Pioneer Investments: Pioneer Global High Yield Fund


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Pioneer Global High Yield Fund

Monthly Portfolio Holdings as of 5/30/2014

Security Name Coupon Maturity Date Par / Shares Market Value($)
Akbank TAS, 7.5%, 2/5/18 (144A) 7.5 02/05/2018 4,500,000 2,014,829
Republic of Ghana, 7.875%, 8/7/23 (144A) 7.875 08/07/2023 2,335,000 2,334,810
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 7.4015 02/13/2015 500,000 509,607
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 9.055 06/06/2015 750,000 798,000
Golar LNG, Ltd., 3.75%, 3/7/17 3.75 03/07/2017 800,000 924,026
Kane Flt% 30jul16   07/30/2016 1,006,000 1,006,000
Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A) 8.875 04/07/2020 4,240,000 4,200,000
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.4253 01/09/2017 1,500,000 1,550,233
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,800,000 3,139,500
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 6,800,000 7,168,428
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 1,000,000 1,009,750
BTA Bank JSC (G.D.R.) (144A)     24,638 12,080
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 5.78 03/15/2020 2,750,000 2,678,040
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 3,000,000 2,935,000
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,278,442
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 8.549 01/05/2017 800,000 855,749
Hearthside Food Solutions Llc Bridge L + 6% 08apr15 6.2294 04/08/2015 2,315,000 2,315,000
Votorantim Cimentos SA, 7.25%, 4/5/41 (144A) 7.25 04/05/2041 3,700,000 3,962,983
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,857,703
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 12.0304 03/12/2015 2,150,000 2,275,130
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 6.79 12/31/2014 2,850,000 135,124
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 9.875 02/01/2020 6,800,000 7,584,833
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 9.875 07/24/2017 3,000,000 3,419,510
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0456 06/06/2016 1,850,000 2,318,153
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6.75 03/01/2019 5,070,000 5,439,159
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 2,860,000 3,241,413
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,000,000 3,124,063
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 7.5 09/26/2019 4,000,000 4,174,167
Bombardier, Inc., 4.75%, 4/15/19 (144A) 4.75 04/15/2019 2,100,000 2,142,321
Ctv 5% 15jun21 144a 5.0 06/15/2021 1,475,000 1,482,375
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 0.0 10/01/2015 3,550,000 3,987,005
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 2,980,000 3,307,800
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 9.0 06/10/2028 39,000,000 2,980,718
Gol Finance, 9.25%, 7/20/20 (144A) 9.25 07/20/2020 7,363,000 7,866,650
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 5.6605 11/25/2034 750,000 276,457
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 6.2273 04/10/2015 250,000 257,027
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 2,350,000 2,473,610
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 2,970,000 2,970,000
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A) 9.875 06/15/2015 1,550,000 1,155,579
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 6.25 02/01/2019 4,100,000 4,175,878
Swift Energy Co., 8.875%, 1/15/20 8.875 01/15/2020 2,410,000 2,641,427
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 7.125   160,000 4,425,600
Forest City Enterprises, Inc., 4.25%, 8/15/18 4.25 08/15/2018 2,805,000 3,178,455
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.0063 02/15/2051 2,100,000 2,174,028
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 131,100 3,542,322
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 7.08 12/15/2035 9,000,000 4,683,204
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 3,775,000 3,420,797
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 6.375 09/01/2024 1,900,000 2,105,457
Belvedere SA, 12/23/16   12/23/2016 5,578,091 380,300
LKQ Corp., 4.75%, 5/15/23 4.75 05/15/2023 1,250,000 1,224,514
Fts International Inc 1st Lien Term L + 4.75% 01apr21   04/01/2021 1,375,000 1,386,859
Stx 4.75% 01jan25 144a 4.75 01/01/2025 3,900,000 3,877,169
IAP Worldwide Services, Inc., 12/31/15 10.0 12/31/2015 1,926,073 558,561
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 8.625 11/01/2018 2,835,000 3,067,322
Ardent Medical Services, Inc., 7/2/18 6.75 05/02/2018 1,392,375 1,399,337
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 11.5 12/15/2019 1,560,000 1,843,573
Hunter Defense Technologies, Inc., 8/22/14 3.48 08/22/2014 1,487,052 1,442,440
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 3,045,000 3,277,372
IAC, 4.875%, 11/30/18 4.875 11/30/2018 700,000 751,734
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9.0 01/28/2017 10,395,000 10,986,129
Altice SA, 7.75%, 5/15/22 (144A) 7.75 05/15/2022 2,025,000 2,138,808
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 6.876 06/27/2017 2,465,000 327,024
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 9.25 01/24/2020 4,400,000 4,250,950
GSAMP Trust 2006-HE8, Floating Rate Note, 1/25/37 0.28 01/25/2037 1,800,000 459,518
Lear Corp., 11/9/14   11/09/2014 990 175,596
Ghana Government Bond, 26.0%, 6/5/17 26.0 06/05/2017 2,000,000 765,515
Bertin SA, 10.25%, 10/5/16 (144A) 10.25 10/05/2016 6,000,000 6,918,958
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 1,940,000 2,134,316
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 9.125 10/15/2020 5,000,000 5,595,799
NorthStar Realty Finance Corp., 3.0%, 9/30/14 3.0 09/30/2014 6,485,000 6,504,931
Altice Financing SA, 6.5%, 1/15/22 (144A) 6.5 01/15/2022 2,800,000 3,039,439
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,765,000 4,020,811
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8.5 02/02/2017 8,405,000 8,639,173
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 8.375 06/03/2021 4,250,000 4,759,690
Metinvest BV, 10.25%, 5/20/15 (144A) 10.25 05/20/2015 4,620,000 4,484,320
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1.125 11/25/2034 1,700,000 1,350,579
New World Resources NV, 7.875%, 1/15/21 (144A) 7.875 01/15/2021 1,050,000 300,641
Novellus Systems, Inc., 2.625%, 5/15/41 2.625 05/15/2041 1,750,000 3,310,635
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 1,025,000 1,259,896
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 8.75 05/04/2018 6,000,000 6,127,917
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 5,200,000 5,521,967
Mexican Udibonos, 2.0%, 6/9/22 2.0 06/09/2022 44,000,000 17,611,952
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 9,820,000 10,679,250
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 5.9668 05/15/2046 775,000 809,565
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 6.6956 03/13/2015 750,000 774,866
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 7.875 04/07/2016 11,475,000 11,352,361
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 3,200,000 3,688,822
YPF SA, 8.875%, 12/19/18 (144A) 8.875 12/19/2018 1,000,000 1,099,691
Expert Global Solutions, Inc., 4/3/18 8.5 03/13/2018 12,718,699 12,305,341
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 4,980,000 5,474,473
Ozburn-Hessey Holding Co LLC, 5/23/19 6.7525 05/07/2019 1,002,425 1,005,558
Kane-Pi2 Zero% 18jul16 0.0 07/18/2016 1,806,000 1,860,722
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 4,225,000 4,430,793
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 8.1034 01/07/2016 450,000 473,211
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1.125 09/01/2018 1,000,000 1,119,688
Murray Energy Corp., 8.625%, 6/15/21 (144A) 8.625 06/15/2021 1,900,000 2,146,565
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 6.0 04/01/2024 600,000 621,750
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr   01/12/2015 -4,923,449 -13,195
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 11.779 11/10/2016 650,000 696,141
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 8.25 09/30/2020 3,600,000 3,928,500
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 10.875 01/26/2021 3,025,000 2,934,124
First Data Corp., 12.625%, 1/15/21 12.625 01/15/2021 3,597,000 4,496,949
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,375,000 1,507,258
QR Energy LP, 9.25%, 8/1/20 9.25 08/01/2020 2,450,000 2,697,042
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 6.75 03/15/2023 4,750,000 4,745,561
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 5,120,000 5,465,884
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 10.5849 04/09/2015 300,000 316,110
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 2,158,000 2,359,189
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 1,500,000 1,484,087
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 0.0 03/01/2018 3,533 990,705
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 7.25 05/01/2022 3,650,000 3,783,605
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.05 03/16/2016 400,000 434,180
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A) 8.5 12/15/2016 1,297,000 1,406,200
Xec 4.375% 01jun24 4.375 06/01/2024 4,800,000 4,884,000
Suntech Power Holdings Co, Ltd., 0.0%, 3/15/13 0.0 03/15/2049 535,000 210,638
InterGen NV, 7.0%, 6/30/23 (144A) 7.0 06/30/2023 1,500,000 1,611,250
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 4,000,000 4,263,750
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 10,650,000 13,026,087
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 6.0 03/31/2021 2,725,000 3,873,986
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 17.9804 01/07/2015 1,250,000 1,358,898
Brazilian Government International Bond, 10.25%, 1/10/28 10.25 01/10/2028 2,950,000 1,460,734
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 10.375 09/30/2020 3,495,000 2,122,484
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 6,150,000 6,543,984
Btecn 5.125% 01jun21 144a 5.125 06/01/2021 5,000,000 5,062,500
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 1,250,000 1,249,375
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 0.0 04/30/2016 1,515,236 1,860,406
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 11.75 10/05/2015 2,125,000 2,149,334
TI Group Automotive Systems LLC, 3/28/19 5.5 03/27/2019 3,119,676 3,138,200
BioScrip, Inc., 7/31/20 6.5 07/22/2020 417,670 420,280
CEVA GROUP Plc     1,584 1,761,811
Virtual Radiologic Corp., 12/22/16 7.2514 11/03/2016 1,427,063 1,038,188
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 7.75 10/28/2020 3,720,000 4,019,662
Indonesia Treasury Bond, 7.0%, 5/15/22 7.0 05/15/2022 53,000,000,000 4,281,222
Cqp 5.75% 15may24 144a 5.75 05/15/2024 1,935,000 1,991,612
National Mentor Holdings, Inc., 1/31/21 4.75 01/31/2021 2,550,000 2,565,407
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 7.75 12/15/2025 357,000 399,210
Ghana Government Bond, 21.0%, 10/26/15 21.0 10/26/2015 3,660,000 1,178,960
General Cable Corp., 7.0%, 10/1/22 (144A) 6.5 10/01/2022 3,250,000 3,305,521
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,150,000 3,460,669
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 4,375,000 4,507,405
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 6,995,000 7,428,593
Agrokor dd, 9.875%, 5/1/19 (144A) 9.875 05/01/2019 3,200,000 4,965,570
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 13.5456 02/05/2015 1,925,000 2,008,978
Allison Transmission, Inc., 8/23/19 3.75 08/23/2019 3,206 3,212
Ctv 5.5% 15jun24 144a 5.5 06/15/2024 700,000 703,500
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 3.1143 02/25/2035 5,923,886 2,361,256
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 7.25 12/13/2019 2,775,000 2,810,290
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8.25 10/19/2019 7,700,000 8,082,113
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,652,000 9,669,695
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 11.2601 01/08/2015 1,000,000 1,041,950
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 6.75 11/14/2017 575,000 541,535
Scitor Corp., 2/15/17 5.0 01/21/2017 2,177,194 2,144,972
COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A) 6.85 08/15/2033 1,000,000 133,797
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 10.2601 01/08/2015 1,500,000 1,556,525
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 8.0456 06/06/2016 550,000 609,296
The PNC Financial Services Group, Inc., Floating Rate Note, 12/31/49 (Perpetual) 6.75 07/29/2049 13,430,000 15,103,714
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 6.375 04/15/2022 2,400,000 2,461,100
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 4,400,000 4,456,222
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 4,990,000 5,421,427
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 8.5304 05/09/2016 900,000 955,800
Affinion Group, Inc., 10/9/16 6.75 10/09/2016 2,192,990 2,205,718
Ghana Government Bond, 19.24%, 5/30/16 19.24 05/30/2016 5,400,000 1,825,236
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 2,175,000 2,403,375
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 7,165,000 7,575,594
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 5,750,000 6,560,271
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,475,000 1,511,957
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 1,800,000 1,731,375
Independencia International, Ltd., 0.0%, 12/30/16 (144A) 0.0 12/30/2016 2,969,595 867,617
International Finance Corp., 7.75%, 12/3/16 7.75 12/03/2016 241,840,000 4,263,331
Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 6.75 04/01/2022 1,300,000 1,386,125
Navistar International Corp., 8.25%, 11/1/21 8.25 11/01/2021 8,405,000 8,777,972
Aircraft Finance Trust, Floating Rate Note, 5/15/24 (144A) 0.6311 05/15/2024 11,396,000 3,110,096
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 6.8855 04/07/2017 1,250,000 1,311,158
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 9.2956 06/06/2017 750,000 796,123
Post 6% 15dec22 144a 6.0 12/15/2022 5,340,000 5,386,725
Windstream Corp., 7.75%, 10/1/21 7.75 10/01/2021 2,300,000 2,525,208
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) 6.625 12/15/2022 6,300,000 6,760,206
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 9.5 05/15/2018 4,700,000 6,787,347
Regal Entertainment Group, 5.75%, 2/1/25 5.75 02/01/2025 1,115,000 1,136,371
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 12.5 07/08/2015 11,063,000 11,899,947
American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45 2.323 06/25/2045 8,800,000 916,442
Rfp 5.875% 15may23 5.875 05/15/2023 5,685,000 5,500,869
Chaparral Energy, Inc., 7.625%, 11/15/22 7.625 11/15/2022 2,596,000 2,774,087
Numericable Group SA, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,250,000 1,301,667
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 1.425 01/25/2032 8,200,000 312,687
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 8.75 05/15/2018 6,950,000 9,940,041
Freeport-McMoRan Copper & Gold, Inc.     95,846 3,263,556
Windstream Corp., 7.75%, 10/15/20 7.75 10/15/2020 6,765,000 7,407,017
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 3,225,000 3,597,264
Magnesita Finance, Ltd., 8.625%, 12/31/49 (Perpetual) (144A) 8.625 04/29/2049 4,100,000 4,047,383
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 10.5 02/15/2019 4,840,000 8,405,420
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 0.0234 05/23/2016 725,000 730,763
Old AII, Inc., 0.0%, 12/15/16 0.0 12/15/2016 6,510,000 1,602,248
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 7.25 03/13/2017 3,750,000 3,630,026
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 4.0253 05/18/2016 1,450,000 1,461,648
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 6,450,000 6,892,972
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 1,300,000 1,433,897
Romania Government Bond, 5.85%, 4/26/23 5.85 04/26/2023 24,770,000 8,324,131
Stone Energy Corp., 7.5%, 11/15/22 7.5 11/15/2022 3,800,000 4,164,167
Windstream Corp., 8.125%, 9/1/18 8.125 09/01/2018 5,700,000 6,115,031
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,550,000 2,367,119
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 6.75 09/30/2022 1,250,000 1,435,938
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.0456 06/06/2016 1,100,000 1,239,248
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 6.5 07/21/2016 2,660,000 2,782,286
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 6,250,000 6,680,903
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 6,365,000 6,403,455
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 5.375 12/15/2021 4,365,000 4,594,693
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 10.625 02/01/2016 5,075,000 4,823,365
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 3,900,000 4,238,793
USI, Inc. New York, 7.75%, 1/15/21 (144A) 7.75 01/15/2021 4,900,000 5,190,461
Bumi Resources Tbk PT, 11/7/14 6.2907 11/07/2014 4,700,000 3,407,500
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 5.25 04/01/2022 1,740,000 1,820,946
Ormat Funding Corp., 8.25%, 12/30/20 8.25 12/30/2020 10,665,000 6,018,426
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 6.375 01/24/2023 1,900,000 1,595,980
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 10.25 07/13/2016 4,250,000 1,842,553
MMM Holdings, Inc., 12/12/17 9.75 10/09/2017 1,097,346 1,106,262
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 6.125 03/25/2019 1,865,000 84,067
MIE Holdings Corp., 7.5%, 4/25/19 (144A) 7.5 04/25/2019 5,000,000 5,275,000
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 5.9 12/31/2049 2,150,000 2,198,100
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 6.75 02/01/2020 1,144,000 1,221,220
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 7.555 04/09/2015 2,000,000 2,062,400
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 8.625 02/01/2020 750,000 801,563
Trust F, 5.25%, 12/15/24 (144A) 5.25 12/15/2024 2,565,000 2,706,075
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 8.875 12/01/2018 1,600,000 1,791,000
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 0.5 04/15/2019 1,945,000 1,988,357
Griffon Corp., 5.25%, 3/1/22 (144A) 5.25 03/01/2022 6,750,000 6,758,156
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 2,710,000 2,592,002
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 12.7956 12/06/2016 1,800,000 2,006,025
VeriSign, Inc., 4.625%, 5/1/23 4.625 05/01/2023 4,430,000 4,347,399
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 2,940,000 3,460,707
Star Gas Partners LP, 8.875%, 12/1/17 8.875 12/01/2017 2,437,000 2,691,362
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 9.5 05/04/2020 20,248,000 21,925,772
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 4,675,000 5,284,276
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 9.5 03/16/2022 3,600,000 3,471,428
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 19.0456 12/06/2016 950,000 1,110,729
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A) 7.87 03/15/2016 2,300,000 2,429,361
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 2,269,000
CHS, 6.875%, 2/1/22 (144A) 6.875 02/01/2022 7,895,000 8,496,445
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 4,875,000 5,161,459
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 8.6507 04/08/2016 750,000 794,475
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 6.95 11/10/2021 940,000 1,012,249
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 7.75 06/15/2021 1,500,000 1,658,604
United Continental Holdings, Inc., 6.0%, 7/15/26 6.0 07/15/2026 3,500,000 3,526,833
Green Field Energy Services, Inc., 11/15/21 (144A)   11/15/2021 2,275 2,286
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 212,000 5,077,400
National Surgical Hospitals, Inc., 8/1/19 5.75 07/11/2019 1,492,500 1,497,164
Perseus Holding Corp., 14.0%, 9/15/14 (144A) 14.0 04/15/2014 17,350 1,422,700
Mexican Udibonos, 3.5%, 12/14/17 3.5 12/14/2017 2,050,000 902,125
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 5.0203 02/25/2015 1,950,000 1,968,168
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 2,050,000 2,198,967
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 12.055 06/06/2015 3,450,000 3,692,075
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 11.2652 11/10/2015 375,000 395,602
AEP Industries, Inc., 8.25%, 4/15/19 8.25 04/15/2019 3,355,000 3,608,442
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 5.918 09/25/2036 1,523,000 1,392,203
Chiquita Brands International, Inc., 7.875%, 2/1/21 7.875 02/01/2021 2,705,000 3,029,600
WebMD Health Corp., 1.5%, 12/1/20 (144A) 1.5 12/01/2020 3,750,000 3,947,656
International Finance Corp., 5.0%, 12/21/15 5.0 12/21/2015 11,200,000 4,762,157
SM Energy Co., 6.5%, 1/1/23 6.5 01/01/2023 1,650,000 1,834,938
Newhall Land Development LLC     161,215 725,468
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 7.0 01/17/2023 1,626,000,000 813,047
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 2,230,000 2,457,274
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,300,000 1,009,764
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 4,450,000 4,387,082
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5411 07/15/2031 12,652,000 6,218,928
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 12.25 02/10/2022 4,755,000 5,570,582
Ford Motor Co., 4.25%, 11/15/16 4.25 11/15/2016 4,894,000 9,372,078
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 11.625 07/15/2017 2,500,000 4,019,961
Cengage Learning Holdings II LP     11,492 420,182
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 0.0 11/15/2016 54,000 16,113
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 9.0 01/29/2019 995,000 1,077,585
Mirabela Nickel, Ltd., 3.5%, 6/30/14 (144A) (PIK) 3.5 06/30/2014 1,360,000 1,354,648
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 0.0 02/03/2022 7,500,000 1,200,000
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 6.25 05/01/2024 7,100,000 7,397,806
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 11.0 10/01/2016 5,080,000 4,741,333
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 4.0304 05/05/2017 1,600,000 1,596,267
SanDisk Corp., 0.5%, 10/15/20 (144A) 0.5 10/15/2020 1,755,000 2,140,028
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 4,000,000 4,395,000
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 7.75 12/15/2020 1,995,000 2,220,906
Standard Aero, Ltd., 11/2/18 5.0 11/02/2018 1,712,338 1,736,597
Belden, Inc., 5.5%, 4/15/23 (144A) 5.5 04/15/2023 1,800,000 2,569,980
Mexican Bonos, 7.5%, 6/3/27 7.5 06/03/2027 4,800,000 431,884
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 355,600 9,643,872
Ngls 4.25% 15nov23 4.25 11/15/2023 5,850,000 5,539,300
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,000,000 1,007,700
WireCo WorldGroup, Inc., 9.5%, 5/15/17 9.5 05/15/2017 1,100,000 1,132,144
Kane Flt% 01dec20   12/01/2020 903,800 903,800
Horizon Lines, Inc.     2,370,345 853,324
CFG Investment SAC, 9.75%, 7/30/19 (144A) 9.75 07/30/2019 4,450,000 4,516,750
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 9.0 02/13/2018 130,000,000 3,564,236
Mongolian Mining Corp., 8.875%, 3/29/17 (144A) 8.875 03/29/2017 950,000 536,786
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 6.0271 02/15/2018 1,200,000 2,002,087
CEDC Finance Corp International, Inc., 8.0%, 4/30/18 (Step) 9.0 04/30/2018 4,829,992 4,475,793
Lam Research Corp., 1.25%, 5/15/18 1.25 05/15/2018 3,400,000 4,521,764
Tonobz 10.5% 14may24 144a 10.5 05/14/2024 1,625,000 1,685,870
BLAZE RECYCLING & METALS LLC/ BLAZE FINANCE CORP     6,615,974 396,958
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 9.75 11/06/2069 6,875,000 8,286,094
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9.0 02/10/2017 9,720,000 10,400,400
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 7.0 05/15/2022 2,810,000 3,141,892
LDK Solar Co, Ltd., 10.0%, 2/28/14 10.0 02/28/2014 14,000,000 600,299
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 2,910,000 2,994,269
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 6.95 10/17/2022 5,000,000 5,104,972
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 5.5 12/01/2021 4,300,000 4,619,215
Electricite de France, Floating Rate Note, 12/31/49 (Perpetual) (144A) 5.25 01/29/2049 7,150,000 7,477,410
WideOpenWest Finance LLC, 4/1/19 4.75 03/27/2019 1,353,325 1,361,043
MHP SA, 8.25%, 4/2/20 (144A) 8.25 04/02/2020 6,300,000 5,567,441
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 4.4 04/15/2019 1,000,000 1,012,022
AdvancePierre Foods, Inc., 7/10/17 5.75 06/17/2017 1,037,625 1,037,625
JLL, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 4,755,000 4,988,788
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 9.625 05/14/2020 8,117,602 6,207,196
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 7.875 04/04/2018 5,525,000 4,627,015
Nigeria Government Bond, 16.0%, 6/29/19 16.0 06/29/2019 542,795,000 3,980,369
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 4.0 04/28/2018 1,000,000 992,014
FTS International, Inc., 6.25%, 5/1/22 (144A) 6.25 05/01/2022 2,680,000 2,754,538
MSO of Puerto Rico, Inc., 12/12/17 9.75 12/12/2017 797,807 804,788
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 5.333 02/15/2028 5,250,000 5,344,787
Gentiva Health Services, Inc., 11.5%, 9/1/18 11.5 09/01/2018 833,000 918,383
Altice Finco SA, 8.125%, 1/15/24 (144A) 8.125 01/15/2024 600,000 673,885
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 3,945,000 3,947,877
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 4,790,000 5,308,285
Fx Vanilla Option Put Usd/Call Try 2.154 12 01 2015 Tr   01/12/2015 4,923,450 107,928
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 12.0 11/10/2016 6,200,000 3,135,650
Inversiones Alsacia SA, 8.0%, 8/18/18 (144A) 8.0 08/18/2018 7,630,000 4,048,615
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 0.0 09/15/2037 8,875,000 2,084,560
BR Malls International Finance, Ltd., 8.5%, 12/31/49 (Perpetual) (144A) 8.5 01/29/2049 4,025,000 4,223,064
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 5.55 10/28/2020 4,000,000 4,045,350
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 5.75 02/15/2019 4,325,000 6,190,591
Monitronics International, Inc., 3/23/18 4.25 03/23/2018 2,268,862 2,274,062
Windstream Corp., 7.5%, 6/1/22 7.5 06/01/2022 6,285,000 6,992,063
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 800,000 896,978
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 0.0 12/11/2019 9,802,000 1,801,118
inVentiv Health, Inc., 8/4/16 7.5 08/04/2016 1,115,878 1,122,387
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 2,400,000 441,788
Alpha Natural Resources, Inc., 6.0%, 6/1/19 6.0 06/01/2019 315,000 231,525
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 3,411,305
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 5.135 10/15/2039 1,502,000 1,367,577
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 7,610,000 7,205,719
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 2,200,000 2,383,272
Tullow Oil Plc, 6.0%, 11/1/20 (144A) 6.0 11/01/2020 1,520,000 1,573,200
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 2,770,000 2,878,415
Alto Palermo SA, 7.875%, 5/11/17 (144A) 7.875 05/11/2017 5,750,000 5,666,086
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 12/31/2014 3,428 3,813,839
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,840,000 3,054,183
Sirius International Group, Ltd., Floating Rate Note, 12/31/49 (Perpetual) (144A) 7.506 05/29/2049 8,535,000 9,248,048
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 8.75 04/15/2018 11,725,000 3,399,436
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 3,850,000 4,046,537
Hunter Defense Technologies, Inc., 8/22/14 6.2907 08/22/2014 2,860,573 2,653,181
Sandre Flt% 25may18   05/25/2018 1,600,000 1,586,400
Windstream Corp., 6.375%, 8/1/23 6.375 08/01/2023 1,760,000 1,784,200
Indonesia Treasury Bond, 8.25%, 6/15/32 8.25 06/15/2032 81,459,000,000 6,995,763
Alliant Holdings I, Inc., 12/20/19 4.25 12/07/2019 1,858,822 1,862,865
ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK) 11.125 06/01/2018 11,250,297 12,663,616
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 4,025,000 4,085,375
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 5,000,000 5,464,167
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 2,704,717 380,914
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 8.3956 02/05/2015 1,250,000 1,284,995
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 5,810,000 6,398,666
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 10.0 04/30/2018 2,274,177 1,917,889
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 6.625 05/02/2023 2,000,000 2,040,674
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 16.5101 01/27/2015 875,000 914,222
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)   04/30/2018 1,400,000 1,408,051
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6.875 11/01/2019 6,210,000 5,733,253
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 8.0 05/02/2018 3,500,000 2,857,556
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 3,020,000 3,272,799
Alliance HealthCare Services, Inc., 6/3/19 4.25 05/31/2019 1,042,127 1,042,941
Cincinnati Bell, Inc., 8.75%, 3/15/18 8.75 03/15/2018 8,378,000 8,941,188
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5.375 01/26/2019 7,570,000 8,091,357
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 1,960,000 2,258,580
Post Holdings Inc Bridge L + 6% 17apr22 7.0 04/17/2022 2,075,000 2,075,000
Xrs 2.5% 15may19 144a 2.5 05/15/2019 1,270,000 1,402,023
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 7.625 12/05/2019 1,700,000 584,292
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 8.875 11/01/2017 6,900,000 7,917,031
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,490,000 7,855,346
Metinvest BV, 8.75%, 2/14/18 (144A) 8.75 02/14/2018 11,350,000 10,370,574
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 8,870,000 8,626,075
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 4,240,000 4,570,367
Generic Drug Holdings, Inc., 8/16/20 5.0 10/04/2019 980,094 986,066
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 3,485,000 3,564,139
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 8.125 12/01/2019 5,215,000 6,000,509
Rose 5.875% 01jun24 5.875 06/01/2024 1,935,000 1,969,494
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 3.2429 11/01/2066 950,000 876,567
DAE Aviation Holdings, Inc., 11/2/18 4.2334 11/02/2018 3,777,207 3,829,144
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 0.0 12/31/2049 33,046 49,569
BioScrip, Inc., 7/31/20 6.5 07/22/2020 696,116 700,467
Panolam Holdings Co.     894 700,002
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 4,315,000 4,625,601
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 9.25 10/15/2020 2,100,000 3,198,287
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 4,429,405
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 11.5 02/15/2018 10,175,000 6,179,475
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 7.5 02/11/2020 3,260,000 3,562,908
Stanadyne Holdings, Inc., 12.0%, 2/15/15 (Step) 12.0 02/15/2015 10,550,000 10,922,767
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 4,340,000 4,524,088
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 7.8 11/28/2022 3,500,000 3,243,392
Lyv 5.375% 15jun22 144a 5.375 06/15/2022 1,025,000 1,033,912
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.75 09/24/2073 2,995,000 3,552,923
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 4.125 03/15/2018 10,750,000 8,512,208
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 0.0 12/01/2017 13,799 0
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 7.875 04/26/2021 2,600,000 2,220,912
Altrl Flt% 30jun16   06/30/2016 5,300,000 5,454,760
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12.5 04/06/2015 7,300,000 7,646,750
CWGS Group LLC, 2/20/20 5.75 02/20/2020 6,061,875 6,077,030
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.96 10/12/2017 12,000,000 2,134,618
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 10,345,000 11,947,757
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 6.0 10/24/2022 1,500,000 1,527,000
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 5.2855 03/07/2016 1,925,000 1,961,864
Vertafore, Inc., 10/29/17 9.75 10/18/2017 3,500,000 3,571,096
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 1,605,000 1,513,314
Cemex SAB de CV, 3.75%, 3/15/18 3.75 03/15/2018 10,300,000 15,446,781
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 500,000 524,375
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 9.75 10/25/2022 811,000 632,158
Fresnillo Plc, 5.5%, 11/13/23 (144A) 5.5 11/13/2023 1,825,000 1,934,956
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,350,000 1,401,075
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 6.748 03/15/2017 10,600,000 1,339,631
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 6.2804 01/08/2015 250,000 253,654
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 5.75 12/15/2018 1,850,000 2,001,687
BreitBurn Energy Partners LP, 7.875%, 4/15/22 7.875 04/15/2022 2,830,000 3,070,727
Ete 5.875% 15jan24 144a 5.875 01/15/2024 2,790,000 2,969,151
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 2,880,000 3,174,773
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A) 11.25 09/20/2021 2,800,000 3,289,125
Pegasus Solutions, Inc., 13.0%, 9/15/14 (144A) 13.0 04/15/2014 11,822,021 11,190,856
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 3,695,000 3,823,350
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 6.25 11/01/2023 2,000,000 2,056,069
Molycorp, Inc., 10.0%, 6/1/20 10.0 06/01/2020 5,300,000 5,021,750
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,700,000 15,844,906
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 2,400,000 2,611,300
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 6.9 11/15/2016 675,000 680,476
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 6.2907 11/17/2013 792,928 317,171
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 11.875 10/15/2016 5,000,000 4,975,868
Banco Macro SA, Floating Rate Note, 12/18/36 9.75 12/18/2036 820,000 761,678
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4.75 06/01/2023 6,925,000 7,176,031
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,000,000 2,221,667
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5811 07/15/2031 1,102,000 541,687
Inter-American Development Bank, 4.5%, 2/4/16 4.5 02/04/2016 11,650,000,000 973,864
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 8.25 06/07/2021 12,660,000 14,668,826
International Finance Corp., 8.25%, 6/10/21 8.25 06/10/2021 240,670,000 4,259,900
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,435,000 676,338
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7.748 02/02/2021 7,800,000 8,506,769
CSMC Mortgage-Backed Trust 2007-3, 5.0%, 4/25/37 5.0 04/25/2037 4,700,000 589,513
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 7.375 01/31/2020 6,500,000 6,180,417
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 3,370,000 3,533,024
Pro Mach, Inc., 7/6/17 4.5 07/16/2017 1,418,897 1,422,444
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 6.25 08/15/2022 1,600,000 2,393,759
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 6.75 04/15/2021 1,270,000 1,366,679
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 5.7956 12/06/2016 450,000 474,001
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 2/25/37 0.35 02/25/2037 8,090,000 6,668,874
Gentiva Health Services, Inc., 10/10/19 6.5 10/10/2019 1,032,125 1,035,136
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 7.75 01/31/2023 24,000,000 25,940,000
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 481,269
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 7.5   445 548,240
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 8.25 01/29/2018 4,690,000 5,142,487
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 1,700,000 1,558,900
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 7.0   3,100 3,141,850
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6.0 10/15/2022 4,900,000 5,033,117
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 1,245,000 1,360,941
Surgery Center Holdings, Inc., 4/11/19 6.0 04/11/2019 1,881,600 1,891,008
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)   04/30/2018 350,000 350,595
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 8.5 10/16/2023 5,550,000 5,608,969
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6.5 04/15/2021 4,025,000 4,119,643
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 4.4 04/30/2023 1,000,000 993,187
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 16.275 11/10/2015 950,000 973,633
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 1,675,000 1,853,748
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 8.555 04/09/2015 900,000 934,470
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 4,640,000 4,574,267

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

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