Pioneer Investments: Pioneer Global High Yield Fund


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Pioneer Global High Yield Fund

Monthly Portfolio Holdings as of 5/29/2015

Security Name Coupon Maturity Date Par / Shares Market Value($)
Kane Zero% 22jan16 0.0 01/22/2016 1,000,000 1,020,700
Aguila 3 SA, 7.875%, 1/31/18 (144A) 7.875 01/31/2018 6,100,000 6,290,625
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 5.375 07/01/2022 3,200,000 3,207,189
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 6.75 04/15/2021 1,270,000 1,239,441
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 3,785,000 4,121,116
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.2083 02/15/2051 2,100,000 2,168,966
Dycom Investments, Inc., 7.125%, 1/15/21 7.125 01/15/2021 2,230,000 2,406,658
Europcar Groupe SA, 5.75%, 6/15/22 (144A) 5.75 06/15/2022 1,560,000 1,748,488
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 355,600 9,266,936
Energy XXI, Ltd., 3.0%, 12/15/18 3.0 12/15/2018 2,430,000 835,313
Cincinnati Bell, Inc., 8.375%, 10/15/20 8.375 10/15/2020 2,790,000 2,983,120
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 9.0 06/10/2028 47,000,000 3,087,765
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 5.55 10/28/2020 4,000,000 4,013,733
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 7.5 11/15/2019 2,300,000 2,307,188
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3.631 05/08/2031 1,175,000 1,175,558
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 8.25 01/29/2018 4,690,000 5,021,016
NRG Energy, Inc., 6.25%, 5/1/24 6.25 05/01/2024 6,000,000 6,165,208
A Schulman Inc Bridge L + 0% 27mar16 0.2708 03/27/2016 4,190,000 4,190,000
Sanchez Energy Corp., 7.75%, 6/15/21 7.75 06/15/2021 1,500,000 1,583,281
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 5.875 04/15/2023 2,625,000 2,679,943
Frontier Communications Corp., 8.5%, 4/15/20 8.5 04/15/2020 2,940,000 3,177,038
General Cable Corp., 4.5%, 11/15/29 (Step) 4.5 11/15/2029 1,250,000 1,010,938
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 33,500 83,750
KB Home, 1.375%, 2/1/19 1.375 02/01/2019 4,640,000 4,481,289
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.25 01/31/2021 2,524,500 2,536,176
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 6.875 08/01/2022 3,225,000 3,143,087
Romania Government Bond, 5.95%, 6/11/21 5.95 06/11/2021 1,220,000 368,210
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 2,995,000 3,612,095
Mj Acquisition Corp 2nd Lien L + 8% 08apr23   04/08/2023 2,790,000 2,824,875
Comstock Resources, Inc., 9.5%, 6/15/20 9.5 06/15/2020 2,000,000 1,057,083
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 8.25 06/07/2021 5,145,000 5,268,587
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A) 5.25 05/23/2023 750,000 650,453
EPL Oil & Gas, Inc., 8.25%, 2/15/18 8.25 02/15/2018 4,980,000 3,605,831
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,721 233,596
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 10.0 04/30/2018 4,829,992 4,528,118
Citrix Systems, Inc., 0.5%, 4/15/19 0.5 04/15/2019 1,945,000 2,053,191
LKQ Corp., 4.75%, 5/15/23 4.75 05/15/2023 1,250,000 1,236,849
ZF North America Capital, Inc., 4.5%, 4/29/22 (144A) 4.5 04/29/2022 670,000 684,321
BreitBurn Energy Partners LP, 7.875%, 4/15/22 7.875 04/15/2022 2,830,000 2,518,258
Kane Ilw Zero% 02feb16 0.0 02/02/2016 1,300,000 1,233,570
WireCo WorldGroup, Inc., 9.5%, 5/15/17 9.5 05/15/2017 1,100,000 1,021,854
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.5756 07/15/2031 12,652,000 5,108,012
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9.75 05/15/2017 9,652,000 9,741,498
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 5.875 07/01/2022 1,525,000 1,527,769
Talen Energy Supply LLC, 5.125%, 7/15/19 (144A) 5.125 07/15/2019 3,760,000 3,804,063
Africa Finance Corp., 4.375%, 4/29/20 (144A) 4.375 04/29/2020 1,845,000 1,881,932
SunEdison, Inc., 2.625%, 6/1/23 (144A) 2.625 06/01/2023 2,140,000 2,209,805
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 0.0 09/18/2017 1,800,000 1,961,460
Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A) 5.0 05/30/2023 1,500,000 1,416,000
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 6.25 07/22/2019 4,000,000 4,058,889
Mexico Government International Bond, 4.0%, 3/15/15 4.0   2,175,000 2,264,778
International Finance Corp., 8.25%, 6/10/21 8.25 06/10/2021 240,670,000 4,173,134
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 5.125 08/01/2022 2,440,000 2,469,136
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 11.0 03/31/2021 3,992,000 3,924,247
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 6.75 09/30/2022 1,250,000 1,433,438
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 7.5 12/01/2020 1,860,000 1,808,463
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 1,960,000 2,204,719
CEVA GROUP Plc     1,584 1,148,146
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 8.375 06/03/2021 3,250,000 3,494,326
Penn Virginia Corp., 6.0% (Perpetual) (144A) 6.0 12/31/2049 16,300 852,001
Cobalt International Energy, Inc., 2.625%, 12/1/19 2.625 12/01/2019 5,035,000 3,977,283
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 4,875,000 5,026,380
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1.1598 11/25/2034 1,700,000 1,297,169
Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) 5.375 04/15/2023 2,540,000 2,601,895
SM Energy Co., 6.5%, 1/1/23 6.5 01/01/2023 1,650,000 1,760,390
Rent-A-Center, Inc., 4.75%, 5/1/21 4.75 05/01/2021 3,010,000 2,645,267
Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A) 5.875 01/15/2025 1,075,000 1,117,728
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 2.5168 02/25/2035 5,923,886 2,028,020
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 1,300,000 861,138
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 8.875 01/24/2022 3,525,000 2,871,632
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 0.0 12/01/2019 950,000 998,545
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 5.135 10/15/2039 1,502,000 1,555,229
Penn Virginia Corp., 8.5%, 5/1/20 8.5 05/01/2020 2,250,000 2,141,656
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 9.0 02/13/2018 124,400,000 2,238,624
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 4.3682 05/23/2018 475,000 474,423
Antero Resources Corp., 5.625%, 6/1/23 (144A) 5.625 06/01/2023 1,750,000 1,817,211
ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) 7.125 06/01/2019 1,610,000 1,735,463
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 7.0 12/01/2018 2,200,000 2,381,072
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 7.0 11/15/2020 2,400,000 435,353
CommScope, Inc., 5.0%, 6/15/21 (144A) 5.0 06/15/2021 1,475,000 1,505,115
Ford Motor Co.     335,730 5,093,024
Ormat Funding Corp., 8.25%, 12/30/20 8.25 12/30/2020 10,665,000 5,300,408
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 3.75 08/20/2025 700,000 310,287
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 5.375 01/26/2019 7,570,000 6,981,538
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 6,750,000 6,871,359
Altrl Zero% 30jun17 0.0 06/30/2017 2,400,000 2,459,280
Whiting Canadian Holding Co ULC, 8.125%, 12/1/19 8.125 12/01/2019 5,215,000 5,738,582
Ally Financial, Inc., 7.0% (Perpetual) (144A) 7.0 12/31/2049 1,550 1,573,250
Alpha Natural Resources, Inc., 6.0%, 6/1/19 6.0 06/01/2019 315,000 53,498
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) 8.25 03/31/2020 2,800,000 2,740,500
Kane Flt% 14jul15 0.0 07/14/2015 814,976 809,027
LDK Solar Co, Ltd., 5.535%, 12/31/18 (PIK) 5.535 12/31/2018 2,266,700 600,814
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 7.0 01/17/2023 1,626,000,000 612,941
Monitronics International, Inc., Term B Loan (2013), 3/23/18 4.25 03/23/2018 1,012,104 1,015,267
International Finance Corp., 7.75%, 12/3/16 7.75 12/03/2016 241,840,000 3,980,634
AES Corp. Virginia, 5.5%, 3/15/24 5.5 03/15/2024 1,650,000 1,677,156
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 9.5 05/04/2020 12,248,000 12,515,755
Comstock Resources, Inc., 7.75%, 4/1/19 7.75 04/01/2019 4,240,000 2,067,854
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 7.25 12/13/2019 1,775,000 1,432,385
Chiquita Brands International, Inc., 7.875%, 2/1/21 7.875 02/01/2021 1,246,000 1,387,460
MHP SA, 8.25%, 4/2/20 (144A) 8.25 04/02/2020 6,300,000 5,375,738
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 5.75 07/10/2017 1,027,117 1,035,676
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 6.125 09/15/2023 1,850,000 2,063,232
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 2,175,000 2,302,147
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 3,089,777 3,416,617
Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) 8.0 12/31/2018 5,992,701 3,688,380
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 3,830,000 3,927,346
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 10.25 07/13/2016 4,250,000 1,287,825
Kane Zero% 15jan16 0.0 01/15/2016 506,000 509,846
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 5.875 10/30/2021 820,000 841,440
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 7.95 06/20/2024 2,510,000 2,466,912
Suntech Power Holdings Co, Ltd., 0.0%, 6/30/15 0.0 06/30/2015 535,000 157,512
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 5.9482 05/15/2046 775,000 818,328
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 3,000,000 2,964,458
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 2,150,000 2,184,310
GCI, Inc., 6.875%, 4/15/25 6.875 04/15/2025 4,275,000 4,435,387
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 6.5 07/01/2036 78,344 1,632
LifePoint Health, Inc., 5.5%, 12/1/21 5.5 12/01/2021 4,300,000 4,637,968
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 8.5 04/03/2018 4,373,318 4,384,251
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 4,435,000 592,211
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 6.875 06/24/2019 3,615,000 3,502,182
Frontier Communications Corp., 7.125%, 1/15/23 7.125 01/15/2023 5,200,000 5,117,938
Inter-American Development Bank, 7.25%, 7/17/17 7.25 07/17/2017 5,140,000,000 406,940
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 6.75 04/15/2022 1,000,000 979,688
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 9.25 10/15/2020 2,100,000 2,490,111
Fresnillo Plc, 5.5%, 11/13/23 (144A) 5.5 11/13/2023 1,825,000 1,971,177
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9.0 01/28/2017 6,395,000 4,569,251
Chaparral Energy, Inc., 7.625%, 11/15/22 7.625 11/15/2022 2,596,000 2,085,048
Meritor, Inc., 6.75%, 6/15/21 6.75 06/15/2021 3,150,000 3,365,578
Bank of America Corp., Floating Rate Note, 9/29/49 6.25 09/29/2049 3,425,000 3,539,761
Plantronics, Inc., 5.5%, 5/31/23 (144A) 5.5 05/31/2023 1,315,000 1,335,328
T-Mobile USA, Inc., 6.542%, 4/28/20 6.542 04/28/2020 2,880,000 3,109,450
SM Energy Co., 5.0%, 1/15/24 5.0 01/15/2024 455,000 454,431
Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A)   06/07/2018 450,000 450,045
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 11.5 12/15/2019 1,560,000 1,575,925
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 6.25 11/01/2023 2,000,000 2,036,069
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 9.25 06/24/2021 3,485,000 3,468,562
Altice Financing SA, 6.625%, 2/15/23 (144A) 6.625 02/15/2023 1,320,000 1,396,028
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 780,441 643,864
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 5.375 07/15/2022 2,535,000 2,548,071
Top Co     132,750 32,482
European Bank for Reconstruction & Development, 6.0%, 3/3/16 6.0 03/03/2016 227,100,000 3,596,261
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 567,383 468,091
Memorial Production Partners LP, 7.625%, 5/1/21 7.625 05/01/2021 3,000,000 2,958,427
Iap Worldwide Services Inc     63 48,767
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 2,375,100 2,391,251
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 417,670 415,059
WideOpenWest Finance LLC, Replacement Term B Loan, 4/1/19 4.5 04/01/2019 1,236,489 1,238,422
Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 7.0 02/01/2021 4,440,000 4,143,137
Sprint Corp., 7.25%, 9/15/21 7.25 09/15/2021 3,000,000 3,064,063
Vanguard Natural Resources LLC, 7.875%, 4/1/20 7.875 04/01/2020 1,245,000 1,236,168
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125 12/31/2049 160,000 4,480,000
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 7.506 12/31/2049 805,000 870,325
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 3,735,000 3,454,680
T-Mobile USA, Inc., 6.633%, 4/28/21 6.633 04/28/2021 1,940,000 2,112,230
Bumi Resources Tbk PT, Loan, 11/7/15 18.153 11/07/2015 4,700,000 1,762,500
InterGen NV, 7.0%, 6/30/23 (144A) 7.0 06/30/2023 1,300,000 1,272,917
Sector Re V, Ltd., 3/1/20 (Cat Bond) (144A) 0.0 03/01/2020 1,100,000 1,102,970
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 7,165,000 6,498,879
Windstream Services LLC, 7.75%, 10/15/20 7.75 10/15/2020 6,765,000 6,940,467
Kindred Healthcare, Inc., 6.375%, 4/15/22 6.375 04/15/2022 2,400,000 2,467,125
Nuance Communications, Inc., 2.75%, 11/1/31 2.75 11/01/2031 1,640,000 1,647,733
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 5.7649 07/18/2019 499,627 464,653
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 3,200,000 3,503,833
Lennar Corp., 4.75%, 11/15/22 4.75 11/15/2022 4,450,000 4,419,870
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 6.5 07/11/2019 1,477,584 1,486,819
Denbury Resources, Inc., 5.5%, 5/1/22 5.5 05/01/2022 3,695,000 3,542,787
Rosetta Resources, Inc., 5.875%, 6/1/24 5.875 06/01/2024 1,935,000 2,143,906
Cimpress NV, 7.0%, 3/24/22 (144A) 7.0 03/24/2022 3,650,000 3,851,967
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 7.19 09/12/2024 8,650,000 553,333
Unit Corp., 6.625%, 5/15/21 6.625 05/15/2021 3,765,000 3,681,268
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 3,850,000 3,497,912
Swift Energy Co., 8.875%, 1/15/20 8.875 01/15/2020 2,410,000 1,200,858
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 8.875 11/01/2017 6,900,000 7,259,830
CEVA GROUP Plc, 0.0%, 12/31/14 0.0 06/30/2015 3,428 2,485,423
Ecuador Government International Bond, 10.5%, 3/24/20 (144A) 10.5 03/24/2020 1,220,000 1,304,485
Romania Government Bond, 5.85%, 4/26/23 5.85 04/26/2023 18,580,000 5,400,198
17079z Zero% 31mar18 0.0 03/31/2018 2,400,000 2,427,120
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 3,800,000 4,109,621
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 7.75 01/31/2023 13,800,000 14,566,360
Inter-American Development Bank, 4.5%, 2/4/16 4.5 02/04/2016 11,650,000,000 861,790
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 5.75 12/15/2018 1,850,000 1,838,630
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 8.0 12/01/2018 9,820,000 10,014,218
Bank of America Corp., Floating Rate Note, 10/23/49 6.5 10/23/2049 2,525,000 2,687,056
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 6.75 12/31/2049 2,555,000 2,902,161
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 6.75 07/02/2018 1,281,034 1,286,905
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 6.125 03/27/2020 500,000 501,524
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 5,871,250 5,919,506
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 8.5 05/15/2018 7,490,000 7,666,327
Talos Production LLC, 9.75%, 2/15/18 (144A) 9.75 02/15/2018 839,000 778,424
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 6.0 12/15/2022 5,340,000 5,139,750
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 5,750,000 6,314,219
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 1,101,200 1,104,944
NANA Development Corp., 9.5%, 3/15/19 (144A) 9.5 03/15/2019 1,475,000 1,430,443
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 6.75 05/01/2019 3,370,000 3,379,899
A Preference Tig Finco     1,390 0
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 10.5 05/14/2024 1,625,000 840,396
Amsurg Corp., 5.625%, 7/15/22 5.625 07/15/2022 2,555,000 2,669,576
Kane Flt% 12jun15   06/12/2015 2,400,000 2,398,320
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 7.08 12/15/2035 9,000,000 6,595,950
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 6.748 03/15/2017 10,600,000 1,305,193
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 7.5 09/15/2020 2,000,000 2,148,750
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21 4.75 10/20/2021 538,421 541,281
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 12.25 02/10/2022 3,755,000 4,271,052
Endo Finance LLC, 5.375%, 1/15/23 (144A) 5.375 01/15/2023 6,165,000 6,150,551
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 6.5 12/15/2020 2,100,000 2,220,313
United Group BV, 7.875%, 11/15/20 (144A) 7.875 11/15/2020 5,000,000 5,877,040
Altice Finco SA, 8.125%, 1/15/24 (144A) 8.125 01/15/2024 600,000 648,281
Advanced Micro Devices, Inc., 7.0%, 7/1/24 7.0 07/01/2024 905,000 786,420
B Preference Tig Finco     4,613,242 6,913,930
Outerwall, Inc., 5.875%, 6/15/21 (144A) 5.875 06/15/2021 4,365,000 4,209,724
Mexican Bonos, 7.5%, 6/3/27 7.5 06/03/2027 1,800,000 133,327
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 4.939 07/10/2039 1,500,000 1,481,288
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.5 08/23/2019 3,174 3,194
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 7.375 01/31/2020 6,500,000 5,489,792
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 06/03/2019 1,020,068 1,018,474
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 6.95 10/17/2022 1,075,000 1,026,949
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 6.25 08/15/2022 1,600,000 1,941,168
Kane Zero% 22jan16 0.0 01/22/2016 2,600,000 2,645,240
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 6.875 06/24/2024 2,530,000 2,723,650
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 2,910,000 3,022,934
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 2,050,000 2,193,500
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 7.75 10/28/2020 2,020,000 2,249,450
Altice SA, 7.75%, 5/15/22 (144A) 7.75 05/15/2022 1,000,000 1,032,604
Golar LNG, Ltd., 3.75%, 3/7/17 3.75 03/07/2017 800,000 984,984
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 5.875 11/15/2021 1,462,000 1,524,059
A Preference Tig Finco     4,840 1,184
Russian Railways via RZD Capital Plc, 3.3744%, 5/20/21 3.3744 05/20/2021 1,325,000 1,307,606
Entegris, Inc., 6.0%, 4/1/22 (144A) 6.0 04/01/2022 1,930,000 2,035,828
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 6.25 10/20/2026 750,000 614,318
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 10,345,000 10,910,742
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 11.625 07/15/2017 2,500,000 3,085,938
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 6.5 07/21/2016 2,660,000 2,741,773
The Goldman Sachs Group, Inc., Floating Rate Note (Perpetual) 5.375 12/31/2049 3,225,000 3,234,753
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 13,467 96,121
CFG Investment SAC, 9.75%, 7/30/19 (144A) 9.75 07/30/2019 4,450,000 4,398,825
Intelsat Luxembourg SA, 7.75%, 6/1/21 7.75 06/01/2021 4,000,000 3,764,139
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 1,093,300 1,101,062
JBS USA LLC, 5.75%, 6/15/25 (144A) 5.75 06/15/2025 3,135,000 3,166,350
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 8.25 02/15/2021 2,400,000 2,586,750
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 5.25 04/01/2022 1,740,000 1,789,771
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 135,483 58,040
DPx Holdings BV, 7.5%, 2/1/22 (144A) 7.5 02/01/2022 4,980,000 5,333,788
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 6.75 04/30/2018 2,171,060 2,100,952
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 6,450,000 6,223,784
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 101,612 17,859
WESCO Distribution, Inc., 5.375%, 12/15/21 5.375 12/15/2021 4,365,000 4,559,834
Gulfport Energy Corp., 7.75%, 11/1/20 7.75 11/01/2020 4,990,000 5,308,078
NuStar Logistics LP, Floating Rate Note, 1/15/43 7.625 01/15/2043 12,438 332,468
Mexican Udibonos, 3.5%, 12/14/17 3.5 12/14/2017 1,720,000 634,607
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 5.25 02/01/2021 1,335,000 1,358,435
Indonesia Treasury Bond, 8.25%, 6/15/32 8.25 06/15/2032 40,352,000,000 3,119,253
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 4,870,000 4,747,371
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 9.875 02/01/2020 6,800,000 7,378,968
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A)   03/02/2020 168,361 272,519
Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 6.5 06/01/2025 1,850,000 1,891,431
Numericable-SFR SAS, 6.0%, 5/15/22 (144A) 6.0 05/15/2022 1,250,000 1,282,813
Novatek OAO via Novatek Finance, Ltd., 4.422%, 12/13/22 (144A) 4.422 12/13/2022 2,350,000 2,106,439
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 6.5 04/15/2021 4,025,000 4,062,734
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 6.125 03/25/2019 1,865,000 72,271
Scientific Games International, Inc., 6.25%, 9/1/20 6.25 09/01/2020 625,000 487,782
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 6.7525 05/23/2019 992,325 994,806
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8.25 10/19/2019 6,004,000 1,498,648
Rosetta Resources, Inc., 5.875%, 6/1/22 5.875 06/01/2022 6,995,000 7,671,499
Ally Financial, Inc., 4.625%, 5/19/22 4.625 05/19/2022 1,000,000 1,001,413
Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) 6.25 04/01/2023 2,170,000 2,310,642
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 9.0 04/01/2022 2,980,000 3,262,355
IAC, 4.875%, 11/30/18 4.875 11/30/2018 700,000 741,563
Standard Pacific Corp., 6.25%, 12/15/21 6.25 12/15/2021 5,540,000 6,058,798
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 4.75 04/29/2025 1,670,000 1,676,831
Alliant Holdings I LLC, Initial Term Loan, 12/20/19 5.0 12/20/2019 1,842,725 1,854,625
Builders Firstsource Inc Bridge L + 7.5% 13apr16   04/13/2016 6,100,000 6,100,000
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 9.75 10/25/2022 711,000 605,046
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 500,000 528,031
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 10.625 02/01/2016 4,385,000 4,012,808
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 4.4 04/30/2023 1,000,000 920,167
JB y Co SA de CV, 3.75%, 5/13/25 (144A) 3.75 05/13/2025 800,000 801,417
Cengage Learning Holdings II LP     11,492 321,776
Belden, Inc., 5.25%, 7/15/24 (144A) 5.25 07/15/2024 1,000,000 1,017,188
VeriSign, Inc., 4.625%, 5/1/23 4.625 05/01/2023 4,430,000 4,391,130
Fiat Chrysler Automobiles NV, 4.5%, 4/15/20 (144A) 4.5 04/15/2020 1,880,000 1,923,710
Cemex SAB de CV, 3.72%, 3/15/20 (144A) 3.72 03/15/2020 7,125,000 7,747,238
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 6.25 04/15/2023 3,725,000 3,820,194
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 11.75 10/05/2015 1,125,000 1,153,633
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 5.0 12/01/2024 3,790,000 3,779,999
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 0.6156 07/15/2031 1,102,000 437,631
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 11.875 10/15/2016 5,000,000 5,105,469
Vers 2015-A Zero% 31dec17 0.0 12/31/2017 3,800,000 3,940,220
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 6.625 05/02/2023 2,000,000 2,035,706
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 4.875 05/25/2029 1,830,000 1,847,252
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 5,930,000 6,252,035
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 6.375 09/01/2024 1,900,000 2,099,438
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3.5 03/01/2021 2,770,000 1,353,568
Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A) 6.902 07/09/2020 2,725,000 2,785,039
Banco Macro SA, Floating Rate Note, 12/18/36 9.75 12/18/2036 820,000 851,878
CenturyLink, Inc., 5.625%, 4/1/25 (144A) 5.625 04/01/2025 2,260,000 2,208,797
PPL Capital Funding, Inc., 5.9%, 4/30/73 5.9 04/30/2073 212,000 5,454,760
ING Groep NV, Floating Rate Note (Perpetual) 6.5 12/31/2049 1,850,000 1,841,572
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 8.25 03/15/2018 4,340,000 4,002,294
Belvedere SA, 12/23/16   12/23/2016 5,578,091 673,998
National Surgical Hospitals Inc 1st Lien Tl-B L + 3.5% 15may22   05/15/2022 1,333,333 1,334,133
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 1,675,000 1,819,556
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 4.4 04/15/2019 1,000,000 1,012,160
Mercer International, Inc., 7.0%, 12/1/19 7.0 12/01/2019 2,025,000 2,208,825
IRSA Propiedades Comerciales SA, 7.875%, 5/11/17 (144A) 7.875 05/11/2017 5,750,000 5,690,725
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 7.5 02/11/2020 3,260,000 2,959,129
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 12.0 07/01/2019 2,528,093 2,400,846
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 8.625 12/31/2049 2,800,000 2,388,896
Halcon Resources Corp.     2,316,568 2,432,396
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 8.75 05/04/2018 3,730,000 3,869,158
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 10.0 04/30/2018 2,507,279 1,531,530
14112z Zero% 01feb19 0.0 02/01/2019 3,900,000 4,121,130
Kane Zero% 19feb16 0.0 02/19/2016 3,120,000 3,317,496
Advanced Micro Devices, Inc., 6.75%, 3/1/19 6.75 03/01/2019 3,455,000 3,136,924
Ally Financial, Inc., 4.125%, 3/30/20 4.125 03/30/2020 1,200,000 1,208,250
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 5.75 02/01/2023 2,165,000 2,043,775
Mentor Graphics Corp., 4.0%, 4/1/31 4.0 04/01/2031 1,025,000 1,378,298
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 4,150,000 3,808,533
EP Energy LLC, 9.375%, 5/1/20 9.375 05/01/2020 13,700,000 14,985,089
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 9.5 03/16/2022 3,600,000 3,052,509
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.7653 05/15/2046 1,480,000 1,397,584
VeriSign, Inc., 5.25%, 4/1/25 (144A) 5.25 04/01/2025 1,470,000 1,512,906
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) 7.125 03/15/2023 2,285,000 2,460,993
Banco Santander SA, Floating Rate Note (Perpetual) 6.375 12/31/2049 2,400,000 2,396,995
AEP Industries, Inc., 8.25%, 4/15/19 8.25 04/15/2019 3,355,000 3,481,861
FirstRand Bank, Ltd., 4.25%, 4/30/20 4.25 04/30/2020 1,225,000 1,253,630
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 5.875 05/15/2023 3,100,000 3,244,247
Citigroup, Inc., Floating Rate Note (Perpetual) 5.875 12/31/2049 1,200,000 1,222,708
Mexican Udibonos, 2.0%, 6/9/22 2.0 06/09/2022 43,638,000 14,675,144
Sector Re V, Ltd., 3/1/20 (Cat Bond) (144A) 0.0 03/01/2020 750,000 753,675
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8.5 02/02/2017 6,405,000 6,589,855
Halcon Resources Corp., 8.875%, 5/15/21 8.875 05/15/2021 3,910,000 2,761,234
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 4.25 07/01/2021 3,088,459 3,098,111
Equinix, Inc., 5.375%, 1/1/22 5.375 01/01/2022 1,600,000 1,710,389
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 2,000,000 78,000
Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 1.25 04/01/2020 2,585,000 2,836,230
Oasis Petroleum, Inc., 6.5%, 11/1/21 6.5 11/01/2021 2,840,000 2,876,171
Flt% 15jun16 0.0 06/15/2016 500,000 482,450
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 7.25 05/01/2022 3,650,000 3,552,692
Tenet Healthcare Corporation 1st Lien Bridge L + 0% 01apr16 0.2742 04/01/2016 1,680,000 1,680,000
CHS, 6.875%, 2/1/22 6.875 02/01/2022 5,675,000 6,187,088
TIG FINCO Plc, 8.75%, 4/2/20 8.75 04/02/2020 954,047 1,486,774
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 2,750,000 2,764,845
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 4,000,000 4,204,375
Banque Centrale de Tunisie SA, 5.75%, 1/30/25 (144A) 5.75 01/30/2025 2,655,000 2,788,856
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 6.375 01/24/2023 1,900,000 1,324,894
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 4.931 05/09/2019 840,000 774,538
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 9.75 03/01/2022 1,600,000 1,694,300
Freeport-McMoRan, Inc.     45,168 887,551
Mirabela Nickel, Ltd.     17,099,676 1,636,866
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 9.5 06/24/2019 3,545,787 2,835,645
Kindred Healthcare, Inc., 8.0%, 1/15/20 (144A) 8.0 01/15/2020 1,320,000 1,474,770
Kane Zero% 29apr16 0.0 04/29/2016 5,400,000 5,631,120
Zambia Government International Bond, 5.375%, 9/20/22 (144A) 5.375 09/20/2022 3,700,000 3,433,420
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 1,500,000 1,249,558
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 696,116 691,765
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 5.0 08/16/2020 480,146 479,645
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 7.875 04/04/2018 575,000 261,154
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.7653 05/15/2046 455,000 403,381
WebMD Health Corp., 2.5%, 1/31/18 2.5 01/31/2018 3,485,000 3,607,701
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 9.75 10/29/2017 3,500,000 3,552,500
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 2.25 05/15/2041 1,605,000 1,317,605
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 3.2957 11/01/2066 950,000 824,272
General Cable Corp., 5.75%, 10/1/22 5.75 10/01/2022 3,250,000 3,004,377
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 9.0 01/29/2019 995,000 1,068,630
AES Corp. Virginia, 5.5%, 4/15/25 5.5 04/15/2025 3,000,000 2,972,250
NeuStar, Inc., 4.5%, 1/15/23 4.5 01/15/2023 1,700,000 1,524,688
Pangaea Zero% 01jul18 0.0 07/01/2018 4,070,000 4,506,304
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 3.7703 11/25/2019 1,000,000 994,642
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 7.5 09/26/2019 4,000,000 4,023,333
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 3,045,000 3,278,006
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 5.75 02/15/2019 4,325,000 4,949,300
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 10.875 01/26/2021 1,025,000 1,078,770
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7.748 02/02/2021 7,800,000 8,183,341
Cambium Learning Group, Inc., 9.75%, 2/15/17 9.75 02/15/2017 4,225,000 4,403,242
Compass Re II, Ltd., Floating Rate Note, 12/8/15 (Cat Bond) (144A) 0.0 12/08/2015 550,000 522,500
Trade & Development Bank of Mongolia LLC, 9.375%, 5/19/20 (144A) 9.375 05/19/2020 1,355,000 1,445,263
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A) 6.0 06/15/2025 1,560,000 1,579,500
Targa Resources Partners LP, 4.25%, 11/15/23 4.25 11/15/2023 4,350,000 4,194,578
TA MFG., Ltd., 3.625%, 4/15/23 (144A) 3.625 04/15/2023 2,240,000 2,495,522
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 8.5 10/15/2022 2,860,000 3,233,588
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 1,375,000 1,407,398
Belden, Inc., 5.5%, 4/15/23 5.5 04/15/2023 1,800,000 2,097,171
Agrokor dd, 9.875%, 5/1/19 (144A) 9.875 05/01/2019 3,200,000 3,816,117
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 1,675,000 1,750,108
Morgan Stanley, Floating Rate Note (Perpetual) 5.55 12/31/2049 3,550,000 3,602,170
TimberStar Trust I, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 4,315,000 4,459,576
T-Mobile USA, Inc., 6.731%, 4/28/22 6.731 04/28/2022 1,300,000 1,414,154
Windstream Services LLC, 7.5%, 6/1/22 7.5 06/01/2022 6,285,000 5,969,441
Viasystems, Inc., 7.875%, 5/1/19 (144A) 7.875 05/01/2019 4,750,000 5,065,133
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 9.25 06/01/2021 2,300,000 1,160,909
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 0.0 12/11/2019 9,802,000 2,937,632
Scientific Games International, Inc., 10.0%, 12/1/22 10.0 12/01/2022 17,000,000 17,340,000
Ineos Finance Plc, 4.0%, 5/1/23 (144A) 4.0 05/01/2023 7,225,000 7,879,368
PDC Energy, Inc., 7.75%, 10/15/22 7.75 10/15/2022 3,250,000 3,508,984
Wells Fargo & Co., Floating Rate Note (Perpetual) 5.875 12/31/2049 3,175,000 3,403,523
Arlington Flt% 01aug15 0.0 08/01/2015 1,450,000 1,650,825
Russian Federal Bond - OFZ, 7.0%, 8/16/23 7.0 08/16/2023 49,399,000 783,047
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 8.375 06/15/2019 417,029 503,600
Inter-American Development Bank, 6.0%, 9/5/17 6.0 09/05/2017 42,350,000 686,740
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 5.25 10/06/2019 2,700,000 2,788,763
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6.875 11/01/2019 6,210,000 5,343,942
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 6.0 06/15/2021 2,100,000 2,249,184
Sterigenics-Nordion Holdings LLC, 6.5%, 5/15/23 (144A) 6.5 05/15/2023 1,815,000 1,833,528
Energy Transfer Equity LP, 5.875%, 1/15/24 5.875 01/15/2024 2,790,000 3,025,842
Liberty Tire Recycling Llc     156,027 1,560
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 3,775,000 3,203,193
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 1,067,200 1,072,216
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 8.75 05/15/2018 6,950,000 7,853,250
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 6.876 06/27/2017 2,465,000 240,047
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 3,250,000 3,451,940
EC Finance Plc, 5.125%, 7/15/21 (144A) 5.125 07/15/2021 3,695,000 4,360,178
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 6.75 03/15/2023 971,000 975,469
New World Resources NV, 4.0%, 10/7/20 (PIK) 4.0 10/07/2020 237,096 71,448
Panolam Holdings Co.     894 657,984
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 5,650,000 6,852,190
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 9.0051 06/06/2015 750,000 765,638
LDK Solar Co, Ltd. (A.D.R.)     158,800 20,882
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 0.0 09/15/2037 8,875,000 607,316
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 6.95 11/10/2021 940,000 1,008,254
Sanchez Energy Corp., 6.125%, 1/15/23 6.125 01/15/2023 3,765,000 3,663,227
Altrl Zero% 30jun16 0.0 06/30/2016 3,314,020 1,923,457
Newhall Land Development LLC     161,215 564,253
Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A) 7.5 03/15/2022 4,635,000 4,680,384
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 6.625 07/15/2019 3,285,000 3,582,303
Acgl Zero% 01jul16 0.0 07/01/2016 1,300,000 1,323,790
WebMD Health Corp., 1.5%, 12/1/20 1.5 12/01/2020 3,750,000 4,171,044
DynCorp International, Inc., 10.375%, 7/1/17 10.375 07/01/2017 2,433,000 2,026,545
Indonesia Treasury Bond, 7.0%, 5/15/22 7.0 05/15/2022 53,000,000,000 3,774,876
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 8.152 01/15/2015 1,034,769 388,038
Seagate HDD Cayman, 4.75%, 6/1/23 4.75 06/01/2023 6,925,000 7,363,159
Gulfport Energy Corp., 6.625%, 5/1/23 (144A) 6.625 05/01/2023 1,755,000 1,802,696
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.62 10/12/2017 13,000,000 1,751,117
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 5.25 12/31/2049 3,725,000 3,936,378
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 22.0051 06/06/2016 1,600,000 1,854,631
SunEdison, Inc., 3.375%, 6/1/25 (144A) 3.375 06/01/2025 1,970,000 2,077,616
Far East Capital, Ltd. SA, 8.0%, 5/2/18 8.0 05/02/2018 2,700,000 1,650,300
Tenet Healthcare Corporation 1st Lien Bridge L + 4.25% 01apr16 4.5208 04/01/2016 560,000 560,000
Aircraft Finance Trust, Floating Rate Note, 5/15/24 0.6656 05/15/2024 11,396,000 1,729,735
Horizon Lines, Inc.     2,370,345 1,701,908
Altice Financing SA, 6.5%, 1/15/22 (144A) 6.5 01/15/2022 2,800,000 2,938,250
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 6.0 03/31/2021 640,000 672,012
SunPower Corp., 0.875%, 6/1/21 (144A) 0.875 06/01/2021 2,290,000 2,308,551

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

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