![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Faithshares Catholic Values Fund | NYSE:FCV | NYSE | Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.02 | 0 | 01:00:00 |
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-2782
(Investment Company Act File Number)
Federated High Income Bond Fund, Inc.
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 03/31/2013
Date of Reporting Period: 03/31/2013
Item 1. Reports to Stockholders
Share Class | Ticker |
A | FHIIX |
B | FHBBX |
C | FHICX |
1 | Includes the receipt by the Fund of a residual distribution from a regulatory settlement, this distribution contributed to the Fund's total return for the period by 0.24% for the Class A, Class B and Class C Shares. See the notes to the enclosed financial statements for more information regarding this distribution. |
2 | The BHY2%ICI is the 2% Issuer Cap component of the Barclays U.S. Corporate High Yield Index (BHYI). The BHYI is an index that covers the universe of fixed-rate, noninvestment-grade debt. Pay-in-kind (PIK) bonds, eurobonds and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (Securities and Exchange Commission registered) of issuers in non-Emerging Market countries are included. Original issue zeroes, step-up coupon structures and 144As are also included. The index is unmanaged, and it is not possible to invest directly in an index. |
3 | Credit Suisse High Yield Bond Index serves as a benchmark to evaluate the performance of low-quality bonds. Low-quality is defined as those bonds in the range from “BB” to “CCC” and defaults. The index is unmanaged, and it is not possible to invest directly in an index. |
4 | Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices. |
5 | High-yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment-grade securities and may include higher volatility and a higher risk of default. |
6 | Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations. |
Share Class | 1 Year | 5 Years | 10 Years |
Class A Shares | 6.39% | 9.20% | 8.60% |
Class B Shares | 5.09% | 9.10% | 8.43% |
Class C Shares | 9.60% | 9.36% | 8.26% |
■ | Total returns shown include the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). |
■ | Total returns shown include the maximum contingent deferred sales charge of 5.50%, as applicable. |
■ | Total returns shown include the maximum contingent deferred sales charge of 1.00%, as applicable. |
1 | Represents a hypothetical investment of $10,000 in the Fund after deducting applicable sales charges: for Class A Shares, the maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550); for Class B Shares, the maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date; for Class C Shares, a 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The BHY2%ICI and the LHCYFA have been adjusted to reflect reinvestment of dividends on securities in the index and average. |
2 | The BHY2%ICI is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The LHCYFA represents the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling in the category indicated, and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index or an average. |
Index Classification |
Percentage of
Total Net Assets |
Technology | 13.7% |
Health Care | 9.7% |
Energy | 8.6% |
Media—Non-Cable | 6.4% |
Automotive | 5.7% |
Food & Beverage | 5.1% |
Financial Institutions | 4.7% |
Retailers | 4.7% |
Packaging | 4.3% |
Consumer Products | 4.0% |
Building Materials | 3.8% |
Industrial—Other | 3.6% |
Wireless Communications | 3.6% |
Utility—Natural Gas | 3.5% |
Other 2 | 16.7% |
Cash Equivalents 3 | 1.2% |
Other Assets and Liabilities—Net 4 | 0.7% |
TOTAL | 100.0% |
1 | Index classifications are based upon, and individual portfolio securities are assigned to, the classifications and sub-classifications of the Barclays U.S. Corporate High Yield 2% Issuer Capped Index (BHY2%ICI). Individual portfolio securities that are not included in the BHY2%ICI are assigned to an index classification by the Fund's Adviser. |
2 | For purposes of this table, index classifications which constitute less than 3.5% of the Fund's total net assets have been aggregated under the designation “Other.” |
3 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Principal
Amount or Shares |
Value | ||
Corporate Bonds—97.7% | |||
Aerospace/Defense—0.8% | |||
$ 1,750,000 | 1 | Altegrity, Inc., Company Guarantee, Series 144A, 11.75%, 5/1/2016 | $ 1,242,500 |
2,275,000 | B/E Aerospace, Inc., Sr. Unsecd. Note, 5.25%, 4/1/2022 | 2,357,469 | |
5,350,000 | TransDigm, Inc., Company Guarantee, 7.75%, 12/15/2018 | 5,898,375 | |
900,000 | 1,2 | TransDigm, Inc., Series 144A, 5.50%, 10/15/2020 | 942,750 |
TOTAL | 10,441,094 | ||
Automotive—5.6% | |||
3,575,000 | Affinia Group, Inc., Company Guarantee, 9.00%, 11/30/2014 | 3,592,911 | |
1,000,000 | 1,2 | Affinia Group, Inc., Sr. Secd. Note, Series 144A, 10.75%, 8/15/2016 | 1,087,500 |
2,675,000 | 1,2 | Allison Transmission, Inc., Sr. Unsecd. Note, Series 144A, 7.125%, 5/15/2019 | 2,892,344 |
1,675,000 | American Axle & Manufacturing Holdings, Inc., 6.25%, 3/15/2021 | 1,725,250 | |
2,050,000 | American Axle & Manufacturing Holdings, Inc., Sr. Note, 6.625%, 10/15/2022 | 2,132,000 | |
3,300,000 | American Axle & Manufacturing Holdings, Inc., Sr. Note, 7.75%, 11/15/2019 | 3,663,000 | |
3,350,000 | Chrysler Group LLC, Note, Series WI, 8.25%, 6/15/2021 | 3,756,187 | |
1,775,000 | Cooper-Standard Automotive, Inc., Company Guarantee, 8.50%, 5/1/2018 | 1,943,625 | |
1,400,000 | Delphi Corp., 5.00%, 2/15/2023 | 1,487,500 | |
5,025,000 | Exide Technologies, Sr. Secd. Note, 8.625%, 2/1/2018 | 4,340,344 | |
2,650,000 | 1,2 | IDQ Holdings, Inc., Sr. Secd. Note, Series 144A, 11.50%, 4/1/2017 | 2,928,250 |
4,725,000 | 1,2 | International Automotive Components, Sr. Secd. Note, Series 144A, 9.125%, 6/1/2018 | 4,701,375 |
950,000 | 1,2 | Jaguar Land Rover PLC, Series 144A, 5.625%, 2/1/2023 | 991,563 |
4,475,000 | 1,2 | Jaguar Land Rover PLC, Sr. Unsecd. Note, Series 144A, 8.125%, 5/15/2021 | 5,056,750 |
625,000 | 1,2 | Lear Corp., Sr. Unsecd. Note, Series 144A, 4.75%, 1/15/2023 | 612,500 |
4,025,000 | 1,2 | Pittsburgh Glass Works, LLC, Sr. Secd. Note, Series 144A, 8.50%, 4/15/2016 | 4,115,562 |
725,000 | 1,2 | Schaeffler AG, Series 144A, 7.75%, 2/15/2017 | 820,156 |
5,025,000 | 1,2 | Schaeffler AG, Series 144A, 8.50%, 2/15/2019 | 5,741,062 |
2,750,000 | 1,2 | Stoneridge, Inc., Sr. Secd. Note, Series 144A, 9.50%, 10/15/2017 | 2,970,000 |
1,975,000 | Tenneco Automotive, Inc., Company Guarantee, 6.875%, 12/15/2020 | 2,179,906 | |
750,000 | Tenneco Automotive, Inc., Company Guarantee, 7.75%, 8/15/2018 | 828,750 | |
2,622,000 | Tomkins LLC/Tomkins, Inc., Term Loan—2nd Lien, 9.00%, 10/1/2018 | 2,933,363 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Automotive—continued | |||
$ 2,400,000 | 1,2 | Tower Automotive, Inc., Sr. Secd. Note, Series 144A, 10.625%, 9/1/2017 | $ 2,688,000 |
6,700,000 | United Components, Inc., Company Guarantee, Series WI, 8.625%, 2/15/2019 | 6,968,000 | |
TOTAL | 70,155,898 | ||
Building Materials—3.8% | |||
2,325,000 | Anixter International, Inc., 5.625%, 5/1/2019 | 2,481,937 | |
950,000 | 1,2 | Building Materials Corp. of America, Bond, Series 144A, 6.75%, 5/1/2021 | 1,040,250 |
1,275,000 | 1,2 | Building Materials Corp. of America, Sr. Note, Series 144A, 7.50%, 3/15/2020 | 1,399,313 |
325,000 | HD Supply, Inc., Sr. Sub., 10.50%, 1/15/2021 | 339,219 | |
2,175,000 | Interline Brands, Inc., Company Guarantee, 7.50%, 11/15/2018 | 2,370,750 | |
4,000,000 | 1,2 | Interline Brands, Inc., Sr. Note, Series 144A, 10.00%, 11/15/2018 | 4,450,000 |
4,175,000 | 1,2 | Masonite International Corp., Sr. Note, Series 144A, 8.25%, 4/15/2021 | 4,655,125 |
5,025,000 | Norcraft Cos. L.P., Sr. Secd. Note, Series WI, 10.50%, 12/15/2015 | 5,269,969 | |
1,350,000 | 1,2 | Nortek Holdings, Inc., Sr. Note, Series 144A, 8.50%, 4/15/2021 | 1,501,875 |
4,150,000 | Nortek Holdings, Inc., Sr. Unsecd. Note, Series WI, 8.50%, 4/15/2021 | 4,627,250 | |
1,700,000 | Nortek Holdings, Inc., Sr. Unsecd. Note, Series WI, 10.00%, 12/1/2018 | 1,912,500 | |
1,150,000 | Ply Gem Industries, Inc., Series WI, 9.375%, 4/15/2017 | 1,270,750 | |
4,175,000 | Ply Gem Industries, Inc., Sr. Secd. Note, Series WI, 8.25%, 2/15/2018 | 4,566,406 | |
1,725,000 | 1,2 | RSI Home Products, Inc., Series 144A, 6.875%, 3/1/2018 | 1,759,500 |
3,900,000 | 1,2 | Rexel, Inc., Series 144A, 6.125%, 12/15/2019 | 4,124,250 |
3,125,000 | 1,2 | Rexel, Inc., Sr. Note, Series 144A, 5.25%, 6/15/2020 | 3,179,687 |
2,800,000 | 1,2 | Roofing Supply Group, Series 144A, 10.00%, 6/1/2020 | 3,178,000 |
TOTAL | 48,126,781 | ||
Chemicals—2.8% | |||
725,000 | 1,2 | Ashland, Inc., Series 144A, 3.875%, 4/15/2018 | 736,781 |
600,000 | 1,2 | Ashland, Inc., Series 144A, 4.75%, 8/15/2022 | 612,000 |
1,200,000 | Celanese US Holdings LLC, 4.625%, 11/15/2022 | 1,209,000 | |
1,225,000 | Compass Minerals International, Inc., Company Guarantee, 8.00%, 6/1/2019 | 1,335,250 | |
3,950,000 | 1,2 | Dupont Performance Coatings, Series 144A, 7.375%, 5/1/2021 | 4,172,187 |
1,200,000 | Ferro Corp., Sr. Note, 7.875%, 8/15/2018 | 1,257,000 | |
450,000 | 1,2 | Georgia Gulf Corp., 4.875%, 5/15/2023 | 459,563 |
750,000 | 1,2 | Georgia Gulf Corp., Series 144A, 4.625%, 2/15/2021 | 765,938 |
2,500,000 | 1,2 | Hexion U.S. Finance Corp., Series 144A, 6.625%, 4/15/2020 | 2,518,750 |
3,500,000 | Hexion U.S. Finance Corp., Sr. Secd. Note, 8.875%, 2/1/2018 | 3,640,000 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Chemicals—continued | |||
$ 2,550,000 | Hexion U.S. Finance Corp., Sr. Secd. Note, Series WI, 9.00%, 11/15/2020 | $ 2,435,250 | |
1,875,000 | Huntsman International LLC, Company Guarantee, Series WI, 8.625%, 3/15/2020 | 2,104,688 | |
375,000 | 1,2 | Huntsman International LLC, Sr. Unsecd. Note, Series 144A, 4.875%, 11/15/2020 | 379,219 |
1,675,000 | Koppers Holdings, Inc., Company Guarantee, Series WI, 7.875%, 12/1/2019 | 1,850,875 | |
2,500,000 | Momentive Performance Materials, Inc., Series WI, 10.00%, 10/15/2020 | 2,512,500 | |
950,000 | Momentive Performance Materials, Inc., Sr. Note, Series WI, 9.00%, 1/15/2021 | 717,250 | |
3,900,000 | Omnova Solutions, Inc., Company Guarantee, 7.875%, 11/1/2018 | 4,173,000 | |
2,550,000 | 1,2 | Oxea Finance, Sr. Secd. Note, Series 144A, 9.50%, 7/15/2017 | 2,785,875 |
1,175,000 | Union Carbide Corp., Sr. Deb., 7.875%, 4/1/2023 | 1,477,857 | |
TOTAL | 35,142,983 | ||
Construction Machinery—0.7% | |||
1,325,000 | RSC Equipment Rental, Inc., Sr. Note, Series WI, 10.25%, 11/15/2019 | 1,546,937 | |
625,000 | United Rentals, Inc., Series WI, 5.75%, 7/15/2018 | 680,469 | |
625,000 | United Rentals, Inc., Series WI, 7.375%, 5/15/2020 | 696,875 | |
625,000 | United Rentals, Inc., Series WI, 7.625%, 4/15/2022 | 701,563 | |
4,125,000 | United Rentals, Inc., Sr. Sub. Note, 8.375%, 9/15/2020 | 4,620,000 | |
TOTAL | 8,245,844 | ||
Consumer Products—4.0% | |||
4,575,000 | 1,2 | AOT Bedding Super Holdings LLC, Series 144A, 8.125%, 10/1/2020 | 4,775,156 |
1,100,000 | 1,2 | Apex Tool Group, Sr. Unsecd. Note, Series 144A, 7.00%, 2/1/2021 | 1,168,750 |
3,375,000 | 1,2 | Freedom Group, Inc., Series 144A, 7.875%, 5/1/2020 | 3,560,625 |
4,175,000 | Jarden Corp., Sr. Sub. Note, 7.50%, 5/1/2017 | 4,743,844 | |
3,575,000 | Libbey Glass, Inc., Series WI, 6.875%, 5/15/2020 | 3,874,406 | |
3,000,000 | Prestige Brands Holdings, Inc., Company Guarantee, 8.25%, 4/1/2018 | 3,285,000 | |
1,100,000 | Prestige Brands Holdings, Inc., Series WI, 8.125%, 2/1/2020 | 1,247,125 | |
868,000 | 1,2 | Sealy Mattress Co., Sr. Secd. Note, Series 144A, 10.875%, 4/15/2016 | 919,004 |
3,125,000 | Sealy Mattress Co., Sr. Sub. Note, 8.25%, 6/15/2014 | 3,140,656 | |
3,725,000 | 1,2 | ServiceMaster Co., Series 144A, 7.00%, 8/15/2020 | 3,874,000 |
1,750,000 | ServiceMaster Co., Sr. Unsecd. Note, 7.10%, 3/1/2018 | 1,730,312 | |
700,000 | ServiceMaster Co., Sr. Unsecd. Note, 7.45%, 8/15/2027 | 609,000 | |
3,550,000 | ServiceMaster Co., Sr. Unsecd. Note, 8.00%, 2/15/2020 | 3,825,125 | |
575,000 | Spectrum Brands Holdings, Inc., Sr. Secd. Note, 9.50%, 6/15/2018 | 654,063 | |
4,025,000 | Spectrum Brands, Inc., Sr. Unsecd. Note, 6.75%, 3/15/2020 | 4,362,094 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Consumer Products—continued | |||
$ 7,125,000 | Visant Corp., Company Guarantee, Series WI, 10.00%, 10/1/2017 | $ 6,537,187 | |
1,075,000 | 1,2 | Wolverine World Wide, Inc., Sr. Unsecd. Note, Series 144A, 6.125%, 10/15/2020 | 1,146,219 |
TOTAL | 49,452,566 | ||
Energy—8.6% | |||
2,975,000 | 3,4 | ATP Oil & Gas Corp., Sr. Secd. 2nd Priority Note, Series WI, 11.875%, 5/1/2015 | 223,125 |
4,775,000 | 1,2 | Antero Resources Corp., 6.00%, 12/1/2020 | 5,013,750 |
1,275,000 | Basic Energy Services, Inc., Company Guarantee, Series WI, 7.75%, 2/15/2019 | 1,310,062 | |
1,700,000 | Basic Energy Services, Inc., Series WI, 7.75%, 10/15/2022 | 1,759,500 | |
1,125,000 | Berry Petroleum Co., Sr. Unsecd. Note, 6.375%, 9/15/2022 | 1,200,938 | |
625,000 | Berry Petroleum Co., Sr. Unsecd. Note, 6.75%, 11/1/2020 | 678,125 | |
1,200,000 | Carrizo Oil & Gas, Inc., Sr. Unsecd. Note, 7.50%, 9/15/2020 | 1,287,000 | |
3,675,000 | Chaparral Energy, Inc., Company Guarantee, 9.875%, 10/1/2020 | 4,263,000 | |
800,000 | Chaparral Energy, Inc., Series WI, 7.625%, 11/15/2022 | 878,000 | |
650,000 | Chesapeake Energy Corp., 5.375%, 6/15/2021 | 654,063 | |
750,000 | Chesapeake Energy Corp., 5.75%, 3/15/2023 | 762,188 | |
4,175,000 | Chesapeake Energy Corp., Sr. Note, 6.875%, 11/15/2020 | 4,571,625 | |
2,375,000 | Chesapeake Energy Corp., Sr. Unsecd. Note, 6.775%, 3/15/2019 | 2,481,875 | |
3,175,000 | 1,2 | Chesapeake Oilfield Services Co., Sr. Note, Series 144A, 6.625%, 11/15/2019 | 3,286,125 |
1,525,000 | Compagnie Generale de Geophysique Veritas, Company Guarantee, 9.50%, 5/15/2016 | 1,608,875 | |
2,000,000 | Compagnie Generale de Geophysique Veritas, Sr. Unsecd. Note, 6.50%, 6/1/2021 | 2,110,000 | |
2,100,000 | Compagnie Generale de Geophysique Veritas, Sr. Unsecd. Note, 7.75%, 5/15/2017 | 2,173,500 | |
2,200,000 | Comstock Resources, Inc., Company Guarantee, 7.75%, 4/1/2019 | 2,332,000 | |
625,000 | Comstock Resources, Inc., Sr. Secd. Note, 9.50%, 6/15/2020 | 687,500 | |
1,200,000 | Concho Resources, Inc., 5.50%, 4/1/2023 | 1,251,000 | |
2,075,000 | Concho Resources, Inc., Sr. Note, 7.00%, 1/15/2021 | 2,292,875 | |
950,000 | EP Energy/EP Finance, Inc., Series WI, 6.875%, 5/1/2019 | 1,045,000 | |
4,575,000 | EP Energy/EP Finance, Inc., Series WI, 9.375%, 5/1/2020 | 5,307,000 | |
1,600,000 | 1,2 | EP Energy/EP Finance, Inc., Sr. PIK Deb., Series 144A, 8.125%, 12/15/2017 | 1,684,000 |
625,000 | Energy XXI Gulf Coast, Inc., 7.75%, 6/15/2019 | 673,438 | |
3,075,000 | Energy XXI Gulf Coast, Inc., 9.25%, 12/15/2017 | 3,490,125 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Energy—continued | |||
$ 3,025,000 | Forbes Energy Services Ltd., Company Guarantee, Series WI, 9.00%, 6/15/2019 | $ 2,949,375 | |
1,500,000 | 1,2 | Forest Oil Corp., Series 144A, 7.50%, 9/15/2020 | 1,590,000 |
4,425,000 | Forest Oil Corp., Sr. Note, 7.25%, 6/15/2019 | 4,447,125 | |
1,950,000 | 1,2 | Halcon Resources Corp., Sr. Note, Series 144A, 8.875%, 5/15/2021 | 2,110,875 |
3,225,000 | 1,2 | Halcon Resources Corp., Sr. Unsecd. Note, Series 144A, 9.75%, 7/15/2020 | 3,579,750 |
775,000 | 1,2 | Kodiak Oil & Gas Corp., Series 144A, 5.50%, 1/15/2021 | 812,781 |
2,325,000 | Linn Energy LLC, Company Guarantee, 7.75%, 2/1/2021 | 2,505,187 | |
375,000 | Linn Energy LLC, Series WI, 6.50%, 5/15/2019 | 394,219 | |
3,000,000 | Linn Energy LLC, Sr. Unsecd. Note, 8.625%, 4/15/2020 | 3,322,500 | |
1,625,000 | Lone Pine Resources Canada Ltd., Series WI, 10.375%, 2/15/2017 | 1,470,625 | |
3,450,000 | Newfield Exploration Co., Sr. Unsecd. Note, 5.625%, 7/1/2024 | 3,570,750 | |
2,125,000 | Oasis Petroleum, Inc., 6.875%, 1/15/2023 | 2,348,125 | |
2,350,000 | Oasis Petroleum, Inc., Company Guarantee, 6.50%, 11/1/2021 | 2,573,250 | |
1,325,000 | 1,2 | Ocean Rig Norway AS, Sr. Secd. Note, Series 144A, 6.50%, 10/1/2017 | 1,344,875 |
3,475,000 | PHI, Inc., Company Guarantee, Series WI, 8.625%, 10/15/2018 | 3,796,437 | |
1,725,000 | Plains Exploration & Production Co., 6.75%, 2/1/2022 | 1,929,844 | |
475,000 | Plains Exploration & Production Co., Sr. Note, 6.125%, 6/15/2019 | 522,500 | |
1,125,000 | 1,2 | Range Resources Corp., Sr. Sub. Note, Series 144A, 5.00%, 3/15/2023 | 1,153,125 |
1,200,000 | Sandridge Energy, Inc., 7.50%, 3/15/2021 | 1,254,000 | |
650,000 | Sandridge Energy, Inc., Series WI, 7.50%, 2/15/2023 | 677,625 | |
3,650,000 | Sandridge Energy, Inc., Series WI, 8.125%, 10/15/2022 | 3,914,625 | |
1,600,000 | Sesi LLC, Series WI, 7.125%, 12/15/2021 | 1,798,000 | |
1,000,000 | Sesi LLC, Sr. Note, Series WI, 6.375%, 5/1/2019 | 1,080,000 | |
5,275,000 | W&T Offshore, Inc., Sr. Unsecd. Note, Series WI, 8.50%, 6/15/2019 | 5,762,937 | |
TOTAL | 107,933,219 | ||
Entertainment—1.1% | |||
3,050,000 | Cedar Fair LP, Company Guarantee, 9.125%, 8/1/2018 | 3,431,250 | |
375,000 | 1,2 | Cedar Fair LP, Sr. Unsecd. Note, Series 144A, 5.25%, 3/15/2021 | 374,062 |
3,525,000 | Cinemark USA, Inc., Company Guarantee, 8.625%, 6/15/2019 | 3,908,344 | |
750,000 | Cinemark USA, Inc., Company Guarantee, Series WI, 7.375%, 6/15/2021 | 841,875 | |
350,000 | 1,2 | Cinemark USA, Inc., Series 144A, 5.125%, 12/15/2022 | 353,500 |
3,325,000 | 1,3,4,5,6 | Hard Rock Park Operations LLC, Sr. Secd. Note, Series 144A, 0.00%, 4/1/2012 | 0 |
1,100,000 | Regal Cinemas, Inc., Company Guarantee, 8.625%, 7/15/2019 | 1,225,125 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Entertainment—continued | |||
$ 3,200,000 | 1,2 | Six Flags Entertainment Corp., Sr. Note, Series 144A, 5.25%, 1/15/2021 | $ 3,212,000 |
TOTAL | 13,346,156 | ||
Environmental—0.2% | |||
2,625,000 | 1,2 | ADS Waste Escrow, Sr. Unsecd. Note, Series 144A, 8.25%, 10/1/2020 | 2,841,563 |
Financial Institutions—4.7% | |||
2,025,000 | Ally Financial, Inc., Company Guarantee, 7.50%, 9/15/2020 | 2,478,094 | |
1,050,000 | Ally Financial, Inc., Company Guarantee, 8.00%, 3/15/2020 | 1,309,875 | |
2,300,000 | Ally Financial, Inc., Company Guarantee, 8.00%, 11/1/2031 | 2,921,000 | |
5,900,000 | Ally Financial, Inc., Company Guarantee, 8.30%, 2/12/2015 | 6,563,750 | |
3,925,000 | Ally Financial, Inc., Company Guarantee, Series WI, 6.25%, 12/1/2017 | 4,405,848 | |
1,225,000 | Ally Financial, Inc., Sr. Unsecd. Note, 5.50%, 2/15/2017 | 1,331,391 | |
1,425,000 | CIT Group, Inc., 5.00%, 5/15/2017 | 1,535,438 | |
4,750,000 | CIT Group, Inc., 5.25%, 3/15/2018 | 5,153,750 | |
400,000 | CIT Group, Inc., 5.375%, 5/15/2020 | 441,000 | |
700,000 | 1,2 | CIT Group, Inc., Series 144A, 4.75%, 2/15/2015 | 735,000 |
1,700,000 | 1,2 | CIT Group, Inc., Sr. 2nd Priority Note, Series 144A, 6.625%, 4/1/2018 | 1,946,500 |
2,400,000 | CIT Group, Inc., Sr. Note, 4.25%, 8/15/2017 | 2,520,000 | |
2,000,000 | International Lease Finance Corp., 4.625%, 4/15/2021 | 1,998,750 | |
2,775,000 | International Lease Finance Corp., 5.875%, 8/15/2022 | 2,998,310 | |
825,000 | International Lease Finance Corp., Sr. Unsecd. Note, 5.75%, 5/15/2016 | 895,202 | |
750,000 | International Lease Finance Corp., Sr. Unsecd. Note, 6.25%, 5/15/2019 | 825,000 | |
1,400,000 | International Lease Finance Corp., Sr. Unsecd. Note, 8.25%, 12/15/2020 | 1,718,500 | |
1,975,000 | International Lease Finance Corp., Sr. Unsecd. Note, 8.625%, 9/15/2015 | 2,253,969 | |
6,350,000 | International Lease Finance Corp., Sr. Unsecd. Note, 8.75%, 3/15/2017 | 7,500,937 | |
1,975,000 | 1,2 | Neuberger Berman, Inc., Series 144A, 5.875%, 3/15/2022 | 2,098,437 |
950,000 | 1,2 | Neuberger Berman, Inc., Sr. Note, Series 144A, 5.625%, 3/15/2020 | 999,875 |
5,425,000 | 1,2 | Nuveen Investments, Sr. Unsecd. Note, Series 144A, 9.50%, 10/15/2020 | 5,696,250 |
TOTAL | 58,326,876 | ||
Food & Beverage—5.1% | |||
3,075,000 | 1,2 | Aramark Corp., Sr. Unsecd. Note, Series 144A, 5.75%, 3/15/2020 | 3,159,563 |
900,000 | B&G Foods, Inc., Sr. Note, 7.625%, 1/15/2018 | 965,250 | |
2,875,000 | Dean Foods Co., Company Guarantee, 7.00%, 6/1/2016 | 3,198,437 | |
3,325,000 | Dean Foods Co., Sr. Note, Series WI, 9.75%, 12/15/2018 | 3,865,312 | |
7,150,000 | Del Monte Foods Co., Sr. Unsecd. Note, 7.625%, 2/15/2019 | 7,453,875 | |
7,575,000 | 1,2 | H.J. Heinz Co., 4.25%, 10/15/2020 | 7,593,937 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Food & Beverage—continued | |||
$ 7,500,000 | Michael Foods, Inc., Company Guarantee, Series WI, 9.75%, 7/15/2018 | $ 8,381,250 | |
4,525,000 | 1,2 | Michael Foods, Inc., Series 144A, 8.50%, 7/15/2018 | 4,683,375 |
2,325,000 | Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., Company Guarantee, 8.25%, 9/1/2017 | 2,509,547 | |
2,760,000 | Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., Company Guarantee, 9.25%, 4/1/2015 | 2,773,800 | |
2,150,000 | 1,2 | Shearer's Foods, Inc., Sr. Secd. Note, Series 144A, 9.00%, 11/1/2019 | 2,365,000 |
2,950,000 | Smithfield Foods, Inc., 6.625%, 8/15/2022 | 3,222,875 | |
1,550,000 | Smithfield Foods, Inc., Sr. Note, 7.75%, 7/1/2017 | 1,803,813 | |
11,000,000 | 1,2 | U.S. Foodservice, Inc., Sr. Unsecd. Note, Series 144A, 8.50%, 6/30/2019 | 11,728,750 |
TOTAL | 63,704,784 | ||
Gaming—3.1% | |||
3,725,000 | 1,2 | Affinity Gaming LLC, Sr. Unsecd. Note, Series 144A, 9.00%, 5/15/2018 | 3,995,062 |
3,624,000 | American Casino & Entertainment, Sr. Secd. Note, 11.00%, 6/15/2014 | 3,680,625 | |
2,150,000 | Ameristar Casinos, Inc., Sr. Unsecd. Note, Series WI, 7.50%, 4/15/2021 | 2,367,688 | |
1,000,000 | Caesars Entertainment, Inc., Series WI, 8.50%, 2/15/2020 | 990,625 | |
2,125,000 | 1,2 | Chester Downs & Marina, Series 144A, 9.25%, 2/1/2020 | 2,040,000 |
4,050,000 | Harrah's Operating Co., Inc., Sr. Secd. Note, 11.25%, 6/1/2017 | 4,328,437 | |
2,050,000 | MGM Mirage, Inc., 7.75%, 3/15/2022 | 2,285,750 | |
3,650,000 | MGM Mirage, Inc., Sr. Note, 7.50%, 6/1/2016 | 4,060,625 | |
1,300,000 | MGM Mirage, Inc., Sr. Unsecd. Note, 8.625%, 2/1/2019 | 1,521,000 | |
900,000 | 1,2 | MGM Mirage, Inc., Sr. Unsecd. Note, Series 144A, 6.75%, 10/1/2020 | 956,250 |
3,075,000 | 1,2 | Rivers Pittsburgh LP, Sr. Secd. Note, Series 144A, 9.50%, 6/15/2019 | 3,374,813 |
3,965,000 | 1,2 | Seminole Tribe of Florida, Bond, Series 144A, 7.804%, 10/1/2020 | 4,009,923 |
625,000 | 1,2 | Seminole Tribe of Florida, Note, Series 144A, 7.75%, 10/1/2017 | 678,125 |
2,375,000 | 1,2 | Station Casinos, Inc., Sr. Note, Series 144A, 7.50%, 3/1/2021 | 2,452,188 |
2,150,000 | 1,2 | Sugarhouse HSP Gaming Finance Corp., Sr. Secd. Note, Series 144A, 8.625%, 4/15/2016 | 2,311,250 |
TOTAL | 39,052,361 | ||
Health Care—9.7% | |||
4,075,000 | 1,2 | Biomet, Inc., Series 144A, 6.50%, 10/1/2020 | 4,209,984 |
4,725,000 | 1,2 | Biomet, Inc., Sr. Note, Series 144A, 6.50%, 8/1/2020 | 5,032,125 |
4,225,000 | 1,2 | CDRT Holding Corp., Sr. Unsecd. Note, Series 144A, 9.25%, 10/1/2017 | 4,404,562 |
2,050,000 | CRC Health Corp., Sr. Sub. Note, 10.75%, 2/1/2016 | 2,080,750 | |
4,050,000 | DJO Finance LLC, Company Guarantee, Series WI, 7.75%, 4/15/2018 | 4,151,250 | |
1,025,000 | DJO Finance LLC, Company Guarantee, Series WI, 9.75%, 10/15/2017 | 1,073,688 | |
900,000 | DJO Finance LLC, Series WI, 8.75%, 3/15/2018 | 1,008,000 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Health Care—continued | |||
$ 2,950,000 | DJO Finance LLC, Series WI, 9.875%, 4/15/2018 | $ 3,252,375 | |
2,925,000 | DaVita HealthCare Partners, Inc., 5.75%, 8/15/2022 | 3,052,969 | |
6,425,000 | Emergency Medical Services Corp., Company Guarantee, Series WI, 8.125%, 6/1/2019 | 7,083,562 | |
4,100,000 | Grifols, Inc., Sr. Note, Series WI, 8.25%, 2/1/2018 | 4,530,500 | |
5,875,000 | HCA Holdings, Inc., Sr. Unsecd. Note, Series WI, 7.75%, 5/15/2021 | 6,557,969 | |
1,650,000 | HCA, Inc., 6.25%, 2/15/2021 | 1,763,438 | |
1,000,000 | HCA, Inc., Revolver—1st Lien, 5.875%, 3/15/2022 | 1,080,000 | |
2,400,000 | HCA, Inc., Series 1, 5.875%, 5/1/2023 | 2,502,000 | |
3,100,000 | HCA, Inc., Sr. Note, 7.50%, 11/6/2033 | 3,177,500 | |
1,000,000 | HCA, Inc., Sr. Secd. Note, 6.50%, 2/15/2020 | 1,130,625 | |
2,775,000 | HCA, Inc., Sr. Secd. Note, 8.50%, 4/15/2019 | 3,069,844 | |
8,475,000 | HCA, Inc., Sr. Unsecd. Note, 7.50%, 2/15/2022 | 9,767,437 | |
2,150,000 | Hologic, Inc., 6.25%, 8/1/2020 | 2,297,813 | |
5,825,000 | Iasis Healthcare, Sr. Unsecd. Note, 8.375%, 5/15/2019 | 6,161,102 | |
2,150,000 | 1,2 | Jaguar Holding Co., Series 144A, 9.375%, 10/15/2017 | 2,319,313 |
4,300,000 | 1,2 | Jaguar Holding Co., Sr. Note, 9.50%, 12/1/2019 | 4,955,750 |
6,425,000 | 1,2 | Multiplan, Inc., Company Guarantee, Series 144A, 9.875%, 9/1/2018 | 7,171,906 |
2,200,000 | Omnicare, Inc., Sr. Sub., 7.75%, 6/1/2020 | 2,447,500 | |
975,000 | 1,2 | Physiotherapy, Inc., Series 144A, 11.875%, 5/1/2019 | 943,313 |
1,900,000 | 1,2 | Tenet Healthcare Corp., Sr. Secd. Note, Series 144A, 4.50%, 4/1/2021 | 1,866,750 |
3,600,000 | United Surgical Partners International, Inc., Series WI, 9.00%, 4/1/2020 | 4,095,000 | |
1,600,000 | 1,2 | Universal Hospital Service Holdco, Inc., Series 144A, 7.625%, 8/15/2020 | 1,728,000 |
2,350,000 | Universal Hospital Service Holdco, Inc., Series WI, 7.625%, 8/15/2020 | 2,540,937 | |
6,650,000 | 1,2 | VWR Funding, Inc., Series 144A, 7.25%, 9/15/2017 | 7,073,937 |
5,575,000 | Vanguard Health Holdings II, Company Guarantee, 8.00%, 2/1/2018 | 5,965,250 | |
2,900,000 | 1,2 | Wolverine Healthcare, Sr. Note, Series 144A, 10.625%, 6/1/2020 | 3,320,500 |
TOTAL | 121,815,649 | ||
Industrial - Other—3.6% | |||
750,000 | 1,2 | Amsted Industries, Inc., Sr. Note, Series 144A, 8.125%, 3/15/2018 | 810,000 |
3,375,000 | 1,2 | Belden CDT, Inc., Series 144A, 5.50%, 9/1/2022 | 3,476,250 |
2,200,000 | 1,2 | Cleaver-Brooks, Inc., Series 144A, 8.75%, 12/15/2019 | 2,378,750 |
3,350,000 | Dynacast International LLC, Series WI, 9.25%, 7/15/2019 | 3,685,000 | |
2,575,000 | 1,2 | General Cable Corp., Sr. Unsecd. Note, Series 144A, 5.75%, 10/1/2022 | 2,639,375 |
2,025,000 | 1,2 | Hamilton Sundstrand Corp., Series 144A, 7.75%, 12/15/2020 | 2,166,750 |
1,025,000 | 1,2 | Hillman Group, Inc., Series 144A, 10.875%, 6/1/2018 | 1,132,625 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Industrial - Other—continued | |||
$ 3,225,000 | 1,2 | J.B. Poindexter, Inc., Series 144A, 9.00%, 4/1/2022 | $ 3,386,250 |
2,175,000 | 1,2 | Knowledge Learning Corp., Sr. Sub. Note, Series 144A, 7.75%, 2/1/2015 | 2,153,250 |
1,125,000 | 1,2 | MMI International Ltd., Series 144A, 8.00%, 3/1/2017 | 1,158,750 |
1,075,000 | Mastec, Inc., 4.875%, 3/15/2023 | 1,066,938 | |
2,425,000 | 1,2 | Maxim Finance Corp., Sr. Secd. Note, Series 144A, 12.25%, 4/15/2015 | 2,552,312 |
775,000 | 1,2 | Milacron LLC, Series 144A, 7.75%, 2/15/2021 | 805,031 |
1,325,000 | 1,2 | Milacron LLC, Series 144A, 8.375%, 5/15/2019 | 1,470,750 |
1,850,000 | 1,2 | Mirror Bidco/Dematic, Series 144A, 7.75%, 12/15/2020 | 1,933,250 |
1,020,000 | Mueller Water Products, Inc., Company Guarantee, 8.75%, 9/1/2020 | 1,165,350 | |
3,375,000 | Mueller Water Products, Inc., Sr. Sub. Note, Series WI, 7.375%, 6/1/2017 | 3,488,906 | |
3,600,000 | Rexnord, Inc., Company Guarantee, 8.50%, 5/1/2018 | 3,964,500 | |
3,775,000 | The Hillman Group, Inc., Sr. Unsecd. Note, 10.875%, 6/1/2018 | 4,171,375 | |
828,000 | Thermon Industries, Inc., Sr. Secd. Note, Series WI, 9.50%, 5/1/2017 | 923,220 | |
1,100,000 | 1,2 | Unifrax Investment Corp., Series 144A, 7.50%, 2/15/2019 | 1,138,500 |
TOTAL | 45,667,132 | ||
Lodging—0.3% | |||
800,000 | Choice Hotels International, Inc., 5.75%, 7/1/2022 | 892,000 | |
1,117,000 | Host Marriott LP, Note, Series Q, 6.75%, 6/1/2016 | 1,143,529 | |
1,275,000 | Royal Caribbean Cruises Ltd., Sr. Note, 5.25%, 11/15/2022 | 1,297,312 | |
TOTAL | 3,332,841 | ||
Media - Cable—1.7% | |||
1,375,000 | 1,2 | Cequel Communications Holdings, Series 144A, 6.375%, 9/15/2020 | 1,433,437 |
900,000 | Charter Communications Holdings II, 5.125%, 2/15/2023 | 877,500 | |
1,050,000 | Charter Communications Holdings II, 6.625%, 1/31/2022 | 1,131,375 | |
725,000 | Charter Communications Holdings II, 7.375%, 6/1/2020 | 807,469 | |
1,075,000 | Charter Communications Holdings II, Company Guarantee, 7.25%, 10/30/2017 | 1,162,344 | |
625,000 | Charter Communications Holdings II, Company Guarantee, Series WI, 7.875%, 4/30/2018 | 666,406 | |
475,000 | Charter Communications Holdings II, Company Guarantee, Series WI, 8.125%, 4/30/2020 | 533,188 | |
2,125,000 | 1,2 | Charter Communications Holdings II, Series 144A, 5.75%, 9/1/2023 | 2,140,937 |
3,575,000 | Charter Communications Holdings II, Sr. Note, 7.00%, 1/15/2019 | 3,869,937 | |
525,000 | DISH DBS Corporation, Series WI, 4.625%, 7/15/2017 | 547,313 | |
5,200,000 | DISH DBS Corporation, Series WI, 5.875%, 7/15/2022 | 5,479,500 | |
775,000 | 1,2 | LYNX II Corporation, Series 144A, 6.375%, 4/15/2023 | 815,688 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Media - Cable—continued | |||
$ 2,150,000 | Virgin Media, Inc., Sr. Unsecd. Note, 4.875%, 2/15/2022 | $ 2,187,625 | |
TOTAL | 21,652,719 | ||
Media - Non-Cable—6.4% | |||
1,925,000 | AMC Networks, Inc., Series WI, 7.75%, 7/15/2021 | 2,189,688 | |
1,650,000 | AMC Networks, Inc., Sr. Unsecd. Note, 4.75%, 12/15/2022 | 1,650,000 | |
6,050,000 | Clear Channel Communications, Inc., Company Guarantee, 9.00%, 3/1/2021 | 5,679,437 | |
1,225,000 | 1,2 | Clear Channel Communications, Inc., Series 144A, 11.25%, 3/1/2021 | 1,261,750 |
2,175,000 | 1,2 | Clear Channel Worldwide, 6.50%, 11/15/2022 | 2,305,500 |
825,000 | Clear Channel Worldwide, 7.625%, 3/15/2020 | 856,969 | |
825,000 | 1,2 | Clear Channel Worldwide, Series 144A, 6.50%, 11/15/2022 | 864,188 |
5,750,000 | Clear Channel Worldwide, Series B, 7.625%, 3/15/2020 | 6,030,312 | |
6,025,000 | Crown Media Holdings, Inc., Company Guarantee, 10.50%, 7/15/2019 | 6,823,312 | |
3,825,000 | Cumulus Media, Inc., Sr. Unsecd. Note, Series WI, 7.75%, 5/1/2019 | 3,949,312 | |
3,800,000 | Entercom Radio LLC, Sr. Sub. Note, Series WI, 10.50%, 12/1/2019 | 4,389,000 | |
2,805,000 | Entravision Communications Corp., Sr. Secd. Note, 8.75%, 8/1/2017 | 3,050,437 | |
2,675,000 | 1,2 | Intelsat (Luxembourg) S.A., Sr. Unsecd. Note, Series 144A, 7.75%, 6/1/2021 | 2,728,500 |
2,700,000 | 1,2 | Intelsat (Luxembourg) S.A., Sr. Unsecd. Note, Series 144A, 8.125%, 6/1/2023 | 2,754,000 |
825,000 | Intelsat Jackson Holdings S.A., 7.25%, 10/15/2020 | 909,563 | |
2,575,000 | Intelsat Jackson Holdings S.A., Company Guarantee, 8.50%, 11/1/2019 | 2,893,656 | |
1,200,000 | 1,2 | Intelsat Jackson Holdings S.A., Series 144A, 6.625%, 12/15/2022 | 1,275,000 |
1,575,000 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, Series WI, 7.25%, 4/1/2019 | 1,728,563 | |
1,700,000 | Intelsat Jackson Holdings S.A., Sr. Unsecd. Note, Series WI, 7.50%, 4/1/2021 | 1,899,750 | |
750,000 | Lamar Media Corp., Company Guarantee, 7.875%, 4/15/2018 | 820,313 | |
1,825,000 | Lamar Media Corp., Series WI, 5.00%, 5/1/2023 | 1,834,125 | |
1,000,000 | Lamar Media Corp., Series WI, 5.875%, 2/1/2022 | 1,087,500 | |
1,075,000 | Nielsen Finance LLC/Nielsen Finance Co., Company Guarantee, 7.75%, 10/15/2018 | 1,198,625 | |
2,075,000 | 1,2 | Nielsen Finance LLC/Nielsen Finance Co., Series 144A, 4.50%, 10/1/2020 | 2,082,781 |
5,100,000 | SSI Investments II Ltd., Company Guarantee, 11.125%, 6/1/2018 | 5,686,500 | |
1,100,000 | 1,2 | Sirius XM Radio, Inc., Series 144A, 5.25%, 8/15/2022 | 1,130,250 |
1,675,000 | 1,2 | Sirius XM Radio, Inc., Sr. Note, Series 144A, 8.75%, 4/1/2015 | 1,871,812 |
4,525,000 | 1,2 | Southern Graphics Systems, Inc., Series 144A, 8.375%, 10/15/2020 | 4,706,000 |
3,250,000 | 1,2 | Townsquare Radio LLC, Series 144A, 9.00%, 4/1/2019 | 3,566,875 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Media - Non-Cable—continued | |||
$ 2,725,000 | 1,2 | XM Satellite Radio, Inc., Sr. Unsecd. Note, Series 144A, 7.625%, 11/1/2018 | $ 3,021,344 |
TOTAL | 80,245,062 | ||
Metals & Mining—0.0% | |||
2,975,000 | 3,4,5 | Aleris International, Inc., Company Guarantee, 9.00%, 12/15/2014 | 298 |
2,400,000 | 3,4,5 | Aleris International, Inc., Sr. Sub. Note, 10.00%, 12/15/2016 | 0 |
425,000 | 1,2 | Steel Dynamics, Inc., Sr. Note, Series 144A, 5.25%, 4/15/2023 | 431,906 |
TOTAL | 432,204 | ||
Packaging—4.3% | |||
4,875,000 | 1,2 | Ardagh Packaging Finance PLC, Company Guarantee, Series 144A, 9.125%, 10/15/2020 | 5,423,437 |
1,200,000 | 1,2 | Ardagh Packaging Finance PLC, Series 144A, 7.00%, 11/15/2020 | 1,236,000 |
1,925,000 | 1,2 | Ardagh Packaging Finance PLC, Sr. Unsecd. Note, 9.125%, 10/15/2020 | 2,131,938 |
1,850,000 | Berry Plastics Corp., Sr. Secd. Note, 9.50%, 5/15/2018 | 2,074,313 | |
1,575,000 | Bway Holding Co., Company Guarantee, Series WI, 10.00%, 6/15/2018 | 1,771,875 | |
3,050,000 | 1,2 | Bway Holding Co., Series 144A, 9.50%, 11/1/2017 | 3,297,813 |
775,000 | Crown Americas, LLC, Company Guarantee, 6.25%, 2/1/2021 | 850,563 | |
750,000 | 1,2 | Crown Americas, LLC, Series 144A, 4.50%, 1/15/2023 | 731,250 |
1,150,000 | Greif, Inc., Sr. Unsecd. Note, 7.75%, 8/1/2019 | 1,345,500 | |
3,400,000 | 1,2 | Packaging Dynamics Corp., Sr. Secd. Note, Series 144A, 8.75%, 2/1/2016 | 3,565,750 |
7,175,000 | Reynolds Group, Series WI, 8.25%, 2/15/2021 | 7,417,156 | |
2,800,000 | Reynolds Group, Series WI, 8.50%, 5/15/2018 | 2,957,500 | |
3,575,000 | Reynolds Group, Series WI, 9.00%, 4/15/2019 | 3,798,437 | |
3,450,000 | Reynolds Group, Series WI, 9.875%, 8/15/2019 | 3,790,687 | |
1,400,000 | Reynolds Group, Sr. Secd. Note, Series WI, 7.125%, 4/15/2019 | 1,510,250 | |
900,000 | Reynolds Group, Sr. Unsecd. Note, 7.95%, 12/15/2025 | 859,500 | |
5,000,000 | Reynolds GRP ISS/Reynold, Series WI, 5.75%, 10/15/2020 | 5,106,250 | |
475,000 | 1,2 | Sealed Air Corp., Series 144A, 6.50%, 12/1/2020 | 522,500 |
5,175,000 | 1,2 | Sealed Air Corp., Sr. Unsecd. Note, Series 144A, 8.375%, 9/15/2021 | 5,951,250 |
TOTAL | 54,341,969 | ||
Paper—0.4% | |||
1,075,000 | 1,2 | Clearwater Paper Corp., Sr. Note, Series 144A, 4.50%, 2/1/2023 | 1,058,875 |
600,000 | Graphic Packaging International Corp., Sr. Note, 7.875%, 10/1/2018 | 664,500 | |
2,550,000 | 1,2 | Longview Fibre Co., Sr. Secd. Note, Series 144A, 8.00%, 6/1/2016 | 2,677,500 |
TOTAL | 4,400,875 | ||
Restaurants—1.3% | |||
6,850,000 | DineEquity, Inc., Company Guarantee, Series WI, 9.50%, 10/30/2018 | 7,843,250 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Restaurants—continued | |||
$ 5,050,000 | NPC International/OPER Co., A&B, Inc., Series WI, 10.50%, 1/15/2020 | $ 5,908,500 | |
3,025,000 | 1,2 | Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, Sr. Secd. Note, Series 144A, 2.780%, 3/15/2014 | 3,021,219 |
TOTAL | 16,772,969 | ||
Retailers—4.7% | |||
2,825,000 | 1,2 | Academy Finance Corp., Series 144A, 8.00%, 6/15/2018 | 2,938,000 |
4,125,000 | 1,2 | Academy Finance Corp., Series 144A, 9.25%, 8/1/2019 | 4,671,562 |
1,075,000 | 1,2 | Claire's Stores, Inc., Series 144A, 6.125%, 3/15/2020 | 1,107,250 |
925,000 | Express, LLC, Company Guarantee, 8.75%, 3/1/2018 | 1,012,875 | |
2,950,000 | Gymboree Corp., Sr. Unsecd. Note, 9.125%, 12/1/2018 | 2,791,438 | |
3,325,000 | 1,2 | Jo-Ann Stores, Inc., Series 144A, 9.75%, 10/15/2019 | 3,507,875 |
7,025,000 | 1,2 | Jo-Ann Stores, Inc., Sr. Unsecd. Note, Series 144A, 8.125%, 3/15/2019 | 7,376,250 |
1,500,000 | Limited Brands, Inc., Company Guarantee, 8.50%, 6/15/2019 | 1,848,750 | |
700,000 | Limited Brands, Inc., Sr. Unsecd. Note, 5.625%, 2/15/2022 | 745,500 | |
4,925,000 | Michaels Stores, Inc., Company Guarantee, 7.75%, 11/1/2018 | 5,405,187 | |
4,800,000 | 1,2 | PETCO Animal Supplies, Inc., Series 144A, 8.50%, 10/15/2017 | 4,974,000 |
5,175,000 | 1,2 | PETCO Animal Supplies, Inc., Sr. Note, Series 144A, 9.25%, 12/1/2018 | 5,731,312 |
1,725,000 | 1,2 | Party City Holdings, Inc., Sr. Note, Series 144A, 8.875%, 8/1/2020 | 1,901,813 |
950,000 | Sally Beauty Holdings, Inc., 5.75%, 6/1/2022 | 996,313 | |
2,650,000 | Sally Holdings. LLC/Sally Cap, Inc., Series WI, 6.875%, 11/15/2019 | 2,948,125 | |
6,625,000 | The Yankee Candle Co., Inc., Sr. Sub. Note, Series B, 9.75%, 2/15/2017 | 6,890,066 | |
1,275,000 | 1,2 | United Auto Group, Inc., Series 144A, 5.75%, 10/1/2022 | 1,335,563 |
3,000,000 | YCC Holdings LLC, Sr. Unsecd. Note, 10.25%, 2/15/2016 | 3,108,750 | |
TOTAL | 59,290,629 | ||
Services—1.3% | |||
2,050,000 | 1,2 | Carlson Wagonlit Travel, Sr. Secd. Note, Series 144A, 6.875%, 6/15/2019 | 2,147,375 |
4,650,000 | 1,2 | Garda World Security Corp., Sr. Unsecd. Note, Series 144A, 9.75%, 3/15/2017 | 5,033,625 |
2,625,000 | Monitronics International, Inc., Series WI, 9.125%, 4/1/2020 | 2,789,062 | |
3,025,000 | 1,2 | Reliance Intermediate Holdings LP, Sr. Unsecd. Note, Series 144A, 9.50%, 12/15/2019 | 3,388,000 |
850,000 | West Corp., Company Guarantee, 7.875%, 1/15/2019 | 909,500 | |
1,725,000 | West Corp., Company Guarantee, 11.00%, 10/15/2016 | 1,802,625 | |
TOTAL | 16,070,187 | ||
Technology—13.7% | |||
1,250,000 | 1,2 | Advanced Micro Devices, Inc., Series 144A, 7.50%, 8/15/2022 | 1,140,625 |
2,625,000 | Advanced Micro Devices, Inc., Sr. Unsecd. Note, 7.75%, 8/1/2020 | 2,428,125 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Technology—continued | |||
$ 1,950,000 | 1 | Allen Systems Group, Inc., Sr. Secd. 2nd Priority Note, Series 144A, 10.50%, 11/15/2016 | $ 1,257,750 |
2,525,000 | Aspect Software, Inc., Sr. Note, Series WI, 10.625%, 5/15/2017 | 2,550,250 | |
1,425,000 | CDW LLC/ CDW Finance, Company Guarantee, 12.535%, 10/12/2017 | 1,537,219 | |
7,400,000 | CDW LLC/ CDW Finance, Sr. Unsecd. Note, Series WI, 8.50%, 4/1/2019 | 8,297,250 | |
5,400,000 | 1,2 | CommScope, Inc., Sr. Note, Series 144A, 8.25%, 1/15/2019 | 5,886,000 |
4,425,000 | CoreLogic, Inc., Sr. Unsecd. Note, Series WI, 7.25%, 6/1/2021 | 4,911,750 | |
6,575,000 | 1,2 | DataTel, Inc., Series 144A, 9.75%, 1/15/2019 | 7,364,000 |
4,400,000 | Emdeon, Inc., 11.00%, 12/31/2019 | 5,093,000 | |
6,225,000 | Epicor Software Corp., 8.625%, 5/1/2019 | 6,769,687 | |
1,575,000 | 1,2 | First Data Corp., Series 144A, 11.25%, 1/15/2021 | 1,645,875 |
1,825,000 | 1,2 | First Data Corp., Sr. Secd. 2nd Priority Note, Series 144A, 8.25%, 1/15/2021 | 1,907,125 |
11,275,000 | 1,2 | First Data Corp., Sr. Secd. 2nd Priority Note, Series 144A, 8.75%, 1/15/2022 | 11,979,687 |
1,300,000 | 1,2 | Flextronics International Ltd., Series 144A, 4.625%, 2/15/2020 | 1,319,500 |
1,275,000 | 1,2 | Flextronics International Ltd., Series 144A, 5.00%, 2/15/2023 | 1,278,188 |
2,250,000 | Freescale Semiconductor, Inc., Company Guarantee, 10.75%, 8/1/2020 | 2,565,000 | |
3,750,000 | 1,2 | Freescale Semiconductor, Inc., Sr. Secd. Note, Series 144A, 9.25%, 4/15/2018 | 4,134,375 |
1,875,000 | 1,2 | IAC Interactive Corp., Series 144A, 4.75%, 12/15/2022 | 1,842,188 |
4,025,000 | IGATE Capital Corp., Sr. Unsecd. Note, Series WI, 9.00%, 5/1/2016 | 4,402,344 | |
3,750,000 | 1,2 | Igloo Holdings Corp., Sr. Note, Series 144A, 8.25%, 12/15/2017 | 3,890,625 |
3,625,000 | Interactive Data Corp., Company Guarantee, 10.25%, 8/1/2018 | 4,141,562 | |
1,300,000 | Iron Mountain, Inc., 5.75%, 8/15/2024 | 1,304,875 | |
2,200,000 | Iron Mountain, Inc., Sr. Sub. Note, 7.75%, 10/1/2019 | 2,455,750 | |
5,175,000 | Kemet Corp., Sr. Note, 10.50%, 5/1/2018 | 5,420,812 | |
4,200,000 | Lawson Software, Inc., Series WI, 9.375%, 4/1/2019 | 4,782,750 | |
6,625,000 | Lawson Software, Inc., Series WI, 11.50%, 7/15/2018 | 7,817,500 | |
4,900,000 | Lender Processing Services, 5.75%, 4/15/2023 | 5,132,750 | |
3,650,000 | MagnaChip Semiconductor S.A., Sr. Note, Series WI, 10.50%, 4/15/2018 | 4,088,000 | |
2,775,000 | 1,2 | Mmodal, Inc., Series 144A, 10.75%, 8/15/2020 | 2,428,125 |
1,425,000 | 1,2 | NCR Corp., Series 144A, 4.625%, 2/15/2021 | 1,425,000 |
2,000,000 | 1,2 | NCR Corp., Series 144A, 5.00%, 7/15/2022 | 2,015,000 |
900,000 | 1,2 | NXP BV/NXP Funding LLC, Series 144A, 5.75%, 2/15/2021 | 938,250 |
725,000 | 1,2 | NXP BV/NXP Funding LLC, Series 144A, 5.75%, 3/15/2023 | 741,313 |
3,800,000 | 1,2 | Nuance Communications, Inc., 5.375%, 8/15/2020 | 3,866,500 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Technology—continued | |||
$ 1,750,000 | SERENA Software, Inc., Sr. Sub. Note, 10.375%, 3/15/2016 | $ 1,785,000 | |
2,450,000 | Seagate Technology HDD Holdings, Company Guarantee, 7.75%, 12/15/2018 | 2,698,062 | |
1,075,000 | Seagate Technology HDD Holdings, Sr. Note, 6.80%, 10/1/2016 | 1,220,125 | |
1,200,000 | Seagate Technology HDD Holdings, Sr. Unsecd. Note, Series WI, 7.00%, 11/1/2021 | 1,308,000 | |
4,850,000 | 1,2 | Solera Holdings, Inc., Company Guarantee, Series 144A, 6.75%, 6/15/2018 | 5,225,875 |
4,775,000 | Spansion, Inc., Sr. Unsecd. Note, Series WI, 7.875%, 11/15/2017 | 5,061,500 | |
1,200,000 | Stream Global Services, Inc., Sr. Secd. Note, 11.25%, 10/1/2014 | 1,248,000 | |
1,975,000 | SunGard Data Systems, Inc., Company Guarantee, 7.375%, 11/15/2018 | 2,123,125 | |
1,375,000 | 1,2 | SunGard Data Systems, Inc., Series 144A, 6.625%, 11/1/2019 | 1,426,563 |
1,000,000 | SunGard Data Systems, Inc., Sr. Unsecd. Note, 7.625%, 11/15/2020 | 1,088,750 | |
6,275,000 | Syniverse Holdings, Inc., Company Guarantee, 9.125%, 1/15/2019 | 6,918,187 | |
1,350,000 | Trans Union LLC, Company Guarantee, Series 144A, 11.375%, 6/15/2018 | 1,559,250 | |
2,325,000 | 1,2 | TransUnion Holding Co., Inc., Series 144A, 8.125%, 6/15/2018 | 2,493,563 |
4,300,000 | TransUnion Holding Co., Inc., Sr. Unsecd. Note, Series WI, 9.625%, 6/15/2018 | 4,697,750 | |
3,250,000 | 1,2 | Viasystems, Inc., Sr. Secd. Note, Series 144A, 7.875%, 5/1/2019 | 3,412,500 |
TOTAL | 171,025,000 | ||
Textile—0.1% | |||
750,000 | Phillips Van Heusen Corp., Sr. Note, 4.50%, 12/15/2022 | 744,375 | |
Transportation—0.4% | |||
1,000,000 | HDTFS, Inc., Series WI, 6.25%, 10/15/2022 | 1,090,000 | |
2,150,000 | Hertz Corp., Company Guarantee, 6.75%, 4/15/2019 | 2,356,938 | |
1,025,000 | Hertz Corp., Series WI, 5.875%, 10/15/2020 | 1,086,500 | |
TOTAL | 4,533,438 | ||
Utility - Electric—1.5% | |||
3,150,000 | 1,2 | Calpine Corp., Sr. Secd. Note, Series 144A, 7.50%, 2/15/2021 | 3,472,875 |
1,725,000 | 1,2 | Energy Future Intermediate Holding Company LLC, Series 144A, 6.875%, 8/15/2017 | 1,824,188 |
2,575,000 | 1,2 | Energy Future Intermediate Holding Company LLC, Sr. Secd. 2nd Priority Note, Series 144A, 11.75%, 3/1/2022 | 2,974,125 |
1,575,000 | Energy Future Intermediate Holding Company LLC, Sr. Secd. Note, 10.00%, 12/1/2020 | 1,793,531 | |
663,995 | 1 | FPL Energy National Wind, Note, Series 144A, 6.125%, 3/25/2019 | 585,634 |
2,375,000 | NRG Energy, Inc., Company Guarantee, Series WI, 7.625%, 1/15/2018 | 2,713,437 | |
1,250,000 | NRG Energy, Inc., Sr. Unsecd. Note, 7.875%, 5/15/2021 | 1,396,875 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Utility - Electric—continued | |||
$ 900,000 | 1,2 | NRG Energy, Inc., Sr. Unsecd. Note, Series 144A, 6.625%, 3/15/2023 | $ 958,500 |
2,375,000 | NRG Energy, Inc., Sr. Unsecd. Note, Series WI, 7.625%, 5/15/2019 | 2,576,875 | |
TOTAL | 18,296,040 | ||
Utility - Natural Gas—3.5% | |||
3,600,000 | Access Midstream Partners LP, Sr. Note, 4.875%, 5/15/2023 | 3,559,500 | |
1,900,000 | Chesapeake Midstream Partners LP, Sr. Unsecd. Note, Series WI, 6.125%, 7/15/2022 | 2,047,250 | |
2,225,000 | Copano Energy LLC, Company Guarantee, 7.125%, 4/1/2021 | 2,581,000 | |
1,975,000 | Crosstex Energy, Inc., Company Guarantee, 8.875%, 2/15/2018 | 2,147,812 | |
2,800,000 | El Paso Corp., Sr. Unsecd. Note, 6.50%, 9/15/2020 | 3,109,109 | |
875,000 | El Paso Corp., Sr. Unsecd. Note, 7.25%, 6/1/2018 | 1,008,760 | |
6,450,000 | Energy Transfer Equity LP, Sr. Unsecd. Note, 7.50%, 10/15/2020 | 7,465,875 | |
1,825,000 | 1,2 | Holly Energy Partners LP, Series 144A, 6.50%, 3/1/2020 | 1,948,187 |
1,600,000 | 1,2 | Inergy Midstream LP, Sr. Unsecd. Note, Series 144A, 6.00%, 12/15/2020 | 1,672,000 |
2,000,000 | MarkWest Energy Partners LP, 5.50%, 2/15/2023 | 2,105,000 | |
1,475,000 | MarkWest Energy Partners LP, Sr. Unsecd. Note, 4.50%, 7/15/2023 | 1,445,500 | |
650,000 | MarkWest Energy Partners LP, Sr. Unsecd. Note, 6.25%, 6/15/2022 | 703,625 | |
650,000 | Regency Energy Partners LP, 5.50%, 4/15/2023 | 698,750 | |
796,000 | Regency Energy Partners LP, Company Guarantee, 9.375%, 6/1/2016 | 847,740 | |
1,875,000 | Regency Energy Partners LP, Sr. Note, 6.875%, 12/1/2018 | 2,053,125 | |
1,000,000 | 1,2 | Sabine Pass LNG LP, Series 144A, 5.625%, 2/1/2021 | 1,038,750 |
3,275,000 | Southern Star Central Corp., Sr. Note, 6.75%, 3/1/2016 | 3,324,125 | |
3,504,000 | Suburban Propane Partners LP, Series WI, 7.375%, 8/1/2021 | 3,880,680 | |
575,000 | Targa Resources, Inc., 6.875%, 2/1/2021 | 632,500 | |
950,000 | 1,2 | Tesoro Logistics LP, Sr. Unsecd. Note, Series 144A, 5.875%, 10/1/2020 | 1,007,000 |
TOTAL | 43,276,288 | ||
Wireless Communications—3.6% | |||
2,450,000 | 1,2 | Digicel Ltd., Series 144A, 6.00%, 4/15/2021 | 2,443,875 |
775,000 | 1,2 | Digicel Ltd., Sr. Note, Series 144A, 8.25%, 9/1/2017 | 827,313 |
450,000 | 1,2 | Digicel Ltd., Sr. Note, Series 144A, 10.50%, 4/15/2018 | 505,125 |
8,550,000 | 1,2 | Digicel Ltd., Sr. Unsecd. Note, Series 144A, 8.25%, 9/30/2020 | 9,105,750 |
4,750,000 | MetroPCS Wireless, Inc., Sr. Note, 6.625%, 11/15/2020 | 4,981,562 | |
1,050,000 | MetroPCS Wireless, Inc., Sr. Note, 7.875%, 9/1/2018 | 1,152,375 | |
2,150,000 | 1,2 | MetroPCS Wireless, Inc., Sr. Note, Series 144A, 6.625%, 4/1/2023 | 2,201,062 |
4,425,000 | Sprint Capital Corp., Company Guarantee, 6.875%, 11/15/2028 | 4,546,687 | |
9,950,000 | Sprint Capital Corp., Company Guarantee, 6.90%, 5/1/2019 | 10,969,875 |
Principal
Amount or Shares |
Value | ||
Corporate Bonds— continued | |||
Wireless Communications—continued | |||
$ 4,075,000 | 1,2 | Sprint Capital Corp., Gtd. Note, Series 144A, 9.00%, 11/15/2018 | $ 5,047,906 |
1,325,000 | 1,2 | Sprint Nextel Corp., Series 144A, 7.00%, 3/1/2020 | 1,546,938 |
1,825,000 | Sprint Nextel Corp., Sr. Unsecd. Note, 6.00%, 11/15/2022 | 1,884,313 | |
TOTAL | 45,212,781 | ||
Wireline Communications—0.7% | |||
1,950,000 | 1,2 | Level 3 Financing, Inc., Series 144A, 7.00%, 6/1/2020 | 2,049,937 |
700,000 | 1,2 | Level 3 Financing, Inc., Series 144A, 8.875%, 6/1/2019 | 767,375 |
1,425,000 | Level 3 Financing, Inc., Series WI, 8.625%, 7/15/2020 | 1,594,219 | |
3,775,000 | Level 3 Financing, Inc., Sr. Unsecd. Note, Series WI, 8.125%, 7/1/2019 | 4,171,375 | |
TOTAL | 8,582,906 | ||
TOTAL CORPORATE BONDS
(IDENTIFIED COST $1,153,914,339) |
1,222,463,189 | ||
COMMON STOCKS—0.1% | |||
Automotive—0.1% | |||
38,576 | 3 | General Motors Co. | 1,073,185 |
9,684 | 3 | Motors Liquidation Co. | 261,468 |
TOTAL | 1,334,653 | ||
Lodging—0.0% | |||
1,750 | 1,3,5 | Motels of America, Inc. | 0 |
Media - Non-Cable—0.0% | |||
5,725,000 | 3 | Idearc, Inc., Company Guarantee, (Litigation Trust Interests) | 7,156 |
46 | 3,5 | Sullivan Graphics, Inc. | 0 |
TOTAL | 7,156 | ||
Metals & Mining—0.0% | |||
3,064 | 1,3,5 | Royal Oak Ventures, Inc. | 0 |
Other—0.0% | |||
746 | 1,3,5 | CVC Claims Litigation LLC | 0 |
TOTAL COMMON STOCKS
(IDENTIFIED COST $11,367,801) |
1,341,809 | ||
Preferred Stock—0.3% | |||
Finance - Commercial—0.3% | |||
3,265 | 1,2 |
Ally Financial, Inc., Pfd., Series 144A, Annual Dividend 7.00%
(IDENTIFIED COST $1,009,780) |
3,229,085 |
WARRANT—0.0% | |||
Automotive—0.0% | |||
35,069 | 3 |
General Motors Co., Warrants
(IDENTIFIED COST $1,761,587) |
413,463 |
Principal
Amount or Shares |
Value | ||
MUTUAL FUND—1.2% | |||
15,438,376 | 7,8 |
Federated Prime Value Obligations Fund, Institutional Shares, 0.12%
(AT NET ASSET VALUE) |
$ 15,438,376 |
TOTAL INVESTMENTS—99.3%
(IDENTIFIED COST $1,183,491,883) 9 |
1,242,885,922 | ||
OTHER ASSETS AND LIABILITIES - NET—0.7% 10 | 8,121,795 | ||
TOTAL NET ASSETS—100% | $1,251,007,717 |
1 | Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At March 31, 2013, these restricted securities amounted to $465,305,443, which represented 37.2% of total net assets. |
2 | Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Directors (the “Directors”). At March 31, 2013, these liquid restricted securities amounted to $462,219,559, which represented 36.9% of total net assets. |
3 | Non-income producing security. |
4 | Issuer in default. |
5 | Market quotations and price evaluations are not available. Fair value determined in accordance with procedures established by and under the general supervision of the Directors. |
6 | Principal amount and interest were not paid upon final maturity. |
7 | Affiliated holding. |
8 | 7-day net yield. |
9 | The cost of investments for federal tax purposes amounts to $1,186,466,113. |
10 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1—
Quoted Prices and Investments in Mutual Funds |
Level 2—
Other Significant Observable Inputs |
Level 3—
Significant Unobservable Inputs |
Total | |
Debt Securities: | ||||
Corporate Bonds | $— | $1,222,462,891 | $298 | $1,222,463,189 |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | 1,334,653 | — | 7,156 1 | 1,341,809 |
International | — | — | 0 | 0 |
Preferred Stock | ||||
Domestic | — | 3,229,085 | — | 3,229,085 |
Warrant | 413,463 | — | — | 413,463 |
Mutual Fund | 15,438,376 | — | — | 15,438,376 |
TOTAL SECURITIES | $17,186,492 | $1,225,691,976 | $7,454 | $1,242,885,922 |
1 | Includes $157,438 of a domestic common stock security transferred from Level 2 to Level 3 because the Adviser determined, based on an analysis of the valuation inputs, that this security more appropriately meets the definition of Level 3. This transfer represents the value of the security at the beginning of the period. |
PIK | —Payment in Kind |
Year Ended March 31 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $7.62 | $7.71 | $7.35 | $5.39 | $7.32 |
Income From Investment Operations: | |||||
Net investment income | 0.51 1 | 0.55 1 | 0.58 | 0.57 | 0.60 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 0.31 | (0.07) | 0.36 | 1.96 | (1.93) |
TOTAL FROM INVESTMENT OPERATIONS | 0.82 | 0.48 | 0.94 | 2.53 | (1.33) |
Less Distributions: | |||||
Distributions from net investment income | (0.55) | (0.57) | (0.58) | (0.57) | (0.60) |
Redemption Fees | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | 0.02 3 | — | — | — | — |
Net Asset Value, End of Period | $7.91 | $7.62 | $7.71 | $7.35 | $5.39 |
Total Return 4 | 11.42% 3 | 6.66% | 13.42% | 48.58% | (18.87)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
Net investment income | 6.53% | 7.37% | 7.66% | 8.68% | 9.45% |
Expense waiver/reimbursement 5 | 0.00% 6 | 0.01% | 0.01% | 0.02% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $951,934 | $880,629 | $833,523 | $764,171 | $481,308 |
Portfolio turnover | 38% | 35% | 41% | 35% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | On June 12, 2012, the Fund received a residual distribution from a regulatory settlement which had an impact of 0.24% on the total return. |
4 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
6 | Represents less than 0.01%. |
Year Ended March 31 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $7.61 | $7.69 | $7.34 | $5.38 | $7.31 |
Income From Investment Operations: | |||||
Net investment income | 0.45 1 | 0.49 1 | 0.54 | 0.52 | 0.56 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 0.31 | (0.06) | 0.34 | 1.96 | (1.94) |
TOTAL FROM INVESTMENT OPERATIONS | 0.76 | 0.43 | 0.88 | 2.48 | (1.38) |
Less Distributions: | |||||
Distributions from net investment income | (0.49) | (0.51) | (0.53) | (0.52) | (0.55) |
Redemption Fees | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | 0.02 3 | — | — | — | — |
Net Asset Value, End of Period | $7.90 | $7.61 | $7.69 | $7.34 | $5.38 |
Total Return 4 | 10.59% 3 | 6.00% | 12.44% | 47.55% | (19.51)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.98% | 1.98% | 1.99% | 1.99% | 1.99% |
Net investment income | 5.78% | 6.59% | 6.92% | 7.93% | 8.51% |
Expense waiver/reimbursement 5 | 0.00% 6 | 0.01% | 0.00% 6 | 0.01% | 0.03% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $78,132 | $74,958 | $114,006 | $150,115 | $139,686 |
Portfolio turnover | 38% | 35% | 41% | 35% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | On June 12, 2012, the Fund received a residual distribution from a regulatory settlement which had an impact of 0.24% on the total return. |
4 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
6 | Represents less than 0.01%. |
Year Ended March 31 | 2013 | 2012 | 2011 | 2010 | 2009 |
Net Asset Value, Beginning of Period | $7.60 | $7.69 | $7.34 | $5.38 | $7.31 |
Income From Investment Operations: | |||||
Net investment income | 0.45 1 | 0.49 1 | 0.53 | 0.52 | 0.55 |
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 0.31 | (0.07) | 0.35 | 1.96 | (1.93) |
TOTAL FROM INVESTMENT OPERATIONS | 0.76 | 0.42 | 0.88 | 2.48 | (1.38) |
Less Distributions: | |||||
Distributions from net investment income | (0.49) | (0.51) | (0.53) | (0.52) | (0.55) |
Redemption Fees | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Regulatory Settlement Proceeds | 0.02 3 | — | — | — | — |
Net Asset Value, End of Period | $7.89 | $7.60 | $7.69 | $7.34 | $5.38 |
Total Return 4 | 10.60% 3 | 5.87% | 12.44% | 47.55% | (19.50)% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.98% | 1.98% | 1.99% | 1.99% | 1.98% |
Net investment income | 5.78% | 6.62% | 6.90% | 7.93% | 8.67% |
Expense waiver/reimbursement 5 | 0.00% 6 | 0.01% | 0.00% 6 | 0.01% | 0.04% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $220,942 | $183,362 | $169,501 | $152,335 | $87,576 |
Portfolio turnover | 38% | 35% | 41% | 35% | 19% |
1 | Per share numbers have been calculated using the average shares method. |
2 | Represents less than $0.01. |
3 | On June 12, 2012, the Fund received a residual distribution from a regulatory settlement which had an impact of 0.24% on the total return. |
4 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
6 | Represents less than 0.01%. |
Assets: | ||
Total investment in securities, at value including $15,438,376 of investment in an affiliated holding (Note 5) (identified cost $1,183,491,883) | $1,242,885,922 | |
Income receivable | 26,357,192 | |
Receivable for investments sold | 962,486 | |
Receivable for shares sold | 2,573,965 | |
TOTAL ASSETS | 1,272,779,565 | |
Liabilities: | ||
Payable for investments purchased | $17,872,406 | |
Payable for shares redeemed | 3,013,172 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,021 | |
Payable for distribution services fee (Note 5) | 189,717 | |
Payable for shareholder services fee (Note 5) | 400,936 | |
Accrued expenses (Note 5) | 294,596 | |
TOTAL LIABILITIES | 21,771,848 | |
Net assets for 158,232,715 shares outstanding | $1,251,007,717 | |
Net Assets Consist of: | ||
Paid-in capital | $1,281,647,588 | |
Net unrealized appreciation of investments | 59,394,039 | |
Accumulated net realized loss on investments and foreign currency transactions | (91,733,004) | |
Undistributed net investment income | 1,699,094 | |
TOTAL NET ASSETS | $1,251,007,717 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Class A Shares: | ||
Net asset value per share ($951,933,871 ÷ 120,348,012 shares outstanding), $0.001 par value, 4,000,000,000 shares authorized | $7.91 | |
Offering price per share (100/95.50 of $7.91) | $8.28 | |
Redemption proceeds per share (98.00/100 of $7.91) | $7.75 | |
Class B Shares: | ||
Net asset value per share ($78,132,127 ÷ 9,895,396 shares outstanding), $0.001 par value, 2,000,000,000 shares authorized | $7.90 | |
Offering price per share | $7.90 | |
Redemption proceeds per share (92.50/100 of $7.90) | $7.31 | |
Class C Shares: | ||
Net asset value per share ($220,941,719 ÷ 27,989,307 shares outstanding), $0.001 par value, 4,000,000,000 shares authorized | $7.89 | |
Offering price per share | $7.89 | |
Redemption proceeds per share (97.00/100 of $7.89) | $7.65 |
Investment Income: | |||
Interest | $ 93,095,623 | ||
Dividends (including $31,079 received from an affiliated
holding (Note 5)) |
259,629 | ||
TOTAL INCOME | 93,355,252 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $ 9,020,418 | ||
Administrative fee (Note 5) | 938,440 | ||
Custodian fees | 48,662 | ||
Transfer and dividend disbursing agent fees and expenses | 1,255,290 | ||
Directors'/Trustees' fees (Note 5) | 13,587 | ||
Auditing fees | 30,700 | ||
Legal fees | 6,788 | ||
Portfolio accounting fees | 196,585 | ||
Distribution services fee (Note 5) | 2,085,519 | ||
Shareholder services fee (Note 5) | 2,996,531 | ||
Account administration fee (Note 2) | 900 | ||
Share registration costs | 96,332 | ||
Printing and postage | 86,795 | ||
Insurance premiums (Note 5) | 6,136 | ||
Taxes | 91,795 | ||
Miscellaneous (Note 5) | 15,250 | ||
TOTAL EXPENSES | 16,889,728 | ||
Reimbursement and Waiver (Note 5): | |||
Reimbursement of investment adviser fee | $(20,854) | ||
Waiver of administrative fee | (9,373) | ||
TOTAL REIMBURSEMENT AND WAIVER | (30,227) | ||
Net expenses | 16,859,501 | ||
Net investment income | 76,495,751 | ||
Realized and Unrealized Gain on Investments: | |||
Net realized gain on investments | 20,186,161 | ||
Net change in unrealized appreciation of investments | 29,035,850 | ||
Net realized and unrealized gain on investments | 49,222,011 | ||
Change in net assets resulting from operations | $125,717,762 |
Year Ended March 31 | 2013 | 2012 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $ 76,495,751 | $ 76,808,593 |
Net realized gain on investments | 20,186,161 | 17,367,830 |
Net change in unrealized appreciation/depreciation of investments | 29,035,850 | (27,099,817) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 125,717,762 | 67,076,606 |
Distributions to Shareholders: | ||
Distributions from net investment income | ||
Class A Shares | (65,259,626) | (62,029,188) |
Class B Shares | (4,781,243) | (5,821,168) |
Class C Shares | (12,739,756) | (11,275,363) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (82,780,625) | (79,125,719) |
Share Transactions: | ||
Proceeds from sale of shares | 303,272,622 | 266,823,152 |
Net asset value of shares issued to shareholders in payment of distributions declared | 71,837,045 | 67,421,503 |
Cost of shares redeemed | (308,815,287) | (300,376,212) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 66,294,380 | 33,868,443 |
Redemption Fees | 107,436 | 99,624 |
Regulatory Settlement Proceeds: | ||
Net increase from regulatory settlement (Note 9) | 2,719,464 | — |
Change in net assets | 112,058,417 | 21,918,954 |
Net Assets: | ||
Beginning of period | 1,138,949,300 | 1,117,030,346 |
End of period (including undistributed net investment income of $1,699,094 and $1,572,251, respectively) | $1,251,007,717 | $1,138,949,300 |
■ | Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Directors. |
■ | Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), which approximates market value. |
■ | Shares of other mutual funds are valued based upon their reported NAVs. |
■ | Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market. |
■ | Derivative contracts listed on exchanges are valued at their reported settlement or closing price. |
■ | Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Directors. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Directors, certain factors may be considered such as: the purchase price of the security, information obtained by contacting the issuer, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded and public trading in similar securities of the issuer or comparable issuers. |
■ | With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts; |
■ | Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and |
■ | Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry. |
Security | Acquisition Date | Cost | Market Value |
Allen Systems Group, Inc., Sr. Secd. 2nd Priority Note, Series 144A, 10.50%, 11/15/2016 | 11/12/2010 – 2/28/2012 | $2,015,563 | $1,257,750 |
Altegrity, Inc., Company Guarantee, Series 144A, 11.75%, 5/1/2016 | 10/19/2007 – 6/10/2009 | $1,618,372 | $1,242,500 |
CVC Claims Litigation LLC | 3/26/1997 – 6/18/1997 | $7,280,944 | $ 0 |
FPL Energy National Wind, Note, Series 144A, 6.125%, 3/25/2019 | 2/16/2005 | $ 663,995 | $ 585,634 |
Hard Rock Park Operations LLC, Sr. Secd. Note, Series 144A, 0.00%, 4/1/2012 | 3/23/2006 | $3,283,529 | $ 0 |
Motels of America, Inc. | 8/30/1994 | $ 117,506 | $ 0 |
Royal Oak Mines, Inc. | 2/24/1999 | $ 26,419 | $ 0 |
Year Ended March 31 | 2013 | 2012 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 28,721,226 | $ 221,953,354 | 27,691,046 | $ 207,407,950 |
Shares issued to shareholders in payment of distributions declared | 7,351,174 | 56,710,616 | 7,119,081 | 52,968,115 |
Shares redeemed | (31,319,281) | (242,650,779) | (27,375,432) | (204,656,918) |
NET CHANGE RESULTING FROM
CLASS A SHARE TRANSACTIONS |
4,753,119 | $ 36,013,191 | 7,434,695 | $ 55,719,147 |
Year Ended March 31 | 2013 | 2012 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,988,720 | $ 23,094,082 | 2,032,479 | $ 15,194,106 |
Shares issued to shareholders in payment of distributions declared | 512,847 | 3,950,980 | 635,422 | 4,731,769 |
Shares redeemed | (3,462,128) | (26,763,693) | (7,629,369) | (57,316,888) |
NET CHANGE RESULTING FROM
CLASS B SHARE TRANSACTIONS |
39,439 | $ 281,369 | (4,961,468) | $(37,391,013) |
Year Ended March 31 | 2013 | 2012 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,540,975 | $ 58,225,186 | 5,925,214 | $ 44,221,096 |
Shares issued to shareholders in payment of distributions declared | 1,450,146 | 11,175,449 | 1,308,312 | 9,721,619 |
Shares redeemed | (5,116,788) | (39,400,815) | (5,153,788) | (38,402,406) |
NET CHANGE RESULTING FROM
CLASS C SHARE TRANSACTIONS |
3,874,333 | $ 29,999,820 | 2,079,738 | $ 15,540,309 |
NET CHANGE RESULTING FROM
TOTAL FUND SHARE TRANSACTIONS |
8,666,891 | $ 66,294,380 | 4,552,965 | $ 33,868,443 |
Increase (Decrease) | ||
Paid-In Capital |
Undistributed
Net Investment Income (Loss) |
Accumulated
Net Realized Gain (Loss) |
$(2,719,464) | $6,411,717 | $(3,692,253) |
2013 | 2012 | |
Ordinary income | $82,780,625 | $79,125,719 |
Undistributed ordinary income | $ 1,852,273 |
Net unrealized appreciation | $ 56,419,809 |
Capital loss carryforwards | $(88,911,953) |
Share Class Name |
Percentage of Average Daily
Net Assets of Class |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Distribution Services
Fees Incurred |
|
Class B Shares | $ 570,299 |
Class C Shares | 1,515,220 |
TOTAL | $2,085,519 |
Service Fees
Incurred |
|
Class A Shares | $2,301,565 |
Class B Shares | 190,100 |
Class C Shares | 504,866 |
TOTAL | $2,996,531 |
Federated
Prime Value Obligations Fund, Institutional Shares |
|
Balance of Shares Held 3/31/2012 | 11,227,945 |
Purchases/Additions | 302,713,867 |
Sales/Reductions | 298,503,436 |
Balance of Shares Held 3/31/2013 | 15,438,376 |
Value | $ 15,438,376 |
Dividend Income | $ 31,079 |
Purchases | $471,518,589 |
Sales | $405,841,686 |
Beginning
Account Value 10/1/2012 |
Ending
Account Value 3/1/2013 |
Expenses Paid
During Period 1 |
|
Actual: | |||
Class A Shares | $1,000 | $1,053.00 | $6.30 |
Class B Shares | $1,000 | $1,049.10 | $10.12 |
Class C Shares | $1,000 | $1,047.80 | $10.11 |
Hypothetical (assuming a 5% return
before expenses): |
|||
Class A Shares | $1,000 | $1,018.80 | $6.19 |
Class B Shares | $1,000 | $1,015.06 | $9.95 |
Class C Shares | $1,000 | $1,015.06 | $9.95 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 1.23% |
Class B Shares | 1.98% |
Class C Shares | 1.98% |
Name
Birth Date Positions Held with Fund Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held and Previous Position(s) |
John F. Donahue*
Birth Date: July 28, 1924 Director Began serving: September 1975 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee.
Previous Positions : Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling. |
J. Christopher Donahue*
Birth Date: April 11, 1949 President and Director Began serving: July 1987 |
Principal Occupations
: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of certain of the Funds in the Federated Fund Family; President, Chief
Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment
Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director,
Federated Services Company.
Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd. |
* | Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name
Birth Date Positions Held with Fund Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications |
John F. Cunningham
Birth Date: March 5, 1943 Director Began serving: January 1999 |
Principal Occupation
: Director or Trustee of the Federated Fund Family.
Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : President and Chief Operating Officer, Wang Laboratories; Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; Director, First National Bank of Boston; Director, EMC Corporation (computer storage systems); Director, Apollo Computer, Inc.; Director, Redgate Communications. Qualifications : Business management and director experience. |
Maureen Lally-Green
Birth Date: July 5, 1949 Director Began serving: August 2009 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Director, Office of Church Relations, and Associate General Secretary, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne
University School of Law.
Other Directorships Held : Director, Auberle; Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh; Chair and Director, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society, Allegheny County; Director, Our Campaign for the Church Alive, Inc. Previous Position : Pennsylvania Superior Court Judge. Qualifications : Legal and director experience. |
Peter E. Madden
Birth Date: March 16, 1942 Director Began serving: August 1991 |
Principal Occupation
: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family.
Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications : Business management, mutual fund services and director experience. |
Name
Birth Date Positions Held with Fund Date Service Began |
Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr.
Birth Date: April 10, 1945 Director Began serving: January 1999 |
Principal Occupations
: Director or Trustee of the Federated Fund Family; Management Consultant.
Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications : Banking, business management, education and director experience. |
Thomas M. O'Neill
Birth Date: June 14, 1951 Director Began serving: October 2006 |
Principal Occupations
: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting).
Other Directorships Held : Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications : Business management, mutual fund, director and investment experience. |
John S. Walsh
Birth Date: November 28, 1957 Director Began serving: January 1999 |
Principal Occupations
: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and
Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.
Previous Position : Vice President, Walsh & Kelly, Inc. Qualifications : Business management and director experience. |
Name
Birth Date Address Positions Held with Fund Date Service Began |
Principal Occupation(s) for Past Five Years
and Previous Position(s) |
Brian P. Bouda
Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004 |
Principal Occupations
: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of
its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.
Previous Positions : Served in Senior Management positions with a large regional banking organization. |
Robert J. Ostrowski
Birth Date: April 26, 1963 Chief Investment Officer Officer since: May 2004 |
Principal Occupations: Robert J. Ostrowski joined Federated in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Adviser in 2009 and served as a Senior Vice President of the Fund's Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. |
Mark E. Durbiano
Birth Date: September 21, 1959 VICE PRESIDENT Officer since: November 1998 Portfolio Manager since: January 1987 |
Principal Occupations : Mark E. Durbiano has been the Fund's Portfolio Manager since January 1987. He is Vice President of the Corporation with respect to the Fund. Mr. Durbiano joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. From 1988 through 1995, Mr. Durbiano was a Portfolio Manager and a Vice President of the Fund's Adviser. Mr. Durbiano has received the Chartered Financial Analyst designation and an M.B.A. in Finance from the University of Pittsburgh. |
Item 1. Reports to Stockholders
Item 2. Code of Ethics
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) Not Applicable
(d) Not Applicable
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2013 - $30,700
Fiscal year ended 2012 - $28,700
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2013 - $36
Fiscal year ended 2012 - $0
Travel to Audit Committee Meeting.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2013 - $0
Fiscal year ended 2012 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2013 - $0
Fiscal year ended 2012 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2013 – 0%
Fiscal year ended 2012 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2013 – 0%
Fiscal year ended 2012 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2013 – 0%
Fiscal year ended 2012 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2013 - $106,315
Fiscal year ended 2012 - $403,918
(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not Applicable
Item 6. Schedule of Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not Applicable |
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not Applicable |
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not Applicable |
Item 10. Submission of Matters to a Vote of Security Holders
Not Applicable
Item 11. Controls and Procedures
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
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 Federated High Income Bond Fund, Inc.
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date May 22, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
Date May 22, 2013
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date May 22, 2013
1 Year Faithshares Catholic Values Fund Chart |
1 Month Faithshares Catholic Values Fund Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions