490

 

CMS Energy Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.900%

 

07/15/08

 

 

 

420,000

 

457,800

 

Illinois Power Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.500%

 

12/15/10

 

 

 

275,000

 

329,312

 

Mission Energy Holding,

 

 

 

 

 

 

 

 

 

 

 

 

 

13.500%

 

07/15/08

 

 

 

140,000

 

176,750

 

Nevada Power Co.:

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

08/15/13

 

 

 

185,000

 

206,737

 

 

 

10.875%

 

10/15/09

 

 

 

340,000

 

391,850

 

 

 

 

 

 

 

 

 

Electric Services Total

 

1,975,939

 

 

 

 

 

 

 

 

 

 

 

 

 

Independent Power Producers - 7.0%

 

 

 

 

 

 

 

 

 

 

 

AES Corp.:

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

05/15/15

(b)

 

 

570,000

 

634,125

 

 

 

9.500%

 

06/01/09

 

 

 

455,000

 

503,913

 

Caithness Coso Funding Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.050%

 

12/15/09

 

 

 

477,382

 

525,120

 

Calpine Canada Energy Finance ULC,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.500%

 

05/01/08

 

 

 

200,000

 

128,000

 

Calpine Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.500%

 

07/15/10

(b)

 

 

365,000

 

286,525

 

Calpine Generating Co. LLC:

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

04/01/11

(b)(i)

 

 

375,000

 

330,000

 

 

 

11.500%

 

04/01/11

(b)

 

 

415,000

 

356,900

 

Dynegy Holdings, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

6.875%

 

04/01/11

 

 

 

300,000

 

274,500

 

 

 

9.875%

 

07/15/10

(b)

 

 

360,000

 

401,400

 

Edison Mission Energy,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

04/15/11

 

 

 

480,000

 

552,000

 

MSW Energy Holdings LLC:

 

 

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

09/01/10

 

 

 

170,000

 

176,800

 

 

 

8.500%

 

09/01/10

 

 

 

375,000

 

408,750

 

Orion Power Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

12.000%

 

05/01/10

 

 

 

340,000

 

425,000

 

PSE&G Energy Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.625%

 

02/15/08

 

 

 

395,000

 

432,525

 

 

 

 

 

 

 

 

 

 

 

5,435,558

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine Transportation - 2.0%

 

 

 

 

 

 

 

580,000

 

559,346

 

Ship Finance International Ltd.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.500%

 

12/15/13

 

 

 

455,000

 

452,725

 

Stena AB:

 

 

 

 

 

 

 

355,000

 

394,228

 

 

 

7.500%

 

11/01/13

 

 

 

 

 

 

 

 

 

9.625%

 

12/01/12

 

 

 

105,000

 

117,075

 

Teekay Shipping Corp.,

 

 

 

 

 

 

 

 

 

1,523,374

 

 

 

8.875%

 

07/15/11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pipelines - 3.6%

 

 

 

 

 

 

 

695,000

 

668,938

 

Coastal Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.750%

 

06/15/10

 

 

 

130,000

 

145,925

 

Northwest Pipeline Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.125%

 

03/01/10

 

 

 

 

 

 

 

 


 

Sonat, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

6.875%

 

06/01/05

 

 

 

215,000

 

217,150

 

 

 

7.625%

 

07/15/11

 

 

 

795,000

 

763,200

 

Southern Natural Gas Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.875%

 

03/15/10

 

 

 

250,000

 

281,250

 

Williams Companies, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.125%

 

03/15/12

 

 

 

630,000

 

724,500

 

 

 

 

 

 

 

 

 

 

 

2,800,963

 

 

 

 

 

 

 

 

 

 

 

 

 

Radiotelephone Communications - 7.1%

 

 

 

 

 

 

 

 

 

 

 

American Cellular Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.000%

 

08/01/11

 

 

 

325,000

 

266,500

 

American Towers, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.250%

 

12/01/11

 

 

 

230,000

 

236,900

 

Dobson Communications Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.875%

 

10/01/13

 

 

 

480,000

 

331,200

 

Horizon PCS, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

13.750%

 

06/15/11

(e)

 

 

415,000

 

153,550

 

iPCS Escrow Co.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.500%

 

05/01/12

(b)

 

 

170,000

 

178,500

 

Nextel Communications, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

7.375%

 

08/01/15

 

 

 

500,000

 

522,500

 

Nextel Partners, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.125%

 

07/01/11

 

 

 

610,000

 

637,450

 

Rogers Cantel, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

06/01/16

 

 

 

585,000

 

669,825

 

Rural Cellular Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

03/15/12

(b)

 

 

220,000

 

223,300

 

SBA Communications Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

12/15/11

 

 

 

 

 

 

 

 

 

 

 

(9.750% 12/15/07)

 

 

 

140,000

 

109,200

 

 

 

10.250%

 

02/01/09

 

 

 

625,000

 

659,375

 

SpectraSite, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.250%

 

05/15/10

 

 

 

280,000

 

292,950

 

Ubiquitel, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.875%

 

03/01/11

 

 

 

250,000

 

254,375

 

Ubiquitel, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.000%

 

06/15/12

 

 

 

450,000

 

461,250

 

US Unwired, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.250%

 

07/15/13

 

 

 

500,000

 

517,500

 

Western Wireless Corp.,

 

 

 

 

 

 

 

 

 

5,514,375

 

 

 

 

 

 

 

 

 

 

 

 

 

Railroad - 0.6%

 

 

 

 

 

 

 

 

 

 

 

TFM SA de CV,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Telecommunications - 4.4%

 

 

 

 

 

 

 

 

 

 

 

Axtel SA de CV,

 

12.500%

 

06/15/12

 

 

 

380,000

 

418,950

 

 

 

 

 

 

 

 

 

Railroad Total

 

418,950

 

Carrier1 International SA,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cincinnati Bell, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

11.000%

 

12/15/13

 

 

 

410,000

 

416,150

 

FairPoint Communications, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

13.250%

 

02/15/09

 

 

 

750,000

 

67,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.375%

 

01/15/14

 

 

 

320,000

 

283,200

 

Qwest Capital Funding, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

11.875%

 

03/01/10

 

 

 

175,000

 

200,375

 

 

 

 

 

 

 

 

 

 

 

 

 

Qwest Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Warner Telecom, Inc.:

 

7.250%

 

02/15/11

 

 

 

860,000

 

735,300

 

 

 

7.750%

 

02/15/31

 

 

 

385,000

 

283,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.500%

 

12/15/10

 

 

 

795,000

 

916,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.750%

 

07/15/08

 

 

 

320,000

 

308,800

 

 

 

10.125%

 

02/01/11

 

 

 

230,000

 

217,350

 

 

 

 

 

 

 

 

 

Telecommunications Total

 

3,428,850

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation Services - 0.8%

 

 

 

 

 

 

 

 

 

 

 

Allied Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.625%

 

10/01/07

 

 

 

365,000

 

292,000

 

QDI LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

9.000%

 

11/15/10

(b)

 

 

370,000

 

342,250

 

 

 

 

 

 

 

 

 

Transportation Services Total

 

634,250

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC,

 

 

 

 

 

 

 

 

 

 

 

GAS & SANITARY SERVICES TOTAL

 

32,206,413

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Corporate Fixed-Income Bonds & Notes

 

 

 

 

 

 

 

 

 

 

 

(cost of $94,882,906)

 

 

 

 

 

 

 

 

 

97,295,111

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks - 2.6% (j)

 

 

 

 

 

 

 

Shares

 

 

 

MANUFACTURING - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Auto Parts & Equipment - 0.1%

 

 

 

 

 

 

 

 

 

 

 

Goodyear Tire & Rubber Co.

 

 

 

 

 

 

 

10,000

 

109,800

 

 

 

 

 

 

 

 

 

Auto Parts & Equipment Total

 

109,800

 

Primary Metal - 0.5%

 

 

 

 

 

 

 

 

 

 

 

Bayou Steel Corp.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,473

 

386,051

 

 

 

 

 

 

 

 

 

Primary Metal Total

 

386,051

 

 

 

 

 

 

 

 

 

MANUFACTURING TOTAL

 

495,851

 

 


 

SERVICES - 0.1%

 

 

 

 

 

 

 

 

 

 

 

Amusement & Recreation - 0.1%

 

 

 

 

 

 

 

 

 

 

 

Alliance Gaming Corp.

 

 

 

 

 

 

 

5,500

 

82,005

 

 

 

 

 

 

 

 

 

Amusement & Recreation Total

 

82,005

 

 

 

 

 

 

 

 

 

SERVICES TOTAL

 

82,005

 

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC, GAS & SANITARY SERVICES - 1.9%

 

 

 

 

 

 

 

 

 

 

 

Cable - 0.4%

 

 

 

 

 

 

 

 

 

 

 

NTL, Inc.

 

 

 

 

 

 

 

5,942

 

322,710

 

Ono Finance PLC (b)(f)(k)

 

 

 

 

 

 

 

750

 

—

 

 

 

 

 

 

 

 

 

Cable Total

 

322,710

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric, Gas & Sanitary Services - 0.1%

 

 

 

 

 

 

 

 

 

 

 

Allied Waste North America, Inc.

 

 

 

 

 

 

 

7,250

 

74,240

 

 

 

 

 

 

 

 

 

Electric, Gas & Sanitary Services Total

 

74,240

 

 

 

 

 

 

 

 

 

 

 

 

 

Independent Power Producers - 0.2%

 

 

 

 

 

 

 

 

 

 

 

Dynegy Holdings, Inc., Class A

 

 

 

 

 

 

 

23,000

 

100,280

 

 

 

 

 

 

 

 

 

Independent Power Producers Total

 

100,280

 

 

 

 

 

 

 

 

 

 

 

 

 

Pollution Control - 0.8%

 

 

 

 

 

 

 

8,000

 

640,000

 

EnviroSource, Inc. (f)

 

 

 

 

 

 

 

8,000

 

—

 

Fairlane Management Corp. (f)(k)

 

 

 

 

 

 

 

Pollution Control Total

 

640,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Radiotelephone Communications - 0.4%

 

 

 

 

 

 

 

 

 

 

 

AirGate PCS, Inc.

 

 

 

 

 

 

 

2,841

 

49,149

 

Nextel Communications, Inc., Class A

 

 

 

 

 

 

 

6,196

 

143,685

 

SBA Communications Corp.

 

 

 

 

 

 

 

23,590

 

122,668

 

 

 

 

 

 

 

 

 

Radiotelephone Communications Total

 

315,502

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC,

 

 

 

 

 

 

 

 

 

 

 

GAS & SANITARY SERVICES TOTAL

 

1,452,732

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Common Stocks

 

 

 

 

 

 

 

 

 

 

 

(cost of $2,169,308)

 

 

 

 

 

 

 

 

 

2,030,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stocks - 3.5%

 

 

 

 

 

 

 

 

 

 

 

FINANCE, INSURANCE & REAL ESTATE - 0.8%

 

 

 

 

 

 

 

 

 

 

 

Financial Services - 0.8%

 

 

 

 

 

 

 

 

 

 

 

iStar Financial, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

7.800%

 

 

 

 

 

11,007

 

276,895

 

 

 

7.875%

 

 

 

 

 

13,000

 

324,187

 

 

 

 

 

 

 

 

 

Financial Services Total

 

601,082

 

 

 

 

 

 

 

 

 

FINANCE, INSURANCE & REAL ESTATE TOTAL

 

601,082

 

 

 

 

 

 

 

 

 

 

 

 

 

MANUFACTURING - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Printing & Publishing - 0.6%

 

 

 

 

 

 

 

 

 

 

 

Haights Cross Communications,

 

 

 

 

 

 

 

2,734

 

133,966

 

PriMedia, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

8.625%

 

 

 

 

 

1,715

 

147,490

 

 

 

9.200%

 

 

 

 

 

30

 

2,580

 

 

 

10.000%

 

 

 

 

 

2,300

 

212,750

 

 

 

 

 

 

 

 

 

Printing & Publishing Total

 

496,786

 

 

 

 

 

 

 

 

 

MANUFACTURING TOTAL

 

496,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC, GAS & SANITARY SERVICES - 2.1%

 

 

 

 

 

 

 

 

 

 

 

Broadcasting - 1.5%

 

 

 

 

 

 

 

 

 

 

 

Spanish Broadcasting System, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.750%

 

 

 

 

 

1,062

 

1,152,270

 

 

 

 

 

 

 

 

 

Broadcasting Total

 

1,152,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Services - 0.6%

 

 

 

 

 

 

 

 

 

 

 

TNP Enterprises, Inc., PIK,

 

 

 

 

 

 

 

 

 

 

 

 

 

10.250%

 

04/01/10

 

 

 

400

 

478,000

 

 

 

 

 

 

 

 

 

Electric Services Total

 

478,000

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC,

 

 

 

 

 

 

 

 

 

 

 

GAS & SANITARY SERVICES TOTAL

 

1,630,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Preferred Stocks

 

 

 

 

 

 

 

 

 

 

 

(cost of $2,656,324)

 

 

 

 

 

 

 

 

 

2,728,138

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Bonds - 1.5%

 

 

 

 

 

 

 

Par ($)

 

 

 

MANUFACTURING - 1.3%

 

 

 

 

 

 

 

 

 

 

 

Electronic & Electrical Equipment - 1.3%

 

 

 

 

 

 

 

 

 

 

 

Nortel Networks Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

4.250%

 

09/01/08

 

 

 

1,040,000

 

1,007,386

 

 

 

 

 

 

 

 

 

Electronic & Electrical Equipment Total

 

1,007,386

 

 

 

 

 

 

 

 

 

MANUFACTURING TOTAL

 

1,007,386

 

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC, GAS & SANITARY SERVICES - 0.2%

 

 

 

 

 

 

 

 

 

 

 

Independent Power Producers - 0.2%

 

 

 

 

 

 

 

 

 

 

 

Mirant Corp.,

 

 

 

 

 

 

 

 

 

 

 

 

 

2.500%

 

06/15/21

(e)

 

 

280,000

 

173,474

 

 

 

 

 

 

 

 

 

Independent Power Producers Total

 

173,474

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC,

 

 

 

 

 

 

 

 

 

 

 

GAS & SANITARY SERVICES TOTAL

 

173,474

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Convertible Bonds

 

 

 

 

 

 

 

 

 

 

 

(cost of $1,130,350)

 

 

 

 

 

 

 

 

 

1,180,860

 

 


 

Warrants - 0.1% (j)

 

 

 

 

 

 

 

Units

 

 

 

MANUFACTURING - 0.0%

 

 

 

 

 

 

 

 

 

 

 

Printing & Publishing - 0.0%

 

 

 

 

 

 

 

 

 

 

 

Haights Cross Communications,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

12/10/11

(l)

 

 

2

 

—

 

 

 

Expires

 

12/10/12

 

 

 

2,707

 

54

 

 

 

 

 

 

 

 

 

Printing & Publishing Total

 

54

 

 

 

 

 

 

 

 

 

MANUFACTURING TOTAL

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC,

 

 

 

 

 

 

 

 

 

 

 

GAS & SANITARY SERVICES - 0.1%

 

 

 

 

 

 

 

 

 

 

 

Broadcasting - 0.1%

 

 

 

 

 

 

 

 

 

 

 

XM Satellite Radio Holdings, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

03/15/10

(b)

 

 

600

 

33,600

 

 

 

 

 

 

 

 

 

Broadcasting Total

 

33,600

 

 

 

 

 

 

 

 

 

 

 

 

 

Cable - 0.0%

 

 

 

 

 

 

 

 

 

 

 

Cable Satisfaction International, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

03/01/05

(b)(f)(k)

 

 

970

 

—

 

Ono Finance PLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

05/31/09

(b)(f)(k)

 

 

175

 

—

 

 

 

 

 

 

 

 

 

Cable Total

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Radiotelephone Communications - 0.0%

 

 

 

 

 

 

 

 

 

 

 

Horizon PCS, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

10/01/10

(b)(e)(f)(k)

 

 

665

 

—

 

UbiquiTel, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

04/15/10

(b)(f)(k)

 

 

525

 

—

 

 

 

 

 

 

 

 

 

Radiotelephone Communications Total

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Telecommunications - 0.0%

 

 

 

 

 

 

 

 

 

 

 

AT&T Canada, Inc.,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

08/15/07

(b)(f)(k)

 

 

250

 

—

 

Carrier1 International SA,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

02/19/09

(b)(e)(f)(k)

 

 

347

 

—

 

Jazztel PLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

07/15/10

(b)(f)(k)

 

 

350

 

—

 

 

 

 

 

 

 

 

 

Telecommunications Total

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation Services - 0.0%

 

 

 

 

 

 

 

 

 

 

 

QDI LLC,

 

 

 

 

 

 

 

 

 

 

 

 

 

Expires

 

01/15/07

(b)(f)

 

 

2,041

 

2,429

 

 

 

 

 

 

 

 

 

Motor, Freight & Warehousing Total

 

2,429

 

 

 

 

 

 

 

 

 

TRANSPORTATION, COMMUNICATIONS, ELECTRIC, GAS & SANITARY SERVICES TOTAL

 

36,029

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Warrants

 

 

 

 

 

 

 

 

 

 

 

(cost of $105,737)

 

 

 

 

 

 

 

 

 

36,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par ($)

 

 

 

Short-Term Obligation - 3.2%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Discount Note,

 

 

 

 

 

 

 

 

 

 

 

 

 

1.480%

 

09/01/04

(l)

 

 

 

 

 

 

(cost of $2,475,000)

 

 

 

 

 

 

 

2,475,000

 

2,475,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 136.9%

 

 

 

 

 

 

 

 

 

 

 

(cost of $103,419,625)(m)

 

 

 

 

 

 

 

 

 

105,745,780

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets & Liabilities, Net - (36.9)%

 

 

 

 

 

 

 

 

 

(28,519,427)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets - 100.0%

 

 

 

 

 

 

 

 

 

77,226,353

 

 

Notes to Investment Portfolio:

(a)          Step bond. This security is currently accruing at zero. Shown parenthetically is the interest rate to be paid and the date the Fund will begin accruing this rate.

(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 August 31, 2004, these securities amounted to $24,538,239, which represents 31.8% of net assets.

(c)          Zero coupon bond. (d)  The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants, however, under the issuer’s plan of reorganization, the issuer has guaranteed all interest due and therefore income is still being accrued.  As of August 31, 2004, the value of this security represents 0.2% of net assets.

(e)          The issuer has filed for bankruptcy protection under Chapter 11, and is in default of certain debt covenants.  Income is not being accrued.  As of August 31, 2004, the value of these securities amounted to $1,170,387, which represents 1.5% of net assets.

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

(g)         The issuer is in default of certain debt covenants.  Income is not being fully accrued.  As of August 31, 2004, these securities amounted to $845,500, which represents 1.1% of net assets.

(h)         Security purchased on a delayed delivery basis.

(i)             Variable rate security. The interest rate shown reflects the rate as of August 31, 2004.

(j)             Non-income producing security.

(k)          Security has no value.

(l)             Amount rounds to less than $1.

(m)       Cost for federal income tax purposes is $104,763,070.

 

 

Acronym

 

Name

 

 

PIK

 

Payment-In-Kind

 

 


 

Item 2. Controls and Procedures.

 

(a)          The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have 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)

 

Colonial Intermediate High Income Fund

 

 

 

 

 

 

 

 

 

 

 

By (Signature and Title)

/S/ Christopher L. Wilson

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

October 28, 2004

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

By (Signature and Title)

/S/ J. Kevin Connaughton

 

 

J. Kevin Connaughton, Treasurer

 

 

 

 

 

 

 

 

 

 

 

Date

 

October 28, 2004