Pioneer Investments: Pioneer Global High Yield Fund


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Pioneer Global High Yield Fund

Monthly Portfolio Holdings as of 12/31/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
LDK Solar Co, Ltd. (A.D.R.)     158,800 15,880
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 0.0 02/03/2022 3,740,000 1,620,787
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 6.876 06/27/2017 2,465,000 233,639
AEP Industries, Inc., 8.25%, 4/15/19 8.25 04/15/2019 3,355,000 3,446,983
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 1,300,000 1,376,189
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 1,157,000 1,183,225
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 3.2499 11/01/2066 950,000 855,481
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 7,165,000 6,721,019
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 3,900,000 3,902,072
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.84 10/12/2017 12,000,000 1,615,312
Aircraft Finance Trust, Floating Rate Note, 5/15/24 0.6408 05/15/2024 11,396,000 2,657,123
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 7.5 02/11/2020 3,260,000 2,947,583
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 4,025,000 4,135,688
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 8,405,000 8,405,000
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 1,945,000 2,050,381
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 7.375 01/31/2020 6,500,000 5,401,071
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 5,335,000 3,232,677
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.265 01/08/2015 1,500,000 1,539,292
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 135,483 63,948
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 5.375 07/15/2022 2,535,000 2,580,709
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 4.25 07/01/2021 3,096,239 3,057,536
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,490,000 7,721,150
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 3,485,000 3,512,832
European Bank for Reconstruction & Development, 6.0%, 3/3/16 6.0 03/03/2016 52,600,000 850,580
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 9.5 03/16/2022 3,600,000 3,006,185
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 6.75 11/14/2017 575,000 360,877
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 10.5 02/15/2019 4,840,000 2,457,376
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 6.75 04/15/2021 1,270,000 1,135,698
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 595,000 437,883
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,215,000 5,341,572
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 4,315,000 4,530,662
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 4,980,000 3,940,010
Altice Financing SA, 6.5%, 1/15/22 (144A) 6.5 01/15/2022 2,800,000 2,820,922
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 6.7308 07/18/2019 502,144 446,908
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 5.0 11/02/2018 3,769,813 3,769,832
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 6.6703 03/13/2015 750,000 758,055
Trust F, 5.25%, 12/15/24 (144A) 5.25 12/15/2024 2,565,000 2,648,192
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 7.5 09/26/2019 4,000,000 3,454,367
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,801,245
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 6.875 06/24/2024 4,355,000 4,567,684
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,150,000 3,301,200
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 7.5 11/15/2019 2,300,000 2,251,125
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1.1303 11/25/2034 1,700,000 1,276,424
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 6.25 08/15/2022 1,600,000 2,155,210
Equinix, Inc., 5.375%, 1/1/22 5.375 01/01/2022 1,600,000 1,624,834
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 9.5 05/15/2018 4,700,000 4,436,231
Penn Virginia Corp., 6.0% (Perpetual) (144A) 6.0 12/31/2049 16,300 1,073,763
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 6.875 08/01/2022 3,225,000 2,552,005
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 11.265 01/08/2015 1,000,000 1,028,850
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 4.4 04/15/2019 1,000,000 1,014,563
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 6.5 10/10/2019 1,024,365 1,025,645
Swift Energy Co., 8.875%, 1/15/20 8.875 01/15/2020 2,410,000 1,472,326
Ally Financial, Inc., 7.0% (Perpetual) (144A) 7.0 12/31/2049 3,100 3,114,241
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21   10/20/2021 539,770 540,951
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 5.75 02/01/2023 2,165,000 1,766,715
Ford Motor Co.     335,730 5,203,815
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 2,400,000 2,318,300
Comstock Resources, Inc., 9.5%, 6/15/20 9.5 06/15/2020 2,000,000 1,368,444
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 6.75 03/15/2023 4,750,000 4,775,712
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 6.75 07/02/2018 1,284,559 1,287,369
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 5.375 06/15/2022 1,025,000 1,027,449
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.5051 04/09/2015 900,000 911,665
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 6.75 07/15/2021 1,230,000 1,265,209
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 6.375 01/24/2023 1,900,000 1,287,824
U.S. Treasury Floating Rate Note, 0.110004%, 7/31/16 0.11 07/31/2016 6,600,000 6,600,982
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 2,995,000 3,548,555
Cemex SAB de CV, 3.75%, 3/15/18 3.75 03/15/2018 8,300,000 10,098,333
EC Finance Plc, 5.125%, 7/15/21 (144A) 5.125 07/15/2021 3,695,000 4,706,945
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5508 07/15/2031 12,652,000 5,548,589
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 7.75 10/28/2020 3,720,000 3,902,513
Berkeley-Kane Flt% 12jun15   06/12/2015 903,800 933,806
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 6.75 12/31/2049 13,430,000 15,117,144
Advanced Micro Devices, Inc., 7.0%, 7/1/24 7.0 07/01/2024 1,355,000 1,199,740
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7.748 02/02/2021 7,800,000 6,731,931
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 7.25 05/01/2022 3,650,000 3,657,604
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 8.875 01/24/2022 3,525,000 3,397,794
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 6.75 02/01/2020 1,144,000 1,204,775
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9812 01/07/2015 1,250,000 1,303,745
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 1,960,000 2,187,319
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 4,640,000 4,625,983
Star Gas Partners LP, 8.875%, 12/1/17 8.875 12/01/2017 2,437,000 2,515,949
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 0.0 09/15/2037 8,875,000 1,112,393
Romania Government Bond, 5.85%, 4/26/23 5.85 04/26/2023 24,770,000 8,048,495
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 800,000 843,989
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 75,878 2,006
Scitor Corp., Term Loan, 2/15/17 5.0 02/15/2017 2,177,194 2,160,865
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8.25 10/19/2019 8,764,000 3,124,366
BTA Bank JSC (G.D.R.) (144A)     24,638 13,499
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 4.25 12/20/2019 1,847,452 1,823,782
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 8.375 06/03/2021 4,250,000 4,394,559
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,000,000 1,964,167
Towergate Finance Plc, 8.5%, 2/15/18 (144A) 8.5 02/15/2018 405,000 579,547
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 5.375 01/15/2023 6,165,000 6,208,305
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9588 05/15/2046 1,480,000 1,399,628
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,652,000 9,386,168
Belden, Inc., 5.25%, 7/15/24 (144A) 5.25 07/15/2024 1,000,000 986,833
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 5,947,500 5,925,197
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 1,000,000 681,042
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 101,612 19,676
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 4,620,000 4,804,094
Republic of Ghana, 7.875%, 8/7/23 (144A) 7.875 08/07/2023 2,335,000 2,233,428
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 5.25 07/11/2019 1,481,306 1,475,751
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 1,000,000 924,250
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 0.0 12/31/2049 33,046 0
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 3,250,000 3,322,764
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 3,785,000 4,153,302
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 4,990,000 4,942,179
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 3,850,000 3,565,260
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 9.0152 06/06/2015 750,000 774,675
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 417,670 419,758
Fts International Inc 1st Lien Term L + 4.75% 01apr21 5.75 04/01/2021 375,000 299,375
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 500,000 494,063
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 6.0 04/01/2024 600,000 594,000
European Bank for Reconstruction & Development, 7.65%, 2/18/15 7.65 02/18/2015 43,400,000 735,701
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 7.75 01/31/2023 18,000,000 18,225,125
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 5,685,000 5,443,427
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 0.0 12/11/2019 9,802,000 2,600,253
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,765,000 3,401,547
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 8.625 12/31/2049 4,100,000 4,020,477
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8.5 02/02/2017 7,405,000 7,658,107
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,000,000 2,438,125
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 6,365,000 6,374,282
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 5.55 10/28/2020 4,000,000 3,662,850
IAC, 4.875%, 11/30/18 4.875 11/30/2018 700,000 715,189
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 2,230,000 2,414,765
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.0118 02/15/2051 2,100,000 2,137,414
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 6.125 03/25/2019 1,865,000 82,131
Bumi Resources Tbk PT, Loan, 11/7/15 18.153 11/07/2015 4,700,000 1,880,000
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 212,000 5,278,800
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 3,775,000 3,294,537
Mexican Udibonos, 3.5%, 12/14/17 3.5 12/14/2017 2,050,000 798,045
Ormat Funding Corp., 8.25%, 12/30/20 8.25 12/30/2020 10,665,000 5,302,180
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,863,112
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 6.5 07/21/2016 2,660,000 2,590,544
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 3,800,000 3,304,417
Kindred Healthcare Inc Bridge L + 6% 09oct15 7.0 10/09/2015 5,960,000 5,960,000
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,225,000 3,533,099
Chiquita Brands International, Inc., 7.875%, 2/1/21 7.875 02/01/2021 1,522,000 1,680,793
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 1,421,583
SunPower Corp., 0.875%, 6/1/21 (144A) 0.875 06/01/2021 2,290,000 2,062,670
Bank of America Corp., Floating Rate Note, 9/29/49 6.25 09/29/2049 3,900,000 3,933,446
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 2,175,000 2,204,672
New World Resources NV, 4.0%, 10/7/20 (PIK) 4.0 10/07/2020 237,096 116,737
Kane Flt% 14jul15 0.0 07/14/2015 814,976 791,505
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 1,860,000 1,583,325
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 9.25 10/15/2020 2,100,000 2,732,411
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 6.748 03/15/2017 10,600,000 1,297,545
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.5051 04/09/2015 2,000,000 2,021,367
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 5.875 11/15/2021 1,462,000 1,466,142
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 2,433,000 2,194,262
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 2,750,000 2,736,775
LDK Solar Co, Ltd., 5.535%, 12/31/18 (PIK) 5.535 12/31/2018 2,266,700 4,879
Mexican Bonos, 7.5%, 6/3/27 7.5 06/03/2027 1,800,000 136,614
Panolam Holdings Co.     894 657,984
Virtual Radiologic Corp., Term Loan A, 12/22/16 7.2502 12/22/2016 1,068,372 849,355
International Finance Corp., 7.75%, 12/3/16 7.75 12/03/2016 241,840,000 4,002,142
Altice Finco SA, 8.125%, 1/15/24 (144A) 8.125 01/15/2024 600,000 607,479
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 5,080,000 4,368,800
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 6.0 03/31/2021 640,000 673,515
Altice SA, 7.75%, 5/15/22 (144A) 7.75 05/15/2022 2,025,000 2,088,084
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A) 8.5 10/01/2022 3,135,000 2,435,329
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 6.0 12/15/2022 5,340,000 5,020,490
Banco Macro SA, Floating Rate Note, 12/18/36 9.75 12/18/2036 820,000 740,887
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9.0 01/28/2017 9,395,000 9,722,416
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 9.875 02/01/2020 6,800,000 7,385,792
WireCo WorldGroup, Inc., 9.5%, 5/15/17 9.5 05/15/2017 1,100,000 1,121,603
Arcos Dorados Holdings, Inc., 6.625%, 9/27/23 (144A) 6.625 09/27/2023 887,000 880,169
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 11.75 10/05/2015 1,125,000 1,148,141
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,300,000 917,273
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 1,500,000 1,482,941
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 9.75 10/25/2022 811,000 581,386
Pangaea Zero% 01jul18 0.0 07/01/2018 4,070,000 4,331,701
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 5.9501 05/15/2046 775,000 805,219
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 12.5 07/08/2015 11,063,000 6,196,048
LifePoint Hospitals, Inc., 5.5%, 12/1/21 5.5 12/01/2021 4,300,000 4,416,458
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 9.0 04/30/2018 4,829,992 4,227,451
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 6.625 07/15/2019 3,285,000 3,814,169
WESCO Distribution, Inc., 5.375%, 12/15/21 5.375 12/15/2021 4,365,000 4,413,621
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 06/03/2019 1,034,255 1,023,912
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.25 01/08/2015 250,000 253,843
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 1,605,000 1,451,121
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 2,574,569
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 6.95 11/10/2021 940,000 985,783
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,700,000 14,051,063
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 0.0 12/01/2019 950,000 954,940
CHS, 6.875%, 2/1/22 6.875 02/01/2022 5,675,000 6,174,518
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6.875 11/01/2019 6,210,000 5,163,356
WideOpenWest Finance LLC, Term B Loan, 4/1/19 4.75 04/01/2019 1,346,490 1,340,599
Inter-American Development Bank, 7.25%, 7/17/17 7.25 07/17/2017 5,140,000,000 428,201
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 4,400,000 4,387,778
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 9.75 11/06/2069 1,430,000 1,751,601
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 5.875 07/01/2022 1,525,000 1,422,682
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/16/28 (144A) 5.333 02/16/2028 5,250,000 5,290,146
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5.375 01/26/2019 7,570,000 6,696,743
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 7.95 06/20/2024 2,510,000 2,152,147
Cascades, Inc., 5.5%, 7/15/22 (144A) 5.5 07/15/2022 1,695,000 1,736,245
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 7.875 04/07/2016 6,160,000 4,794,790
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 9.75 10/29/2017 3,500,000 3,520,416
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 4,340,000 4,228,426
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 4,755,000 4,974,919
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 2,940,000 3,330,857
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.2575 02/13/2015 500,000 505,366
Mercer International, Inc., 7.0%, 12/1/19 (144A) 7.0 12/01/2019 2,025,000 2,059,031
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 6.75 09/30/2022 1,250,000 1,396,328
Banco Santander SA, Floating Rate Note (Perpetual) 6.375 12/31/2049 2,400,000 2,363,850
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 833,000 918,244
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 3,089,777 3,055,275
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,840,000 2,615,167
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 1,700,000 1,518,525
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 7.0 01/17/2023 1,626,000,000 710,077
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 2,400,000 431,553
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 5.0 11/02/2018 1,708,960 1,704,688
WebMD Health Corp., 1.5%, 12/1/20 1.5 12/01/2020 3,750,000 3,753,859
Amsurg Corp., 5.625%, 7/15/22 (144A) 5.625 07/15/2022 2,555,000 2,684,746
Freeport-McMoRan, Inc.     45,168 1,055,124
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 5.875 10/30/2021 820,000 840,053
Belvedere SA, 12/23/16   12/23/2016 5,578,091 236,281
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 6,765,000 7,078,633
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 5.0 08/16/2020 485,162 484,859
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 2,050,000 2,140,029
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 7,825,000 5,977,050
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 1,800,000 1,386,689
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,478,600
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 6,750,000 6,437,813
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 1,250,000 909,531
Kane Zero% 19feb16 0.0 02/19/2016 3,120,000 3,120,000
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 13,467 563,194
Metinvest BV, 8.75%, 2/14/18 (144A) 8.75 02/14/2018 8,350,000 4,870,543
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 11.625 07/15/2017 2,500,000 3,412,233
Romania Government Bond, 5.95%, 6/11/21 5.95 06/11/2021 1,220,000 391,583
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 5,810,000 5,971,389
Cubist Pharmaceuticals, Inc. 1.125 09/01/2018 1,000,000 1,329,375
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 6.75 04/30/2018 2,176,542 2,043,229
Golar LNG, Ltd., 3.75%, 3/7/17 3.75 03/07/2017 800,000 822,055
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 6.25 10/20/2026 750,000 679,616
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 9.5 06/24/2019 3,545,787 3,015,347
Perseus Holding Corp., 14.0%, 3/31/15 14.0 03/31/2015 17,350 0
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 5.75 07/10/2017 1,029,744 1,024,596
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 7.375 11/01/2021 1,155,000 884,654
Kane Zero% 07jan16 0.0 01/07/2016 2,375,100 2,375,100
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 10,175,000 3,243,564
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 6.0371 01/15/2015 792,928 317,171
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 6.25 11/01/2023 2,000,000 2,009,433
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0101 03/12/2015 2,150,000 2,248,613
Newhall Land Development LLC     161,215 564,253
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3.608 05/08/2031 1,175,000 1,180,268
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 9.625 05/14/2020 7,617,602 5,784,993
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12.5 04/06/2015 6,200,000 6,475,986
Alto Palermo SA, 7.875%, 5/11/17 (144A) 7.875 05/11/2017 5,750,000 5,410,391
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 1,245,000 1,098,635
Fresnillo Plc, 5.5%, 11/13/23 (144A) 5.5 11/13/2023 1,825,000 1,801,883
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 0.0 09/18/2017 1,800,000 1,800,000
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 2,200,000 2,245,833
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 4,875,000 4,070,695
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9.0 02/10/2017 9,720,000 9,965,430
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 4,225,000 4,296,121
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 829,159 804,284
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 9,820,000 9,983,667
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,200,567
Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 6.0 01/15/2021 1,320,000 1,382,920
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 5.75 02/15/2019 4,325,000 5,143,942
Inter-American Development Bank, 6.0%, 9/5/17 6.0 09/05/2017 42,350,000 696,360
Kane Zero% 15jan16 0.0 01/15/2016 506,000 506,000
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 5,750,000 6,093,083
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 2,980,000 3,285,450
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 4.2787 05/23/2018 475,000 480,755
Agrokor dd, 9.875%, 5/1/19 (144A) 9.875 05/01/2019 3,200,000 4,257,951
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 5.25 12/31/2049 6,225,000 6,518,613
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 6.0534 02/15/2018 1,200,000 1,651,126
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 5,200,000 5,461,842
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 9.5 05/04/2020 14,948,000 15,322,323
Kindred Escrow Corp II, 8.0%, 1/15/20 (144A) 8.0 01/15/2020 1,320,000 1,406,313
Iap Worldwide Services Inc     63 53,486
CEVA GROUP Plc     1,584 1,227,329
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 6,285,000 6,308,569
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 3,370,000 3,374,213
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 6.35 06/07/2017 250,000 261,125
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 2.5982 02/25/2035 5,923,886 2,143,651
Chaparral Energy, Inc., 7.625%, 11/15/22 7.625 11/15/2022 2,596,000 1,725,673
Sanchez Energy Corp., 7.75%, 6/15/21 7.75 06/15/2021 1,500,000 1,400,167
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 4.908 05/08/2031 840,000 835,090
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 8.875 11/01/2017 6,900,000 6,657,063
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 8.75 05/15/2018 6,950,000 8,728,142
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 9.0 06/10/2028 47,000,000 3,106,856
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 2,970,000 2,886,469
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 4,800,000 4,801,067
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 10.25 07/13/2016 4,250,000 1,591,393
Akbank TAS, 7.5%, 2/5/18 (144A) 7.5 02/05/2018 4,500,000 1,823,646
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,375,000 1,341,484
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 5.135 10/15/2039 1,502,000 1,536,480
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 6.625 05/02/2023 2,000,000 2,038,035
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,710,000 2,352,054
Kane Flt% 12jun15   06/12/2015 2,400,000 2,275,440
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 3,000,000 2,827,500
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 8.25 01/29/2018 4,690,000 4,958,893
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 5.25 10/06/2019 2,700,000 2,679,469
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 1,675,000 1,721,667
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 4.875 05/25/2029 1,830,000 1,806,896
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 6.875 06/24/2019 3,615,000 3,366,783
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.0042 04/10/2015 250,000 254,536
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 5.0 12/01/2024 3,790,000 3,350,992
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 602,815 596,787
Arlington Flt% 01aug15 0.0 08/01/2015 1,450,000 1,568,030
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 3.765 11/25/2019 1,000,000 996,500
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 125,000 126,722
Windstream Corp., 8.125%, 9/1/18 8.125 09/01/2018 5,700,000 6,068,125
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 10.0 04/30/2018 2,387,885 1,831,375
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 0.0 08/18/2018 7,630,000 4,192,373
Rosetta Resources, Inc., 5.875%, 6/1/24 5.875 06/01/2024 1,935,000 1,731,623
LKQ Corp., 4.75%, 5/15/23 4.75 05/15/2023 1,250,000 1,207,587
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 7.25 03/13/2017 3,750,000 1,815,938
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 7.19 09/12/2024 8,650,000 596,464
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 8.375 06/15/2019 417,028 503,506
General Cable Corp., 5.75%, 10/1/22 5.75 10/01/2022 3,250,000 2,419,219
Old AII, Inc., 0.0%, 12/15/16 0.0 12/15/2016 6,510,000 1,981,998
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.75 08/23/2019 3,182 3,150
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 11.875 10/15/2016 5,000,000 4,825,347
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 2,770,000 1,999,017
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 1,000,000 1,088,944
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5908 07/15/2031 1,102,000 483,300
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 2,860,000 3,147,271
Cincinnati Bell, Inc., 8.75%, 3/15/18 8.75 03/15/2018 4,015,000 4,228,855
SM Energy Co., 6.5%, 1/1/23 6.5 01/01/2023 1,650,000 1,637,625
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 2,910,000 2,949,103
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 6.125 01/15/2023 3,765,000 3,280,465
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 9.0 02/13/2018 38,400,000 487,360
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 6,995,000 6,329,746
Bank of America Corp., Floating Rate Note, 10/23/49 6.5 10/23/2049 2,050,000 2,111,864
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,533 89,221
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 378,601
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 8,870,000 8,141,921
Mirabela Nickel, Ltd.     27,099,676 642,426
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,537,250 2,481,748
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 8.0 05/02/2018 3,500,000 1,480,889
BreitBurn Energy Partners LP, 7.875%, 4/15/22 7.875 04/15/2022 2,830,000 2,233,224
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 5.75 12/15/2018 1,850,000 1,711,353
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 12.0 07/01/2019 2,450,000 2,523,500
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 6.25 07/22/2019 4,000,000 3,750,417
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 2,150,000 2,144,171
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 130,573 3,368,783
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 6.375 09/01/2024 1,900,000 2,016,233
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 4.4 04/30/2023 1,000,000 895,956
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 4,000,000 4,023,750
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 0.109 04/30/2016 5,000,000 5,000,605
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5.125 06/01/2021 5,000,000 4,271,354
VeriSign, Inc., 4.625%, 5/1/23 4.625 05/01/2023 4,430,000 4,375,548
Numericable-SFR, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,250,000 1,285,208
Monitronics International, Inc., Term B Loan (2013), 3/23/18 4.25 03/23/2018 2,251,630 2,229,113
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 8.5 10/16/2023 4,905,000 3,373,209
Indonesia Treasury Bond, 7.0%, 5/15/22 7.0 05/15/2022 53,000,000,000 4,147,224
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.3855 04/09/2015 300,000 304,613
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 10.625 02/01/2016 5,075,000 4,208,549
Targa Resources Partners LP, 4.25%, 11/15/23 4.25 11/15/2023 4,350,000 3,982,123
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 5.375 07/01/2022 3,200,000 3,025,344
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 03/31/2015 3,428 2,828,240
Energy Transfer Equity LP, 5.875%, 1/15/24 5.875 01/15/2024 2,790,000 2,907,432
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 4,790,000 5,114,190
Kane-Pi2 Zero% 18jul16 0.0 07/18/2016 1,806,000 2,023,623
International Finance Corp., 8.25%, 6/10/21 8.25 06/10/2021 240,670,000 4,357,390
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 4.125 03/15/2018 10,750,000 6,258,068
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 6,150,000 6,568,969
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 5,650,000 6,812,419
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 7.25 12/13/2019 1,775,000 1,410,379
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,435,000 447,658
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 6.7525 05/23/2019 994,850 992,363
Energy XXI, Ltd., 3.0%, 12/15/18 3.0 12/15/2018 4,430,000 1,306,909
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 7.875 04/04/2018 925,000 433,854
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 9.25 06/24/2021 3,485,000 3,212,468
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 6.625 12/15/2022 4,300,000 4,430,911
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 7.506 12/31/2049 8,535,000 9,207,033
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,020,000 2,859,437
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 2,400,000 2,534,800
Kane Ilw Zero% 02feb16 0.0 02/02/2016 1,300,000 1,187,810
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 4,240,000 3,092,550
Seagate HDD Cayman, 4.75%, 6/1/23 4.75 06/01/2023 6,925,000 7,220,049
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 6.95 10/17/2022 1,800,000 1,357,715
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0152 06/06/2016 1,600,000 1,870,027
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9588 05/15/2046 455,000 392,212
Cengage Learning Holdings II LP     11,492 276,768
Mexican Udibonos, 2.0%, 6/9/22 2.0 06/09/2022 44,000,000 15,476,204
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 4,000,000 4,035,833
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 355,600 9,380,728
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,100,000 2,168,600
Outerwall, Inc., 5.875%, 6/15/21 (144A) 5.875 06/15/2021 3,205,000 2,997,031
Suntech Power Holdings Co, Ltd., 0.0%, 3/31/15 0.0 03/31/2015 535,000 162,488
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,475,000 1,368,759
Scientific Games International, Inc., 10.0%, 12/1/22 (144A) 10.0 12/01/2022 17,000,000 15,765,139
Alpha Natural Resources, Inc., 6.0%, 6/1/19 6.0 06/01/2019 315,000 99,225
MHP SA, 8.25%, 4/2/20 (144A) 8.25 04/02/2020 6,300,000 4,412,494
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 10,345,000 11,751,633
Horizon Lines, Inc.     2,370,345 1,495,925
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,350,000 1,391,843
CCOH Safari LLC, 5.5%, 12/1/22 5.5 12/01/2022 3,000,000 3,058,750
InterGen NV, 7.0%, 6/30/23 (144A) 7.0 06/30/2023 1,500,000 1,425,292
Altrl Zero% 30jun16 0.0 06/30/2016 3,314,020 3,631,172
CFG Investment SAC, 9.75%, 7/30/19 (144A) 9.75 07/30/2019 4,450,000 4,053,486
Advanced Micro Devices, Inc., 6.75%, 3/1/19 6.75 03/01/2019 5,070,000 4,879,875
Inter-American Development Bank, 4.5%, 2/4/16 4.5 02/04/2016 11,650,000,000 950,935
Belden, Inc., 5.5%, 4/15/23 (144A) 5.5 04/15/2023 1,800,000 2,285,641
Indonesia Treasury Bond, 8.25%, 6/15/32 8.25 06/15/2032 40,352,000,000 3,278,716
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,000,000 1,169,100
CommScope, Inc., 5.0%, 6/15/21 (144A) 5.0 06/15/2021 1,475,000 1,456,153
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 7.8 11/28/2022 1,650,000 1,018,298
Scientific Games International, Inc., 6.25%, 9/1/20 6.25 09/01/2020 625,000 450,521
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 10.875 01/26/2021 1,025,000 980,743
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 6,450,000 6,426,404
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,523,000 1,375,008
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 12.0 12/15/2019 1,560,000 1,599,867
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,500,000 3,465,583
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 8.75 05/04/2018 5,250,000 5,257,109
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 11.01 01/27/2015 875,000 904,094
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 3,695,000 3,414,796
Kane Flt% 30jul16   07/30/2016 1,006,000 1,098,653
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 696,116 699,597
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 9.0 01/29/2019 995,000 1,051,715
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 3,045,000 3,377,286
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 2,880,000 3,053,674
Altrl Zero% 30jun17 0.0 06/30/2017 960,000 960,000
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 7.08 12/15/2035 9,000,000 4,898,979
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 3.625 06/15/2019 1,675,000 1,713,292
Windstream Corp., 7.75%, 10/1/21 7.75 10/01/2021 2,300,000 2,390,563
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 5.25 04/01/2022 1,740,000 1,802,336
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 10.5 05/14/2024 1,625,000 1,241,026
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 12.25 02/10/2022 3,755,000 4,502,167
Vers 2015-A Zero% 31dec17 0.0 12/31/2017 3,800,000 3,800,000
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 3,200,000 3,590,489
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 4,025,000 3,637,482
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 1,940,000 2,045,614
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 5.125 08/01/2022 2,440,000 2,432,146
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr   01/12/2015 -4,923,449 0
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 8.5 04/03/2018 4,373,318 4,353,275
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125 12/31/2049 160,000 4,339,200
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 7,100,000 7,298,208
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 4,450,000 4,388,009
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 9.25 01/24/2020 4,400,000 2,619,497
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 8.25 06/07/2021 10,735,000 10,686,693
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 1,025,000 1,237,688

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

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