Pioneer Investments: Pioneer Global High Yield Fund


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Pioneer Global High Yield Fund

Monthly Portfolio Holdings as of 2/28/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
Colombia Government International Bond, 12.0%, 10/22/15 12.0 10/22/2015 6,986,000,000 3,958,147
BR Malls International Finance, Ltd., 8.5%, 12/31/49 (Perpetual) (144A) 8.5 01/29/2049 4,025,000 4,111,458
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 4,253,000 4,784,625
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.75 09/24/2073 2,995,000 3,453,713
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 6.25 08/15/2022 1,600,000 2,427,281
CFG Investment SAC, 9.75%, 7/30/19 (144A) 9.75 07/30/2019 4,450,000 4,431,736
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 1,575,000 1,752,286
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.6558 05/09/2016 900,000 973,498
BTA Bank JSC (G.D.R.) (144A)     24,638 16,027
Brazilian Government International Bond, 10.25%, 1/10/28 10.25 01/10/2028 2,950,000 1,289,135
Sirius International Group, Ltd., Floating Rate Note, 12/31/49 (Perpetual) (144A) 7.506 05/29/2049 8,535,000 9,076,251
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 7.375 01/31/2020 6,500,000 5,858,780
Old AII, Inc., 0.0%, 12/15/16 0.0 12/15/2016 6,510,000 1,440,084
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,523,000 1,394,196
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0608 03/12/2015 2,500,000 2,709,417
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5845 07/15/2031 1,102,000 546,290
National Money Mart Co., 10.375%, 12/15/16 10.375 12/15/2016 4,565,000 4,647,867
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 1,940,000 2,111,846
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 0.0 12/11/2019 9,802,000 1,568,320
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 7.0   3,100 3,071,616
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 7.75 01/31/2023 24,000,000 23,950,167
Inter-American Development Bank, 4.5%, 2/4/16 4.5 02/04/2016 11,650,000,000 954,266
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,710,000 2,597,083
MMM Holdings, Inc., 12/12/17 9.75 10/09/2017 1,127,795 1,139,777
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 5,408,000 5,744,873
CHS, 6.875%, 2/1/22 (144A) 6.875 02/01/2022 6,355,000 6,801,395
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 0.0 11/15/2016 54,000 16,484
Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A) 5.875 05/15/2023 5,685,000 5,669,643
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 800,000 876,978
YPF SA, 8.875%, 12/19/18 (144A) 8.875 12/19/2018 2,375,000 2,467,625
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 4,990,000 5,518,108
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 6,100,000 6,145,750
Accellent, Inc., 10.0%, 11/1/17 10.0 11/01/2017 3,850,000 4,281,521
Expert Global Solutions, Inc., 4/3/18 8.5 03/13/2018 12,816,023 12,767,963
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 6.75 09/30/2022 1,250,000 1,407,266
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 3,200,000 3,623,822
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.8159 12/06/2016 450,000 476,224
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 16.551 01/27/2015 875,000 943,308
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 6.75 04/15/2021 1,270,000 1,397,635
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 0.0 10/01/2015 3,550,000 3,879,653
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 10.375 09/30/2020 4,015,000 2,643,947
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 2/25/37 0.3555 02/25/2037 8,090,000 6,940,193
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 5.75 02/15/2019 4,325,000 6,183,527
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 7.75 12/15/2020 1,995,000 2,167,290
LKQ Corp., 4.75%, 5/15/23 (144A) 4.75 05/15/2023 1,250,000 1,208,108
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 1,775,000 1,701,042
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 750,000 772,266
Inversiones Alsacia SA, 8.0%, 8/18/18 (144A) 8.0 08/18/2018 7,630,000 4,242,630
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 1,605,000 1,463,158
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 6,250,000 6,522,700
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 7.875 04/04/2018 5,525,000 4,542,413
Perseus Holding Corp., 14.0%, 4/15/14 (144A) 14.0 04/15/2014 17,350 1,422,700
National Surgical Hospitals, Inc., 8/1/19 5.75 07/11/2019 1,496,250 1,501,861
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1.125 09/01/2018 1,000,000 1,232,219
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 519,126
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 7,675,000 8,287,081
Suntech Power Holdings Co, Ltd., 0.0%, 3/15/13 0.0 03/15/2049 535,000 210,638
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 2,860,000 3,345,088
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 9.875 02/01/2020 7,800,000 8,351,688
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 6.375 10/15/2020 3,120,000 3,483,740
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 0.0 09/15/2037 8,875,000 1,883,630
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.565 04/09/2015 900,000 948,568
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 9.875 07/24/2017 3,000,000 3,090,448
International Finance Corp., 7.75%, 12/3/16 7.75 12/03/2016 546,470,000 9,068,651
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,051,400
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,765,000 4,083,169
Navios South American Logistics, Inc., 9.25%, 4/15/19 9.25 04/15/2019 4,885,000 5,409,866
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 8.75 05/04/2018 6,600,000 6,359,842
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 5,200,000 5,494,342
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0558 05/05/2017 1,600,000 1,608,551
Preferred Proppants LLC, 12/15/16 11.75 12/15/2016 7,825,825 6,091,098
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 3,025,750
Nigeria Treasury Bill, 0.0%, 4/10/14 0.0 04/10/2014 595,000,000 3,562,691
GSR Mortgage Loan Trust 2004-3F, Floating Rate Note, 2/25/34 5.7137 02/25/2034 1,100,000 624,574
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.2404 04/10/2015 250,000 259,199
Kindred Healthcare, Inc., 8.25%, 6/1/19 8.25 06/01/2019 1,050,000 1,153,031
Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 (144A) 9.25 11/13/2019 2,970,000 2,502,762
Metinvest BV, 8.75%, 2/14/18 (144A) 8.75 02/14/2018 11,350,000 9,978,148
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 8.875 11/01/2017 6,900,000 7,966,625
Indonesia Treasury Bond, 7.0%, 5/15/22 7.0 05/15/2022 53,000,000,000 4,281,479
Ghana Government Bond, 19.24%, 5/30/16 19.24 05/30/2016 5,400,000 2,028,207
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 0.0 12/31/2049 33,046 82,615
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 9.0 02/13/2018 130,000,000 3,541,794
COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A) 6.85 08/15/2033 1,000,000 139,602
Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A) (PIK) 13.0 04/15/2014 11,100,490 10,868,613
Government National Mortgage Association, Floating Rate Note, 10/16/52 0.9935 10/16/2052 23,000,000 791,717
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 11.625 07/15/2017 2,500,000 3,991,518
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.565 04/09/2015 2,000,000 2,085,383
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 7.75 10/28/2020 3,720,000 3,948,703
Scitor Corp., 2/15/17 5.0 01/21/2017 2,177,194 2,145,880
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 6,765,000 7,470,439
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 8.75 04/15/2018 11,725,000 3,084,326
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 7.5   445 524,210
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 9.75 08/15/2021 9,381,000 5,856,871
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 6.95 11/10/2021 940,000 1,002,443
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 5.35 04/29/2049 2,245,000 2,140,052
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 5,120,000 5,425,102
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 3,900,000 4,170,197
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 2,880,000 3,134,871
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 5.6643 11/25/2034 750,000 291,114
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 4.6074 11/17/2013 792,928 333,030
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9.0 01/28/2017 10,395,000 9,961,364
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 6.625 05/02/2023 2,000,000 1,993,799
Gentiva Health Services, Inc., 10/10/19 6.5 10/10/2019 1,150,000 1,162,938
Russian Federal Bond - OFZ, 7.5%, 3/15/18 7.5 03/15/2018 143,000,000 4,104,743
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,490,000 8,070,683
SM Energy Co., 6.5%, 1/1/23 6.5 01/01/2023 1,650,000 1,783,375
Little Traverse Bay Bands of Odawa Indians, Inc., 9.0%, 8/31/20 (144A) 9.0 08/31/2020 2,052,000 2,086,933
Green Field Energy Services, Inc., 11/15/21 (144A)   11/15/2021 2,275 2,298
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 5.375 12/15/2021 4,365,000 4,503,301
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.2753 11/10/2015 375,000 403,439
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 5,144,524
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,700,000 16,285,875
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 4,315,000 4,439,715
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 6.0213 02/15/2018 1,200,000 2,040,635
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 6.95 10/17/2022 5,000,000 5,204,447
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 9.5 05/15/2018 4,700,000 6,983,713
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 5.135 10/15/2039 1,502,000 1,357,027
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 4.0 04/28/2018 1,000,000 990,973
IAC, 4.875%, 11/30/18 (144A) 4.875 11/30/2018 1,700,000 1,796,652
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.4108 02/05/2015 1,250,000 1,306,120
General Cable Corp., 6.5%, 10/1/22 (144A) 6.5 10/01/2022 1,875,000 1,943,750
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 5.75 12/15/2018 2,350,000 2,491,277
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8.5 02/02/2017 8,405,000 8,063,313
Altice Financing SA, 6.5%, 1/15/22 (144A) 6.5 01/15/2022 2,800,000 2,958,939
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.84 10/12/2017 12,000,000 2,103,715
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 7.125   160,000 4,264,000
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0304 06/06/2016 1,100,000 1,249,612
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) 6.625 12/15/2022 6,300,000 6,734,613
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 1,960,000 2,136,196
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 4.0456 05/18/2016 1,450,000 1,479,161
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 5,080,000 5,160,433
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 2,810,000 3,191,067
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 3,800,000 4,178,417
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 355,600 9,654,540
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.2956 11/10/2015 950,000 997,573
ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK) 11.125 06/01/2018 11,250,297 12,646,037
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,000,000 2,269,167
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 7,610,000 7,393,591
WideOpenWest Finance LLC, 4/1/19 4.75 03/27/2019 1,677,551 1,689,609
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 2,400,000 2,630,800
Altrl Flt% 30jun16   06/30/2016 3,180,000 3,216,252
Pro Mach, Inc., 7/6/17 4.5 07/16/2017 1,459,241 1,467,449
Odebrecht Offshore Drilling Finance, Ltd., 6.625%, 10/1/22 (144A) 6.625 10/01/2022 1,340,000 1,374,980
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 11.75 10/05/2015 2,125,000 2,088,137
Fresnillo Plc, 5.5%, 11/13/23 (144A) 5.5 11/13/2023 1,825,000 1,877,925
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6.875 11/01/2019 6,210,000 5,824,463
Virgin Media Investment Holdings, Ltd., 6/8/20 4.5 02/06/2020 5,600,000 9,466,876
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 4,894,000 8,882,678
Bumi Resources Tbk PT, 11/7/14 4.6074 11/07/2014 4,400,000 4,400,000
CEDC Finance Corp International, Inc., 8.0%, 4/30/18 (Step) 8.0 04/30/2018 4,829,992 4,630,146
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 5.9694 05/15/2046 775,000 799,004
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 4.4 04/15/2019 1,000,000 1,000,897
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 6.79 12/31/2014 2,850,000 131,781
Mexican Udibonos, 3.5%, 12/14/17 3.5 12/14/2017 2,050,000 856,166
Vantage Drilling Co., 7.875%, 9/1/42 7.875 09/01/2042 2,475,000 2,949,891
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 7.875 04/26/2021 2,600,000 2,225,438
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 6,285,000 6,779,944
Ormat Funding Corp., 8.25%, 12/30/20 8.25 12/30/2020 10,665,000 5,682,376
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.3159 06/06/2017 750,000 797,880
EGL, Inc., 8/31/16 4.6074 08/31/2016 794,899 794,652
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.0253 02/25/2015 1,950,000 1,996,681
GSAMP Trust 2006-HE8, Floating Rate Note, 1/25/37 0.2855 01/25/2037 1,800,000 526,962
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 6.748 03/15/2017 10,600,000 1,342,799
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 6,365,000 6,367,652
Allison Transmission, Inc., 8/23/19 3.5 08/23/2019 3,214 3,223
Petroleos Mexicanos, 6.375%, 1/23/45 (144A) 6.375 01/23/2045 2,400,000 2,564,120
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 7.625 12/05/2019 1,700,000 581,420
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.5951 04/09/2015 300,000 322,144
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 10,320,000 10,990,800
Florida East Coast Holdings Corp., 10.5%, 8/1/17 (PIK) 10.5 08/01/2017 2,752,742 2,852,529
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,652,000 9,253,453
American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45 2.335 06/25/2045 8,800,000 946,626
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 11.875 10/15/2016 5,000,000 4,774,306
Lear Corp., 11/9/14   11/09/2014 990 158,400
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 7.875 04/07/2016 11,475,000 10,803,713
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 8.375 06/03/2021 4,250,000 4,554,819
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 3.3256 02/25/2035 5,588,886 2,383,770
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,500,000 3,325,583
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 8.549 01/05/2017 800,000 864,999
Ghana Government Bond, 26.0%, 6/5/17 26.0 06/05/2017 2,000,000 863,400
Monitronics International, Inc., 3/23/18 4.25 03/23/2018 2,274,605 2,286,452
Swift Energy Co., 8.875%, 1/15/20 8.875 01/15/2020 2,410,000 2,606,030
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 500,000 505,938
Generic Drug Holdings, Inc., 8/16/20 5.0 10/04/2019 982,563 989,932
Banco Macro SA, Floating Rate Note, 12/18/36 9.75 12/18/2036 2,870,000 2,453,192
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 12.25 02/10/2022 4,755,000 5,312,028
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.394 02/13/2015 500,000 516,721
Mexican Udibonos, 2.0%, 6/9/22 2.0 06/09/2022 44,000,000 16,361,088
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,600,000 1,775,500
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 7.25 03/13/2017 3,750,000 3,848,750
Fx Vanilla Option Put Usd/Call Try 2.154 12 01 2015 Tr   01/12/2015 4,923,450 40,186
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8.25 10/19/2019 7,700,000 7,701,925
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 8.25 01/29/2018 4,690,000 5,048,003
Peermont Global Pty, Ltd., 7.75%, 4/30/14 7.75 04/30/2014 6,335,000 8,979,412
First Data Corp., 12.625%, 1/15/21 12.625 01/15/2021 3,597,000 4,356,442
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1.1305 11/25/2034 1,700,000 1,369,593
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18   11/02/2018 3,808,321 3,867,027
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 12.0 11/10/2016 6,200,000 3,918,400
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9929 01/07/2015 1,250,000 1,386,906
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 7.08 12/15/2035 9,000,000 4,474,719
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A) 11.25 09/20/2021 2,800,000 2,954,875
Regal Entertainment Group, 5.75%, 2/1/25 5.75 02/01/2025 1,115,000 1,093,861
BioScrip, Inc., 7/31/20 7.25 07/22/2020 811,753 818,349
Entegris Inc Bridge L + 0% 04feb15   02/04/2015 2,520,000 2,520,000
Horizon Lines, Inc.     2,370,345 1,730,352
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 10.875 01/26/2021 7,425,000 6,241,254
Aircraft Finance Trust, Floating Rate Note, 5/15/24 (144A) 0.6345 05/15/2024 11,396,000 2,833,779
Belden, Inc., 5.5%, 4/15/23 (144A) 5.5 04/15/2023 1,800,000 2,568,346
Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A) 8.875 04/07/2020 10,840,000 11,035,120
Ardent Medical Services, Inc., 7/2/18 6.75 05/02/2018 1,395,900 1,406,369
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A) 8.5 12/15/2016 1,297,000 1,380,260
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 2,940,000 3,490,107
Cemex SAB de CV, 3.75%, 3/15/18 3.75 03/15/2018 10,300,000 15,280,479
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 3,485,000 3,570,915
Lam Research Corp., 1.25%, 5/15/18 1.25 05/15/2018 3,400,000 4,069,139
inVentiv Health, Inc., 8/4/16 7.5 08/04/2016 1,115,878 1,119,366
Ghana Government Bond, 21.0%, 10/26/15 21.0 10/26/2015 3,660,000 1,539,274
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 1.4305 01/25/2032 8,200,000 328,791
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 131,100 3,506,925
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 9.75 11/06/2069 6,875,000 8,128,971
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 5,750,000 6,524,333
Virtual Radiologic Corp., 12/22/16 7.2527 11/03/2016 1,430,750 894,219
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 2,980,000 3,300,350
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.4355 01/09/2017 1,500,000 1,576,925
Bertin SA, 10.25%, 10/5/16 (144A) 10.25 10/05/2016 6,000,000 6,960,417
Romania Government Bond, 5.85%, 4/26/23 5.85 04/26/2023 24,770,000 8,183,500
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 6.75 03/15/2023 5,250,000 5,299,088
Kane-Pi2 Zero% 18jul16 0.0 07/18/2016 1,806,000 1,827,311
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 4,790,000 5,372,650
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 7.5 02/11/2020 3,260,000 3,363,233
LDK Solar Co, Ltd., 10.0%, 2/28/14 10.0 02/28/2014 14,000,000 917,123
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 7.75 12/15/2025 357,000 386,046
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 6.5 07/21/2016 2,660,000 2,832,161
Gtech Spa, Floating Rate Note, 3/31/66 (144A) 8.25 03/31/2066 1,000,000 1,604,088
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9.0 02/10/2017 9,720,000 9,430,830
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 4,340,000 4,678,701
Allison Transmission, Inc., 8/7/17 3.16 08/07/2017 1,071 1,072
LONG HAUL HOLDINGS, Ltd., 1/15/15 4.6074 11/17/2013 993,485 417,264
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 8.75 05/15/2018 6,950,000 10,257,070
PATHEON INC, Bridge Loan, 12/11/14 7.25 12/11/2014 9,075,000 9,075,000
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 6.75 11/14/2017 575,000 519,836
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 11.5 12/15/2019 1,560,000 1,792,873
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6.75 03/01/2019 5,070,000 5,100,103
Belvedere SA, 12/23/16   12/23/2016 5,578,091 269,803
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7.748 02/02/2021 7,800,000 8,423,933
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 7.8 11/28/2022 3,500,000 3,150,525
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,300,000 1,066,904
Vale SA (A.D.R.)     134,106 1,674,984
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 6.375 01/24/2023 1,900,000 1,577,099
Sabine Pass Liquefaction LLC, 5.875%, 2/1/21 (144A) 5.875 02/01/2021 4,000,000 4,119,583
Ozburn-Hessey Holding Co LLC, 5/23/19 6.7525 05/07/2019 1,004,950 1,015,628
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,550,000 2,570,188
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.25 01/08/2015 250,000 252,532
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 8.0 05/02/2018 3,500,000 3,260,056
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 5.55 10/28/2020 4,000,000 4,088,370
TI Group Automotive Systems LLC, 3/28/19 5.5 03/27/2019 3,127,554 3,150,034
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12.5 04/06/2015 12,300,000 13,066,871
Molycorp, Inc., 10.0%, 6/1/20 10.0 06/01/2020 5,300,000 5,432,500
Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A) 7.565 04/09/2014 2,500,000 2,544,979
BreitBurn Energy Partners LP, 7.875%, 4/15/22 7.875 04/15/2022 2,830,000 3,168,893
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) 3.5 03/01/2021 2,770,000 2,739,499
Independencia International, Ltd., 0.0%, 12/30/16 (144A) 0.0 12/30/2016 2,969,595 779,519
Griffon Corp., 5.25%, 3/1/22 (144A) 5.25 03/01/2022 6,750,000 6,762,375
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 3,428 3,342,466
MHP SA, 8.25%, 4/2/20 (144A) 8.25 04/02/2020 6,300,000 5,382,379
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 2,910,000 3,018,822
Forest City Enterprises, Inc., 4.25%, 8/15/18 4.25 08/15/2018 2,805,000 3,169,689
IAP Worldwide Services, Inc., 12/31/15 10.0 12/31/2015 1,926,073 611,528
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 8,405,000 9,014,363
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 4,775,000 4,152,101
Basell Finance Co BV, 8.1%, 3/15/27 (144A) 8.1 03/15/2027 2,793,000 3,706,350
MSO of Puerto Rico, Inc., 12/12/17 9.75 12/12/2017 820,215 826,366
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 4,100,000 4,101,566
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 7.5 09/26/2019 4,000,000 4,329,167
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 11.779 11/10/2016 650,000 703,794
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 4.4 04/30/2023 1,000,000 954,789
Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A) 7.75 06/01/2021 4,000,000 4,382,500
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 1,800,000 1,779,188
Akbank TAS, 7.5%, 2/5/18 (144A) 7.5 02/05/2018 4,500,000 1,712,329
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 3.2594 11/01/2066 950,000 871,655
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 9.055 06/06/2015 750,000 808,763
CEVA Group Plc, 11.625%, 10/1/16 (144A) 11.625 10/01/2016 2,445,000 2,667,342
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 9.0 06/10/2028 39,000,000 2,607,472
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 7.75 06/15/2021 1,500,000 1,592,042
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 4.125 03/15/2018 10,750,000 8,690,255
AdvancePierre Foods, Inc., 7/10/17 5.75 06/17/2017 1,376,100 1,384,047
Hunter Defense Technologies, Inc., 8/22/14 3.49 08/22/2014 1,536,185 1,397,928
Jefferies Group LLC, 6.875%, 4/15/21 6.875 04/15/2021 3,900,000 4,615,542
Freeport-McMoRan Copper & Gold, Inc.     95,846 3,126,497
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 7,900,000 8,002,108
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 9.75 10/25/2022 3,806,000 2,470,570
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 4,225,000 4,158,808
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 10.5 02/15/2019 4,840,000 8,514,782
Alliant Holdings I, Inc., 12/20/19 4.25 12/07/2019 1,885,950 1,895,674
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 5,600,000 5,827,500
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,840,000 3,128,733
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 6.876 06/27/2017 2,465,000 321,670
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.0112 02/15/2051 2,100,000 2,083,377
ADS Tactical, Inc., 11.0%, 4/1/18 (144A) 11.0 04/01/2018 4,215,000 4,279,767
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 7,675,000 8,687,247
Nigeria Government Bond, 16.0%, 6/29/19 16.0 06/29/2019 760,000,000 5,088,291
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 9.25 01/24/2020 4,400,000 3,847,831
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 1,025,000 1,290,646
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,250,000 4,054,375
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.3108 03/07/2016 1,925,000 1,963,508
Agrokor dd, 9.875%, 5/1/19 (144A) 9.875 05/01/2019 3,200,000 5,162,711
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 2,835,000 3,136,219
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 12.5 07/08/2015 11,063,000 11,875,055
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 9.625 05/14/2020 8,117,602 7,431,651
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 6.5 07/01/2036 2,632,328 466,617
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5445 07/15/2031 12,652,000 6,271,817
ATLAS VI Capital, Ltd., Floating Rate Note, 4/7/14 (Cat Bond) (144A) 10.548 04/07/2014 800,000 1,130,169
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 3,945,000 3,924,453
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 1,500,000 1,481,011
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A) 7.87 03/15/2016 2,300,000 2,444,143
Cincinnati Bell, Inc., 8.75%, 3/15/18 8.75 03/15/2018 8,378,000 9,103,512
New World Resources NV, 7.875%, 1/15/21 (144A) 7.875 01/15/2021 1,050,000 239,332
Beazer Homes USA, Inc., 9.125%, 6/15/18 9.125 06/15/2018 8,750,000 9,443,559
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 1,300,000 1,412,021
CSMC Mortgage-Backed Trust 2007-3, 5.0%, 4/25/37 5.0 04/25/2037 4,700,000 642,377
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 0.0 02/03/2022 7,500,000 1,209,375
Votorantim Cimentos SA, 7.25%, 4/5/41 (144A) 7.25 04/05/2041 3,700,000 3,697,790
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,150,000 3,391,763
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0659 06/06/2016 550,000 616,104
Standard Aero, Ltd., 11/2/18   11/02/2018 1,726,443 1,753,778
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,475,000 1,592,406
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 6.6575 03/13/2015 1,500,000 1,569,981
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 5.78 03/15/2020 2,750,000 2,659,522
Chiquita Brands International, Inc., 7.875%, 2/1/21 7.875 02/01/2021 2,705,000 2,998,662
Novellus Systems, Inc., 2.625%, 5/15/41 2.625 05/15/2041 5,515,000 8,997,608
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 2,200,000 2,289,772
Affinion Group, Inc., 10/9/16 6.75 10/09/2016 2,198,691 2,177,685
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 6.25 11/01/2023 2,000,000 2,007,667
Tullow Oil Plc, 6.0%, 11/1/20 (144A) 6.0 11/01/2020 1,520,000 1,583,333
RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36 0.3155 08/25/2036 2,300,000 702,271
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 2,450,000 2,652,635
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 2,400,000 447,082
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,260,067
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 9.125 10/15/2020 5,000,000 5,722,361
Indonesia Treasury Bond, 8.25%, 6/15/32 8.25 06/15/2032 81,459,000,000 6,676,941
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 6.75 02/01/2020 1,287,000 1,337,676
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,175,000 2,313,656
Park-Ohio Industries, Inc., 8.125%, 4/1/21 8.125 04/01/2021 850,000 974,401
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,550,000 2,373,875
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 8,870,000 8,459,763
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 7,165,000 7,327,058
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 6.0 10/24/2022 1,500,000 1,382,050
Vertafore, Inc., 10/29/17 9.75 10/18/2017 3,500,000 3,564,533
Windstream Corp., 7.75%, 10/1/21 7.75 10/01/2021 2,300,000 2,558,271
Republic of Ghana, 7.875%, 8/7/23 (144A) 7.875 08/07/2023 2,335,000 2,172,134
Alto Palermo SA, 7.875%, 5/11/17 (144A) 7.875 05/11/2017 6,750,000 6,642,422
Surgery Center Holdings, Inc., 4/11/19 6.0 04/11/2019 1,891,200 1,895,928
SanDisk Corp., 0.5%, 10/15/20 (144A) 0.5 10/15/2020 1,755,000 1,849,014
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 8.25 09/30/2020 3,600,000 3,931,575
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 5,375,000 5,809,147
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 2,230,000 2,428,702
Mongolian Mining Corp., 8.875%, 3/29/17 (144A) 8.875 03/29/2017 950,000 693,474
Digicel Group, Ltd., 10.5%, 4/15/18 (144A) 10.5 04/15/2018 1,000,000 1,102,167
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5608 02/05/2015 1,925,000 2,071,348
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 8.5 10/16/2023 5,550,000 5,775,469
The PNC Financial Services Group, Inc., Floating Rate Note, 12/31/49 (Perpetual) 6.75 07/29/2049 13,430,000 14,457,395
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 7.25 12/13/2019 2,775,000 2,659,866
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 5,810,000 6,278,835
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 10.0 04/30/2018 2,165,883 1,978,101
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A) 9.875 06/15/2015 7,170,000 5,526,975
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 5.333 02/15/2028 5,250,000 5,047,194
Credit Suisse Group AG, Floating Rate Note, 12/31/49 (Perpetual) (144A) 7.5 12/31/2049 1,200,000 1,338,560
Panolam Holdings Co.     894 700,002
InterGen NV, 7.0%, 6/30/23 (144A) 7.0 06/30/2023 1,500,000 1,604,042
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 6.125 03/25/2019 1,865,000 542,825
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 7.0 01/17/2023 1,626,000,000 681,271
CEVA Logistics US Holdings, Inc., 8/31/16 0.1466 08/31/2016 508,620 507,984
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 4,980,000 5,396,660
Memorial Production Partners LP, 7.625%, 5/1/21 (144A) 7.625 05/01/2021 3,000,000 3,241,250
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 10.25 07/13/2016 4,250,000 1,710,642
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1166 01/07/2016 450,000 478,340
Alliance HealthCare Services, Inc., 6/3/19 4.25 05/31/2019 1,044,751 1,044,588
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 10,175,000 6,274,866
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 1,245,000 1,382,339
CEVA Logistics US Holdings, Inc., 8/31/16 5.2466 08/31/2016 779,050 779,050
Murray Energy Corp., 8.625%, 6/15/21 (144A) 8.625 06/15/2021 1,900,000 2,048,596
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 6.375 09/01/2024 1,900,000 2,084,063
Windstream Corp., 6.375%, 8/1/23 6.375 08/01/2023 1,760,000 1,742,950
Nigeria Treasury Bill, 0.0%, 3/6/14 0.0 03/06/2014 585,000,000 3,545,588
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.3108 01/08/2015 1,500,000 1,583,098
Altice Finco SA, 8.125%, 1/15/24 (144A) 8.125 01/15/2024 600,000 652,698
Alpha Natural Resources, Inc., 6.0%, 6/1/19 6.0 06/01/2019 315,000 274,838
Windstream Corp., 8.125%, 9/1/18 8.125 09/01/2018 5,700,000 6,316,313
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 1,250,000 1,427,778
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 5.5 12/01/2021 4,300,000 4,554,715
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.8159 12/06/2016 1,800,000 2,023,748
MIE Holdings Corp., 9.75%, 5/12/16 (144A) 9.75 05/12/2016 12,850,000 13,871,843
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 11.3108 01/08/2015 1,000,000 1,059,225
Mexican Bonos, 7.5%, 6/3/27 7.5 06/03/2027 4,800,000 393,527
FTS International, Inc., 5/6/16 8.5 05/06/2016 5,445,033 5,531,571
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4.75 06/01/2023 6,925,000 6,834,109
WireCo WorldGroup, Inc., 9.5%, 5/15/17 9.5 05/15/2017 1,100,000 1,163,769
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 3,750,000 3,980,469
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 212,000 4,774,240
International Finance Corp., 5.0%, 12/21/15 5.0 12/21/2015 11,200,000 4,446,336
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 4.2969 05/23/2016 725,000 739,063
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 9.0 01/29/2019 995,000 1,032,810
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 4,450,000 4,311,988
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.055 06/06/2015 3,450,000 3,757,855
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,435,000 888,386
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 9.5 05/04/2020 20,248,000 20,518,817
Newhall Land Development LLC     161,215 564,253
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr   01/12/2015 -4,923,449 -93,471
AEP Industries, Inc., 8.25%, 4/15/19 8.25 04/15/2019 3,355,000 3,677,639
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0659 12/06/2016 950,000 1,114,883
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 6,150,000 6,765,000
Electricite de France, Floating Rate Note, 12/31/49 (Perpetual) (144A) 5.25 01/29/2049 7,150,000 7,233,417
Banco Internacional del Peru SAA, Floating Rate Note, 4/23/70 (144A) 8.5 04/23/2070 3,165,000 3,292,371
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6558 04/08/2016 750,000 800,671
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 3.25 08/01/2015 1,075,000 1,075,224
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 10.625 02/01/2016 5,075,000 4,536,310
Gol Finance, 9.25%, 7/20/20 (144A) 9.25 07/20/2020 7,363,000 7,090,825
Stanadyne Holdings, Inc., 12.0%, 2/15/15 (Step) 12.0 02/15/2015 13,550,000 10,370,267
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5.375 01/26/2019 7,570,000 7,904,473
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,350,000 2,394,415
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 9.5 03/16/2022 4,600,000 4,327,659
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 9.25 10/15/2020 2,100,000 3,327,895
New Jersey Economic Development Authority, Floating Rate Note, 11/15/30 7.0 11/15/2030 15,000 15,329
Metinvest BV, 10.25%, 5/20/15 (144A) 10.25 05/20/2015 4,620,000 4,498,757
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 10,345,000 12,186,985
Ocean Rig UDW, Inc., 9.5%, 4/27/16 9.5 04/27/2016 8,900,000 9,669,603
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 6.9 11/15/2016 675,000 688,946
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,215,000 5,907,617
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,861,210
Targa Resources Partners LP, 4.25%, 11/15/23 (144A) 4.25 11/15/2023 5,850,000 5,572,206
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 4,640,000 5,022,317
Star Gas Partners LP, 8.875%, 12/1/17 8.875 12/01/2017 2,437,000 2,643,383
Cengage Learning Acquisitions, Inc., 7/3/14 4.75 07/04/2014 763,667 711,165
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 2,050,000 2,161,457
BLAZE RECYCLING & METALS LLC/ BLAZE FINANCE CORP     6,615,974 396,958
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 6.9108 04/07/2017 1,250,000 1,310,545
Hyva Global BV, 8.625%, 3/24/16 (144A) 8.625 03/24/2016 5,000,000 5,181,823
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 0.0 04/30/2016 2,024,940 2,249,101
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 6,995,000 7,308,366
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 4,755,000 4,875,856
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,795,414
CEVA GROUP Plc     1,584 1,623,241
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 8.25 06/07/2021 12,660,000 13,568,355
Banco GNB Sudameris SA, 7.5%, 7/30/22 (144A) 7.5 07/30/2022 4,155,000 4,323,104
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 10,650,000 12,669,477
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.065 03/16/2016 400,000 439,460
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,020,000 3,184,087
Magnesita Finance, Ltd., 8.625%, 12/31/49 (Perpetual) (144A) 8.625 04/29/2049 4,100,000 3,909,008
Mirabela Nickel, Ltd., 3.5%, 3/28/14 (144A) (PIK) 3.5 03/28/2014 1,362,778 1,356,532
Nigeria Treasury Bill, 0.0%, 4/24/14 0.0 04/24/2014 586,310,000 3,490,738
BioScrip, Inc., 7/31/20 7.25 07/22/2020 487,052 491,009
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 4,240,000 4,673,717
Trust F, 5.25%, 12/15/24 (144A) 5.25 12/15/2024 2,565,000 2,563,771
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 2,970,000 2,953,294
Coleman Cable, Inc., 9.0%, 2/15/18 9.0 02/15/2018 2,620,000 2,754,930
Hunter Defense Technologies, Inc., 8/22/14 4.6074 08/22/2014 2,955,088 2,792,558
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0659 06/06/2016 1,850,000 2,304,812

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