Pioneer Investments: Pioneer Dynamic Credit Fund


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Pioneer Dynamic Credit Fund

Monthly Portfolio Holdings as of 4/29/2016

Security Name Coupon Maturity Date Par / Shares Market Value($)
Serena Software, Inc., Term Loan, 4/10/20 7.5 04/10/2020 749,318 749,474
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 570,000 548,406
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 2,500,000 526,740
Charter Communications Operating L 1st Lien Tl L + 0% 26may16   05/26/2016 316,268 316,268
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 5.3076 10/12/2042 1,600,000 1,589,215
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e29w7 5.0 12/20/2017 2,464,077 -863,254
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 4.7 11/17/2025 350,000 350,524
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 2.355 10/25/2033 23,000,000 138,596
Masco Corp., 4.45%, 4/1/25 4.45 04/01/2025 1,000,000 1,047,345
Centene Corp., 6.125%, 2/15/24 (144A) 6.125 02/15/2024 2,530,000 2,703,156
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 5.21 07/15/2021 750,000 739,662
Qwest Corp., 7.375%, 6/1/51 7.375 06/01/2051 4,400 112,464
STG-Fairway Acquisitions, Inc., Term Loan (First Lien), 3/4/19 6.25 03/04/2019 745,869 731,418
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 6.0063 12/10/2049 1,000,000 943,652
Voya Financial, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 1,000,000 962,203
Jun16 Mem6 P @ 1840   06/17/2016 -574 -183,680
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 3.721 08/28/2044 460,000 190,841
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 5.0 06/16/2018 1,031,273 959,084
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 8.75 12/15/2019 1,945,000 1,969,920
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 6.0 07/08/2019 500,000 504,180
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 4.8052 06/28/2016 250,000 253,031
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 5.0 06/15/2044 1,630,000 1,704,630
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 2,500,000 2,519,141
Jun16 Mem6 P @ 1640   06/17/2016 574 43,050
Boad 5.5% 06may21 144a 5.5 05/06/2021 895,000 896,074
Plains All American Pipeline LP, 4.65%, 10/15/25 4.65 10/15/2025 4,567,000 4,362,702
Liberty Tire Recycling Llc     3,071 31
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9563 05/15/2046 220,000 197,598
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 480,418 441,985
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 9.5 06/24/2019 128,729 51,910
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 2,000,000 1,945,875
Petrobras Global Finance BV, 3.5%, 2/6/17 3.5 02/06/2017 3,210,000 3,204,597
Swift Energy Co     3,094 65,748
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 5.0 10/15/2021 84,291 81,710
TASC, Inc. Virginia, New Term Loan (First Lien), 5/23/20 7.0 05/23/2020 756,798 754,584
Acgl Zero% 01jul16 0.0 07/01/2016 700,000 52,430
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 1,815,000 1,937,702
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 4.6787 04/18/2017 250,000 246,172
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 4.3328 07/15/2031 705,000 679,084
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 5.82 06/15/2019 750,000 752,612
Kane Sac Zero% 15jun16 0.0 06/15/2016 400,000 399,960
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr2e28w8 5.0 12/20/2017 3,880,000 -220,439
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 1.9389 02/25/2035 3,432,000 426,517
Centene Corp., 5.625%, 2/15/21 (144A) 5.625 02/15/2021 590,000 628,258
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 1,375,000 1,393,706
BNP Paribas SA, Floating Rate Note (Perpetual) (144A) 7.625 12/31/2049 2,950,000 3,035,745
Scds: (Hov) Usd 20dec16 Buy Bnr26wym4 5.0 12/20/2016 1,735,000 -895
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 0.0 12/01/2019 3,777 26,565
T-Mobile USA, Inc., 6.625%, 4/1/23 6.625 04/01/2023 1,500,000 1,611,130
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 5.0 12/20/2016 4,175,000 95,881
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 7.78 03/25/2027 5,850,000 157,824
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 4.3 06/01/2025 2,405,000 2,426,602
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 765,000 846,839
Darling Ingredients, Inc., 5.375%, 1/15/22 5.375 01/15/2022 1,060,000 1,121,668
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 200,000 209,704
Zero% 30nov20 0.0 11/30/2020 1,000,000 1,013,100
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 5.95 04/15/2042 2,000,000 1,484,958
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 6.25 08/15/2042 750,000 898,306
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 0.0   1,000,000 708,388
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 7.0 06/25/2022 634,072 567,494
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 5.375 11/15/2022 3,270,000 3,459,274
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 6.75 12/01/2021 830,000 893,136
Steward Health Care System LLC, Term Loan, 4/10/20 6.75 04/10/2020 486,250 478,956
TIG FINCO Plc, 8.75%, 4/2/20 8.75 04/02/2020 202,103 250,905
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 5.0 12/20/2016 4,200,000 82,667
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 250,000 119,575
Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 6.25 03/15/2022 2,200,000 2,244,688
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 3,990,000 4,655,180
CalAtlantic Group, Inc., 6.25%, 12/15/21 6.25 12/15/2021 1,000,000 1,095,938
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 6.6573 10/15/2019 1,850,000 1,729,184
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 550,000 588,013
The Williams Companies, Inc., 5.75%, 6/24/44 5.75 06/24/2044 2,625,000 2,100,328
Scds: (Mtna) Eur 20jun21 Buy Bnr2g3v08 5.0 06/20/2021 2,750,000 95,580
Bank of America Corp., Floating Rate Note (Perpetual) 6.3 12/31/2049 4,355,000 4,599,969
NRG Energy, Inc., 6.25%, 5/1/24 6.25 05/01/2024 1,000,000 1,006,076
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 800,000 85,621
Sprint Corp., 7.25%, 9/15/21 7.25 09/15/2021 1,000,000 816,563
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 17,000 16,147
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 250,000 127,732
Scds: (S) Usd 20dec16 Buy Bnr231wa3 5.0 12/20/2016 4,175,000 64,395
Iap Worldwide Services Inc     4 4,854
T-Mobile USA, Inc., 6.5%, 1/15/24 6.5 01/15/2024 1,965,000 2,129,978
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 4.5 06/26/2045 1,000,000 940,622
Revlon Consumer Products Corp., 5.75%, 2/15/21 5.75 02/15/2021 480,000 493,550
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2.2389 02/25/2035 2,208,000 261,798
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 5.375 11/15/2021 200,000 198,428
Commercial Barge Line Co., Initial Term Loan, 11/6/20 9.75 11/06/2020 498,721 436,381
Prudential Financial, Inc., Floating Rate Note, 9/15/42 5.875 09/15/2042 1,500,000 1,632,141
Garda World Security Corp., Term B Loan, 11/1/20 4.0038 11/01/2020 29,930 29,469
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 5.0167 08/17/2045 100,000 95,556
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 1.7365 12/10/2035 7,240,000 920,937
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 8.125 12/31/2049 1,525,000 1,587,297
Pangaea Zero% 01jul18 0.0 07/01/2018 2,000,000 36,000
17079z Zero% 31mar18 0.0 03/31/2018 250,000 17,500
Zero% 30nov19 0.0 11/30/2019 2,000,000 2,300,200
Boardwalk Pipelines LP, 4.95%, 12/15/24 4.95 12/15/2024 4,500,000 4,278,584
Scds: (Ally) Usd 20jun21 Buy Bnr2fxus3 5.0 06/20/2021 700,000 78,189
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 300,000 296,133
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 6.4836 01/09/2017 600,000 583,415
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 4.9388 10/20/2020 600,000 588,073
New World Resources NV, 4.0%, 10/7/20 (PIK) 4.0 10/07/2020 73,160 14,168
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 4.1096 06/07/2017 500,000 503,950
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 1,150,000 1,171,488
Seadrill Operating LP, Initial Term Loan, 2/14/21 4.0 02/14/2021 830,875 408,687
Videotron, Ltd., 5.375%, 6/15/24 (144A) 5.375 06/15/2024 2,800,000 2,978,938
DCP Midstream Operating LP, 3.875%, 3/15/23 3.875 03/15/2023 1,500,000 1,331,016
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 8.0 12/31/2049 1,400,000 1,351,145
14112z Zero% 01feb19 0.0 02/01/2019 2,000,000 59,800
Immucor, Inc., Term B-2 Loan, 8/19/18 5.0 08/19/2018 2,244 2,150
Talen Energy Supply LLC, 6.5%, 6/1/25 6.5 06/01/2025 250,000 228,621
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 8.0169 07/18/2019 28,259 28,083
Dole Food Co, Inc., 7.25%, 5/1/19 (144A) 7.25 05/01/2019 1,410,000 1,467,879
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 5.125 07/15/2024 2,175,000 2,246,053
Paragon Offshore Finance Co., Term Loan, 7/11/21 5.25 07/11/2021 286,375 73,742
Zero% 31aug16 0.0 08/31/2016 500,000 569,400
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 5.875 02/01/2023 805,000 714,055
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 16,900 11,027
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 2,000,000 1,989,500
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 3.721 10/28/2019 1,750,000 598,561
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 1,190,000 1,383,375
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 3.834 08/15/2031 1,400,000 1,366,701
Ally Financial, Inc., 4.625%, 5/19/22 4.625 05/19/2022 1,000,000 1,045,684
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 5.0 07/27/2020 1,000,000 966,323
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 9.75 08/15/2022 805,000 729,783
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 4.25 01/29/2021 0 0
Vers 2015-A Zero% 31dec17 0.0 12/31/2017 2,000,000 29,200
Axis Equipment Finance Receivables III LLC, 5.27%, 5/20/20 (144A) 5.27 05/20/2020 500,000 478,304
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 4.625 07/15/2019 1,810,000 1,707,716
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 4.625 05/15/2023 830,000 839,294
Silverton RE, Ltd., 0.0%, 9/18/18 (Cat Bond) (144A) 0.0 09/18/2018 500,000 520,450
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 4.0 12/13/2019 671,979 608,141
Copano Energy LLC, 7.125%, 4/1/21 7.125 04/01/2021 373,000 389,055
Charter Communications Operating L 1st Lien Tl L + 0% 26may16   05/26/2016 51,486 51,486
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 400,000 1,840
Chtr 5.5% 01may26 144a 5.5 05/01/2026 3,475,000 3,549,278
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 2.4238 01/08/2019 250,000 246,436
Federal-Mogul Holdings Corp., Tranche C Term Loan (2014), 4/15/21 4.75 04/15/2021 643,451 616,104
Scds: (Hov) Usd 20dec16 Buy Bnr231u15 5.0 12/20/2016 4,175,000 50,613
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 720,000 636,770
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 5.4543 07/15/2044 2,500,000 1,109,974
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 6.41 10/22/2018 250,000 250,400
RCMC LLC, 5.62346%, 12/17/18 (144A) 5.6235 12/17/2018 250,000 61,207
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 10.5 09/15/2022 3,140,000 3,271,864
Ball Corp., 5.25%, 7/1/25 5.25 07/01/2025 3,500,000 3,742,320
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 250,000 251,138
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 5.0 04/18/2019 705,063 657,471
Enbridge Energy Partners LP, 7.375%, 10/15/45 7.375 10/15/2045 3,125,000 3,477,400
Jun16 Mem6 P @ 1510   06/17/2016 -734 -27,525
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 5.875 05/15/2023 1,675,000 1,447,915
Crowne Group LLC, Term Loan (First Lien), 9/29/20 6.0 09/29/2020 1,209,842 1,167,498
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 23,247 15,169
Rowan Companies, Inc., 5.85%, 1/15/44 5.85 01/15/2044 2,393,000 1,674,053
Belden, Inc., 5.5%, 4/15/23 5.5 04/15/2023 300,000 348,705
Kane Zero% 30jun16 0.0 06/30/2016 1,500,000 30,600
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 3.6828 09/18/2031 1,200,000 1,132,300
Ice: (Itraxx.Xo.25.V1) Eur 20jun21 Z91zbu924 5.0 06/20/2021 11,990,000 1,249,517
RegionalCare Hospital Partners, Inc., Term B-2 Loan (2015), 4/23/19 6.0 04/23/2019 885,222 887,435
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 6.75 08/29/2049 4,100,000 4,604,454
Constellation Brands, Inc., 4.25%, 5/1/23 4.25 05/01/2023 2,830,000 3,017,153
Scds: (Ftr) Usd 20jun21 Buy Bnr2ftsq9 5.0 06/20/2021 2,545,000 -86,667
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 5.75 08/25/2036 1,200,000 155,125
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 6.625 05/15/2018 500,000 518,932
Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 4.8 09/21/2048 2,000,000 1,986,597
LifePoint Health, Inc., 5.875%, 12/1/23 5.875 12/01/2023 3,000,000 3,213,979
Ally Financial, Inc., 5.75%, 11/20/25 5.75 11/20/2025 720,000 747,400
Scds: (Ftr) Usd 20jun21 Buy Bnr2fttj4 5.0 06/20/2021 2,045,000 -69,640
Kane Zero% 30jun16 0.0 06/30/2016 500,000 15,000
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 3.0 07/15/2021 1,500,000 442,098
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 13,100 1,195,375
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 38,709 9,308
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 4.5 05/02/2016 1,599 1,595
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.7325 04/30/2018 350,000 350,394
ONEOK, Inc., 6.875%, 9/30/28 6.875 09/30/2028 1,450,000 1,349,280
Belden, Inc., 5.5%, 9/1/22 (144A) 5.5 09/01/2022 1,360,000 1,385,859
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 9.31 07/20/2028 750,000 104,698
Epiq Systems, Inc., Term Loan, 8/27/20 4.5 08/27/2020 584,082 582,621
Albertsons LLC, Term B-2 Loan, 3/21/19 5.5 03/21/2019 885,311 887,762
Jun16 Mem6 P @ 1610   06/17/2016 -734 -45,875
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 2,171,000 236,204
Jun16 Mem6 P @ 1410   06/17/2016 734 16,515
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e2a13 5.0 12/20/2017 2,467,885 -864,588
DCP Midstream Operating LP, 5.6%, 4/1/44 5.6 04/01/2044 300,000 242,853
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 7.0534 04/07/2017 500,000 509,454
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 4.7725 12/23/2036 1,800,000 668,975
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 1,323,125 1,321,471
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 5.4509 06/25/2033 1,749,811 77,065
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 5.623 05/12/2045 1,400,000 1,367,692
Altrl Zero% 30jun17 0.0 06/30/2017 695,760 113,200
Standard Industries, Inc., 5.375%, 11/15/24 (144A) 5.375 11/15/2024 945,000 1,008,443
Commercial Metals Co., 4.875%, 5/15/23 4.875 05/15/2023 1,000,000 932,344
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/17/45 6.1472 04/17/2045 1,400,000 1,042,933
Kane-Pi4 Flt% 07jul16 0.0 07/07/2016 1,503,871 1,507,631
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 1,350,000 1,247,836
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 2,500 6,250
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 4.0 04/23/2020 909,144 909,144
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 6.75 06/15/2021 2,275,000 2,213,148
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 865,000 892,752
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 7.0 01/01/2022 1,150,000 1,198,891
Avg Technologies Nv 1st Lien Tl-B L + 4.75% 07oct20 5.75 10/07/2020 1,234,375 1,231,289
Navios Maritime Partners LP, Term Loan, 6/27/18 5.25 06/27/2018 868,479 768,604
Atlas IX Capital DAC, Floating Rate Note, 1/17/19 (Cat Bond) (144A) 3.8151 01/17/2019 250,000 255,368
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 3,980,000 4,018,971
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 725,000 651,765
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 5.0 10/01/2025 950,000 958,576
Calpine Corp., 5.75%, 1/15/25 5.75 01/15/2025 2,000,000 2,024,792
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 5.214 02/11/2041 100,000 95,728
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 7.75 03/15/2024 200,000 219,438
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 1,205,000 1,209,519
Fly Funding II Sarl, Loan, 8/9/19 3.5 08/09/2019 677,413 676,037
Fitness & Sports Clubs LLC, Term B Loan, 6/25/20 5.529 06/25/2020 903,324 887,516
Scds: (Ally) Usd 20jun21 Buy Bnr2g3y88 5.0 06/20/2021 3,360,000 375,307
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 4.75 04/29/2025 3,635,000 3,771,792
Sirius XM Radio, Inc., 6.0%, 7/15/24 (144A) 6.0 07/15/2024 1,815,000 1,946,769
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 0.0   100,000 96,102
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 509,814 76,310
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 5.75 02/15/2026 1,200,000 1,253,375
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 5.8811 01/25/2033 450,000 39,699
DynCorp International, Inc., Term Loan, 7/7/16 6.25 07/07/2016 805,123 787,008
Top Co     34,794 508
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 2.85 05/15/2024 1,000,000 110,809
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 5.125 11/15/2023 2,825,000 2,987,192
Jun16 Mem6 P @ 1710   06/17/2016 734 86,245
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.3001 06/06/2016 500,000 510,000
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 2,050,000 1,939,838
TMS International Corp., Term B Loan, 10/2/20 4.5 10/02/2020 567,646 516,558
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 1,500,000 1,573,995
Citigroup, Inc., Floating Rate Note (Perpetual) 5.95 12/31/2049 640,000 641,520
Jun16 Mem6 P @ 1740   06/17/2016 -574 -84,665
McGraw-Hill School Education Holdings LLC, Term B Loan, 12/18/19 6.25 12/18/2019 1,857,250 1,860,153
NRG Energy, Inc., 7.875%, 5/15/21 7.875 05/15/2021 1,755,000 1,887,843
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 6.0 09/17/2021 1,604,688 1,585,131
Zero% 30nov20 0.0 11/30/2020 1,250,000 1,281,125
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9563 05/15/2046 715,000 675,366
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 5.3 12/01/2034 750,000 702,336
Jun16 Mem6 P @ 1940   06/17/2016 574 424,760
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 5.55 06/01/2045 1,360,000 1,298,327
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 2,000,000 2,075,875
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 4.75 04/30/2020 383,434 366,259
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 3.208 07/12/2047 1,000,000 589,697
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 5.25 01/15/2026 3,500,000 3,563,674
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 4.7725 12/06/2016 800,000 802,200
Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 7.62 01/09/2017 500,000 504,703
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 29,032 4,322
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 5.0 12/20/2016 3,880,000 98,358
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 5.85 05/21/2043 1,140,000 747,655
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 738,280 784,307
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 11.0 03/31/2021 67,501 51,498
MA FinanceCo LLC, Initial Tranche B Term Loan, 10/7/21 5.25 10/07/2021 1,170,407 1,170,699
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 5.0 10/15/2021 1,891,762 1,833,827
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 6.625 12/31/2049 375,000 355,991
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 6.266 03/17/2049 300,000 252,972
Hca 5.25% 15apr25 5.25 04/15/2025 3,490,000 3,619,784
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 5.0 12/20/2016 1,685,000 38,697
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 2,500,000 2,615,625
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 288,251 265,191
Zero% 30nov20 0.0 11/30/2020 500,000 510,050
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 6.0 06/01/2018 20,250 20,256
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 4.5618 05/23/2016 750,000 756,742
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1.0 12/20/2016 1,665,000 -22,196
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 6.657 08/15/2020 400,000 416,282
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 4.96 07/25/2033 400,000 217,685
Transocean, Inc., 5.55%, 12/15/16 5.55 12/15/2016 4,090,000 4,207,669
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,057,344
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.9825 04/30/2018 400,000 401,531
DISH DBS Corp., 5.875%, 7/15/22 5.875 07/15/2022 3,050,000 3,018,388
ORES 2014-LV3 LLC, 6.0%, 3/27/24 6.0 03/27/2024 1,000,000 1,005,500
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 6.41 11/17/2025 139,000 139,334
Level 3 Financing, Inc., 5.375%, 5/1/25 5.375 05/01/2025 1,400,000 1,436,833
Cardtronics, Inc., 5.125%, 8/1/22 5.125 08/01/2022 1,000,000 1,015,180
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 4.4987 04/24/2017 350,000 345,711
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 5.5 12/20/2026 800,000 469,448
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 4.0038 11/08/2020 21,808 21,472
Kane Zero% 30jun16 0.0 06/30/2016 1,200,000 23,640
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 4.25 06/30/2019 4,531,800 4,288,782
The Williams Companies, Inc., 4.55%, 6/24/24 4.55 06/24/2024 3,000,000 2,633,385
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 8.5 03/02/2020 35,665 53,060
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 5.75 05/17/2021 710,500 716,698
Cme: (Cdx.Na.Hy.26.V1) Usd 20jun21 Z91zbuad8 5.0 06/20/2021 14,420,000 489,639
AECOM, 5.75%, 10/15/22 5.75 10/15/2022 2,365,000 2,471,179
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 5.658 03/15/2045 304,000 31,158

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