Pioneer Investments: Pioneer Global High Yield Fund


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Pioneer Global High Yield Fund

Monthly Portfolio Holdings as of 10/31/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 10.5 02/15/2019 4,840,000 5,205,365
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 10,175,000 2,934,074
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,500,000 3,448,083
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 135,483 169,733
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.03 02/25/2015 1,950,000 1,990,171
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 2,880,000 3,087,072
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.28 11/10/2015 375,000 402,084
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0101 12/06/2016 950,000 1,117,770
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 2,050,000 2,168,217
Numericable Group SA, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,250,000 1,293,958
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,225,000 3,516,303
Star Gas Partners LP, 8.875%, 12/1/17 8.875 12/01/2017 2,437,000 2,633,737
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 5.375 06/15/2022 1,025,000 1,051,743
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,350,000 2,756,315
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 5.0 12/01/2024 3,790,000 3,697,356
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 5,985,625 6,008,071
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 5.375 07/15/2022 2,535,000 2,577,012
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 0.0 09/15/2037 8,875,000 1,063,758
Sanchez Energy Corp., 7.75%, 6/15/21 7.75 06/15/2021 1,500,000 1,573,917
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 2,860,000 3,106,754
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 1,025,000 1,203,307
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 5.55 10/28/2020 4,000,000 3,981,850
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 6.5 07/21/2016 2,660,000 2,727,978
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 829,159 822,940
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 2,487,917
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9812 01/07/2015 1,250,000 1,298,404
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 9.75 10/29/2017 3,500,000 3,528,438
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 9.5 03/16/2022 3,600,000 3,134,947
Chaparral Energy, Inc., 7.625%, 11/15/22 7.625 11/15/2022 2,596,000 2,622,375
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 4.4 04/15/2019 1,000,000 1,011,105
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,215,000 5,782,674
Advanced Micro Devices, Inc., 7.0%, 7/1/24 7.0 07/01/2024 1,355,000 1,224,581
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8.5 02/02/2017 7,405,000 7,486,558
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,537,250 2,521,392
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.2601 01/08/2015 250,000 252,545
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 6.75 04/15/2021 1,270,000 1,276,985
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.0101 06/06/2015 3,450,000 3,701,045
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 5.375 01/15/2023 6,165,000 6,137,664
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 5.25 10/06/2019 2,700,000 2,770,594
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9.0 02/10/2017 9,720,000 9,829,350
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A) 8.5 10/01/2022 3,135,000 2,798,466
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,000,000 2,039,167
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 4,980,000 4,917,335
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 5.25 07/11/2019 1,485,028 1,488,741
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 7.25 03/13/2017 3,750,000 2,605,000
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 6.75 07/02/2018 1,288,084 1,292,914
WireCo WorldGroup, Inc., 9.5%, 5/15/17 9.5 05/15/2017 1,100,000 1,170,186
SunPower Corp., 0.875%, 6/1/21 (144A) 0.875 06/01/2021 2,290,000 2,333,574
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 8.5 10/16/2023 5,550,000 5,278,281
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.28 03/07/2016 1,925,000 1,983,456
Forest City Enterprises, Inc., 4.25%, 8/15/18 4.25 08/15/2018 1,305,000 1,483,096
BTA Bank JSC (G.D.R.) (144A)     24,638 15,645
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 9.5 05/04/2020 14,948,000 16,487,021
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 3.2571 11/01/2066 950,000 892,595
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 1,675,000 1,742,954
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 5.0 08/16/2020 486,394 487,610
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 9.0 02/13/2018 132,900,000 2,913,869
Alpha Natural Resources, Inc., 6.0%, 6/1/19 6.0 06/01/2019 315,000 165,375
Mexican Udibonos, 3.5%, 12/14/17 3.5 12/14/2017 2,050,000 866,154
New World Resources NV, 4.0%, 10/7/20 (144A) (PIK) 4.0 10/07/2020 237,096 137,439
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,652,000 9,530,948
VeriSign, Inc., 4.625%, 5/1/23 4.625 05/01/2023 4,430,000 4,515,831
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 9.75 11/06/2069 6,875,000 8,665,221
Scientific Games International, Inc., 6.25%, 9/1/20 6.25 09/01/2020 625,000 503,125
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 6.75 04/30/2018 2,182,025 2,121,109
Perseus Holding Corp., 14.0%, 11/28/14 14.0 11/28/2014 17,350 0
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 1,940,000 2,077,517
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 7.875 04/04/2018 925,000 592,838
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 7.95 06/20/2024 2,510,000 2,701,837
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9695 05/15/2046 455,000 382,741
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,300,000 966,184
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr   01/12/2015 -4,923,449 -87
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 12.0 12/15/2019 1,560,000 1,778,920
European Bank for Reconstruction & Development, 6.0%, 3/3/16 6.0 03/03/2016 52,600,000 868,265
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 1,945,000 2,031,742
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 3.625 06/15/2019 1,675,000 1,612,804
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 7.0 04/11/2019 1,862,400 1,865,901
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 11.01 01/27/2015 875,000 885,230
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,435,000 408,852
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,523,000 1,374,368
Lear Corp., 11/9/14   11/09/2014 990 183,388
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 6.1455 05/15/2046 775,000 801,386
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 7.25 05/01/2022 3,650,000 3,816,303
Metinvest BV, 10.25%, 5/20/15 (144A) 10.25 05/20/2015 2,720,000 2,374,726
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 1,000,000 1,119,778
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 8.5304 01/05/2017 800,000 864,303
Windstream Corp., 7.75%, 10/1/21 7.75 10/01/2021 2,300,000 2,475,854
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 6,250,000 5,380,773
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 6.375 09/01/2024 1,900,000 2,000,938
Mirabela Nickel, Ltd.     27,099,676 1,752,010
Comstock Resources, Inc., 9.5%, 6/15/20 9.5 06/15/2020 2,000,000 2,183,361
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6.875 11/01/2019 6,210,000 5,538,544
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 10.875 01/26/2021 3,025,000 2,816,874
International Finance Corp., 7.75%, 12/3/16 7.75 12/03/2016 241,840,000 4,144,768
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 5.0 11/02/2018 3,777,207 3,783,119
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 8.625 12/31/2049 4,100,000 4,125,540
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 2.6759 02/25/2035 5,923,886 2,254,902
Old AII, Inc., 0.0%, 12/15/16 0.0 12/15/2016 6,510,000 1,873,498
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 9.625 05/14/2020 7,617,602 5,968,292
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 7,165,000 7,050,907
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 1.427 01/25/2032 8,200,000 240,778
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 6.0 12/15/2022 5,340,000 5,285,710
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 4.75 01/01/2025 3,900,000 4,022,606
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 8.375 06/15/2019 400,000 509,388
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 4.4 04/30/2023 1,000,000 982,122
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.0042 04/10/2015 250,000 254,242
Penn Virginia Corp., 6.0% (Perpetual) (144A) 6.0 12/31/2049 16,300 1,346,869
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 12.0 07/01/2019 2,450,000 2,548,000
Inter-American Development Bank, 7.25%, 7/17/17 7.25 07/17/2017 5,140,000,000 433,770
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 750,000 706,172
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 4,755,000 4,926,418
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 212,000 5,162,200
Indonesia Treasury Bond, 8.25%, 6/15/32 8.25 06/15/2032 40,352,000,000 3,337,183
WESCO Distribution, Inc., 5.375%, 12/15/21 5.375 12/15/2021 4,365,000 4,475,459
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125 12/31/2049 160,000 4,329,600
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 4,620,000 4,880,170
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 12.0 11/10/2016 6,200,000 2,616,400
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 8.0 05/02/2018 3,500,000 1,959,222
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 2,450,000 2,819,031
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 6,995,000 6,886,432
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 4.2734 05/23/2016 475,000 487,717
Agrokor dd, 9.875%, 5/1/19 (144A) 9.875 05/01/2019 3,200,000 4,585,802
Kane Flt% 12jun15   06/12/2015 2,400,000 2,225,280
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 5.25 04/01/2022 1,740,000 1,791,113
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0101 05/05/2017 1,600,000 1,638,311
Banco Santander SA, Floating Rate Note (Perpetual) 6.375 12/31/2049 2,400,000 2,389,200
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 6,365,000 6,297,372
International Finance Corp., 8.25%, 6/10/21 8.25 06/10/2021 240,670,000 4,447,893
Cengage Learning Holdings II LP     11,492 323,213
MHP SA, 8.25%, 4/2/20 (144A) 8.25 04/02/2020 6,300,000 5,555,629
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5.125 06/01/2021 5,000,000 4,978,212
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 9.125 10/15/2020 5,000,000 5,407,778
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 2,175,000 2,298,922
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 6.75 12/31/2049 13,430,000 14,885,476
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 9.0 06/10/2028 47,000,000 3,457,074
Bank of America Corp., Floating Rate Note, 9/29/49 6.25 09/29/2049 3,900,000 3,933,042
Altrl Flt% 30jun16   06/30/2016 5,300,000 5,695,380
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 4.125 03/15/2018 10,750,000 6,990,411
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 2,400,000 2,621,800
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5428 07/15/2031 12,652,000 6,189,651
Pangaea Zero% 01jul18 0.0 07/01/2018 4,070,000 4,260,476
Rosetta Resources, Inc., 5.875%, 6/1/24 5.875 06/01/2024 1,935,000 1,905,599
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 9.25 10/15/2020 2,100,000 2,826,024
InterGen NV, 7.0%, 6/30/23 (144A) 7.0 06/30/2023 1,500,000 1,471,542
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 4,790,000 5,155,104
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 5.75 12/15/2018 1,850,000 1,871,686
Newhall Land Development LLC     161,215 616,647
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 4,225,000 4,227,465
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 7.875 04/07/2016 11,475,000 10,849,039
CEVA GROUP Plc     1,584 1,464,876
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 2,970,000 2,927,306
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 5,335,000 4,022,923
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 9.25 01/24/2020 4,400,000 3,673,664
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 6,765,000 7,228,027
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,000,000 3,020,625
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 2,960,000 3,125,204
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.265 01/08/2015 1,500,000 1,532,440
Swift Energy Co., 8.875%, 1/15/20 8.875 01/15/2020 2,410,000 2,412,728
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,020,000 3,104,812
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 0.0 02/03/2022 7,500,000 2,029,375
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 9.0 04/30/2018 4,829,992 4,686,166
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 1,800,000 1,635,188
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 4,000,000 4,246,250
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 11.625 07/15/2017 2,500,000 3,541,499
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 6.125 01/15/2023 3,765,000 3,665,594
Fts International Inc 1st Lien Term L + 4.75% 01apr21 5.75 04/01/2021 925,000 912,281
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 8.375 06/03/2021 4,250,000 4,693,830
Mexican Udibonos, 2.0%, 6/9/22 2.0 06/09/2022 44,000,000 16,852,891
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,475,000 1,404,405
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 5,650,000 6,756,437
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 1,300,000 1,397,355
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 0.0 12/11/2019 9,802,000 2,891,045
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 5.25 12/31/2049 7,150,000 7,514,054
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 5,810,000 6,237,681
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 101,612 127,300
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 696,116 700,176
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 2,400,000 445,671
Indonesia Treasury Bond, 7.0%, 5/15/22 7.0 05/15/2022 53,000,000,000 4,278,373
Altice Financing SA, 6.5%, 1/15/22 (144A) 6.5 01/15/2022 2,800,000 2,930,589
IAC, 4.875%, 11/30/18 4.875 11/30/2018 700,000 735,314
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.405 01/09/2019 1,500,000 1,573,092
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 6.5 10/10/2019 1,026,951 1,030,161
YPF SA, 8.875%, 12/19/18 (144A) 8.875 12/19/2018 1,000,000 1,077,542
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 75,878 828
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 6.7308 07/18/2019 502,144 445,652
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 7.8 11/28/2022 1,650,000 1,482,278
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 4,025,000 3,915,878
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 500,000 511,563
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12.5 04/06/2015 6,200,000 6,315,819
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,375,000 1,411,953
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 6.75 11/14/2017 575,000 519,692
FTS International, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 2,680,000 2,623,329
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,350,000 1,389,863
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 1,245,000 1,237,608
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 6.375 01/24/2023 1,900,000 1,566,886
Altice SA, 7.75%, 5/15/22 (144A) 7.75 05/15/2022 2,025,000 2,159,381
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1051 01/07/2016 450,000 470,094
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 2,835,000 2,921,822
Akbank TAS, 7.5%, 2/5/18 (144A) 7.5 02/05/2018 4,500,000 1,902,888
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7.748 02/02/2021 7,800,000 8,085,907
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 6.875 06/24/2024 4,355,000 4,743,699
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 8.5 04/03/2018 12,519,970 12,498,060
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 8.875 11/01/2017 6,900,000 7,835,813
LDK Solar Co, Ltd., 10.0%, 11/28/14 10.0 11/28/2014 14,000,000 678,716
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 6.75 05/23/2019 997,375 994,258
Pegasus Solutions, Inc., 13.0%, 11/28/14 (144A) 13.0 11/28/2014 11,940,241 11,223,827
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,710,000 2,361,088
Mirabela Nickel, Ltd., 9.5%, 6/24/19 9.5 06/24/2019 3,385,000 3,028,118
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 8,870,000 8,489,329
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 355,600 9,505,188
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 8.75 05/04/2018 5,250,000 5,344,609
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 12.25 02/10/2022 3,755,000 4,440,522
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.02 03/16/2016 400,000 434,603
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 5.75 07/10/2017 1,032,371 1,028,500
Cascades, Inc., 5.5%, 7/15/22 (144A) 5.5 07/15/2022 1,695,000 1,707,995
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6051 04/08/2016 750,000 787,392
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.365 02/05/2015 1,250,000 1,283,502
Trust F, 5.25%, 12/15/24 (144A) 5.25 12/15/2024 2,565,000 2,756,948
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 2,518,834
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0101 06/06/2016 1,600,000 1,946,720
Amsurg Corp., 5.625%, 7/15/22 (144A) 5.625 07/15/2022 2,555,000 2,689,217
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 6,150,000 6,761,156
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 4,400,000 4,367,611
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 06/03/2019 1,036,879 1,024,566
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 3,428 3,171,057
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 6.25 08/15/2022 1,600,000 2,197,043
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 4,340,000 4,450,851
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 7.375 11/01/2021 1,820,000 1,626,429
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 12.5 07/08/2015 11,063,000 8,952,579
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 0.089 04/30/2016 6,000,000 6,003,117
Monitronics International, Inc., Term B Loan (2013), 3/23/18 4.25 03/23/2018 2,257,374 2,252,437
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 7.75 10/28/2020 3,720,000 4,078,146
CFG Investment SAC, 9.75%, 7/30/19 (144A) 9.75 07/30/2019 4,450,000 4,181,424
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 2,995,000 3,523,597
Scitor Corp., Term Loan, 2/15/17 5.0 02/15/2017 2,177,194 2,156,728
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 8.25 01/29/2018 4,690,000 5,035,106
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 6.79 12/31/2014 2,850,000 68,109
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 4,000,000 4,309,167
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 7.875 04/26/2021 2,600,000 2,025,437
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 4.25 12/20/2019 1,851,242 1,825,787
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8.25 10/19/2019 8,764,000 8,547,091
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 2,770,000 3,007,758
Ormat Funding Corp., 8.25%, 12/30/20 8.25 12/30/2020 10,665,000 5,491,943
Bank of America Corp., Floating Rate Note, 10/23/49 6.5 10/23/2049 2,050,000 2,109,336
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 7.5 02/11/2020 3,260,000 3,509,933
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 7.375 01/31/2020 6,500,000 5,841,175
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 2,400,000 2,370,800
Energy Transfer Equity LP, 5.875%, 1/15/24 5.875 01/15/2024 2,790,000 2,977,763
Panolam Holdings Co.     894 700,002
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3.603 05/08/2031 1,175,000 1,179,574
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 1,700,000 1,493,025
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,288,067
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 5.6648 11/25/2034 750,000 224,085
Inter-American Development Bank, 6.0%, 9/5/17 6.0 09/05/2017 42,350,000 702,429
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 408,309
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.75 08/23/2019 3,190 3,170
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 6.75 09/30/2022 1,250,000 1,422,891
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9695 05/15/2046 1,480,000 1,372,384
Republic of Ghana, 7.875%, 8/7/23 (144A) 7.875 08/07/2023 2,335,000 2,393,083
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 10,345,000 11,988,706
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 4,990,000 5,283,163
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 4,640,000 4,490,650
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 11.265 01/08/2015 1,000,000 1,024,688
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 5.75 02/15/2019 4,325,000 5,461,171
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 5.875 10/30/2021 820,000 832,598
Advanced Micro Devices, Inc., 6.75%, 3/1/19 6.75 03/01/2019 5,070,000 4,848,188
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A)   01/08/2019 250,000 249,800
EC Finance Plc, 5.125%, 7/15/21 (144A) 5.125 07/15/2021 3,695,000 4,736,363
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 9.5 05/15/2018 4,700,000 4,688,875
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 6.625 07/15/2019 3,285,000 3,956,191
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 6.0371 01/15/2015 792,928 317,171
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 6.75 03/15/2023 4,750,000 4,782,044
SM Energy Co., 6.5%, 1/1/23 6.5 01/01/2023 1,650,000 1,739,375
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 6.0 10/24/2022 1,500,000 1,496,125
Berkeley-Kane Flt% 12jun15   06/12/2015 903,800 925,220
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,175,000 2,286,469
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 5.135 10/15/2039 1,502,000 1,521,068
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 6.875 06/24/2019 3,615,000 3,756,901
Targa Resources Partners LP, 4.25%, 11/15/23 4.25 11/15/2023 4,350,000 4,391,748
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 8.25 09/30/2020 3,600,000 3,787,575
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.505 04/09/2015 2,000,000 2,052,067
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0101 03/12/2015 2,150,000 2,241,662
Cemex SAB de CV, 3.75%, 3/15/18 3.75 03/15/2018 8,300,000 11,561,208
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5.375 01/26/2019 7,570,000 7,696,298
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 7.75 01/31/2023 18,000,000 19,162,625
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.505 04/09/2015 900,000 927,850
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.5051 05/09/2016 900,000 966,435
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,600,000 1,737,727
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,533 112,132
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.27 02/13/2015 500,000 510,381
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 9.75 10/25/2022 811,000 569,018
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 5,080,000 4,821,767
Banco Macro SA, Floating Rate Note, 12/18/36 9.75 12/18/2036 820,000 775,737
Pro Mach Group Inc 1st Lien Tl-B L + 4.5% 20oct21   10/20/2021 539,770 541,119
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 5,200,000 5,647,092
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 0.0 12/31/2049 33,046 0
Fresnillo Plc, 5.5%, 11/13/23 (144A) 5.5 11/13/2023 1,825,000 1,966,194
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 6.0534 02/15/2018 1,200,000 1,623,014
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 5,685,000 5,597,396
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 5.375 07/01/2022 3,200,000 3,228,678
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,700,000 15,609,438
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 5.0 11/02/2018 1,712,338 1,713,408
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 3,785,000 4,190,363
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 602,815 596,787
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 6.748 03/15/2017 10,600,000 1,290,664
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 5.875 07/01/2022 1,525,000 1,514,500
Kane Flt% 30jul16   07/30/2016 1,006,000 1,073,804
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.84 10/12/2017 12,000,000 1,850,117
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 9.0101 06/06/2015 750,000 790,350
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.5101 04/30/2018 350,000 356,396
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 6,750,000 6,555,938
Burger King Worldwide Inc 2nd Lien Bridge L + 0% 26aug15   08/26/2015 11,000,000 11,000,000
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.28 11/10/2015 950,000 1,036,938
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0152 06/06/2016 550,000 602,879
CCOH Safari LLC, 5.5%, 12/1/22 5.5 12/01/2022 3,000,000 3,030,000
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 6,450,000 6,959,604
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1.127 11/25/2034 1,700,000 1,309,185
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,713,475
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.7601 04/30/2018 2,000,000 2,075,181
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 2,200,000 2,313,667
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 5,750,000 6,323,083
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.7601 12/06/2016 1,800,000 2,025,765
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 4,450,000 4,480,717
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 1,000,000 988,000
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 6.75 02/01/2020 1,144,000 1,206,205
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 2,230,000 2,388,284
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 3,485,000 3,605,039
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 1.125 09/01/2018 1,000,000 1,146,875
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 6.625 12/15/2022 4,300,000 4,633,369
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 3,850,000 3,793,052
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 3,695,000 3,741,752
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,831,357
Energy XXI, Ltd., 3.0%, 12/15/18 (144A) 3.0 12/15/2018 4,430,000 3,198,275
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,420,800
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 5,073,065
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 1,605,000 1,420,024
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 6.95 10/17/2022 1,800,000 1,718,465
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 6.665 03/13/2015 750,000 768,061
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 4,800,000 5,127,067
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 5.75 02/01/2023 2,165,000 2,103,192
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 833,000 908,317
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 3,370,000 3,596,228
Kane-Pi2 Zero% 18jul16 0.0 07/18/2016 1,806,000 1,917,430
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 131,100 3,492,504
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 4.25 07/01/2021 3,104,018 3,080,738
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 9.25 06/24/2021 3,485,000 3,616,147
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 2,433,000 2,170,439
Dartmouth Zero% 31dec14 0.0 12/31/2014 3,260,000 3,227,400
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 125,000 128,701
Inter-American Development Bank, 4.5%, 2/4/16 4.5 02/04/2016 11,650,000,000 962,040
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 0.0 08/18/2018 7,630,000 4,174,745
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 6.25 11/01/2023 2,000,000 2,107,300
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 4,875,000 4,923,785
AEP Industries, Inc., 8.25%, 4/15/19 8.25 04/15/2019 3,355,000 3,476,339
Belden, Inc., 5.5%, 4/15/23 (144A) 5.5 04/15/2023 1,800,000 2,339,564
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 10.25 07/13/2016 4,250,000 1,660,567
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 7.506 12/31/2049 8,535,000 9,176,828
U.S. Treasury Floating Rate Note, 0.090001011%, 7/31/16 0.09 07/31/2016 7,600,000 7,604,469
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 3,750,000 3,900,000
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 9.0 01/29/2019 995,000 1,102,460
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 6.876 06/27/2017 2,465,000 227,963
Ally Financial, Inc., 7.0% (Perpetual) (144A) 7.0 12/31/2049 3,100 3,120,150
Suntech Power Holdings Co, Ltd., 0.0%, 12/31/14 0.0 12/31/2014 535,000 158,475
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 1,960,000 2,179,888
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 2,150,000 2,166,029
Mexican Bonos, 7.5%, 6/3/27 7.5 06/03/2027 1,800,000 151,475
CommScope, Inc., 5.0%, 6/15/21 (144A) 5.0 06/15/2021 1,475,000 1,502,247
Virtual Radiologic Corp., Term Loan A, 12/22/16 7.2515 12/22/2016 1,071,154 822,111
Outerwall, Inc., 5.875%, 6/15/21 (144A) 5.875 06/15/2021 3,205,000 3,167,096
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 10.5 05/14/2024 1,625,000 1,598,526
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0152 06/06/2016 1,100,000 1,234,090
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 8.75 05/15/2018 6,950,000 9,275,240
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5828 07/15/2031 1,102,000 501,711
Kane Flt% 14jul15 0.0 07/14/2015 814,976 784,333
Belden, Inc., 5.25%, 7/15/24 (144A) 5.25 07/15/2024 1,000,000 1,000,583
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 2,980,000 3,270,550
Aircraft Finance Trust, Floating Rate Note, 5/15/24 0.6333 05/15/2024 11,396,000 2,674,751
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 4.903 05/08/2031 840,000 843,695
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 3,775,000 3,468,391
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 6.95 11/10/2021 940,000 1,025,082
General Cable Corp., 6.5%, 10/1/22 6.5 10/01/2022 3,250,000 2,875,573
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,550,000 2,110,151
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 2,835,000 2,397,347
Freeport-McMoRan, Inc.     45,168 1,287,288
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 6.875 08/01/2022 3,225,000 2,982,677
Belvedere SA, 12/23/16   12/23/2016 5,578,091 349,412
Horizon Lines, Inc.     2,370,345 936,286
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,150,000 3,403,575
Rex Energy Corp., 6.25%, 8/1/22 (144A) 6.25 08/01/2022 1,960,000 1,877,789
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,100,000 2,268,350
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 3,800,000 3,674,917
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 1,157,000 1,191,180
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 3,045,000 3,366,491
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 6.75 07/15/2021 1,230,000 1,331,321
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 10.0 04/30/2018 2,387,885 2,024,680
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 4,315,000 4,556,582
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,765,000 3,870,603
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 10.625 02/01/2016 5,075,000 4,296,305
Iap Worldwide Services Inc     63 53,486
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 7.0 01/17/2023 1,626,000,000 790,486
Cincinnati Bell, Inc., 8.75%, 3/15/18 8.75 03/15/2018 4,015,000 4,200,415
BreitBurn Energy Partners LP, 7.875%, 4/15/22 7.875 04/15/2022 2,830,000 2,724,936
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 6.0 04/01/2024 600,000 614,820
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 11.75 10/05/2015 1,125,000 1,081,109
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 6.35 06/07/2017 250,000 264,323
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5101 02/05/2015 1,925,000 2,014,753
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.1967 02/15/2051 2,100,000 2,162,186
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 417,670 420,106
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 2,750,000 2,785,902
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 7.25 12/13/2019 1,775,000 1,667,157
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 8.25 06/07/2021 12,660,000 14,217,180
CHS, 6.875%, 2/1/22 (144A) 6.875 02/01/2022 6,165,000 6,748,748
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.2601 06/06/2017 750,000 816,142
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 3,900,000 3,987,384
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 7,100,000 7,564,951
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 2,940,000 3,399,457
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 6,285,000 6,874,219
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,840,000 3,003,300
Alto Palermo SA, 7.875%, 5/11/17 (144A) 7.875 05/11/2017 5,750,000 5,739,578
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 4,025,000 4,115,563
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 11.875 10/15/2016 5,000,000 4,920,139
Chiquita Brands International, Inc., 7.875%, 2/1/21 7.875 02/01/2021 2,705,000 3,021,992
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 6.0 03/31/2021 640,000 785,983
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,490,000 8,055,079
Arlington Flt% 01aug15 0.0 08/01/2015 1,450,000 1,511,190
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 7.08 12/15/2035 9,000,000 4,772,538
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 2,910,000 3,013,972
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 3,250,000 3,413,493
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 6.125 03/25/2019 1,865,000 80,140
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 9,820,000 10,441,933
Seagate HDD Cayman, 4.75%, 6/1/23 4.75 06/01/2023 6,925,000 7,283,865
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 7.5 09/26/2019 4,000,000 3,984,167
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 6.25 07/22/2019 4,000,000 3,978,750
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 5.125 08/01/2022 2,440,000 2,460,105
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 3.9853 05/18/2016 1,450,000 1,498,633
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9.0 01/28/2017 9,395,000 9,533,170
European Bank for Reconstruction & Development, 7.65%, 2/18/15 7.65 02/18/2015 43,400,000 744,236
Golar LNG, Ltd., 3.75%, 3/7/17 3.75 03/07/2017 800,000 1,032,921
Altice Finco SA, 8.125%, 1/15/24 (144A) 8.125 01/15/2024 600,000 645,854
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 7.19 09/12/2024 8,650,000 655,390
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) 3.0101 05/25/2018 1,600,000 1,626,373
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 800,000 877,156
WideOpenWest Finance LLC, Term B Loan, 4/1/19 4.75 04/01/2019 1,346,490 1,347,192
Metinvest BV, 8.75%, 2/14/18 (144A) 8.75 02/14/2018 11,350,000 8,136,534
LifePoint Hospitals, Inc., 5.5%, 12/1/21 5.5 12/01/2021 4,300,000 4,602,792
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/16/28 (144A) 5.333 02/16/2028 5,250,000 5,335,357
Romania Government Bond, 5.85%, 4/26/23 5.85 04/26/2023 24,770,000 8,334,465
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.7601 12/06/2016 450,000 476,246
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 1,250,000 851,719
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 3,104,000 5,172,730
LKQ Corp., 4.75%, 5/15/23 4.75 05/15/2023 1,250,000 1,235,378
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 8.875 01/24/2022 3,525,000 3,495,466
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,000,000 1,110,200
Romania Government Bond, 5.95%, 6/11/21 5.95 06/11/2021 1,220,000 403,769
Windstream Corp., 8.125%, 9/1/18 8.125 09/01/2018 5,700,000 6,019,438
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 8,405,000 8,987,046
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 6.25 10/20/2026 750,000 700,988
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 3,200,000 3,563,156
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.3551 04/09/2015 300,000 309,450
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 4,240,000 4,182,583
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 9.875 02/01/2020 6,800,000 7,367,375
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 6.625 05/02/2023 2,000,000 2,136,282
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 3,000,000 2,855,000
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 1,500,000 1,531,555
Bumi Resources Tbk PT, Loan, 11/7/14 18.153 11/07/2014 4,700,000 2,373,500

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