Pioneer Investments: Pioneer Dynamic Credit Fund


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Pioneer Dynamic Credit Fund

Monthly Portfolio Holdings as of 12/31/2015

Security Name Coupon Maturity Date Par / Shares Market Value($)
Crowne Group Llc 1st Lien Tl-B L + 5% 29sep20 6.0 09/29/2020 1,212,913 1,188,655
Swift Energy Co., 7.875%, 3/1/22 7.875 03/01/2022 1,285,000 136,531
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 3.5805 09/18/2031 1,200,000 1,155,427
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 5.9085 04/15/2045 1,400,000 1,298,575
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 4.7 11/17/2025 350,000 348,448
Bright Horizons Family Solutions, Inc., Term B Loan, 1/30/20 4.0 01/30/2020 781,183 781,111
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU REMICS, Floating Rate Note, 12/15/28 3.8305 12/15/2028 1,100,000 1,101,834
17079z Zero% 31mar18 0.0 03/31/2018 250,000 278,700
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.226 03/16/2016 250,000 253,838
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.49 04/30/2018 350,000 349,405
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 5.21 07/15/2021 750,000 732,998
Frontier Communications Corp., 9.0%, 8/15/31 9.0 08/15/2031 200,000 174,800
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 6.0 09/17/2021 1,608,750 1,474,017
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 5.0 12/20/2016 4,200,000 -424,626
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 5.75 05/17/2021 710,500 709,981
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 6.375 04/01/2021 500,000 517,969
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 5.7215 06/11/2040 2,000,000 2,005,626
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 5.623 05/12/2045 1,400,000 1,349,823
DTZ US Borrower LLC, 2015-1 Additional Term Loan (First Lien), 11/4/21 4.25 11/04/2021 1,645,930 1,608,896
RCMC LLC, 5.62346%, 12/17/18 (144A) 5.6235 12/17/2018 250,000 78,559
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.31 10/12/2017 2,000,000 230,438
Cenveo Corp., 6.0%, 8/1/19 (144A) 6.0 08/01/2019 1,210,000 883,300
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 200,000 194,557
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 5.473 07/15/2044 2,500,000 2,507,682
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.5 08/23/2019 550,456 548,293
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 7.25 01/15/2018 700,000 723,401
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 4.4975 07/18/2019 28,331 28,473
Scds: (Ihrt) Usd 20dec16 Buy Bnr278v80 5.0 12/20/2016 5,050,000 -1,441,503
COMM 2015-CCRE23 Mortgage Trust, Floating Rate Note, 5/12/48 (144A) 3.8073 05/12/2048 1,000,000 929,151
Alliance One International, Inc., 9.875%, 7/15/21 9.875 07/15/2021 800,000 624,428
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3.726 05/08/2031 530,000 526,389
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 4.25 01/31/2021 1,141,288 1,112,280
Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34 6.75 09/25/2034 300,000 50,388
CenturyLink, Inc., 7.65%, 3/15/42 7.65 03/15/2042 1,300,000 1,023,783
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 2,000,000 2,041,250
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 400,000 3,760
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 1,050,525 1,150,010
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 1,815,000 1,882,785
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 6.68 01/09/2017 600,000 586,192
PQ Corp., 2014 Term Loan, 8/7/17 4.0 08/07/2017 679,000 674,756
Us Renal Care Inc 1st Lien L + 4.25% 16nov22 5.25 11/16/2022 735,000 731,019
TurboCombustor Technology, Inc., Initial Term Loan, 10/18/20 5.5 10/18/2020 0 0
Kane Ilw Zero% 02feb16 0.0 02/02/2016 1,050,000 1,050,000
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 5.0 10/15/2021 1,896,552 1,704,526
Builders FirstSource, Inc., Initial Term Loan, 7/24/22 6.0 07/24/2022 0 0
NEXEO SOLUTIONS LLC, Term B-3 Loan, 9/9/17 5.0 09/09/2017 0 0
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 5.82 06/15/2019 750,000 752,965
Verizon Communications, Inc., 6.55%, 9/15/43 6.55 09/15/2043 576,000 694,942
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 1,000,000 933,578
Mirror BidCo Corp., New Incremental Term Loan, 12/18/19 4.25 12/18/2019 907,176 899,617
Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 2.5 01/07/2019 250,000 252,947
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 250,000 251,643
Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Floating Rate Note, 10/15/48 5.632 10/15/2048 1,500,000 1,525,289
Frontier Communications Corp., 7.625%, 4/15/24 7.625 04/15/2024 250,000 214,024
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 1,205,000 1,222,740
Transocean, Inc., 5.55%, 12/15/16 5.55 12/15/2016 4,090,000 3,977,389
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 1.5931 12/10/2035 7,240,000 1,014,307
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 0.0   1,000,000 699,864
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) 8.375 05/15/2020 805,000 841,790
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 5.0 12/20/2016 1,685,000 -14,451
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 5.8254 01/25/2033 450,000 42,252
MacDermid, Inc., Tranche B Term Loan (First Lien), 6/7/20 5.5 06/07/2020 0 0
The Williams Companies, Inc., 4.55%, 6/24/24 4.55 06/24/2024 1,000,000 695,465
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 550,600 599,989
Atlantic Power LP, Term Loan, 2/20/21 4.75 02/20/2021 1,316,334 1,311,398
14112z Zero% 01feb19 0.0 02/01/2019 2,000,000 2,326,200
Aircastle, Ltd., 6.25%, 12/1/19 6.25 12/01/2019 600,000 648,125
Structured Asset Mortgage Investments Trust 2003-AR1, Floating Rate Note, 10/19/33 1.9021 10/19/2033 3,319,800 110,799
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 4.75 04/30/2020 489,242 355,923
Akorn, Inc., Loan, 11/13/20 6.0 11/13/2020 0 0
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 4.0536 06/07/2017 500,000 500,353
CENGAGE LEARNING ACQUISITIONS INC, Term Loan, 3/6/20 7.0 03/06/2020 250,000 243,125
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 11.0 03/31/2021 63,982 43,607
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 2,500,000 580,389
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 4.7725 12/23/2036 1,800,000 721,824
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 738,280 730,494
Intelsat Jackson Holdings SA, 7.25%, 4/1/19 7.25 04/01/2019 250,000 233,906
JPMorgan Chase & Co., 1.0%, 9/20/17 5.0 12/20/2017 250,000 24,589
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 6.75 04/30/2018 954,365 883,981
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 4.5 06/26/2045 1,000,000 965,092
LB-UBS Commercial Mortgage Trust 2005-C7, Floating Rate Note, 11/15/40 5.35 11/15/2040 1,200,000 1,244,248
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 9.75 08/15/2022 1,165,000 975,154
Generac Power Systems, Inc., Term Loan B, 5/31/20 3.5 05/31/2020 368,898 361,750
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 5.214 02/11/2041 100,000 100,309
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 865,000 870,574
SUAM Finance BV, 4.875%, 4/17/24 (144A) 4.875 04/17/2024 500,000 512,510
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 5.0 06/01/2018 20,527 20,463
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 1,375,000 1,335,469
Ultima Intermediate Sarl, Term Loan B (First Lien), 7/2/20 5.5 07/02/2020 987,462 984,993
Eco Services Operations Llc 1st Lien Tl-B L + 3.75% 10oct21 4.75 10/10/2021 569,250 563,380
Apex Tool Group LLC, Term Loan, 1/31/20 4.5 01/31/2020 1,229,422 1,176,147
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 1.9216 02/25/2035 3,432,000 459,080
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 7.75 03/15/2024 200,000 215,226
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 250,000 130,471
Mar16 Meh6 P @ 1810   03/18/2016 -848 -665,680
Sabine Pass LNG LP, 6.5%, 11/1/20 6.5 11/01/2020 100,000 98,083
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 6.25 08/15/2042 750,000 903,893
WFRBS Commercial Mortgage Trust 2011-C4, Floating Rate Note, 6/17/44 (144A) 5.4332 06/17/2044 50,000 51,554
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 2,050,000 1,958,467
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 3.6438 08/15/2031 1,400,000 1,390,617
Wells Fargo & Co., 7.5% (Perpetual) 7.5 12/31/2049 1,050 1,221,134
The Williams Companies, Inc., 5.75%, 6/24/44 5.75 06/24/2044 2,625,000 1,561,544
PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A) 4.9305 07/14/2034 1,171,000 1,171,435
Firstar Realty LLC, 8.875% (Perpetual) (144A) 8.875 12/31/2049 400 493,875
Fly Leasing, Ltd., 6.375%, 10/15/21 6.375 10/15/2021 1,375,000 1,386,630
Cummins, Inc., 5.65%, 3/1/98 5.65   350,000 372,004
MediArena Acquisition BV, Dollar Term B Loan (First Lien), 8/6/21 6.75 08/06/2021 992,462 888,254
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 6.555 10/15/2019 1,850,000 1,857,262
Kindred Healthcare, Inc., New Term Loan, 4/10/21 4.25 04/10/2021 486,356 469,334
Belden, Inc., 5.5%, 9/1/22 (144A) 5.5 09/01/2022 1,360,000 1,333,933
ORES 2014-LV3 LLC, 6.0%, 3/27/24 6.0 03/27/2024 1,000,000 996,583
Igloo Holdings Corp., 8.25%, 12/15/17 (144A) (PIK) 8.25 12/15/2017 200,000 200,733
Pangaea Zero% 01jul18 0.0 07/01/2018 2,000,000 36,000
PetSmart, Inc., Tranche B-1 Loan, 3/10/22 4.25 03/10/2022 497,500 486,073
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 0.0 12/01/2019 3,777 121,266
US Renal Care, Inc., Tranche B-2 Term Loan (First Lien), 7/3/19 5.75 07/03/2019 736,355 733,133
Syncreon Group BV, Term Loan, 9/26/20 5.25 09/26/2020 689,447 564,197
TMS International Corp., Term B Loan, 10/2/20 4.5 10/02/2020 570,575 430,784
MDC Holdings, Inc., 5.5%, 1/15/24 5.5 01/15/2024 890,000 921,471
Iron Mountain, Inc., 5.75%, 8/15/24 5.75 08/15/2024 500,000 493,361
Fitness International Llc 1st Lien Tl-B L + 4.5% 25jun20 5.5 06/25/2020 905,622 852,417
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 1,050,000 1,226,801
Mar16 Meh6 P @ 1610   03/18/2016 848 207,760
FCA US LLC, Tranche B Term Loan, 12/29/18 3.25 12/29/2018 1,994,625 1,979,915
ONEOK, Inc., 6.875%, 9/30/28 6.875 09/30/2028 1,450,000 1,068,922
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 4.2851 04/24/2017 350,000 353,162
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 5.574 11/12/2049 1,800,000 1,784,418
Xerium Technologies, Inc., 8.875%, 6/15/18 8.875 06/15/2018 168,000 165,324
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 10.5 09/15/2022 1,640,000 1,679,770
Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 6.375 05/15/2043 1,000,000 758,146
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 5.0 07/27/2020 1,000,000 978,123
Altrl Zero% 30jun17 0.0 06/30/2017 695,760 825,311
First Data Corp., 2018 New Dollar Term Loan, 3/24/18 3.9175 03/24/2018 750,000 741,563
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125 12/31/2049 50,173 1,405,346
Nord Anglia Education Finance Llc 1st Lien Tl-B L + 3.5% 21mar21 5.0 03/21/2021 992,443 981,278
Epiq Systems, Inc., Term Loan, 8/27/20 4.5 08/27/2020 585,537 570,898
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 4.5618 05/23/2018 750,000 751,681
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 100,000 101,383
Kane Zero% 29apr16 0.0 04/29/2016 2,100,000 2,390,010
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 500,000 494,681
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/20 (Cat Bond) (144A) 6.9924 04/07/2020 1,000,000 1,040,812
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 4.9021 10/20/2020 600,000 588,149
Wastequip LLC, Term Loan, 8/9/19 5.5 08/09/2019 0 0
Scds: (S) Usd 20dec16 Buy Bnr231wa3 5.0 12/20/2016 4,175,000 39,533
Federal Mogul 1st Lien Tl-C L + 3.75% 15apr21 4.75 04/15/2021 646,725 572,029
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,205 12,347
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 9.875 08/15/2019 330,000 344,786
Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 6.2524 12/10/2049 1,600,000 1,630,281
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 24,057 15,848
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 4.4651 04/18/2017 250,000 251,579
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 6.75 08/29/2049 2,360,000 2,638,775
Morgan Stanley, Floating Rate Note (Perpetual) 6.375 12/31/2049 66,707 1,770,404
Paragon Offshore Finance Co Tl-B L + 2.75% 11jul21 3.75 07/11/2021 287,100 83,977
GMAC Capital Trust I, Floating Rate Note, 2/15/40 8.125 02/15/2040 27,750 703,740
Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A) 4.125 11/15/2026 500,000 454,124
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 3.721 08/28/2044 460,000 237,782
Affiliated Managers Group, Inc., 4.25%, 2/15/24 4.25 02/15/2024 915,000 938,960
Mar16 Meh6 P @ 1710   03/18/2016 -848 -364,640
Ally Financial, Inc., 5.75%, 11/20/25 5.75 11/20/2025 720,000 733,715
Scds: (Turkey) Usd 20dec20 Sell Bnr25avz7 1.0 12/20/2020 -3,957,000 292,839
IASIS Healthcare LLC, Term B-2 Loan, 5/3/18 4.5 05/03/2018 596,923 587,074
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7.875 10/15/2019 500,000 557,068
TimberStar Trust I, 7.5296%, 10/15/36 (144A) 7.5296 10/15/2036 180,000 183,707
CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21 4.0 03/28/2021 640,250 631,980
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 1,500,000 1,550,156
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 250,000 46,484
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 5.7955 12/10/2049 1,000,000 921,275
Alkermes, Inc., 2019 Term Loan, 9/25/19 3.5 09/25/2019 680,906 678,778
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 3.208 07/12/2047 1,000,000 643,606
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 550,000 588,699
US Airways, Inc., Tranche B-1 Term Loan (Consenting), 5/23/19 3.5 05/23/2019 606,375 601,164
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,057,299
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 5.1773 10/12/2042 1,600,000 1,604,337
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 0.0 12/31/2049 2,500 6,250
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24 5.125 07/15/2024 1,360,000 1,392,139
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 5.75 08/25/2036 1,200,000 166,225
Arcelik AS, 5.0%, 4/3/23 (144A) 5.0 04/03/2023 400,000 369,538
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 7.78 03/25/2027 5,850,000 163,493
US Airways, Inc., Tranche B-2 Term Loan (Consenting), 11/23/16 3.0 11/23/2016 520,625 520,300
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 487,281 446,471
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 0.0 12/01/2018 1,433 6,210
Telesat Canada, U.S. Term B-2 Loan, 3/28/19 3.5 03/28/2019 598,428 590,947
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 1,500,000 1,415,156
KKR Group Finance Co II LLC, 5.5%, 2/1/43 (144A) 5.5 02/01/2043 1,500,000 1,598,209
Steward Health Care System LLC, Term Loan, 4/10/20 6.75 04/10/2020 488,750 476,531
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 5.4509 06/25/2033 1,749,811 230,629
PDL BioPharma, Inc., 4.0%, 2/1/18 4.0 02/01/2018 593,000 484,654
Level 3 Financing Inc 1st Lien Tl-B2 L + 2.75% 31may22   05/31/2022 1,400,000 1,379,291
Gibraltar Industries, Inc., 6.25%, 2/1/21 6.25 02/01/2021 1,000,000 1,043,542
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 4.0038 11/08/2020 51,880 49,724
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 5.625 03/30/2043 1,665,000 1,792,132
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 5.0 10/15/2021 84,291 75,757
Qwest Corp., 7.375%, 6/1/51 7.375 06/01/2051 4,400 111,892
CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30 (144A) 5.0305 08/15/2030 1,100,000 1,102,884
Kane Zero% 19feb16 0.0 02/19/2016 1,500,000 1,745,250
Scds: (Brazil) Usd 20dec20 Sell Bnr257ff6 1.0 12/20/2020 -7,123,500 1,160,999
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 5.658 03/15/2045 304,000 304,778
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 12.375 07/01/2019 1,165,918 1,171,748
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 5.0 12/20/2016 4,175,000 16,961
Virgin Media 1st Lien Tl-F L + 2.75% 30jun23 3.5 06/30/2023 531,924 521,507
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.2696 06/06/2016 500,000 516,972
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 294,350 350,012
DigitalGlobe, Inc., Term Loan, 1/31/20 4.75 01/31/2020 785,377 772,487
SRAM LLC, Term Loan (First Lien), 4/10/20 4.0159 04/10/2020 0 0
Boardwalk Pipelines LP, 4.95%, 12/15/24 4.95 12/15/2024 2,000,000 1,743,460
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 500,000 124,421
Micro Focus Us Inc 1st Lien Tl-B L + 4.25% 07oct21 5.25 10/07/2021 1,177,115 1,166,521
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 6.75 06/15/2021 2,000,000 1,941,000
Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 5/9/20 (144A) 4.25 05/09/2020 400,000 386,200
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 1,190,000 1,383,168
AECOM, 5.75%, 10/15/22 5.75 10/15/2022 635,000 661,758
Boulder Brands USA, Inc., Term Loan, 7/9/20 4.5 07/09/2020 738,689 737,765
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 300,000 296,058
VOLT XXXVII LLC, 4.375%, 7/25/45 (Step) (144A) 4.375 07/25/2045 1,000,000 966,286
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 8.625 12/31/2049 450,000 252,272
Allegion US Holding Co, Inc., 5.75%, 10/1/21 5.75 10/01/2021 930,000 954,994
Mpg Holdco I Inc Us 1st Lien Tl-B L + 3.5% 13oct21 4.4975 10/13/2021 1,389,812 1,360,774
Trader Corp., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 100,000 107,731
DCP Midstream Operating LP, 5.6%, 4/1/44 5.6 04/01/2044 300,000 186,397
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2.2216 02/25/2035 2,208,000 281,738
MedAssets, Inc., 8.0%, 11/15/18 8.0 11/15/2018 175,000 179,851
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9593 05/15/2046 220,000 202,209
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 10.75 12/01/2020 208,000 154,548
Building Materials Corp of America, 5.375%, 11/15/24 (144A) 5.375 11/15/2024 945,000 949,128
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 5.25 01/15/2026 1,000,000 1,012,021
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 4.25 01/29/2021 589,500 546,761
Masco Corp., 4.45%, 4/1/25 4.45 04/01/2025 1,000,000 991,125
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 2.2 01/08/2019 250,000 249,499
Ensco Plc, 5.75%, 10/1/44 5.75 10/01/2044 1,950,000 1,313,454
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 5.0 12/20/2016 3,880,000 -53,584
Shearers Foods Llc 1st Lien Tl L + 3.5% 19jun21 4.9375 06/19/2021 938,125 926,398
STG-Fairway Acquisitions, Inc., Term Loan (First Lien), 3/4/19 6.25 03/04/2019 745,869 727,222
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 6.0 07/08/2019 500,000 504,756
Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17 6.9 01/02/2017 250,000 8,349
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 1,480,000 1,460,575
Scds: (Turkey) Usd 20dec20 Sell Bnr273dn8 1.0 12/20/2020 -8,080,000 597,963
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 4.0 12/13/2019 671,979 575,102
CHS, 8.0%, 11/15/19 8.0 11/15/2019 1,075,000 1,094,051
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 509,814 93,866
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 725,000 665,188
Bayview Opportunity Master Fund Trust IIIa 2014-12RPL, 3.6225%, 7/28/19 (Step) (144A) 3.6225 07/28/2019 500,000 77,226
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 8.875 09/15/2020 90,000 93,255
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 9.5 06/24/2019 122,892 77,342
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 8.0 12/31/2049 1,400,000 1,508,811
Bank of America Corp., Floating Rate Note, 10/23/49 6.5 10/23/2049 800,000 852,822
T-Mobile USA, Inc., 6.625%, 4/1/23 6.625 04/01/2023 1,500,000 1,554,844
Scds: (Brazil) Usd 20dec20 Sell Bnr273du2 1.0 12/20/2020 -6,065,000 988,483
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 5.0 06/16/2018 1,033,964 868,529
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 720,000 626,700
Del Coronado Trust 2013-DEL MZ, Floating Rate Note, 3/15/18 (144A) 5.3305 03/15/2018 1,300,000 1,300,932
Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) 4.25 11/20/2028 1,750,000 163,399
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 5.875 04/15/2023 1,000,000 999,903
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.009 02/15/2051 1,725,000 1,750,015
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 570,000 539,735
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 4.5558 06/28/2016 250,000 254,075
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 9.75 03/01/2022 1,700,000 1,610,750
ExGen Renewables I LLC, Term Loan, 2/5/21 5.25 02/05/2021 989,168 996,586
Genex 1st Lien Tl L + 4.25% 22may21 5.25 05/22/2021 498,737 491,256
NorthStar 2013-1, Floating Rate Note, 8/27/29 (144A) 5.4216 08/27/2029 1,500,000 1,515,678
Bank of America Corp., Floating Rate Note, 9/29/49 6.25 09/29/2049 925,000 945,941
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 5.5 12/20/2026 800,000 528,154
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 6.625 12/31/2049 1,900,000 1,870,497
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 6.41 11/17/2025 139,000 138,448
Serena Software Inc 1st Lien Term L + 6.5% 10apr20 7.5 04/10/2020 771,023 758,494
SandRidge Energy, Inc.     14,179 2,836
Navios Maritime Partners LP, Term Loan, 6/27/18 5.25 06/27/2018 874,860 857,363
Banco Santander SA, Floating Rate Note (Perpetual) 6.375 12/31/2049 800,000 765,950
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 5.3 12/01/2034 750,000 594,343
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 4.0 04/23/2020 1,039,333 997,760
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 7.5043 03/01/2022 200,000 205,003
GS Mortgage Securities Corp Trust 2014-NEW, 3.79%, 1/10/31 (144A) 3.79 01/10/2031 1,000,000 964,546
WCP ISSUER LLC, 6.657%, 8/15/43 (144A) 6.657 08/15/2043 400,000 411,847
Enel Finance International NV, 5.125%, 10/7/19 (144A) 5.125 10/07/2019 150,000 163,862
Southern California Edison Co., Floating Rate Note (Perpetual) 6.25 12/31/2049 75,000 84,584
SunEdison, Inc., 2.625%, 6/1/23 (144A) 2.625 06/01/2023 2,000,000 733,125
Beverage Packaging Holdings Luxembourg II SA, 5.625%, 12/15/16 (144A) 5.625 12/15/2016 200,000 198,250
Altisource Solutions Sarl, Term B Loan, 12/9/20 4.5 12/09/2020 1,126,426 985,623
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 5.0 10/01/2025 950,000 940,500
Talen Energy Supply LLC, 4.6%, 12/15/21 4.6 12/15/2021 525,000 323,786
Prudential Financial, Inc., Floating Rate Note, 9/15/42 5.875 09/15/2042 1,500,000 1,585,198
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 5.0 06/15/2044 300,000 306,962
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 1,671,000 225,607
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 7.25 05/01/2022 600,000 400,250
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 1,341,250 1,332,867
DynCorp International, Inc., Term Loan, 7/7/16 6.25 07/07/2016 815,805 785,213
Seadrill Operating LP, Initial Term Loan, 2/14/21 4.0 02/14/2021 833,000 344,654
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 2.2671 10/25/2033 23,000,000 141,807
American Airlines 2014-1 Class B Pass Through Trust, 4.375%, 10/1/22 4.375 10/01/2022 1,550,000 1,416,940
CCO Safari II LLC, 6.384%, 10/23/35 (144A) 6.384 10/23/2035 705,000 720,785
Emdeon, Inc., Term B-2 Loan, 11/2/18 3.75 11/02/2018 768,014 755,534
Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 5.375 04/15/2021 500,000 469,731
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 5.875 02/01/2023 1,000,000 851,979
Ally Financial, Inc., 4.625%, 3/30/25 4.625 03/30/2025 1,000,000 999,191
Citigroup, Inc., Floating Rate Note (Perpetual) 5.95 12/31/2049 640,000 642,212
COBALT CMBS Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 5.568 04/15/2047 1,200,000 1,216,433
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 7.408 01/09/2017 1,000,000 1,024,267
Prestige Brands, Inc., Term B-3 Loan, 9/3/21 3.5 09/03/2021 889,143 885,438
Top Co     34,794 8,204
Kane-Pi4 Flt% 07jul16 0.0 07/07/2016 1,503,871 1,507,330
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 5.9736 02/10/2051 1,250,000 1,254,387
Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 6/30/19 3.75 06/30/2019 289,851 274,924
Silvre Zero% 18sep18 144a 0.0 09/18/2018 500,000 500,000
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 4.625 07/15/2019 1,880,000 1,450,094
NPC International, Inc., Term Loan, 12/28/18 4.75 12/28/2018 557,578 552,234
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 4.96 07/25/2033 400,000 224,709
inVentiv Health, Inc., Term B-3 Loan, 5/15/18 7.75 05/15/2018 132,691 130,922
Commonwealth of the Bahamas, 5.75%, 1/16/24 (144A) 5.75 01/16/2024 1,700,000 1,821,302
GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A) 3.3822 12/15/2034 820,000 764,496
Kane Zero% 22jan16 0.0 01/22/2016 500,000 583,250
Zero% 30nov19 0.0 11/30/2019 2,000,000 2,119,200
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 540,000 534,690
Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 3.75 08/05/2020 728,520 700,745
NRG Energy, Inc., 6.25%, 5/1/24 6.25 05/01/2024 1,000,000 850,617
Altrl Zero% 30jun16 0.0 06/30/2016 2,501,147 175,080
Verizon Communications, Inc., 5.012%, 8/21/54 5.012 08/21/2054 576,000 537,805
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 10.0 08/15/2021 800,000 722,222
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 3.0 07/15/2021 1,500,000 625,406
RegionalCare Hospital Partners, Inc., Term Loan (First Lien), 4/21/19 6.0 04/21/2019 1,090,403 1,077,681
Calpine Corp., 5.75%, 1/15/25 5.75 01/15/2025 2,000,000 1,789,278
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 4.25 06/30/2019 543,420 407,942
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 765,000 832,108
Acgl Zero% 01jul16 0.0 07/01/2016 700,000 781,410
Iap Worldwide Services Inc     4 5,393
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 7.0 01/01/2022 750,000 742,500
Charter Communications Operating L 1st Lien Bridge L + 6.625% 26may16   05/26/2016 1,015,000 1,015,000
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 3.721 10/28/2019 1,750,000 694,920
TEGNA, Inc., 6.375%, 10/15/23 6.375 10/15/2023 1,120,000 1,196,673
Scientific Games International, Inc., 10.0%, 12/1/22 10.0 12/01/2022 800,000 574,667
HCA, Inc., 5.375%, 2/1/25 5.375 02/01/2025 1,000,000 1,009,896
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 2.85 05/15/2024 1,000,000 143,801
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 4.3 06/01/2025 1,100,000 954,349
Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A) 3.8305 01/15/2027 1,500,000 1,454,787
Appvion, Inc., Term Commitment, 6/28/19 5.75 06/28/2019 472,537 441,822
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 8.5 03/02/2020 35,665 54,878
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 800,000 119,376
Hexion, Inc., 8.875%, 2/1/18 8.875 02/01/2018 565,000 419,218
Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 6.5 06/01/2025 250,000 166,354
Legacy Reserves LP, 6.625%, 12/1/21 6.625 12/01/2021 650,000 140,089
Copano Energy LLC, 7.125%, 4/1/21 7.125 04/01/2021 373,000 378,893
Mar16 Meh6 P @ 1910   03/18/2016 848 1,216,880
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 8.75 12/15/2019 750,000 726,667
ML-CFC Commercial Mortgage Trust 2006-4, 5.239%, 12/12/49 5.239 12/12/2049 2,000,000 1,990,913
TIG FINCO Plc, 8.75%, 4/2/20 8.75 04/02/2020 202,103 265,481
CenturyLink, Inc., 7.6%, 9/15/39 7.6 09/15/2039 150,000 118,107
Commercial Metals Co., 4.875%, 5/15/23 4.875 05/15/2023 1,000,000 836,229
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 1,350,000 1,142,063
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 5.375 11/15/2021 200,000 188,422
WCA Waste Corp., Term Loan, 3/23/18 4.0 03/23/2018 685,337 678,483
Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 2.8634 01/15/2017 250,000 253,176
Scds: (Hov) Usd 20dec16 Buy Bnr26wym4 5.0 12/20/2016 1,735,000 -66,738
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 0.0 01/07/2016 533,600 599,980
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 4.2305 07/15/2031 705,000 701,755
Wausau Paper 1st Lien Tl-B L + 5.5% 20jul20 6.5 07/20/2020 1,080,901 1,078,199
Advanced Micro Devices, Inc., 7.5%, 8/15/22 7.5 08/15/2022 320,000 226,667
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 5.0255 05/10/2019 300,000 276,991
QVC, Inc., 4.45%, 2/15/25 4.45 02/15/2025 1,500,000 1,416,366
Voya Financial, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 615,000 610,215
Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44 5.5864 12/15/2044 1,600,000 423,411
Resolute Forest Products, Inc., 5.875%, 5/15/23 5.875 05/15/2023 1,110,000 815,858
Rowan Companies, Inc., 5.85%, 1/15/44 5.85 01/15/2044 2,393,000 1,508,597
Hawaiian Airlines 2013-1 Class A Pass Through Certificates, 3.9%, 1/15/26 3.9 01/15/2026 105,000 97,386
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 5.25 12/31/2049 1,000,000 962,167
Sotheby's, 5.25%, 10/1/22 (144A) 5.25 10/01/2022 1,135,000 1,047,747
JinkoSolar Holding Co, Ltd., 4.0%, 2/1/19 (144A) 4.0 02/01/2019 1,455,000 1,319,200
Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A) 2.9147 11/15/2029 500,000 487,062
Immucor, Inc., 11.125%, 8/15/19 11.125 08/15/2019 100,000 95,203
Vocus Inc 1st Lien Tl-B L + 5% 23may21 6.0 05/23/2021 498,739 496,246
New World Resources NV, 4.0%, 10/7/20 (PIK) 4.0 10/07/2020 73,160 12,442
International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 9.125 06/01/2018 400,000 345,042
Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 8.375 04/04/2021 100,000 99,424
CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A) 4.9305 07/15/2030 1,000,000 998,779
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 500,000 462,611
ZIGGO BV, (USD) TLB3, 1/15/22 3.5 01/15/2022 587,872 572,027
Enbridge Energy Partners LP, 7.375%, 10/15/45 7.375 10/15/2045 2,125,000 2,072,917
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9593 05/15/2046 715,000 688,198
Garda World Security Corp., Term B Loan, 11/1/20 4.0038 11/01/2020 202,804 194,375
JLL, Initial Dollar Term Loan, 1/23/21 4.25 01/23/2021 443,250 428,290
Sprint Corp., 7.25%, 9/15/21 7.25 09/15/2021 1,000,000 776,047
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 200,000 199,500
Summit Midstream Holdings LLC, 7.5%, 7/1/21 7.5 07/01/2021 1,030,000 914,125
WFRBS Commercial Mortgage Trust 2013-C12, Floating Rate Note, 3/17/48 (144A) 4.4943 03/17/2048 200,000 186,159
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 17,489 11,521
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 5.125 11/15/2023 2,500,000 2,582,431
Progressive Waste Solutions, Ltd., 10/24/19 4.5 10/24/2019 0 0
Fly Funding II Sarl, Loan, 8/8/18 3.5 08/08/2018 686,954 681,909
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/12/44 (144A) 5.6397 07/12/2044 113,538 123,584
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 5.75 02/15/2026 1,060,000 1,069,592
Western Refining, Inc., Term Loan 2013, 11/12/20 4.25 11/12/2020 497,462 481,916
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 38,709 8,826
ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 5.485 07/12/2046 1,400,000 1,404,095
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 5.811 03/17/2049 300,000 302,955
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 9.31 07/20/2028 750,000 129,933
Commercial Barge Line Co 1st Lien Tl-B L + 8.75% 06nov20 9.75 11/06/2020 498,721 463,811
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 29,032 4,098
Belden, Inc., 5.5%, 4/15/23 5.5 04/15/2023 300,000 332,612
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 6.1427 05/15/2046 1,813,000 1,837,402
Liberty Tire Recycling Llc     3,071 31
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 425,000 368,068
Plains All American Pipeline LP, 4.65%, 10/15/25 4.65 10/15/2025 2,125,000 1,889,880
Albertsons LLC, Term B-2 Loan, 3/21/19 5.5 03/21/2019 887,547 884,280
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 5.55 06/01/2045 1,360,000 1,067,947
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 0.0   100,000 92,066
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 405,000 382,175
CalAtlantic Group, Inc., 5.375%, 10/1/22 5.375 10/01/2022 95,000 96,752
Altice Financing SA, 6.625%, 2/15/23 (144A) 6.625 02/15/2023 1,000,000 1,004,063
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 3.49 05/05/2017 1,000,000 1,000,644
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 500,000 471,736
Consolidated Precision Products 1st Lien Tl L + 3.5% 28dec19 4.5 12/28/2019 1,280 1,191
Immucor, Inc., Term B-2 Loan, 8/19/18 5.0 08/19/2018 575,059 547,743
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 4.625 05/15/2023 830,000 818,305
Scds: (Soaf) Usd 20dec20 Sell Bnr25axg7 1.0 12/20/2020 -3,957,000 395,193
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 292,369 267,883
Truven Health Analytics, Inc., New Tranche B Term Loan, 6/6/19 4.5 06/06/2019 982,323 943,030
MedAssets, Inc., Term B Loan, 12/13/19 4.0 12/13/2019 318,842 317,248
NRG Energy, Inc., 7.625%, 1/15/18 7.625 01/15/2018 900,000 969,894
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 1,150,000 1,151,430
CalAtlantic Group, Inc., 6.25%, 12/15/21 6.25 12/15/2021 1,000,000 1,070,278
Oversea-Chinese Banking Corp, Ltd., Floating Rate Note, 10/15/24 (144A) 4.0 10/15/2024 425,000 435,965
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 13,100 1,156,819
Kane Zero% 22jan16 0.0 01/22/2016 1,200,000 1,350,840
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 5.85 05/21/2043 1,140,000 879,510
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 5.0166 08/17/2045 100,000 95,640
SolarCity Corp., 1.625%, 11/1/19 1.625 11/01/2019 3,000,000 2,430,625
Tank Holding Corp., Initial Term Loan, 7/9/19 5.25 07/09/2019 622,166 613,418
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 5.25 08/01/2023 1,000,000 919,375
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.74 04/30/2018 650,000 653,925
CST Brands, Inc., 5.0%, 5/1/23 5.0 05/01/2023 1,325,000 1,322,792
NCR Corp., 6.375%, 12/15/23 6.375 12/15/2023 1,160,000 1,145,887
Ally Financial, Inc., 4.625%, 5/19/22 4.625 05/19/2022 1,000,000 1,010,396
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 7.0 06/25/2022 920,375 846,745
Confie Seguros Holding II Co., Term B Loan (First Lien), 11/9/18 5.75 11/09/2018 904,626 893,319
Cardtronics, Inc., 5.125%, 8/1/22 5.125 08/01/2022 1,000,000 986,354
j2 Global, Inc., 8.0%, 8/1/20 8.0 08/01/2020 705,000 760,225
Kane Sac Zero% 15jun16 0.0 06/15/2016 400,000 399,840
HSBC Bank USA NA New York NY, 6.0%, 8/9/17 6.0 08/09/2017 250,000 271,852
Noble Energy, Inc., 5.875%, 6/1/22 5.875 06/01/2022 665,000 635,870
Level 3 Financing, Inc., 5.375%, 5/1/25 (144A) 5.375 05/01/2025 1,400,000 1,418,083
MCGRAW-HILL SCHOOL EDUCATION HOLDINGS LLC, Term B Loan, 12/18/19 6.25 12/18/2019 1,862,000 1,834,070
Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A) 6.625 04/07/2021 500,000 567,870
Quebecor Media, Inc., 5.75%, 1/15/23 5.75 01/15/2023 825,000 833,296
Axis Equipment Finance Receivables III LLC, 5.27%, 5/20/20 (144A) 5.27 05/20/2020 500,000 498,844
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 5.375 11/15/2022 820,000 826,244
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 6.625 05/15/2018 500,000 504,858
US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27 3.95 05/15/2027 400,000 366,388
FCI - FIDJI LUXEMBOURG BC4 SARL, Term Loan, 12/19/20 6.25 12/19/2020 292,950 292,950
Tenet Healthcare Corp., 4.5%, 4/1/21 4.5 04/01/2021 265,000 261,356
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 4.5 05/02/2016 8,042 8,022
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 5.875 05/15/2023 2,800,000 2,520,019
NBTY, Inc., Term B-2 Loan, 10/1/17 3.5 10/01/2017 0 0
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 5.0 04/18/2019 706,875 660,928
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 4.749 12/06/2016 800,000 807,220
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 4.25 06/03/2019 843,455 805,499
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 6.41 10/22/2018 250,000 253,696
Darling Ingredients, Inc., 5.375%, 1/15/22 5.375 01/15/2022 1,060,000 1,070,372
Crown Castle 1st Lien Term-B2 L + 2.5% 31jan21 3.0 01/31/2021 645,563 641,528
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 250,000 137,636
Glencore Funding LLC, 4.125%, 5/30/23 (144A) 4.125 05/30/2023 200,000 148,212
Agrokor dd, 8.875%, 2/1/20 (144A) 8.875 02/01/2020 75,000 82,461
Transnet SOC, Ltd., 4.0%, 7/26/22 (144A) 4.0 07/26/2022 325,000 292,208
Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21 5.75 04/23/2021 1,264,000 985,920
Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 10/3/21 3.75 10/03/2021 769,280 772,165
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 4.939 07/10/2039 890,000 859,883
Avg Technologies Nv 1st Lien Tl-B L + 4.75% 07oct20 5.75 10/07/2020 1,237,500 1,232,859
Atlas IX Capital, Ltd., Floating Rate Note, 1/17/19 (Cat Bond) (144A) 3.5155 01/17/2019 250,000 256,747
Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 3.75 12/11/2019 298,478 288,124
Zero% 31aug16 0.0 08/31/2016 500,000 544,400
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1.0 12/20/2016 1,665,000 -105,383
Vers 2015-A Zero% 31dec17 0.0 12/31/2017 2,000,000 2,336,000
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 5.95 04/15/2042 2,000,000 1,430,122
Tasc Inc 1st Lien Tl-B L + 6% 23may20 7.0 05/23/2020 758,865 761,072
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 1,500,000 1,507,183
DIRECTV Holdings LLC, 5.15%, 3/15/42 5.15 03/15/2042 1,000,000 947,501
Scds: (Soaf) Usd 20dec20 Sell Bnr273dr9 1.0 12/20/2020 -8,410,000 839,922
Scds: (Hov) Usd 20dec16 Buy Bnr231u15 5.0 12/20/2016 4,175,000 -107,826
Key Energy Services, Inc., 6.75%, 3/1/21 6.75 03/01/2021 315,000 86,231

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

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