Pioneer Investments: Pioneer Global High Yield Fund


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Pioneer Global High Yield Fund

Monthly Portfolio Holdings as of 11/28/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
AEP Industries, Inc., 8.25%, 4/15/19 8.25 04/15/2019 3,355,000 3,422,380
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 8.5 04/03/2018 4,373,318 4,368,945
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 7.08 12/15/2035 9,000,000 4,914,537
Advanced Micro Devices, Inc., 7.0%, 7/1/24 7.0 07/01/2024 1,355,000 1,201,471
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0152 06/06/2016 550,000 600,142
Bank of America Corp., Floating Rate Note, 9/29/49 6.25 09/29/2049 3,900,000 3,934,938
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.5051 05/09/2016 900,000 967,615
Cincinnati Bell, Inc., 8.75%, 3/15/18 8.75 03/15/2018 4,015,000 4,227,739
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 6.7525 05/23/2019 997,375 994,882
Bank of America Corp., Floating Rate Note, 10/23/49 6.5 10/23/2049 2,050,000 2,122,263
LKQ Corp., 4.75%, 5/15/23 4.75 05/15/2023 1,250,000 1,214,809
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8.5 02/02/2017 7,405,000 7,609,563
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 4.2787 05/23/2018 475,000 482,701
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5847 07/15/2031 1,102,000 499,452
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.75 12/06/2016 450,000 475,829
Numericable-SFR, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,250,000 1,291,379
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 0.0 12/31/2049 33,046 0
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 6.75 04/30/2018 2,182,025 2,101,290
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0101 05/05/2017 1,600,000 1,632,089
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 4.25 12/20/2019 1,851,242 1,830,415
Comstock Resources, Inc., 9.5%, 6/15/20 9.5 06/15/2020 2,000,000 2,061,556
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 10.625 02/01/2016 5,075,000 4,236,744
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 417,670 419,758
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 8.5 10/16/2023 5,550,000 4,879,298
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12.5 04/06/2015 6,200,000 6,376,097
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 5.0 11/02/2018 3,777,207 3,805,555
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 9.0 06/10/2028 47,000,000 3,441,562
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A) 8.5 10/01/2022 3,135,000 2,764,330
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 6.0 04/01/2024 600,000 606,550
Bumi Resources Tbk PT, Loan, 11/7/15 18.153 11/07/2015 4,700,000 1,974,000
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.2753 03/07/2016 1,925,000 1,981,884
VeriSign, Inc., 4.625%, 5/1/23 4.625 05/01/2023 4,430,000 4,368,411
General Cable Corp., 6.5%, 10/1/22 5.75 10/01/2022 3,250,000 2,727,608
Ormat Funding Corp., 8.25%, 12/30/20 8.25 12/30/2020 10,665,000 5,526,740
New World Resources NV, 4.0%, 10/7/20 (PIK) 4.0 10/07/2020 237,096 136,546
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 6.875 08/01/2022 3,225,000 2,822,547
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 9.5 05/04/2020 14,948,000 16,018,235
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 9.5 03/16/2022 3,600,000 3,142,535
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 1,000,000 978,250
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 212,000 5,297,880
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 2,050,000 2,167,533
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 9.75 08/15/2021 3,231,000 2,619,264
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 2,750,000 2,780,941
Chiquita Brands International, Inc., 7.875%, 2/1/21 7.875 02/01/2021 2,705,000 3,004,748
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 7.0 01/17/2023 1,626,000,000 739,425
Kane-Pi2 Zero% 18jul16 0.0 07/18/2016 1,806,000 2,003,938
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 1,025,000 1,239,809
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 1,250,000 848,281
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.75 08/23/2019 3,190 3,185
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 4.875 05/25/2029 1,830,000 1,824,129
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 393,015
Targa Resources Partners LP, 4.25%, 11/15/23 4.25 11/15/2023 4,350,000 4,161,440
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,150,000 3,404,363
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 5.875 10/30/2021 820,000 837,411
Banco Santander SA, Floating Rate Note (Perpetual) 6.375 12/31/2049 2,400,000 2,385,036
Inter-American Development Bank, 4.5%, 2/4/16 4.5 02/04/2016 11,650,000,000 967,245
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 1,700,000 1,520,225
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 7.5 11/15/2019 2,300,000 2,310,542
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 8.0 05/02/2018 3,500,000 1,613,500
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 131,100 3,483,327
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 10.5 05/14/2024 1,625,000 1,485,859
Ford Motor Co.     344,019 5,411,419
Fresnillo Plc, 5.5%, 11/13/23 (144A) 5.5 11/13/2023 1,825,000 1,888,774
Iap Worldwide Services Inc     63 53,486
Belden, Inc., 5.25%, 7/15/24 (144A) 5.25 07/15/2024 1,000,000 997,167
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 1,245,000 1,204,771
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,840,034
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 12.0 11/10/2016 6,200,000 2,209,267
LifePoint Hospitals, Inc., 5.5%, 12/1/21 5.5 12/01/2021 4,300,000 4,578,186
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 5,985,625 5,989,366
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 5.75 02/15/2019 4,325,000 5,404,857
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 10.5 02/15/2019 4,840,000 2,505,567
Kilimanjaro Re, Ltd., Floating Rate Note, 11/19/19 (Cat Bond) (144A) 0.0 11/19/2019 1,000,000 1,000,000
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 4,025,000 4,195,928
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,215,000 5,815,630
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 4,400,000 4,379,222
Mexican Udibonos, 2.0%, 6/9/22 2.0 06/09/2022 44,000,000 16,444,894
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 8.625 12/31/2049 4,100,000 4,153,044
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5.125 06/01/2021 5,000,000 4,723,142
Alpha Natural Resources, Inc., 6.0%, 6/1/19 6.0 06/01/2019 315,000 157,395
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 12.0 12/15/2019 1,560,000 1,785,680
Suntech Power Holdings Co, Ltd., 0.0%, 12/31/14 0.0 12/31/2014 535,000 173,188
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.3551 04/09/2015 300,000 309,495
Alto Palermo SA, 7.875%, 5/11/17 (144A) 7.875 05/11/2017 5,750,000 5,542,641
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 1,800,000 1,537,313
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7.748 02/02/2021 7,800,000 7,653,212
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 7.506 12/31/2049 8,535,000 9,184,228
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 12.25 02/10/2022 3,755,000 4,461,279
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 5.55 10/28/2020 4,000,000 3,859,117
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 3,428 3,085,353
Sgms 10% 01dec22 144a 10.0 12/01/2022 17,000,000 15,932,778
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 5,080,000 4,865,229
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 5.75 07/10/2017 1,032,371 1,034,049
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 3,000,000 2,847,667
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,000,000 2,717,792
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.2601 06/06/2017 750,000 817,863
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 7.875 04/07/2016 6,160,000 5,182,692
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/16/28 (144A) 5.333 02/16/2028 5,250,000 5,383,384
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 10.0 04/30/2018 2,387,885 1,798,210
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 5.9501 05/15/2046 775,000 816,856
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.011 02/15/2051 2,100,000 2,150,330
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 4.4 04/15/2019 1,000,000 1,011,022
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 3,370,000 3,463,518
Energy XXI, Ltd., 3.0%, 12/15/18 (144A) 3.0 12/15/2018 4,430,000 2,940,043
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 2,200,000 2,325,644
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 2.6568 02/25/2035 5,923,886 2,182,187
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 2,433,000 2,173,041
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 4.125 03/15/2018 10,750,000 6,547,870
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 1,590,000 1,866,246
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 6.95 11/10/2021 940,000 999,848
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 9.125 10/15/2020 5,000,000 5,443,264
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 0.0 08/18/2018 7,630,000 4,154,767
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,288,183
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3.6055 05/08/2031 1,175,000 1,179,582
Monitronics International, Inc., Term B Loan (2013), 3/23/18 4.25 03/23/2018 2,257,374 2,255,963
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 8,405,000 8,711,082
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 6.75 07/02/2018 1,288,084 1,292,914
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 833,000 912,644
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 4,340,000 4,424,449
Mercer International, Inc., 7.0%, 12/1/19 (144A) 7.0 12/01/2019 2,025,000 2,046,431
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,652,000 9,459,362
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 6.0371 01/15/2015 792,928 317,171
Kane Flt% 12jun15   06/12/2015 2,400,000 2,248,320
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 1,860,000 1,742,975
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 3,200,000 3,590,844
CommScope, Inc., 5.0%, 6/15/21 (144A) 5.0 06/15/2021 1,475,000 1,511,670
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,020,000 2,954,063
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 2,940,000 3,396,843
MHP SA, 8.25%, 4/2/20 (144A) 8.25 04/02/2020 6,300,000 5,092,054
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 829,159 804,284
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 3,785,000 4,186,315
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 9.25 01/24/2020 4,400,000 3,577,719
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 9.75 10/29/2017 3,500,000 3,541,563
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 8.875 01/24/2022 3,525,000 3,510,986
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 5.25 07/11/2019 1,485,028 1,483,172
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 5.25 12/31/2049 7,150,000 7,534,313
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6.875 11/01/2019 6,210,000 5,234,081
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 1,945,000 2,041,007
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 2,400,000 2,562,200
LDK Solar Co, Ltd., 10.0%, 12/31/14 10.0 12/31/2014 14,000,000 694,947
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 3,250,000 3,402,705
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,225,000 3,547,791
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 0.0 09/15/2037 8,875,000 1,063,935
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5101 02/05/2015 1,925,000 2,018,603
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 8.875 11/01/2017 6,900,000 6,775,129
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 06/03/2019 1,036,879 1,028,670
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.28 11/10/2015 950,000 999,804
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.2575 02/13/2015 500,000 502,956
FTS International, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 1,515,000 1,249,665
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 5.6657 11/25/2034 750,000 217,307
U.S. Treasury Floating Rate Note, 0.090001%, 7/31/16 0.09 07/31/2016 6,600,000 6,600,769
European Bank for Reconstruction & Development, 6.0%, 3/3/16 6.0 03/03/2016 52,600,000 862,416
Perseus Holding Corp., 14.0%, 12/31/14 14.0 12/31/2014 17,350 0
Trust F, 5.25%, 12/15/24 (144A) 5.25 12/15/2024 2,565,000 2,754,596
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 6.876 06/27/2017 2,465,000 232,826
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.505 04/09/2015 2,000,000 2,049,533
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 5.125 08/01/2022 2,440,000 2,433,231
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 1.125 09/01/2018 1,000,000 1,166,500
Berkeley-Kane Flt% 12jun15   06/12/2015 903,800 929,197
Panolam Holdings Co.     894 657,984
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 2,995,000 3,538,049
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 6.25 10/20/2026 750,000 687,045
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125 12/31/2049 160,000 4,409,600
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 595,000 528,521
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.2652 11/10/2015 375,000 393,159
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 4,875,000 4,580,520
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A)   01/08/2019 250,000 250,356
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 8.25 01/29/2018 4,690,000 5,018,300
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 5.0 08/16/2020 486,394 487,002
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 135,483 168,480
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 5.25 10/06/2019 2,700,000 2,785,129
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 5.875 07/01/2022 1,525,000 1,483,343
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 5.375 06/15/2022 1,025,000 1,056,028
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 4,755,000 5,014,544
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 5.375 01/15/2023 6,165,000 6,159,553
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 12.0 07/01/2019 2,450,000 2,570,867
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 11.01 01/27/2015 875,000 890,772
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 9.75 10/25/2022 811,000 589,360
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.0152 02/25/2015 1,950,000 1,968,059
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 2,960,000 3,167,231
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 3.2499 11/01/2066 950,000 876,762
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 7.25 12/13/2019 1,775,000 1,652,626
Agrokor dd, 9.875%, 5/1/19 (144A) 9.875 05/01/2019 3,200,000 4,398,389
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 1,500,000 1,529,431
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8.25 10/19/2019 8,764,000 4,111,777
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0101 06/06/2016 1,600,000 1,949,938
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 7.375 01/31/2020 6,500,000 5,423,460
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,000,000 1,155,200
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,500,000 3,420,667
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 1,300,000 1,374,911
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 6,750,000 6,541,313
European Bank for Reconstruction & Development, 7.65%, 2/18/15 7.65 02/18/2015 43,400,000 738,761
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 4,990,000 5,119,879
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 3.625 06/15/2019 1,675,000 1,751,527
Metinvest BV, 8.75%, 2/14/18 (144A) 8.75 02/14/2018 8,350,000 5,620,559
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1.1303 11/25/2034 1,700,000 1,289,404
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 11.265 01/08/2015 1,000,000 1,027,638
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 5.0 12/01/2024 3,790,000 3,579,444
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 10,175,000 3,132,769
SunPower Corp., 0.875%, 6/1/21 (144A) 0.875 06/01/2021 2,290,000 2,153,363
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 6.0 12/15/2022 5,340,000 5,190,480
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 6.75 02/01/2020 1,144,000 1,217,931
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,765,000 3,624,100
Romania Government Bond, 5.95%, 6/11/21 5.95 06/11/2021 1,220,000 405,149
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 2,400,000 432,094
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 5.135 10/15/2039 1,502,000 1,528,507
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.02 03/16/2016 400,000 434,600
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 6,995,000 6,918,395
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 661,000 591,408
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 8.375 06/15/2019 400,000 530,142
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 9,820,000 10,503,036
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 2,980,000 3,291,410
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 5.25 04/01/2022 1,740,000 1,806,918
Advanced Micro Devices, Inc., 6.75%, 3/1/19 6.75 03/01/2019 5,070,000 4,773,405
EC Finance Plc, 5.125%, 7/15/21 (144A) 5.125 07/15/2021 3,695,000 4,721,660
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 6.35 06/07/2017 250,000 264,632
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.265 01/08/2015 1,500,000 1,537,798
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 4,240,000 3,974,941
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.7601 12/06/2016 1,800,000 2,030,475
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 1,000,000 1,085,222
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 6.625 07/15/2019 3,285,000 3,977,327
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 5,750,000 6,362,854
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 6.125 03/25/2019 1,865,000 81,680
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 6.75 12/31/2049 13,430,000 14,970,757
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 7.95 06/20/2024 2,510,000 2,667,157
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.2601 01/08/2015 250,000 253,011
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 3,485,000 3,461,525
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,537,250 2,533,287
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 7.875 04/04/2018 925,000 529,129
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 4.25 07/01/2021 3,104,018 3,096,258
Dartmouth Zero% 31dec14 0.0 12/31/2014 3,260,000 3,247,612
Belvedere SA, 12/23/16   12/23/2016 5,578,091 277,465
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 696,116 699,597
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,710,000 2,259,312
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 9.0101 06/06/2015 750,000 792,075
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 3,850,000 3,757,012
CFG Investment SAC, 9.75%, 7/30/19 (144A) 9.75 07/30/2019 4,450,000 4,182,907
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 3,695,000 3,479,869
WireCo WorldGroup, Inc., 9.5%, 5/15/17 9.5 05/15/2017 1,100,000 1,126,064
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 6.95 10/17/2022 1,800,000 1,553,595
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 5.375 07/15/2022 2,535,000 2,612,960
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,550,000 2,102,070
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 6.748 03/15/2017 10,600,000 1,298,453
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 8.75 05/04/2018 5,250,000 5,360,651
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 8.5304 01/05/2017 800,000 865,768
Equinix, Inc., 5.375%, 1/1/22 5.375 01/01/2022 1,600,000 1,610,150
Burger King Worldwide Inc 2nd Lien Bridge L + 0% 26aug15   08/26/2015 11,000,000 11,000,000
Altrl Zero% 30jun16 0.0 06/30/2016 5,300,000 5,878,760
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 4,640,000 4,660,912
Belden, Inc., 5.5%, 4/15/23 (144A) 5.5 04/15/2023 1,800,000 2,320,739
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 2,230,000 2,389,491
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 6,450,000 6,665,627
Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 6.0 01/15/2021 1,320,000 1,375,880
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 7.375 11/01/2021 1,820,000 1,514,019
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 11.875 10/15/2016 5,000,000 4,885,069
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,523,000 1,375,057
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 7,165,000 7,052,201
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 6.25 11/01/2023 2,000,000 2,026,722
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 10.25 07/13/2016 4,250,000 1,634,437
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,435,000 438,788
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 9.25 06/24/2021 3,485,000 3,536,670
WESCO Distribution, Inc., 5.375%, 12/15/21 5.375 12/15/2021 4,365,000 4,553,726
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 5.75 02/01/2023 2,165,000 1,950,500
Altice Finco SA, 8.125%, 1/15/24 (144A) 8.125 01/15/2024 600,000 634,646
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 6.75 09/30/2022 1,250,000 1,416,953
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 75,878 1,567
Swift Energy Co., 8.875%, 1/15/20 8.875 01/15/2020 2,410,000 2,272,714
Mirabela Nickel, Ltd.     27,099,676 807,116
CHS, 6.875%, 2/1/22 6.875 02/01/2022 5,675,000 6,136,104
Mexican Udibonos, 3.5%, 12/14/17 3.5 12/14/2017 2,050,000 844,060
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 7.75 01/31/2023 18,000,000 19,049,725
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 6.75 03/15/2023 4,750,000 4,823,283
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 7,100,000 7,294,264
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9812 01/07/2015 1,250,000 1,300,906
Amsurg Corp., 5.625%, 7/15/22 (144A) 5.625 07/15/2022 2,555,000 2,671,971
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 9.25 10/15/2020 2,100,000 2,825,591
Old AII, Inc., 0.0%, 12/15/16 0.0 12/15/2016 6,510,000 1,924,132
Ally Financial, Inc., 7.0% (Perpetual) (144A) 7.0 12/31/2049 3,100 3,127,222
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 7.25 03/13/2017 3,750,000 2,162,083
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,490,000 7,739,459
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 6.7308 07/18/2019 502,144 441,886
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 6,365,000 6,255,292
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,100,000 2,236,150
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.505 04/09/2015 900,000 926,510
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 4,000,000 4,298,278
Cemex SAB de CV, 3.75%, 3/15/18 3.75 03/15/2018 8,300,000 11,756,604
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 8.75 05/15/2018 6,950,000 8,997,120
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 602,815 596,787
International Finance Corp., 7.75%, 12/3/16 7.75 12/03/2016 241,840,000 4,152,340
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 2,150,000 2,170,521
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 6.79 12/31/2014 2,850,000 68,659
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 10.875 01/26/2021 1,025,000 1,004,148
Indonesia Treasury Bond, 8.25%, 6/15/32 8.25 06/15/2032 40,352,000,000 3,450,511
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 3.9752 05/18/2016 1,450,000 1,480,189
Cengage Learning Holdings II LP     11,492 304,825
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,000,000 2,060,833
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 1,940,000 2,041,451
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 101,612 126,360
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 4,450,000 4,313,595
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 7,825,000 6,052,257
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 5,200,000 5,571,908
Seagate HDD Cayman, 4.75%, 6/1/23 4.75 06/01/2023 6,925,000 7,461,744
Golar LNG, Ltd., 3.75%, 3/7/17 3.75 03/07/2017 800,000 909,622
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.771 05/15/2046 455,000 391,771
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 9.0 01/29/2019 995,000 1,084,550
Arlington Flt% 01aug15 0.0 08/01/2015 1,450,000 1,549,760
Penn Virginia Corp., 6.0% (Perpetual) (144A) 6.0 12/31/2049 16,300 970,869
Banco Macro SA, Floating Rate Note, 12/18/36 9.75 12/18/2036 820,000 781,209
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 11.625 07/15/2017 2,500,000 3,536,212
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) (144A) 3.0152 05/25/2018 1,600,000 1,613,467
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5.375 01/26/2019 7,570,000 7,652,245
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 9.5 05/15/2018 4,700,000 4,405,161
Fts International Inc 1st Lien Term L + 4.75% 01apr21 5.75 04/01/2021 375,000 358,437
Inter-American Development Bank, 6.0%, 9/5/17 6.0 09/05/2017 42,350,000 707,068
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.365 02/05/2015 1,250,000 1,285,745
WideOpenWest Finance LLC, Term B Loan, 4/1/19 4.75 04/01/2019 1,346,490 1,346,350
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 6.875 06/24/2019 3,615,000 3,673,204
IAC, 4.875%, 11/30/18 4.875 11/30/2018 700,000 736,218
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 6.5 07/21/2016 2,660,000 2,701,526
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 5.375 07/01/2022 3,200,000 3,114,056
Horizon Lines, Inc.     2,370,345 1,517,021
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 4,225,000 4,259,504
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.0042 04/10/2015 250,000 255,260
Inter-American Development Bank, 7.25%, 7/17/17 7.25 07/17/2017 5,140,000,000 436,653
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 4.906 05/08/2031 840,000 841,370
Indonesia Treasury Bond, 7.0%, 5/15/22 7.0 05/15/2022 53,000,000,000 4,170,057
Romania Government Bond, 5.85%, 4/26/23 5.85 04/26/2023 24,770,000 8,332,902
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 2,860,000 3,168,562
CEVA GROUP Plc     1,584 1,425,285
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,350,000 1,392,263
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 4,790,000 5,156,368
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 6.625 05/02/2023 2,000,000 2,075,338
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5447 07/15/2031 12,652,000 6,161,872
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 6.0 03/31/2021 640,000 677,701
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 3,900,000 3,923,522
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,700,000 15,067,146
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 9.75 11/06/2069 6,310,000 7,687,026
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 9.625 05/14/2020 7,617,602 5,778,963
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 5,335,000 3,833,753
Altice SA, 7.75%, 5/15/22 (144A) 7.75 05/15/2022 2,025,000 2,138,681
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 9.0 04/30/2018 4,829,992 4,526,910
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 8,870,000 8,401,122
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 11.75 10/05/2015 1,125,000 1,116,703
BTA Bank JSC (G.D.R.) (144A)     24,638 14,241
Republic of Ghana, 7.875%, 8/7/23 (144A) 7.875 08/07/2023 2,335,000 2,351,812
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 5,685,000 5,442,164
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 5,810,000 6,251,399
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,300,000 952,350
Freeport-McMoRan, Inc.     45,168 1,212,761
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 2,452,061
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 355,600 9,402,064
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 4.75 01/01/2025 3,900,000 4,132,182
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 2,175,000 2,295,267
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 7.5 09/26/2019 4,000,000 3,772,500
Ursa Re, Ltd., Floating Rate Note, 12/7/17 (Cat Bond) (144A)   12/07/2017 500,000 500,550
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 6.625 12/15/2022 4,300,000 4,612,526
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 4,980,000 4,675,390
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,600,000 1,741,219
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 1,755,000 1,216,114
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 7.75 10/28/2020 3,720,000 4,061,026
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 6.75 07/15/2021 1,230,000 1,325,479
Aircraft Finance Trust, Floating Rate Note, 5/15/24 0.6347 05/15/2024 11,396,000 2,667,763
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 1,675,000 1,727,437
International Finance Corp., 8.25%, 6/10/21 8.25 06/10/2021 240,670,000 4,560,392
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 12.5 07/08/2015 11,063,000 7,013,481
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 6,765,000 7,163,947
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 2,910,000 2,946,112
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.84 10/12/2017 12,000,000 1,777,586
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.5101 04/30/2018 350,000 356,956
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,375,000 1,396,828
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 3,775,000 3,445,579
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 4,620,000 4,768,931
Mexican Bonos, 7.5%, 6/3/27 7.5 06/03/2027 1,800,000 149,333
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 7.8 11/28/2022 1,650,000 1,290,163
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 3,045,000 3,359,777
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.7601 04/30/2018 2,000,000 2,057,169
Altice Financing SA, 6.5%, 1/15/22 (144A) 6.5 01/15/2022 2,800,000 2,895,744
BreitBurn Energy Partners LP, 7.875%, 4/15/22 7.875 04/15/2022 2,830,000 2,545,939
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,753,675
CCOH Safari LLC, 5.5%, 12/1/22 5.5 12/01/2022 3,000,000 3,044,750
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 8.25 06/07/2021 10,735,000 11,265,488
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 2,400,000 2,334,700
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 6.0534 02/15/2018 1,200,000 1,602,759
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 0.0 02/03/2022 7,500,000 1,782,500
Scitor Corp., Term Loan, 2/15/17 5.0 02/15/2017 2,177,194 2,156,728
Rosetta Resources, Inc., 5.875%, 6/1/24 5.875 06/01/2024 1,935,000 1,875,741
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1051 01/07/2016 450,000 469,241
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 6.25 07/22/2019 4,000,000 3,938,194
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 6.25 08/15/2022 1,600,000 2,220,565
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 6.375 09/01/2024 1,900,000 2,015,564
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 1,605,000 1,430,858
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 6.125 01/15/2023 3,765,000 3,485,867
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6051 04/08/2016 750,000 790,308
Windstream Corp., 8.125%, 9/1/18 8.125 09/01/2018 5,700,000 6,062,583
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 3,800,000 3,450,083
Rex Energy Corp., 6.25%, 8/1/22 (144A) 6.25 08/01/2022 1,960,000 1,740,317
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 6.75 04/15/2021 1,270,000 1,216,978
SM Energy Co., 6.5%, 1/1/23 6.5 01/01/2023 1,650,000 1,714,717
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 7.19 09/12/2024 8,650,000 638,664
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 0.0 12/11/2019 9,802,000 2,517,480
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 10,345,000 12,007,384
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 6,150,000 6,525,919
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 5.75 12/15/2018 1,850,000 1,845,272
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 125,000 128,226
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 800,000 879,511
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 6.75 11/14/2017 575,000 445,920
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 7.5 02/11/2020 3,260,000 3,349,650
Star Gas Partners LP, 8.875%, 12/1/17 8.875 12/01/2017 2,437,000 2,647,513
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 9.875 02/01/2020 6,800,000 7,385,603
Kane Flt% 30jul16   07/30/2016 1,006,000 1,085,273
Towergate Finance Plc, 8.5%, 2/15/18 (144A) 8.5 02/15/2018 405,000 566,354
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 3,750,000 3,637,188
Akbank TAS, 7.5%, 2/5/18 (144A) 7.5 02/05/2018 4,500,000 1,960,656
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0101 03/12/2015 2,150,000 2,247,753
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21   10/20/2021 539,770 542,639
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr   01/12/2015 -4,923,449 0
Pangaea Zero% 01jul18 0.0 07/01/2018 4,070,000 4,293,036
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 2,970,000 2,902,309
Sanchez Energy Corp., 7.75%, 6/15/21 7.75 06/15/2021 1,500,000 1,530,458
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 4,025,000 3,895,976
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 5,650,000 6,836,043
Outerwall, Inc., 5.875%, 6/15/21 (144A) 5.875 06/15/2021 3,205,000 3,133,666
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 6,285,000 6,690,906
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.771 05/15/2046 1,480,000 1,402,203
Scientific Games International, Inc., 6.25%, 9/1/20 6.25 09/01/2020 625,000 465,799
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 2,880,000 3,051,327
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0152 06/06/2016 1,100,000 1,229,446
Kane Flt% 14jul15 0.0 07/14/2015 814,976 787,674
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9.0 02/10/2017 9,720,000 9,948,420
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 1.4303 01/25/2032 8,200,000 261,465
Energy Transfer Equity LP, 5.875%, 1/15/24 5.875 01/15/2024 2,790,000 3,018,412
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 4,000,000 4,163,750
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,350,000 2,859,010
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9.0 01/28/2017 9,395,000 9,979,630
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 1,157,000 1,184,517
Chaparral Energy, Inc., 7.625%, 11/15/22 7.625 11/15/2022 2,596,000 2,383,038
InterGen NV, 7.0%, 6/30/23 (144A) 7.0 06/30/2023 1,500,000 1,487,208
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,840,000 2,762,058
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 6.375 01/24/2023 1,900,000 1,467,057
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.405 01/09/2019 1,500,000 1,574,675
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 8.375 06/03/2021 4,250,000 4,702,389
Newhall Land Development LLC     161,215 594,480
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 4,315,000 4,550,825
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 9.0 02/13/2018 38,400,000 698,230
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 500,000 519,188
Windstream Corp., 7.75%, 10/1/21 7.75 10/01/2021 2,300,000 2,435,093
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 6.875 06/24/2024 4,355,000 4,784,406
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,447,400
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 0.089 04/30/2016 5,000,000 5,000,833
Cascades, Inc., 5.5%, 7/15/22 (144A) 5.5 07/15/2022 1,695,000 1,719,483
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) 9.5 06/24/2019 3,385,000 2,850,029
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 4,800,000 5,094,133
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 5.875 11/15/2021 1,462,000 1,491,402
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 5.0 11/02/2018 1,712,338 1,729,462
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,475,000 1,430,053
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 6.665 03/13/2015 750,000 769,391
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0101 12/06/2016 950,000 1,118,034
Virtual Radiologic Corp., Term Loan A, 12/22/16 7.2515 12/22/2016 1,071,154 835,500
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,533 88,403
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 4.4 04/30/2023 1,000,000 971,044
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 7.25 05/01/2022 3,650,000 3,761,832
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 6.5 10/10/2019 1,026,951 1,030,642
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 2,770,000 2,537,474
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 1,960,000 2,178,913

The portfolio is actively managed, and current holdings may be different.

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