Buffalo High Yield Fund
|
|
Schedule of Investments
|
|
December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
Shares or Face Amount
|
|
|
|
Fair Value
|
|
|
|
COMMON STOCKS - 4.63%
|
|
|
|
|
|
Consumer Staples - 0.66%
|
|
|
|
|
|
Food Products - 0.66%
|
|
|
|
11,666
|
|
Kraft Foods Group, Inc. - Class A
|
|
|
629,031
|
|
35,000
|
|
Mondelez International Inc.
|
|
|
1,235,500
|
|
|
|
Total Consumer Staples (Cost $1,072,872)
|
|
|
1,864,531
|
|
|
|
|
|
|
|
|
|
|
Financials - 1.79%
|
|
|
|
|
|
|
Diversified Financial Services - 0.73%
|
|
|
|
|
35,000
|
|
JPMorgan Chase & Co.
|
|
|
2,046,800
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management & Development - 1.06%
|
|
|
|
|
69,501
|
|
FirstService Corp. (e)
|
|
|
2,990,628
|
|
|
|
Total Financials (Cost $3,463,474)
|
|
|
5,037,428
|
|
|
|
|
|
|
|
|
|
|
Health Care - 2.18%
|
|
|
|
|
|
|
Health Care Equipment & Supplies - 0.65%
|
|
|
|
|
48,000
|
|
Abbott Laboratories
|
|
|
1,839,840
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 1.53%
|
|
|
|
|
48,000
|
|
AbbVie, Inc.
|
|
|
2,534,880
|
|
19,000
|
|
Johnson & Johnson
|
|
|
1,740,210
|
|
|
|
|
|
|
4,275,090
|
|
|
|
Total Health Care (Cost $3,344,229)
|
|
|
6,114,930
|
|
|
|
|
|
|
|
|
|
|
Special Purpose Entity - 0.00%
|
|
|
|
|
|
|
Broadcasting (except Internet) - 0.00%
|
|
|
|
|
725,000
|
|
Adelphia Recovery Trust (a)(b)(d)
|
|
|
-
|
|
|
|
Total Special Purpose Entity (Cost $712,005)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $8,592,580)
|
|
|
13,016,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCKS - 1.11%
|
|
|
|
|
|
|
Health Care - 1.11%
|
|
|
|
|
|
|
Health Care Providers & Services - 1.11%
|
|
|
|
|
2,500
|
|
HealthSouth Corp.
|
|
|
3,119,375
|
|
|
|
Total Health Care (Cost $2,563,619)
|
|
|
3,119,375
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,563,619)
|
|
|
3,119,375
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS - 1.42%
|
|
|
|
|
|
|
Financials - 1.42%
|
|
|
|
|
|
|
Capital Markets - 1.42%
|
|
|
|
|
54,785
|
|
AMG Capital Trust I
|
|
|
3,982,185
|
|
|
|
Total Financials (Cost $2,632,571)
|
|
|
3,982,185
|
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS (Cost $2,632,571)
|
|
|
3,982,185
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE BONDS - 15.66%
|
|
|
|
|
|
|
Consumer Discretionary - 3.28%
|
|
|
|
|
|
|
Media - 3.28%
|
|
|
|
|
|
|
Lions Gate Entertainment Inc.: (b)
|
|
|
|
|
1,000,000
|
|
4.000%, 01/11/2017
|
|
|
3,038,750
|
|
5,000,000
|
|
1.250%, 04/15/2018
|
|
|
6,175,000
|
|
|
|
Total Consumer Discretionary (Cost $6,000,000)
|
|
|
9,213,750
|
|
|
|
|
|
|
|
|
|
|
Financials - 0.48%
|
|
|
|
|
|
|
Capital Markets - 0.48%
|
|
|
|
|
|
|
Janus Capital Group, Inc.
|
|
|
|
|
1,300,000
|
|
3.250%, 07/15/2014
|
|
|
1,352,000
|
|
|
|
Total Financials (Cost $1,301,057)
|
|
|
1,352,000
|
|
|
|
|
|
|
|
|
|
|
Health Care - 1.41%
|
|
|
|
|
|
|
Health Care Equipment & Supplies - 1.41%
|
|
|
|
|
|
|
Accuray, Inc.:
|
|
|
|
|
500,000
|
|
3.750%, 08/01/2016
|
|
|
563,125
|
|
1,500,000
|
|
3.500%, 02/01/2018 (Aquired on various dates, cost $1,538,337) (c)
|
|
|
2,551,875
|
|
|
|
Alere, Inc.
|
|
|
|
|
750,000
|
|
3.000%, 05/15/2016
|
|
|
846,563
|
|
|
|
Total Health Care (Cost $2,762,440)
|
|
|
3,961,563
|
|
|
|
|
|
|
|
|
|
|
Industrials - 4.02%
|
|
|
|
|
|
|
Commercial Services & Supplies - 0.42%
|
|
|
|
|
|
|
Covanta Holding Corp.
|
|
|
|
|
1,000,000
|
|
3.250%, 06/01/2014 (b)
|
|
|
1,174,375
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment - 0.76%
|
|
|
|
|
|
|
General Cable Corp.
|
|
|
|
|
2,000,000
|
|
4.500%, 11/15/2029
|
|
|
2,146,250
|
|
|
|
|
|
|
|
|
|
|
Machinery - 0.98%
|
|
|
|
|
|
|
Chart Industries, Inc.
|
|
|
|
|
250,000
|
|
2.000%, 08/01/2018
|
|
|
387,344
|
|
|
|
The Greenbrier Companies, Inc.
|
|
|
|
|
2,000,000
|
|
3.500%, 04/01/2018
|
|
|
2,375,000
|
|
|
|
|
|
|
2,762,344
|
|
|
|
Trading Companies & Distributors - 1.86%
|
|
|
|
|
|
|
Titan Machinery, Inc.
|
|
|
|
|
3,400,000
|
|
3.750%, 05/01/2019
|
|
|
2,906,999
|
|
|
|
WESCO International, Inc.
|
|
|
|
|
710,000
|
|
6.000%, 09/15/2029
|
|
|
2,303,063
|
|
|
|
|
|
|
5,210,062
|
|
|
|
Total Industrials (Cost $8,980,930)
|
|
|
11,293,031
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 6.39%
|
|
|
|
|
|
|
Internet Software & Services - 2.70%
|
|
|
|
|
|
|
Cornerstone OnDemand, Inc. (c)(f)
|
|
|
|
|
2,000,000
|
|
1.500%, 07/01/2018 (Aquired on 6/12/2013, cost $2,000,000)
|
|
|
2,437,500
|
|
|
|
Dealertrack Technologies Inc.
|
|
|
|
|
3,000,000
|
|
1.500%, 03/15/2017
|
|
|
4,162,500
|
|
|
|
WebMD Health Corp.
|
|
|
|
|
1,000,000
|
|
2.500%, 01/31/2018
|
|
|
987,500
|
|
|
|
|
|
|
7,587,500
|
|
|
|
IT Services - 1.01%
|
|
|
|
|
|
|
ServiceSource International, Inc. (c)(f)
|
|
|
|
|
3,000,000
|
|
1.500%, 08/01/2018 (Aquired on various dates, cost $2,97,824)
|
|
|
2,838,750
|
|
|
|
|
|
|
|
|
|
|
Software - 2.68%
|
|
|
|
|
|
|
BroadSoft, Inc.
|
|
|
|
|
2,500,000
|
|
1.500%, 07/01/2018
|
|
|
2,525,000
|
|
|
|
Nuance Communications, Inc.
|
|
|
|
|
2,000,000
|
|
2.750%, 11/01/2031
|
|
|
1,963,750
|
|
|
|
Rovi Corp.
|
|
|
|
|
3,000,000
|
|
2.625%, 02/15/2040
|
|
|
3,037,500
|
|
|
|
|
|
|
7,526,250
|
|
|
|
Total Information Technology (Cost $16,212,544)
|
|
|
17,952,500
|
|
|
|
|
|
|
|
|
|
|
Materials - 0.08%
|
|
|
|
|
|
|
Metals & Mining - 0.08%
|
|
|
|
|
|
|
Steel Dynamics, Inc.
|
|
|
|
|
200,000
|
|
5.125%, 06/15/2014
|
|
|
236,125
|
|
|
|
Total Materials (Cost $200,000)
|
|
|
236,125
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONVERTIBLE BONDS (Cost $35,456,971)
|
|
|
44,008,969
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS - 56.51%
|
|
|
|
|
|
|
Consumer Discretionary - 16.51%
|
|
|
|
|
|
|
Distributors - 0.17%
|
|
|
|
|
|
|
LKQ Corp. (c)(f)
|
|
|
|
|
500,000
|
|
4.750%, 05/15/2023 (Aquired on 5/2/2013, cost $500,000)
|
|
|
466,250
|
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services - 1.14%
|
|
|
|
|
|
|
Monitronics International Inc.
|
|
|
|
|
3,000,000
|
|
9.125%, 04/01/2020
|
|
|
3,195,000
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure - 1.85%
|
|
|
|
|
|
|
Ameristar Casinos, Inc.
|
|
|
|
|
125,000
|
|
7.500%, 04/15/2021
|
|
|
136,250
|
|
|
|
Cedar Fair L.P.
|
|
|
|
|
600,000
|
|
9.125%, 08/01/2018
|
|
|
654,000
|
|
|
|
Marina District Finance Co., Inc.
|
|
|
|
|
1,000,000
|
|
9.875%, 08/15/2018
|
|
|
1,086,250
|
|
|
|
Royal Caribbean Cruises Ltd. (e)
|
|
|
|
|
1,615,000
|
|
7.500%, 10/15/2027
|
|
|
1,732,088
|
|
|
|
Speedway Motorsports, Inc.
|
|
|
|
|
500,000
|
|
6.750%, 02/01/2019
|
|
|
533,750
|
|
|
|
Vail Resorts, Inc.
|
|
|
|
|
1,000,000
|
|
6.500%, 05/01/2019
|
|
|
1,065,000
|
|
|
|
|
|
|
5,207,338
|
|
|
|
Household Durables - 0.91%
|
|
|
|
|
|
|
Jarden Corp.
|
|
|
|
|
2,000,000
|
|
7.500%, 05/01/2017
|
|
|
2,325,000
|
|
|
|
Libbey Glass, Inc.
|
|
|
|
|
225,000
|
|
6.875%, 05/15/2020
|
|
|
244,125
|
|
|
|
|
|
|
2,569,125
|
|
|
|
Leisure Equipment & Products - 1.14%
|
|
|
|
|
|
|
Brunswick Corp.
|
|
|
|
|
3,000,000
|
|
7.375%, 09/01/2023
|
|
|
3,210,000
|
|
|
|
|
|
|
|
|
|
|
Media - 5.90%
|
|
|
|
|
|
|
DreamWorks Animation SKG, Inc. (c)(f)
|
|
|
|
|
100,000
|
|
6.875%, 08/15/2020 (Aquired on 8/7/2013, cost $100,000)
|
|
|
106,250
|
|
|
|
Interactive Data Corp.
|
|
|
|
|
500,000
|
|
10.250%, 08/01/2018
|
|
|
550,940
|
|
|
|
Lamar Media Corp.:
|
|
|
|
|
250,000
|
|
5.875%, 02/01/2022
|
|
|
257,500
|
|
250,000
|
|
5.000%, 05/01/2023
|
|
|
238,750
|
|
|
|
Lions Gate Entertainment Corp. (b)(e)
|
|
|
|
|
7,000,000
|
|
5.250%, 08/01/2018
|
|
|
7,104,999
|
|
|
|
Live Nation Entertainment Inc. (c)(f)
|
|
|
|
|
1,000,000
|
|
7.000%, 09/01/2020 (Aquired on 8/15/2012, cost $1,005,625)
|
|
|
1,090,000
|
|
|
|
MDC Partners Inc. (c)(e)(f)
|
|
|
|
|
250,000
|
|
6.750%, 04/01/2020 (Aquired on 3/15/2013, cost $250,000)
|
|
|
262,813
|
|
|
|
Regal Entertainment Group:
|
|
|
|
|
1,335,000
|
|
9.125%, 08/15/2018
|
|
|
1,455,150
|
|
1,600,000
|
|
5.750%, 06/15/2023
|
|
|
1,580,000
|
|
|
|
Sirius XM Radio, Inc.: (c)(f)
|
|
|
|
|
3,095,000
|
|
4.250%, 05/15/2020 (Aquired on various dates, cost $4,889,387)
|
|
|
2,932,512
|
|
1,000,000
|
|
5.875%, 10/01/2020 (Aquired on 9/19/2013, cost $1,000,000)
|
|
|
1,022,500
|
|
|
|
|
|
|
16,601,414
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail - 2.59%
|
|
|
|
|
|
|
Outerwall, Inc.
|
|
|
|
|
1,000,000
|
|
6.000%, 03/15/2019
|
|
|
1,025,000
|
|
|
|
Penske Automotive Group, Inc.
|
|
|
|
|
2,500,000
|
|
5.750%, 10/01/2022
|
|
|
2,568,750
|
|
|
|
Rent-A-Center Inc.:
|
|
|
|
|
1,250,000
|
|
6.625%, 11/15/2020
|
|
|
1,331,250
|
|
2,000,000
|
|
4.750%, 05/01/2021
|
|
|
1,887,500
|
|
|
|
Sonic Automotive, Inc.
|
|
|
|
|
500,000
|
|
5.000%, 05/15/2023
|
|
|
471,250
|
|
|
|
|
|
|
6,258,750
|
|
|
|
Textiles, Apparel & Luxury Goods - 2.81%
|
|
|
|
|
|
|
Perry Ellis International, Inc.
|
|
|
|
|
4,000,000
|
|
7.875%, 04/01/2019
|
|
|
4,279,999
|
|
|
|
Phillips Van-Heusen
|
|
|
|
|
3,120,000
|
|
7.750%, 11/15/2023
|
|
|
3,614,514
|
|
|
|
|
|
|
7,894,513
|
|
|
|
Total Consumer Discretionary (Cost $43,498,016)
|
|
|
46,427,390
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples - 3.55%
|
|
|
|
|
|
|
Food & Staples Retailing - 0.76%
|
|
|
|
|
|
|
The Pantry, Inc.
|
|
|
|
|
2,000,000
|
|
8.375%, 08/01/2020
|
|
|
2,135,000
|
|
|
|
|
|
|
|
|
|
|
Food Products - 1.28%
|
|
|
|
|
|
|
Darling International, Inc.
|
|
|
|
|
100,000
|
|
8.500%, 12/15/2018
|
|
|
110,750
|
|
100,000
|
|
5.375%, 01/15/2022 (Aquired on 12/18/2013, cost $100,000) (c)
|
|
|
100,875
|
|
|
|
Post Holdings, Inc.
|
|
|
|
|
125,000
|
|
7.375%, 02/15/2022
|
|
|
134,375
|
|
|
|
Smithfield Foods, Inc.
|
|
|
|
|
2,750,000
|
|
7.750%, 07/01/2017
|
|
|
3,238,125
|
|
|
|
|
|
|
3,584,125
|
|
|
|
Personal Products - 1.51%
|
|
|
|
|
|
|
Prestige Brands Inc.
|
|
|
|
|
4,000,000
|
|
8.250%, 04/01/2018
|
|
|
4,237,836
|
|
|
|
Total Consumer Staples (Cost $9,012,126)
|
|
|
9,956,961
|
|
|
|
|
|
|
|
|
|
|
Energy - 6.62%
|
|
|
|
|
|
|
Energy Equipment & Services - 0.78%
|
|
|
|
|
|
|
Hornbeck Offshore Services, Inc.
|
|
|
|
|
600,000
|
|
5.875%, 04/01/2020
|
|
|
622,500
|
|
|
|
Parker Drilling Co.:
|
|
|
|
|
1,000,000
|
|
9.125%, 04/01/2018
|
|
|
1,065,000
|
|
210,000
|
|
7.500%, 08/01/2020 (f)
|
|
|
221,288
|
|
|
|
SESI LLC
|
|
|
|
|
250,000
|
|
7.125%, 12/15/2021
|
|
|
280,000
|
|
|
|
|
|
|
2,188,788
|
|
|
|
Oil, Gas & Consumable Fuels - 5.84%
|
|
|
|
|
|
|
Berry Petroleum Co.
|
|
|
|
|
665,000
|
|
10.250%, 06/01/2014
|
|
|
689,106
|
|
|
|
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Co.
|
|
|
|
|
2,500,000
|
|
8.250%, 12/15/2017
|
|
|
2,615,625
|
|
|
|
Concho Resources, Inc.
|
|
|
|
|
550,000
|
|
6.500%, 01/15/2022
|
|
|
598,125
|
|
|
|
Continental Resources, Inc.
|
|
|
|
|
100,000
|
|
8.250%, 10/01/2019
|
|
|
109,750
|
|
|
|
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp.
|
|
|
|
|
2,000,000
|
|
6.000%, 12/15/2020
|
|
|
2,070,000
|
|
|
|
Frontier Oil Corp.
|
|
|
|
|
1,000,000
|
|
6.875%, 11/15/2018
|
|
|
1,083,750
|
|
|
|
Gulfport Energy Corp.
|
|
|
|
|
4,000,000
|
|
7.750%, 11/01/2020
|
|
|
4,280,000
|
|
|
|
Suburban Propane Partners L. P.
|
|
|
|
|
1,861,000
|
|
7.375%, 08/01/2021
|
|
|
2,037,795
|
|
|
|
United Refining Co.
|
|
|
|
|
2,609,000
|
|
10.500%, 02/28/2018
|
|
|
2,935,125
|
|
|
|
|
|
|
16,419,276
|
|
|
|
Total Energy (Cost $17,598,809)
|
|
|
18,608,064
|
|
|
|
|
|
|
|
|
|
|
Health Care - 5.31%
|
|
|
|
|
|
|
Health Care Equipment & Supplies - 0.23%
|
|
|
|
|
|
|
Teleflex, Inc.
|
|
|
|
|
600,000
|
|
6.875%, 06/01/2019
|
|
|
633,000
|
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services - 3.55%
|
|
|
|
|
|
|
Acadia Healthcare Co., Inc.
|
|
|
|
|
1,947,000
|
|
12.875%, 11/01/2018
|
|
|
2,365,605
|
|
|
|
CHS/Community Health Systems Inc.:
|
|
|
|
|
2,200,000
|
|
7.125%, 07/15/2020
|
|
|
2,285,250
|
|
1,000,000
|
|
8.000%, 11/15/2019
|
|
|
1,090,000
|
|
|
|
Examworks Group, Inc.
|
|
|
|
|
3,825,000
|
|
9.000%, 07/15/2019
|
|
|
4,159,687
|
|
|
|
Tenet Healthcare Corp. (c)(f)
|
|
|
|
|
100,000
|
|
6.000%, 10/01/2020 (Aquired on 9/13/2013, cost $100,000)
|
|
|
104,563
|
|
|
|
|
|
|
10,005,105
|
|
|
|
Pharmaceuticals - 1.53%
|
|
|
|
|
|
|
Salix Pharmaceuticals, Inc.
|
|
|
|
|
200,000
|
|
6.000%, 01/15/2021 (f)
|
|
|
205,500
|
|
|
|
Valeant Pharmaceuticals International, Inc. (c)(e)(f)
|
|
|
|
|
250,000
|
|
6.750%, 08/15/2018 (Aquired on 6/27/2013, cost $250,000)
|
|
|
275,938
|
|
|
|
Warner Chilcott Co. LLC/ Warner Chilcott Finance LLC (e)
|
|
|
|
|
3,500,000
|
|
7.750%, 09/15/2018
|
|
|
3,806,250
|
|
|
|
|
|
|
4,287,688
|
|
|
|
Total Health Care (Cost $13,650,167)
|
|
|
14,925,793
|
|
|
|
|
|
|
|
|
|
|
Industrials - 14.04%
|
|
|
|
|
|
|
Aerospace & Defense - 4.97%
|
|
|
|
|
|
|
AAR Corp.
|
|
|
|
|
3,000,000
|
|
7.250%, 01/15/2022
|
|
|
3,224,999
|
|
|
|
B/E Aerospace Inc.
|
|
|
|
|
1,000,000
|
|
5.250%, 04/01/2022
|
|
|
1,020,000
|
|
|
|
DigitalGlobe Inc. (c)(f)
|
|
|
|
|
1,000,000
|
|
5.250%, 02/01/2021 (Aquired on 11/14/2013, cost $975,533)
|
|
|
980,000
|
|
|
|
Kratos Defense & Security Solutions, Inc.
|
|
|
|
|
2,800,000
|
|
10.000%, 06/01/2017
|
|
|
3,034,500
|
|
|
|
TransDigm, Inc.:
|
|
|
|
|
2,000,000
|
|
7.750%, 12/15/2018
|
|
|
2,155,000
|
|
1,000,000
|
|
5.500%, 10/15/2020
|
|
|
982,500
|
|
1,000,000
|
|
7.500%, 07/15/2021
|
|
|
1,080,000
|
|
|
|
Triumph Group Inc.:
|
|
|
|
|
1,000,000
|
|
8.625%, 07/15/2018
|
|
|
1,085,000
|
|
400,000
|
|
4.875%, 04/01/2021
|
|
|
390,000
|
|
|
|
|
|
|
13,951,999
|
|
|
|
Commercial Services & Supplies - 2.96%
|
|
|
|
|
|
|
The ADT Corp. (c)(f)
|
|
|
|
|
100,000
|
|
6.250%, 10/15/2021 (Aquired on 9/24/2013, cost $100,000)
|
|
|
105,125
|
|
|
|
Casella Waste Systems, Inc.
|
|
|
|
|
3,410,000
|
|
7.750%, 02/15/2019
|
|
|
3,512,300
|
|
|
|
Clean Harbors, Inc.
|
|
|
|
|
100,000
|
|
5.250%, 08/01/2020
|
|
|
103,500
|
|
|
|
Covanta Holding Corp.
|
|
|
|
|
1,000,000
|
|
7.250%, 12/01/2020
|
|
|
1,096,694
|
|
|
|
R. R. Donnelley & Sons Co.
|
|
|
|
|
3,000,000
|
|
8.600%, 08/15/2016
|
|
|
3,487,500
|
|
|
|
|
|
|
8,305,119
|
|
|
|
Construction & Engineering - 1.58%
|
|
|
|
|
|
|
MasTec, Inc.
|
|
|
|
|
500,000
|
|
4.875%, 03/15/2023
|
|
|
473,750
|
|
|
|
Tutor Perini Corp.
|
|
|
|
|
3,700,000
|
|
7.625%, 11/01/2018
|
|
|
3,977,500
|
|
|
|
|
|
|
4,451,250
|
|
|
|
Electrical Equipment, Instruments & Components - 1.73%
|
|
|
|
|
|
|
Polypore International, Inc.
|
|
|
|
|
4,580,000
|
|
7.500%, 11/15/2017
|
|
|
4,851,938
|
|
|
|
|
|
|
|
|
|
|
Machinery - 0.73%
|
|
|
|
|
|
|
Mueller Water Products Inc.
|
|
|
|
|
2,000,000
|
|
7.375%, 06/01/2017
|
|
|
2,060,000
|
|
|
|
|
|
|
|
|
|
|
Professional Services - 0.27%
|
|
|
|
|
|
|
FTI Consulting, Inc.
|
|
|
|
|
750,000
|
|
6.000%, 11/15/2022
|
|
|
763,125
|
|
|
|
|
|
|
|
|
|
|
Road & Rail - 1.08%
|
|
|
|
|
|
|
Quality Distribution LLC/QD Capital Corp.
|
|
|
|
|
2,722,000
|
|
9.875%, 11/01/2018
|
|
|
3,028,225
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors - 0.72%
|
|
|
|
|
|
|
Fly Leasing Ltd.
|
|
|
|
|
2,000,000
|
|
6.750%, 12/15/2020
|
|
|
2,035,000
|
|
|
|
Total Industrials (Cost $37,274,818)
|
|
|
39,446,656
|
|
|
|
|
|
|
|
|
|
|
Information - 0.70%
|
|
|
|
|
|
|
Telecommunications Services - 0.70%
|
|
|
|
|
|
|
tw telecom holdings inc.:
|
|
|
|
|
750,000
|
|
5.375%, 10/01/2022 (Aquired on 9/19/2013, cost $728,232)(c)(f)
|
|
|
738,750
|
|
1,250,000
|
|
5.375%, 10/01/2022
|
|
|
1,231,250
|
|
|
|
Total Information (Cost $1,947,567)
|
|
|
1,970,000
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 6.52%
|
|
|
|
|
|
|
Cable & Satellite TV - 0.75%
|
|
|
|
|
|
|
CCO Holdings LLC / CCO Holdings Capital Corp. (c)(f)
|
|
|
|
|
2,200,000
|
|
5.250%, 03/15/2021 (Aquired on various dates, cost $2,090,850)
|
|
|
2,112,000
|
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components - 0.19%
|
|
|
|
|
|
|
Anixter Inc.
|
|
|
|
|
500,000
|
|
5.625%, 05/01/2019
|
|
|
528,125
|
|
|
|
|
|
|
|
|
|
|
Internet Software & Services - 1.64%
|
|
|
|
|
|
|
Bankrate Inc. (c)(f)
|
|
|
|
|
3,000,000
|
|
6.125%, 08/15/2018 (Aquired on various dates, cost $3,020,000)
|
|
|
3,135,000
|
|
|
|
Equinix, Inc.
|
|
|
|
|
250,000
|
|
7.000%, 07/15/2021
|
|
|
274,063
|
|
|
|
j2 Global, Inc.
|
|
|
|
|
1,100,000
|
|
8.000%, 08/01/2020
|
|
|
1,193,500
|
|
|
|
|
|
|
4,602,563
|
|
|
|
IT Services - 1.90%
|
|
|
|
|
|
|
iGATE Corp.
|
|
|
|
|
5,000,000
|
|
9.000%, 05/01/2016
|
|
|
5,337,499
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.83%
|
|
|
|
|
|
|
KLA-Tencor Corp.
|
|
|
|
|
500,000
|
|
6.900%, 05/01/2018
|
|
|
585,629
|
|
|
|
National Semiconductor Corp.
|
|
|
|
|
1,500,000
|
|
6.600%, 06/15/2017
|
|
|
1,754,364
|
|
|
|
|
|
|
2,339,993
|
|
|
|
Software - 1.21%
|
|
|
|
|
|
|
ACI Worldwide, Inc. (c)(f)
|
|
|
|
|
1,250,000
|
|
6.375%, 08/15/2020 (Aquired on 8/15/2013, cost $1,250,000)
|
|
|
1,309,375
|
|
|
|
Activision Blizzard, Inc. (c)(f)
|
|
|
|
|
500,000
|
|
5.625%, 9/15/2021 (Aquired on 9/12/2013, cost $500,000)
|
|
|
518,750
|
|
|
|
Audatex North America, Inc. (c)(f)
|
|
|
|
|
1,500,000
|
|
6.000%, 06/15/2021 (Aquired on various dates, cost $1,508,750)
|
|
|
1,578,750
|
|
|
|
|
|
|
3,406,875
|
|
|
|
Total Information Technology (Cost $17,064,783)
|
|
|
18,327,055
|
|
|
|
|
|
|
|
|
|
|
Materials - 2.85%
|
|
|
|
|
|
|
Construction Materials - 1.31%
|
|
|
|
|
|
|
Headwaters, Inc.:
|
|
|
|
|
2,000,000
|
|
7.250%, 01/15/2019 (Aquired on 7/8/2013, cost $2,057,500)(c)
|
|
|
2,065,000
|
|
1,500,000
|
|
7.625%, 04/01/2019
|
|
|
1,623,750
|
|
|
|
|
|
|
3,688,750
|
|
|
|
Metals & Mining - 1.54%
|
|
|
|
|
|
|
Molycorp Inc.
|
|
|
|
|
3,000,000
|
|
10.000%, 06/01/2020
|
|
|
2,992,500
|
|
|
|
Steel Dynamics, Inc.
|
|
|
|
|
250,000
|
|
6.125%, 08/15/2019
|
|
|
271,875
|
|
500,000
|
|
7.625%, 03/15/2020
|
|
|
544,375
|
|
500,000
|
|
5.250%, 04/15/2023
|
|
|
502,500
|
|
|
|
|
|
|
4,311,250
|
|
|
|
Total Materials (Cost $7,875,366)
|
|
|
8,000,000
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services - 0.41%
|
|
|
|
|
|
|
Diversified Telecommunications - 0.41%
|
|
|
|
|
|
|
Consolidated Communications
|
|
|
|
|
1,000,000
|
|
10.875%, 06/01/2020
|
|
|
1,157,500
|
|
|
|
Total Telecommunication Services (Cost $1,072,025)
|
|
|
1,157,500
|
|
|
|
|
|
|
|
|
|
|
TOTAL CORPORATE BONDS (Cost $158,814,419)
|
|
|
158,819,419
|
|
|
|
|
|
|
|
|
|
|
SHORT TERM INVESTMENTS - 19.98%
|
|
|
|
|
|
|
Investment Companies - 19.98%
|
|
|
|
|
26,769,795
|
|
Fidelity Institutional Money Market Fund - Government Portfolio - 0.01% (g)
|
|
|
26,769,795
|
|
2,377,497
|
|
SEI Daily Income Treasury II - Class B - 0.01%
|
|
|
2,377,497
|
|
27,000,000
|
|
The STIT-Treasury Portfolio - 0.02%, 0.051% (g)
|
|
|
27,000,000
|
|
|
|
Total Investment Companies
|
|
|
56,147,292
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENT COMPANIES (Cost $56,147,292)
|
|
|
56,147,292
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost ($254,386,710) - 99.31%
|
|
|
279,094,129
|
|
|
|
Other Assets in Excess of Liabilities - 0.69%
|
|
|
1,951,302
|
|
|
|
TOTAL NET ASSETS - 100.00%
|
|
$
|
281,045,431
|
|
|
|
(a)
|
|
Non Income Producing
|
|
|
|
|
(b)
|
|
Illiquid Security. The total value of these securities amounted to $16,356,844 (5.82% of net assets) at December 31, 2013.
|
|