Pioneer Investments: Pioneer Dynamic Credit Fund


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Pioneer Dynamic Credit Fund

Monthly Portfolio Holdings as of 3/31/2016

Security Name Coupon Maturity Date Par / Shares Market Value($)
Navios Maritime Partners LP, Term Loan, 6/27/18 5.25 06/27/2018 868,479 768,604
Albertsons LLC, Term B-2 Loan, 3/21/19 5.5 03/21/2019 885,311 886,655
Federal-Mogul Holdings Corp., Tranche C Term Loan (2014), 4/15/21 4.75 04/15/2021 645,088 586,493
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 200,000 202,875
NRG Energy, Inc., 7.875%, 5/15/21 7.875 05/15/2021 1,755,000 1,800,630
Scds: (S) Usd 20dec16 Buy Bnr231wa3 5.0 12/20/2016 4,175,000 44,575
Darling Ingredients, Inc., 5.375%, 1/15/22 5.375 01/15/2022 1,060,000 1,096,546
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.7667 05/15/2046 715,000 672,418
Syncreon Group BV, Term Loan, 9/26/20 5.25 09/26/2020 1,771 1,771
Epiq Systems, Inc., Term Loan, 8/27/20 4.5 08/27/2020 584,082 578,241
ML-CFC Commercial Mortgage Trust 2006-4, 5.239%, 12/12/49 5.239 12/12/2049 2,000,000 1,953,828
BNP Paribas SA, Floating Rate Note (Perpetual) (144A) 7.625 12/31/2049 2,950,000 2,967,475
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 1,205,000 1,198,640
Centene Corp., 5.625%, 2/15/21 (144A) 5.625 02/15/2021 590,000 619,684
TIG FINCO Plc, 8.75%, 4/2/20 8.75 04/02/2020 202,103 243,779
Masco Corp., 4.45%, 4/1/25 4.45 04/01/2025 1,000,000 1,059,550
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 5.0167 08/17/2045 100,000 95,244
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 3.0 07/15/2021 1,500,000 485,605
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 4.7652 04/18/2017 250,000 248,492
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 6.0 06/01/2018 20,250 20,250
TMS International Corp., Term B Loan, 10/2/20 4.5 10/02/2020 569,101 506,499
Copano Energy LLC, 7.125%, 4/1/21 7.125 04/01/2021 373,000 396,675
Altrl Zero% 30jun17 0.0 06/30/2017 695,760 281,783
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 6.75 08/29/2049 4,100,000 4,547,925
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 5.125 07/15/2024 1,360,000 1,388,314
ORES 2014-LV3 LLC, 6.0%, 3/27/24 6.0 03/27/2024 1,000,000 995,075
T-Mobile USA, Inc., 6.625%, 4/1/23 6.625 04/01/2023 1,500,000 1,628,438
Axis Equipment Finance Receivables III LLC, 5.27%, 5/20/20 (144A) 5.27 05/20/2020 500,000 502,900
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 5.188 05/10/2019 300,000 278,319
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 5.0 06/15/2044 1,630,000 1,677,472
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 5.375 11/15/2021 200,000 196,668
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 29,032 4,299
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 0.0   100,000 94,942
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 5.0 04/18/2019 705,063 646,895
Crowne Group LLC, Term Loan (First Lien), 9/29/20 6.0 09/29/2020 1,209,842 1,161,449
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 1,323,125 1,312,375
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 509,814 84,050
Plains All American Pipeline LP, 4.65%, 10/15/25 4.65 10/15/2025 3,625,000 3,452,983
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 6.25 08/15/2042 750,000 909,788
Liberty Tire Recycling Llc     3,071 31
CST Brands, Inc., 5.0%, 5/1/23 5.0 05/01/2023 1,325,000 1,369,167
Citigroup, Inc., Floating Rate Note (Perpetual) 5.95 12/31/2049 640,000 623,052
Standard Industries, Inc., 5.375%, 11/15/24 (144A) 5.375 11/15/2024 945,000 978,364
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 3,905,000 3,894,964
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 6.5752 01/09/2017 600,000 589,741
Bank of America Corp., Floating Rate Note (Perpetual) 6.3 12/31/2049 4,355,000 4,501,655
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 5.142 10/12/2042 1,600,000 1,588,603
Swift Energy Co., 7.875%, 3/1/22 7.875 03/01/2022 1,285,000 123,280
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 2,000,000 1,886,694
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 5.875 05/15/2023 2,200,000 1,773,078
Acgl Zero% 01jul16 0.0 07/01/2016 700,000 52,430
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 2,171,000 245,876
T-Mobile USA, Inc., 6.5%, 1/15/24 6.5 01/15/2024 1,965,000 2,070,564
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 4.3 06/01/2025 2,100,000 2,027,589
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 7.0 01/01/2022 1,150,000 1,193,125
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 8.5 03/02/2020 35,665 52,978
Voya Financial, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 1,615,000 1,536,421
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 3.721 08/28/2044 460,000 195,666
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 1.933 02/25/2035 3,432,000 432,588
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 480,418 433,577
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 800,000 87,847
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 400,000 1,840
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 4.7725 12/06/2016 800,000 801,700
ONEOK, Inc., 6.875%, 9/30/28 6.875 09/30/2028 1,450,000 1,275,094
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.6675 04/30/2018 350,000 351,671
Sabine Pass Liquefaction LLC, 6.25%, 3/15/22 6.25 03/15/2022 2,200,000 2,159,361
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 5.25 08/01/2023 0 8,750
Cardtronics, Inc., 5.125%, 8/1/22 5.125 08/01/2022 1,000,000 996,042
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 2,500,000 2,551,528
The Williams Companies, Inc., 4.55%, 6/24/24 4.55 06/24/2024 3,000,000 2,316,779
Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 3.2597 01/15/2017 250,000 254,293
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 5.25 01/15/2026 3,500,000 3,538,792
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 10.0 08/15/2021 800,000 502,222
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 0.0   1,000,000 698,726
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 4.0038 11/08/2020 51,748 49,839
Apr16 Mem6 P @ 1910   04/15/2016 848 46,640
Zero% 30nov19 0.0 11/30/2019 2,000,000 2,166,200
Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) 4.25 11/20/2028 1,750,000 57,476
CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21 4.0 03/28/2021 0 0
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 1,815,000 1,917,951
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 6.75 06/15/2021 2,000,000 1,934,750
Petrobras Global Finance BV, 3.5%, 2/6/17 3.5 02/06/2017 3,210,000 3,176,447
Paragon Offshore Finance Co., Term Loan, 7/11/21 5.2453 07/11/2021 286,375 63,480
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e2a13 5.0 12/20/2017 2,467,885 -939,124
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.2067 02/15/2051 1,725,000 1,671,102
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 6.657 08/15/2020 400,000 416,159
Rowan Companies, Inc., 5.85%, 1/15/44 5.85 01/15/2044 2,393,000 1,424,347
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 5.125 11/15/2023 2,825,000 2,947,279
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.7667 05/15/2046 220,000 196,214
Sprint Corp., 7.25%, 9/15/21 7.25 09/15/2021 1,000,000 766,972
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 3.721 10/28/2019 1,750,000 615,619
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 4.0 04/23/2020 911,947 907,387
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 4.625 05/15/2023 830,000 831,014
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 288,251 260,146
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 300,000 296,181
Apr16 Mem6 P @ 1710   04/15/2016 -848 -8,480
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 4.9321 10/20/2020 600,000 588,154
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 3.965 04/24/2017 350,000 348,816
Jun16 Mem6 P @ 1410   06/17/2016 734 34,865
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 200,000 203,212
Jun16 Mem6 P @ 1510   06/17/2016 -734 -58,720
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 550,000 586,808
Sirius XM Radio, Inc., 6.0%, 7/15/24 (144A) 6.0 07/15/2024 1,815,000 1,933,278
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 1.7419 12/10/2035 7,240,000 938,791
Xerium Technologies, Inc., 8.875%, 6/15/18 8.875 06/15/2018 168,000 142,990
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 9.5 06/24/2019 128,729 50,925
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 3,980,000 3,940,355
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 4.5618 05/23/2016 750,000 753,386
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 4.5 05/02/2016 3,203 3,195
Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 4.8 09/21/2048 2,000,000 1,996,010
The Williams Companies, Inc., 5.75%, 6/24/44 5.75 06/24/2044 2,625,000 1,786,294
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 7.0636 04/07/2017 500,000 515,053
Ball Corp., 5.25%, 7/1/25 5.25 07/01/2025 3,500,000 3,720,938
Kane Zero% 30jun16 0.0 06/30/2016 1,500,000 30,600
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 16,900 10,563
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 5.85 05/21/2043 1,140,000 611,183
DCP Midstream Operating LP, 5.6%, 4/1/44 5.6 04/01/2044 300,000 229,187
Frontier Communications Corp., 9.0%, 8/15/31 9.0 08/15/2031 200,000 174,300
TASC, Inc. Virginia, New Term Loan (First Lien), 5/23/20 7.0 05/23/2020 756,798 753,638
RegionalCare Hospital Partners, Inc., Term B-2 Loan (2015), 4/23/19 6.0 04/23/2019 885,222 885,775
Transocean, Inc., 5.55%, 12/15/16 5.55 12/15/2016 4,090,000 4,147,578
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 1,150,000 1,152,329
Talen Energy Supply LLC, 6.5%, 6/1/25 6.5 06/01/2025 250,000 212,917
Talen Energy Supply LLC, 4.6%, 12/15/21 4.6 12/15/2021 525,000 427,111
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 6.266 03/17/2049 300,000 300,124
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 250,000 123,084
Scds: (Ally) Usd 20jun21 Buy Bnr2g3y88 5.0 06/20/2021 3,360,000 308,767
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 13,100 1,195,375
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 2.85 05/15/2024 1,000,000 135,081
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 6.625 05/15/2018 500,000 504,389
Pangaea Zero% 01jul18 0.0 07/01/2018 2,000,000 36,000
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 5.7209 06/11/2040 2,000,000 1,921,727
New World Resources NV, 4.0%, 10/7/20 (PIK) 4.0 10/07/2020 73,160 13,833
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 3.428 07/15/2031 705,000 678,563
Enbridge Energy Partners LP, 7.375%, 10/15/45 7.375 10/15/2045 3,125,000 3,270,446
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 570,000 534,883
Revlon Consumer Products Corp., 5.75%, 2/15/21 5.75 02/15/2021 480,000 496,727
Scds: (Hov) Usd 20dec16 Buy Bnr26wym4 5.0 12/20/2016 1,735,000 22,938
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 5.0 12/20/2016 1,685,000 33,221
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 2,050,000 1,943,452
DynCorp International, Inc., Term Loan, 7/7/16 6.2683 07/07/2016 815,805 791,331
Level 3 Financing, Inc., 5.375%, 5/1/25 5.375 05/01/2025 1,400,000 1,423,771
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 5.0 12/20/2016 4,175,000 29,545
Iap Worldwide Services Inc     4 4,854
Belden, Inc., 5.5%, 9/1/22 (144A) 5.5 09/01/2022 1,360,000 1,373,033
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 5.95 04/15/2042 2,000,000 1,444,872
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 5.4509 06/25/2033 1,749,811 207,187
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 5.375 11/15/2022 3,270,000 3,428,765
Fly Funding II Sarl, Loan, 8/9/19 3.5 08/09/2019 677,413 673,285
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 738,280 731,189
Serena Software, Inc., Term Loan, 4/10/20 7.5 04/10/2020 749,318 748,382
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 5.8746 01/25/2033 450,000 40,157
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/17/45 6.1472 04/17/2045 1,400,000 1,069,480
Ally Financial, Inc., 4.625%, 5/19/22 4.625 05/19/2022 1,000,000 1,021,958
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 2,500,000 555,639
Seadrill Operating LP, Initial Term Loan, 2/14/21 4.0 02/14/2021 830,875 370,431
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 7.25 01/15/2018 700,000 703,714
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 1,190,000 1,325,900
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 4.5 06/26/2045 1,000,000 960,812
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 9.75 08/15/2022 1,165,000 888,264
Avg Technologies Nv 1st Lien Tl-B L + 4.75% 07oct20 5.75 10/07/2020 1,234,375 1,231,289
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 4.7 11/17/2025 350,000 349,556
PDL BioPharma, Inc., 4.0%, 2/1/18 4.0 02/01/2018 593,000 539,506
Fitness & Sports Clubs LLC, Term B Loan, 6/25/20 5.5 06/25/2020 903,324 873,966
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 3,990,000 4,607,051
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 112,000 101,547
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 720,000 636,600
Scds: (Ftr) Usd 20jun21 Buy Bnr2ftsq9 5.0 06/20/2021 2,545,000 -136,745
CenturyLink, Inc., 7.65%, 3/15/42 7.65 03/15/2042 1,300,000 1,076,920
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 5.214 02/11/2041 100,000 96,457
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 8.875 09/15/2020 90,000 93,843
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 38,709 9,259
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 5.21 07/15/2021 750,000 741,588
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 5.0 06/16/2018 1,031,273 894,630
KKR Group Finance Co II LLC, 5.5%, 2/1/43 (144A) 5.5 02/01/2043 1,500,000 1,546,576
Commercial Metals Co., 4.875%, 5/15/23 4.875 05/15/2023 1,000,000 903,417
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.3001 06/06/2016 500,000 508,122
Scds: (Mtna) Eur 20jun21 Buy Bnr2g3v08 5.0 06/20/2021 2,750,000 -109,092
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 4.75 04/30/2020 383,434 356,977
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2.233 02/25/2035 2,208,000 265,517
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 5.875 02/01/2023 1,000,000 819,792
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 1,500,000 1,592,813
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.9175 04/30/2018 400,000 403,763
LifePoint Health, Inc., 5.875%, 12/1/23 5.875 12/01/2023 3,000,000 3,192,281
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 5.0 10/15/2021 84,291 78,953
Charter Communications Operating L 1st Lien Tl L + 0% 26may16   05/26/2016 51,486 51,486
Apr16 Mem6 P @ 1610   04/15/2016 848 4,240
Boardwalk Pipelines LP, 4.95%, 12/15/24 4.95 12/15/2024 4,500,000 4,180,905
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) 8.375 05/15/2020 805,000 848,582
Scds: (Ftr) Usd 20jun21 Buy Bnr2fttj4 5.0 06/20/2021 2,045,000 -109,880
Altice Financing SA, 6.625%, 2/15/23 (144A) 6.625 02/15/2023 1,000,000 1,035,625
Apr16 Mem6 P @ 1810   04/15/2016 -848 -19,080
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 5.658 03/15/2045 304,000 33,898
Progressive Waste Solutions, Ltd., 10/24/19 4.5 10/24/2019 0 0
Cds: (Cdx.Na.Ig.9 0-3%) Usd 20dec17 Buy Bnr2e29w7 5.0 12/20/2017 2,464,077 -937,675
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 5.0 10/01/2025 950,000 980,875
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 500,000 507,674
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 6.0 09/17/2021 1,604,688 1,560,308
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 7.78 03/25/2027 5,850,000 151,545
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 765,000 831,821
Charter Communications Operating L 1st Lien Tl L + 0% 26may16   05/26/2016 316,268 316,268
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,205 9,878
Scds: (Hov) Usd 20dec16 Buy Bnr231u15 5.0 12/20/2016 4,175,000 55,197
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 5.0 10/15/2021 1,891,762 1,771,951
Altrl Zero% 30jun16 0.0 06/30/2016 2,501,147 139,564
DISH DBS Corp., 5.875%, 7/15/22 5.875 07/15/2022 3,050,000 2,927,703
Scds: (Ally) Usd 20jun21 Buy Bnr2fxus3 5.0 06/20/2021 700,000 64,326
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 6.625 12/31/2049 575,000 541,209
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 6.41 11/17/2025 139,000 138,958
CenturyLink, Inc., 7.6%, 9/15/39 7.6 09/15/2039 150,000 123,882
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 6.0 07/08/2019 500,000 504,392
NRG Energy, Inc., 6.25%, 5/1/24 6.25 05/01/2024 1,000,000 943,542
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 5.75 08/25/2036 1,200,000 157,102
Kane-Pi4 Flt% 07jul16 0.0 07/07/2016 1,503,871 1,507,631
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 250,000 250,500
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 4.8052 06/28/2016 250,000 252,475
Ally Financial, Inc., 4.625%, 3/30/25 4.625 03/30/2025 1,000,000 986,378
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 5.623 05/12/2045 1,400,000 1,361,777
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 5.625 03/30/2043 2,315,000 2,516,857
Steward Health Care System LLC, Term Loan, 4/10/20 6.75 04/10/2020 487,500 470,438
Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 8.375 04/04/2021 100,000 103,618
Quebecor Media, Inc., 5.75%, 1/15/23 5.75 01/15/2023 825,000 863,718
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 2.3 01/08/2019 250,000 247,383
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 1,350,000 1,115,484
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 9.31 07/20/2028 750,000 110,063
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 9.0096 07/18/2019 28,259 28,401
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 6.41 10/22/2018 250,000 250,389
STG-Fairway Acquisitions, Inc., Term Loan (First Lien), 3/4/19 6.25 03/04/2019 745,869 729,087
AECOM, 5.75%, 10/15/22 5.75 10/15/2022 635,000 675,649
Silverton RE, Ltd., 0.0%, 9/18/18 (Cat Bond) (144A) 0.0 09/18/2018 500,000 514,100
Prudential Financial, Inc., Floating Rate Note, 9/15/42 5.875 09/15/2042 1,500,000 1,571,417
Time Warner Cable, Inc., 6.55%, 5/1/37 6.55 05/01/2037 2,050,000 2,302,414
Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 7.59 01/09/2017 500,000 514,075
DCP Midstream Operating LP, 3.875%, 3/15/23 3.875 03/15/2023 1,500,000 1,234,440
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 100,000 106,092
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 5.0 07/27/2020 1,000,000 965,081
MA FinanceCo LLC, Initial Tranche B Term Loan, 10/7/21 5.25 10/07/2021 1,173,761 1,174,348
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 4.96 07/25/2033 400,000 219,260
Commercial Barge Line Co., Initial Term Loan, 11/6/20 9.75 11/06/2020 498,721 450,096
Zero% 30nov20 0.0 11/30/2020 1,000,000 1,011,000
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 4.7725 12/23/2036 1,800,000 684,431
Kane Zero% 30jun16 0.0 06/30/2016 1,200,000 79,920
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,050,111
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 540,000 501,350
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 5.0 12/20/2016 3,880,000 -30,510
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 5.3 12/01/2034 750,000 658,773
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 5.3021 07/15/2044 2,500,000 1,143,536
Cds: (Cdx.Na.Ig.19 0-3%) Usd 20dec17 Buy Bnr2e28w8 5.0 12/20/2017 3,880,000 -324,970
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 23,247 14,529
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 5.0 12/20/2016 4,200,000 53,832
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 2,000,000 2,085,000
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 6.6615 10/15/2019 1,850,000 1,708,910
Calpine Corp., 5.75%, 1/15/25 5.75 01/15/2025 2,000,000 1,973,028
Ziggo BV, US$ B3 Facility, 1/15/22 3.6013 01/15/2022 0 0
Zero% 30nov20 0.0 11/30/2020 1,250,000 1,277,125
Ally Financial, Inc., 5.75%, 11/20/25 5.75 11/20/2025 720,000 718,865
Kane Sac Zero% 15jun16 0.0 06/15/2016 400,000 399,920
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 725,000 655,219
Kane Zero% 29apr16 0.0 04/29/2016 2,100,000 56,700
Immucor, Inc., Term B-2 Loan, 8/19/18 5.0 08/19/2018 1,562 1,515
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 7.0 06/25/2022 670,347 586,554
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 3.6862 09/18/2031 1,200,000 1,132,900
Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 6.375 05/15/2043 1,000,000 764,083
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 8.0 12/31/2049 1,400,000 1,363,211
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 4.625 07/15/2019 2,680,000 2,351,067
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 4.25 01/29/2021 588,000 532,140
RCMC LLC, 5.62346%, 12/17/18 (144A) 5.6235 12/17/2018 250,000 76,026
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 4.1096 06/07/2017 500,000 502,153
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 5.5 12/20/2026 800,000 484,284
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 250,000 127,295
Atlas IX Capital DAC, Floating Rate Note, 1/17/19 (Cat Bond) (144A) 3.8022 01/17/2019 250,000 257,097
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.31 10/12/2017 2,000,000 239,848
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 5.82 06/15/2019 750,000 752,674
Centene Corp., 6.125%, 2/15/24 (144A) 6.125 02/15/2024 2,530,000 2,684,348
Jun16 Mem6 P @ 1610   06/17/2016 -734 -102,760
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 8.125 12/31/2049 1,325,000 1,324,186
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 5.8127 12/10/2049 1,000,000 923,452
Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 5.375 04/15/2021 500,000 480,278
Zero% 30nov20 0.0 11/30/2020 500,000 507,600
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 0.0 12/01/2019 3,777 26,439
Kane Zero% 30jun16 0.0 06/30/2016 500,000 5,400
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 5.75 02/15/2026 3,060,000 3,189,583
Cme: (Cdx.Na.Hy.25.V1) Usd 20dec20 Z91vrer63 5.0 12/20/2020 31,360,327 965,264
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/12/44 (144A) 5.6731 07/12/2044 113,538 122,973
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 7.75 03/15/2024 200,000 220,189
Trader Corp., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 100,000 105,012
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 4.25 06/30/2019 4,531,800 3,840,700
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 250,000 56,719
CCO Safari II LLC, 6.384%, 10/23/35 (144A) 6.384 10/23/2035 655,000 741,445
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 2,500 6,250
14112z Zero% 01feb19 0.0 02/01/2019 2,000,000 59,800
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 12.375 07/01/2019 1,203,081 1,082,773
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 4.0 12/13/2019 671,979 588,402
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 865,000 890,037
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 11.0 03/31/2021 67,501 54,419
Frontier Communications Corp., 7.625%, 4/15/24 7.625 04/15/2024 250,000 230,665
Belden, Inc., 5.5%, 4/15/23 5.5 04/15/2023 300,000 349,222
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 3.208 07/12/2047 1,000,000 647,989
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1.0 12/20/2016 1,665,000 -44,492
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 5.75 05/17/2021 710,500 717,624
GS Mortgage Securities Corp Trust 2014-NEW, 3.79%, 1/10/31 (144A) 3.79 01/10/2031 1,000,000 965,266
McGraw-Hill School Education Holdings LLC, Term B Loan, 12/18/19 6.25 12/18/2019 1,857,250 1,852,607
Jun16 Mem6 P @ 1710   06/17/2016 734 190,840
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 2.3553 10/25/2033 23,000,000 138,636
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 1,375,000 1,377,578
CalAtlantic Group, Inc., 6.25%, 12/15/21 6.25 12/15/2021 1,000,000 1,090,903
17079z Zero% 31mar18 0.0 03/31/2018 250,000 294,000
Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 6.0332 12/10/2049 1,600,000 1,581,623
Top Co     34,794 500
Zero% 31aug16 0.0 08/31/2016 500,000 563,350
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 8.75 12/15/2019 1,320,000 1,281,408
Qwest Corp., 7.375%, 6/1/51 7.375 06/01/2051 4,400 112,332
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 5.55 06/01/2045 1,360,000 1,233,830
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 4.75 04/29/2025 3,635,000 3,689,727
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 3.8385 08/15/2031 1,400,000 1,365,219
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 5.574 11/12/2049 1,800,000 1,739,110
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 10.5 09/15/2022 3,140,000 3,233,153
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 2,000,000 1,929,356
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 2,500,000 2,426,563
HCA, Inc., 5.375%, 2/1/25 5.375 02/01/2025 1,000,000 1,019,898

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