Pioneer Investments: Pioneer Global High Yield Fund


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Pioneer Global High Yield Fund

Monthly Portfolio Holdings as of 8/29/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 8,870,000 8,835,136
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 1,300,000 1,379,278
CFG Investment SAC, 9.75%, 7/30/19 (144A) 9.75 07/30/2019 4,450,000 4,319,281
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 3,800,000 4,161,000
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 4,225,000 4,284,414
Pro Mach, Inc., Term Loan, 7/6/17 4.5 07/16/2017 1,418,897 1,422,444
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 7.0 01/17/2023 1,626,000,000 827,762
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 4,100,000 3,997,642
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 6,365,000 6,398,991
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 7.75 12/15/2020 1,995,000 2,166,861
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 355,600 9,558,528
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.2703 01/08/2015 250,000 252,954
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8.5 02/02/2017 7,405,000 7,379,905
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 6.0 04/11/2019 1,872,000 1,874,340
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5.375 01/26/2019 7,570,000 7,911,228
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 2,400,000 439,588
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 7.875 04/26/2021 2,600,000 2,105,217
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 6.875 06/24/2019 3,615,000 3,722,742
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 6.0 04/01/2024 600,000 638,900
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 3.625 06/15/2019 1,675,000 1,630,781
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 6,450,000 6,926,834
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 2,175,000 2,283,252
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 9.25 01/24/2020 4,400,000 4,149,200
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 6.25 08/15/2022 1,600,000 2,286,199
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 9.0304 06/06/2015 750,000 796,313
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 4,025,000 4,123,948
Inter-American Development Bank, 4.5%, 2/4/16 4.5 02/04/2016 11,650,000,000 987,143
Scitor Corp., Term Loan, 2/15/17 5.0 01/21/2017 2,177,194 2,159,487
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 2,400,000 2,483,925
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 1,000,000 1,016,438
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 6.1459 05/15/2046 775,000 807,734
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 4,240,000 4,662,204
Kane Flt% 12jun15   06/12/2015 2,400,000 2,173,440
Kane Flt% 14jul15 0.0 07/14/2015 814,976 776,917
Windstream Corp., 8.125%, 9/1/18 8.125 09/01/2018 5,700,000 6,179,651
Altrl Flt% 30jun16   06/30/2016 5,300,000 5,549,100
VeriSign, Inc., 4.625%, 5/1/23 4.625 05/01/2023 4,430,000 4,420,202
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 6.25 07/22/2019 4,000,000 4,030,389
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 7.75 12/15/2025 357,000 391,324
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0304 06/06/2016 1,100,000 1,235,312
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 5.875 07/01/2022 1,525,000 1,560,319
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 5.375 07/15/2022 2,535,000 2,553,924
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 3,370,000 3,635,598
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 9.125 10/15/2020 5,000,000 5,646,094
Banco Macro SA, Floating Rate Note, 12/18/36 9.75 12/18/2036 820,000 721,190
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 4,640,000 4,653,839
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.75 08/23/2019 3,198 3,191
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 6,250,000 6,739,909
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 6.25 10/20/2026 750,000 726,472
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 6.748 03/15/2017 10,600,000 1,365,943
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 3.2571 11/01/2066 950,000 888,368
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 11.625 07/15/2017 2,500,000 3,686,584
Level 3 Financing Inc Bridge L + 4.25% 15jun15 4.4807 06/15/2015 4,780,000 4,780,000
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 2.7231 02/25/2035 5,923,886 2,316,551
Inter-American Development Bank, 7.25%, 7/17/17 7.25 07/17/2017 5,140,000,000 442,262
Cincinnati Bell, Inc., 8.75%, 3/15/18 8.75 03/15/2018 4,015,000 4,365,727
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 0.0 04/30/2016 1,515,236 323,806
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19   07/18/2019 503,402 453,062
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 5.333 02/15/2028 5,250,000 5,366,666
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 6.875 08/01/2022 3,225,000 3,219,233
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 6.75 02/01/2020 1,144,000 1,201,701
Belvedere SA, 12/23/16   12/23/2016 5,578,091 439,693
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,350,000 1,409,306
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 6.0596 02/15/2018 1,200,000 1,898,739
Green Field Energy Services, Inc., 11/15/21 (144A)   11/15/2021 2,275 2,286
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 8.25 01/29/2018 4,690,000 4,981,269
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 7.95 06/20/2024 2,510,000 2,799,800
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 8.5 03/13/2018 12,619,334 12,638,263
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 3,485,000 3,699,182
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 5,810,000 6,234,251
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 5.0 10/04/2019 487,625 489,454
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 8,405,000 8,949,399
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 3,750,000 4,164,688
Penn Virginia Corp., 6.0% (Perpetual) (144A) 6.0 12/31/2049 16,300 1,791,044
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 6,750,000 6,862,641
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 2,860,000 3,251,463
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 6.79 12/31/2014 2,850,000 66,949
Alpha Natural Resources, Inc., 6.0%, 6/1/19 6.0 06/01/2019 315,000 229,110
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 833,000 941,024
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 6,023,750 6,065,163
Republic of Ghana, 7.875%, 8/7/23 (144A) 7.875 08/07/2023 2,335,000 2,273,779
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.75 01/31/2021 2,543,625 2,546,805
Belden, Inc., 5.25%, 7/15/24 (144A) 5.25 07/15/2024 1,000,000 994,188
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 6.75 07/29/2049 13,430,000 15,148,201
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 7,165,000 7,253,443
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0203 05/05/2017 1,600,000 1,619,467
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 5.5 12/01/2021 4,300,000 4,551,968
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 6.6804 03/13/2015 750,000 772,177
Fts International Inc 1st Lien Term L + 4.75% 01apr21 5.75 04/01/2021 1,200,000 1,209,376
International Finance Corp., 7.75%, 12/3/16 7.75 12/03/2016 241,840,000 4,092,913
LKQ Corp., 4.75%, 5/15/23 4.75 05/15/2023 1,250,000 1,239,193
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 5.125 08/01/2022 2,440,000 2,481,616
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.03 02/25/2015 1,950,000 1,972,501
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 12.0 11/10/2016 6,200,000 3,048,333
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 7.08 12/15/2035 9,000,000 4,785,897
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 9.0 02/13/2018 161,000,000 4,125,948
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0304 06/06/2016 550,000 605,929
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 7.875 04/07/2016 11,475,000 10,944,640
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 9.25 06/24/2021 3,485,000 3,640,988
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,215,000 5,841,253
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 0.0 11/15/2016 54,000 13,562
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 8.25 09/30/2020 3,600,000 4,011,750
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 3,785,000 4,212,192
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 5,200,000 5,532,313
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,765,000 3,988,351
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 9.75 10/18/2017 3,500,000 3,546,666
General Cable Corp., 5.75%, 10/1/22 5.75 10/01/2022 3,250,000 3,311,095
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 5.0 11/02/2018 3,777,207 3,798,454
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond)   05/25/2018 1,600,000 1,598,400
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 4,000,000 4,238,125
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 5,094,469
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,590,195
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 12.5 07/08/2015 11,063,000 11,553,152
BreitBurn Energy Partners LP, 7.875%, 4/15/22 7.875 04/15/2022 2,830,000 3,083,373
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 6.125 03/25/2019 1,865,000 85,270
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 10.5 05/14/2024 1,625,000 1,715,865
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 6.75 03/15/2023 4,750,000 4,861,062
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.2825 01/08/2015 1,500,000 1,540,325
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12.5 04/06/2015 6,200,000 6,463,500
Altice SA, 7.75%, 5/15/22 (144A) 7.75 05/15/2022 2,025,000 2,158,102
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,550,000 2,202,905
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 3,850,000 3,967,131
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 4,340,000 4,558,356
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 0.0 09/15/2037 8,875,000 1,004,206
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 6.5 07/21/2016 2,660,000 2,678,731
Kane Flt% 30jul16   07/30/2016 1,006,000 1,046,642
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 9.75 08/15/2021 5,681,000 4,397,449
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 6.876 06/27/2017 2,465,000 225,621
Newhall Land Development LLC     161,215 724,097
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 4.4 04/30/2023 1,000,000 1,018,167
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1.0 12/06/2016 450,000 474,784
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9.0 02/10/2017 9,720,000 9,464,850
Altice Financing SA, 6.5%, 1/15/22 (144A) 6.5 01/15/2022 2,800,000 2,969,750
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5.125 06/01/2021 5,000,000 5,066,042
Metinvest BV, 8.75%, 2/14/18 (144A) 8.75 02/14/2018 11,350,000 7,537,409
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,000,000 1,046,300
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.03 03/16/2016 400,000 434,440
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 5.0 12/01/2024 3,790,000 3,807,371
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 6.75 05/02/2018 1,291,609 1,297,259
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 5.0 11/02/2018 1,712,338 1,723,040
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 6.0 10/24/2022 1,500,000 1,524,300
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 800,000 875,667
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 7.75 01/31/2023 18,000,000 19,196,250
Perseus Holding Corp., 14.0%, 9/15/14 14.0 04/15/2014 17,350 1,422,700
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 4,875,000 5,002,252
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 5,080,000 5,057,281
Cascades, Inc., 5.5%, 7/15/22 (144A) 5.5 07/15/2022 4,290,000 4,304,360
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 3,095,031
Outerwall, Inc., 5.875%, 6/15/21 (144A) 5.875 06/15/2021 3,205,000 3,207,304
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 7.875 04/04/2018 5,525,000 3,437,310
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 6,765,000 7,485,895
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,475,000 1,487,599
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 9.875 02/01/2020 6,800,000 7,313,093
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 10.0 04/30/2018 2,274,177 2,054,340
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,020,000 3,153,069
Arlington Flt% 01aug15 0.0 08/01/2015 1,450,000 1,485,960
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,490,000 8,022,102
Iap Worldwide Services Inc     63 53,486
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 5.75 12/15/2018 1,850,000 1,932,286
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 05/31/2019 1,039,503 1,038,723
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 0.0 02/03/2022 7,500,000 2,126,719
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 4,400,000 4,532,611
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 10.375 09/30/2020 2,895,000 877,848
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 10,345,000 12,391,370
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 1.43 01/25/2032 8,200,000 289,058
Gol Finance, 9.25%, 7/20/20 (144A) 9.25 07/20/2020 3,863,000 4,101,261
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,500,000 3,436,563
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 5.6608 11/25/2034 750,000 224,993
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 2,200,000 2,326,072
CEVA GROUP Plc     1,584 1,900,380
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5304 02/05/2015 1,925,000 2,004,984
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.545 07/15/2031 12,652,000 6,205,209
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 4,025,000 4,245,704
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 12.0 12/15/2019 1,560,000 1,786,200
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 5.375 07/01/2022 3,200,000 3,215,533
CommScope, Inc., 5.0%, 6/15/21 (144A) 5.0 06/15/2021 1,475,000 1,515,563
CHS, 6.875%, 2/1/22 (144A) 6.875 02/01/2022 6,165,000 6,584,455
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 1,675,000 1,763,897
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,375,000 1,423,727
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3.609 05/08/2031 1,175,000 1,178,547
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/22/2020 417,670 420,280
WESCO Distribution, Inc., 5.375%, 12/15/21 5.375 12/15/2021 4,365,000 4,468,441
Indonesia Treasury Bond, 8.25%, 6/15/32 8.25 06/15/2032 40,352,000,000 3,364,000
Golar LNG, Ltd., 3.75%, 3/7/17 3.75 03/07/2017 800,000 1,118,824
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 9,820,000 10,407,018
Rosetta Resources, Inc., 5.875%, 6/1/24 5.875 06/01/2024 1,935,000 1,997,599
Forest City Enterprises, Inc., 4.25%, 8/15/18 4.25 08/15/2018 2,805,000 3,202,667
Chaparral Energy, Inc., 7.625%, 11/15/22 7.625 11/15/2022 2,596,000 2,845,189
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 3,428 4,113,804
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 11.2825 01/08/2015 1,000,000 1,029,950
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 5,335,000 4,736,091
Cemex SAB de CV, 3.75%, 3/15/18 3.75 03/15/2018 8,300,000 12,613,406
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 3,045,000 3,440,032
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 8.375 06/03/2021 4,250,000 4,716,521
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,150,000 3,375,422
Akbank TAS, 7.5%, 2/5/18 (144A) 7.5 02/05/2018 4,500,000 1,894,499
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 1,960,000 2,189,809
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 6.7525 05/07/2019 999,900 1,003,963
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,600,000 1,727,106
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 6.125 01/15/2023 3,765,000 3,937,131
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 6,995,000 7,271,473
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 6.95 11/10/2021 940,000 1,044,562
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 7.75 10/28/2020 3,720,000 4,115,302
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 9.625 05/14/2020 7,617,602 5,817,983
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 9.0 06/10/2028 47,000,000 3,549,224
Romania Government Bond, 5.85%, 4/26/23 5.85 04/26/2023 24,770,000 8,399,128
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.1968 02/15/2051 2,100,000 2,184,010
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9821 01/07/2015 1,250,000 1,335,023
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/15/2020 2,750,000 2,819,500
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.4325 01/09/2017 1,500,000 1,555,783
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,360,000
Suntech Power Holdings Co, Ltd., 0.0%, 3/15/13 0.0 03/15/2049 535,000 188,703
Freeport-McMoRan, Inc.     87,189 3,171,064
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 2,230,000 2,405,961
Horizon Lines, Inc.     2,370,345 948,138
Seagate HDD Cayman, 4.75%, 6/1/23 4.75 06/01/2023 6,925,000 7,231,383
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1046 01/07/2016 450,000 471,772
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 2,910,000 3,032,937
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 8.0 05/02/2018 3,500,000 2,638,028
Aircraft Finance Trust, Floating Rate Note, 5/15/24 0.635 05/15/2024 11,396,000 2,712,579
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 4.75 01/01/2025 3,900,000 4,025,342
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6 04/08/2016 750,000 786,421
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 0.0 12/11/2019 9,802,000 3,340,984
Amsurg Corp., 5.625%, 7/15/22 (144A) 5.625 07/15/2022 3,390,000 3,489,581
Mexican Udibonos, 3.5%, 12/14/17 3.5 12/14/2017 2,050,000 886,036
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 1,940,000 2,053,288
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9.0 01/28/2017 9,395,000 9,440,051
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 4,790,000 5,347,586
Lam Research Corp., 1.25%, 5/15/18 1.25 05/15/2018 3,400,000 4,585,396
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 4,450,000 4,444,901
IAC, 4.875%, 11/30/18 4.875 11/30/2018 700,000 734,781
Targa Resources Partners LP, 4.25%, 11/15/23 4.25 11/15/2023 4,350,000 4,393,047
Banco Santander SA, Floating Rate Note (Perpetual) 6.375 05/29/2049 2,400,000 2,389,675
Pegasus Solutions, Inc., 13.0%, 9/15/14 (144A) 13.0 04/15/2014 11,940,241 11,689,158
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 2,880,000 3,040,748
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 5.25 04/01/2022 1,740,000 1,830,480
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 2,770,000 3,262,483
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 10.5 02/15/2019 4,840,000 7,432,630
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.5175 04/09/2015 900,000 927,508
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.28 11/10/2015 950,000 986,363
Mirabela Nickel, Ltd.     27,099,676 2,276,413
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 0.0 12/31/2049 33,046 49,569
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 6.0371 11/17/2013 792,928 356,818
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,435,000 363,531
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,225,000 3,638,035
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 6.0 12/15/2022 5,340,000 5,338,220
Star Gas Partners LP, 8.875%, 12/1/17 8.875 12/01/2017 2,437,000 2,594,043
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 4.2734 05/23/2016 475,000 485,637
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 4,315,000 4,580,660
American Home Mortgage Investment Trust 2005-1 REMICS, Floating Rate Note, 6/25/45 2.3288 06/25/2045 8,800,000 890,721
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 12/25/36 0.355 02/25/2037 8,090,000 6,416,827
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 4,375,000 4,511,491
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.0304 06/06/2015 3,450,000 3,708,520
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 8.625 04/29/2049 4,100,000 4,195,026
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 8.75 05/04/2018 5,250,000 5,306,146
Panolam Holdings Co.     894 700,002
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 2,970,000 2,952,861
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 2,960,000 3,122,615
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.2855 03/07/2016 1,925,000 1,972,539
Romania Government Bond, 5.95%, 6/11/21 5.95 06/11/2021 1,220,000 409,143
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,000,000 3,188,115
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 5.375 06/15/2022 1,025,000 1,062,907
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125   160,000 4,454,400
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/22/2020 696,116 700,467
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 7.5 09/26/2019 4,000,000 3,962,333
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,300,000 966,074
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 4.4 04/15/2019 1,000,000 1,021,621
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 1,025,000 1,277,719
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.53 05/09/2016 900,000 956,578
Kane-Pi2 Zero% 18jul16 0.0 07/18/2016 1,806,000 1,894,133
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 7.375 11/01/2021 1,820,000 1,785,685
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 10.875 01/26/2021 3,025,000 2,640,132
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 9.25 10/15/2020 2,100,000 3,117,854
Mexican Udibonos, 2.0%, 6/9/22 2.0 06/09/2022 44,000,000 17,365,063
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 5.25 01/29/2049 7,150,000 7,414,699
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 6,150,000 6,525,342
Affinion Group, Inc., Tranche B Term Loan, 10/9/16 6.75 10/09/2016 2,187,507 2,171,709
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 8.75 05/15/2018 6,950,000 9,689,872
Mirabela Nickel, Ltd., 9.5%, 6/24/19 9.5 06/24/2019 3,385,000 3,109,028
MIE Holdings Corp., 7.5%, 4/25/19 (144A) 7.5 04/25/2019 5,000,000 5,405,208
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 437,775
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 212,000 5,160,080
BTA Bank JSC (G.D.R.) (144A)     24,638 14,216
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 5.75 02/01/2023 2,165,000 2,201,174
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0304 06/06/2016 1,600,000 1,976,391
Belden, Inc., 5.5%, 4/15/23 (144A) 5.5 04/15/2023 1,800,000 2,515,685
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 6.95 10/17/2022 1,800,000 1,720,218
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 10/09/2017 853,518 858,853
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 11.75 10/05/2015 1,125,000 1,107,930
Mexican Bonos, 7.5%, 6/3/27 7.5 06/03/2027 4,800,000 418,412
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 4.0 04/28/2018 1,000,000 996,618
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 9.0 04/30/2018 4,829,992 4,771,630
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 1,700,000 1,492,813
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,523,000 1,381,665
WireCo WorldGroup, Inc., 9.5%, 5/15/17 9.5 05/15/2017 1,100,000 1,157,979
FTS International, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 2,680,000 2,802,647
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 8.875 11/01/2017 6,900,000 7,878,674
Metinvest BV, 10.25%, 5/20/15 (144A) 10.25 05/20/2015 4,620,000 3,619,642
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 4.25 12/07/2019 1,855,032 1,853,858
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 2,835,000 3,100,102
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 8.5 10/16/2023 5,550,000 5,406,471
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 5,750,000 6,292,656
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 4.909 05/08/2031 840,000 846,195
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0203 03/12/2015 2,150,000 2,258,790
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 131,100 3,539,700
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 1,945,000 2,156,114
Numericable Group SA, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,250,000 1,290,625
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 2,980,000 3,418,805
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 3,200,000 3,566,833
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 5.75 06/17/2017 1,034,998 1,040,173
Monitronics International, Inc., Term B Loan (2013), 3/23/18 4.25 03/23/2018 2,263,118 2,267,008
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 10.25 07/13/2016 4,250,000 1,811,553
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 8.375 06/15/2019 400,000 536,594
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 1,605,000 1,611,520
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 6.75 09/30/2022 1,250,000 1,455,156
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 2,450,000 2,817,381
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 1,800,000 1,679,906
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 6.375 09/01/2024 1,900,000 2,130,039
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,652,000 10,047,129
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 11.875 10/15/2016 5,000,000 5,085,156
AEP Industries, Inc., 8.25%, 4/15/19 8.25 04/15/2019 3,355,000 3,592,995
MHP SA, 8.25%, 4/2/20 (144A) 8.25 04/02/2020 6,300,000 5,505,675
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.75 09/24/2073 2,995,000 3,632,685
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.3601 04/09/2015 300,000 311,884
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 9.75 10/25/2022 811,000 619,486
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6.875 11/01/2019 6,210,000 5,823,277
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 0.0 08/18/2018 7,630,000 4,103,059
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 7.375 01/31/2020 6,500,000 5,889,948
LDK Solar Co, Ltd., 10.0%, 9/5/14 10.0 02/28/2014 14,000,000 639,051
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.5175 04/09/2015 2,000,000 2,051,583
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 2,050,000 2,219,125
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.94 10/12/2017 12,000,000 2,059,066
Nigeria Government Bond, 16.0%, 6/29/19 16.0 06/29/2019 542,795,000 4,013,008
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 6.875 06/24/2024 4,355,000 4,758,291
Alto Palermo SA, 7.875%, 5/11/17 (144A) 7.875 05/11/2017 5,750,000 5,714,602
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 9.5 05/15/2018 4,700,000 5,424,455
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 7,100,000 7,489,760
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 1,245,000 1,363,392
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 5,650,000 6,718,186
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0304 12/06/2016 950,000 1,114,978
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A) 8.5 12/15/2016 1,297,000 1,375,090
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 3.9853 05/18/2016 1,450,000 1,475,680
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 8.5262 01/05/2017 800,000 866,278
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 10.625 02/01/2016 5,075,000 4,610,937
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 16.5253 01/27/2015 875,000 897,247
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 2,100,000 2,166,981
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 4.125 03/15/2018 10,750,000 7,768,555
Bumi Resources Tbk PT, Loan, 11/7/14 18.1585 11/07/2014 4,700,000 2,820,000
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 1,250,000 1,126,563
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr   01/12/2015 -4,923,449 -3,634
Windstream Corp., 7.75%, 10/1/21 7.75 10/01/2021 2,300,000 2,580,776
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,533 118,291
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A)   06/07/2017 250,000 255,950
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,257,063
SunPower Corp., 0.875%, 6/1/21 (144A) 0.875 06/01/2021 2,290,000 2,670,816
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 6.75 07/15/2021 1,230,000 1,338,778
Dartmouth Zero% 31dec14 0.0 12/31/2014 3,260,000 3,182,086
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,840,000 3,092,721
Old AII, Inc., 0.0%, 12/15/16 0.0 12/15/2016 6,510,000 1,763,190
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1.125 09/01/2018 1,000,000 1,116,219
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 3,000,000 2,971,958
InterGen NV, 7.0%, 6/30/23 (144A) 7.0 06/30/2023 1,500,000 1,540,000
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 6.75 11/14/2017 575,000 517,543
Ally Financial, Inc., 7.0% (Perpetual) (144A) 7.0   3,100 3,132,260
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 4,000,000 4,296,639
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 620,530 622,857
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 6.5 10/10/2019 1,029,538 1,031,629
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 5.135 10/15/2039 1,502,000 1,537,833
Fresnillo Plc, 5.5%, 11/13/23 (144A) 5.5 11/13/2023 1,825,000 1,978,021
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.0102 04/10/2015 250,000 256,302
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8.25 10/19/2019 7,700,000 8,200,660
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.28 11/10/2015 375,000 391,777
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 7.25 03/13/2017 3,750,000 3,707,370
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9692 05/15/2046 1,480,000 1,370,345
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 12.0 07/01/2019 2,450,000 2,565,558
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 2,940,000 3,511,463
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 6,285,000 6,951,472
Virtual Radiologic Corp., Term Loan A, 12/22/16 7.2528 11/03/2016 1,073,936 810,822
Agrokor dd, 9.875%, 5/1/19 (144A) 9.875 05/01/2019 3,200,000 4,799,931
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 10,175,000 3,231,622
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 3,104,000 6,320,197
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 2,400,000 2,627,250
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 6.625 12/15/2022 4,300,000 4,552,849
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 1,500,000 1,487,629
Indonesia Treasury Bond, 7.0%, 5/15/22 7.0 05/15/2022 53,000,000,000 4,319,810
EC Finance Plc, 5.125%, 7/15/21 (144A) 5.125 07/15/2021 3,695,000 4,948,159
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 4,755,000 4,878,828
Lear Corp., 11/9/14   11/09/2014 990 200,138
Advanced Micro Devices, Inc., 7.0%, 7/1/24 (144A) 7.0 07/01/2024 1,965,000 2,027,662
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 4,800,000 5,182,100
Sanchez Energy Corp., 7.75%, 6/15/21 7.75 06/15/2021 1,500,000 1,689,219
Chiquita Brands International, Inc., 7.875%, 2/1/21 7.875 02/01/2021 2,705,000 2,975,754
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.7775 12/06/2016 1,800,000 2,021,228
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 3,900,000 4,081,594
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 9.75 11/06/2069 6,875,000 8,548,203
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7.748 02/02/2021 7,800,000 7,886,005
Ormat Funding Corp., 8.25%, 12/30/20 8.25 12/30/2020 10,665,000 5,470,364
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 9.5 03/16/2022 3,600,000 3,239,899
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 750,000 781,461
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 3,775,000 3,413,943
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 6.625 07/15/2019 3,285,000 4,329,211
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 6.625 05/02/2023 2,000,000 2,103,431
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.585 07/15/2031 1,102,000 540,489
NorthStar Realty Finance Corp., 3.0%, 9/30/14 3.0 09/30/2014 6,485,000 6,569,737
New World Resources NV, 7.875%, 1/15/21 (144A) 7.875 01/15/2021 1,050,000 139,480
YPF SA, 8.875%, 12/19/18 (144A) 8.875 12/19/2018 1,000,000 1,077,503
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 4,990,000 5,492,084
Ghana Government Bond, 19.24%, 5/30/16 19.24 05/30/2016 5,400,000 1,384,170
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 6.375 01/24/2023 1,900,000 1,631,863
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6.75 03/01/2019 5,070,000 5,485,740
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 2,334,717 273,356
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 5,685,000 5,569,227
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 500,000 514,594
Energy Transfer Equity LP, 5.875%, 1/15/24 5.875 01/15/2024 2,790,000 2,967,427
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 4.25 07/01/2021 3,111,798 3,111,798
Altice Finco SA, 8.125%, 1/15/24 (144A) 8.125 01/15/2024 600,000 658,594
WideOpenWest Finance LLC, Term B Loan, 4/1/19 4.75 03/27/2019 1,349,908 1,353,283
Berkeley-Kane Flt% 12jun15   06/12/2015 903,800 916,363
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 4,980,000 5,295,919
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 4,620,000 4,864,956
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 2,150,000 2,162,015
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,350,000 2,549,045
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 6.0 03/31/2021 2,725,000 3,810,211
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 8.25 06/07/2021 12,660,000 14,483,304
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 6.75 04/15/2021 1,270,000 1,365,647
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 9.0 01/29/2019 995,000 1,092,639
International Finance Corp., 8.25%, 6/10/21 8.25 06/10/2021 240,670,000 4,281,909
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,175,000 2,351,266
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.2804 06/06/2017 750,000 807,930
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.3804 02/05/2015 1,250,000 1,283,580
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 3,695,000 3,855,117
Cengage Learning Holdings II LP     11,492 364,871
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 5.25 07/11/2019 1,488,750 1,502,707
Pangaea Zero% 01jul18 0.0 07/01/2018 4,070,000 4,186,402
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.27 02/13/2015 500,000 506,757
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 2,158,000 2,059,819
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,000,000 2,208,750
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1.13 11/25/2034 1,700,000 1,340,587
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 6.25 11/01/2023 2,000,000 2,101,319
Trust F, 5.25%, 12/15/24 (144A) 5.25 12/15/2024 2,565,000 2,746,955
Ghana Government Bond, 26.0%, 6/5/17 26.0 06/05/2017 2,000,000 567,454
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,100,000 2,252,250
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 7.5 02/11/2020 3,260,000 3,550,004
SM Energy Co., 6.5%, 1/1/23 6.5 01/01/2023 1,650,000 1,807,827
Swift Energy Co., 8.875%, 1/15/20 8.875 01/15/2020 2,410,000 2,569,286
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 7.25 12/13/2019 1,775,000 1,756,341
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,700,000 15,871,307
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 7.25 05/01/2022 3,650,000 3,876,401
Windstream Corp., 6.375%, 8/1/23 6.375 08/01/2023 1,760,000 1,773,438
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 7.506 05/29/2049 8,535,000 9,111,198
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 5.375 01/15/2023 6,165,000 6,204,816
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 5.75 02/15/2019 4,325,000 5,866,178
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 7.8 11/28/2022 1,650,000 1,476,640
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 2,256,000 2,350,752
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.5203 04/30/2018 350,000 352,835
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,710,000 2,468,001
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 9.5 05/04/2020 20,248,000 22,335,794
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,794,954
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.7703 04/30/2018 2,000,000 2,037,633
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 5.55 10/28/2020 4,000,000 4,025,233
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 1,000,000 1,110,417
Rex Energy Corp., 6.25%, 8/1/22 (144A) 6.25 08/01/2022 1,960,000 1,974,632
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9692 05/15/2046 455,000 378,500
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 12.25 02/10/2022 3,755,000 4,362,580

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

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