Pioneer Investments: Pioneer Dynamic Credit Fund


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Pioneer Dynamic Credit Fund

Monthly Portfolio Holdings as of 2/29/2016

Security Name Coupon Maturity Date Par / Shares Market Value($)
Ensco Plc, 5.75%, 10/1/44 5.75 10/01/2044 1,950,000 965,169
Seadrill Operating LP, Initial Term Loan, 2/14/21 4.0 02/14/2021 833,000 352,463
Fitness & Sports Clubs LLC, Term B Loan, 6/25/20 5.5 06/25/2020 905,622 853,549
Prudential Financial, Inc., Floating Rate Note, 9/15/42 5.875 09/15/2042 1,500,000 1,563,165
Apr16 Mem6 P @ 1610   04/15/2016 848 158,559
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 9.75 03/01/2022 1,000,000 988,750
Scds: (Ftr) Usd 20dec20 Buy Bnr2d4227 5.0 12/20/2020 4,785,000 -89,984
DR Horton, Inc., 5.75%, 8/15/23 5.75 08/15/2023 765,000 807,118
MA FinanceCo LLC, Initial Tranche B Term Loan, 10/7/21 5.25 10/07/2021 1,173,761 1,123,876
Scds: (Aks) Usd 20dec16 Buy Bnr27bu01 5.0 12/20/2016 4,200,000 -155,655
STG-Fairway Acquisitions, Inc., Term Loan (First Lien), 3/4/19 6.25 03/04/2019 745,869 727,222
CenturyLink, Inc., 5.8%, 3/15/22 5.8 03/15/2022 2,000,000 1,995,989
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 6.625 12/31/2049 1,400,000 1,251,023
Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Floating Rate Note, 10/15/48 5.632 10/15/2048 1,500,000 1,466,236
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 7.25 04/03/2024 500,000 452,403
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 7.0 06/25/2022 866,858 754,166
Westgate Resorts 2014-1 LLC, 5.5%, 12/20/26 (144A) 5.5 12/20/2026 800,000 500,028
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 4.625 05/15/2023 830,000 820,553
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 12.375 07/01/2019 1,203,081 986,526
Sanders Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 4.0536 06/07/2017 500,000 503,103
Scds: (Mtna) Eur 20dec20 Buy Bnr2d3047 5.0 12/20/2020 4,700,000 -427,685
RASC Series 2003-KS5 Trust, 4.96%, 7/25/33 (Step) 4.96 07/25/2033 400,000 220,264
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 5.58 06/25/2058 250,000 250,919
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 9.226 03/16/2016 250,000 255,038
DuPont Fabros Technology LP, 5.875%, 9/15/21 5.875 09/15/2021 1,000,000 1,067,090
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 5.7185 07/18/2019 28,331 28,473
Virgin Media Investment Holdings, Ltd., F Facility, 6/30/23 3.5 06/30/2023 0 0
Atlas IX Capital DAC, Floating Rate Note, 1/17/19 (Cat Bond) (144A) 3.8022 01/17/2019 250,000 256,053
Liberty Tire Recycling Llc     3,071 31
Nationstar Mortgage LLC, 6.5%, 6/1/22 6.5 06/01/2022 720,000 623,700
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 29,032 4,110
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 5.82 06/15/2019 750,000 752,747
Frontier Communications Corp., 7.625%, 4/15/24 7.625 04/15/2024 250,000 225,951
ExGen Renewables I LLC, Term Loan, 2/5/21 5.25 02/05/2021 0 0
Western Refining, Inc., Term Loan 2013, 11/12/20 4.25 11/12/2020 0 0
JP Morgan Chase Commercial Mortgage Securities Trust 2014-FBLU REMICS, Floating Rate Note, 12/15/28 3.927 12/15/2028 1,100,000 1,025,244
Bayview Opportunity Master Fund Trust IIIa 2014-12RPL, 3.6225%, 7/28/19 (Step) (144A) 3.6225 07/28/2019 500,000 72,542
Tenet Healthcare Corp., 4.375%, 10/1/21 4.375 10/01/2021 2,480,000 2,463,983
Navitas Equipment Receivables LLC 2015-1, 5.75%, 5/17/21 (144A) 5.75 05/17/2021 710,500 718,113
TIG FINCO Plc, 8.75%, 4/2/20 8.75 04/02/2020 202,103 243,986
Albertsons LLC, Term B-2 Loan, 3/21/19 5.5 03/21/2019 887,547 875,837
Progressive Waste Solutions, Ltd., 10/24/19 4.5 10/24/2019 0 0
ACRE Commercial Mortgage Trust 2014-FL2, Floating Rate Note, 8/15/31 (144A) 3.8262 08/15/2031 1,400,000 1,330,334
Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A) 6.25 08/15/2042 750,000 858,536
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 4.749 12/06/2016 800,000 808,340
Steward Health Care System LLC, Term Loan, 4/10/20 6.75 04/10/2020 487,500 468,000
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 1,150,000 1,152,664
Apr16 Mem6 P @ 1810   04/15/2016 -848 -786,575
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 7.0 05/15/2018 865,000 893,641
Glenn Pool Oil & Gas Trust, Term Loan, 5/2/16 4.5 05/02/2016 4,812 4,800
Navios Maritime Partners LP, Term Loan, 6/27/18 5.25 06/27/2018 874,860 691,140
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 5.25 08/01/2023 1,000,000 859,375
DynCorp International, Inc., Term Loan, 7/7/16 6.25 07/07/2016 815,805 779,094
Altrl Zero% 30jun17 0.0 06/30/2017 695,760 278,791
Citrus Re, Ltd., Floating Rate Note, 4/18/17 (Cat Bond) (144A) 4.7652 04/18/2017 250,000 247,863
Jun16 Mem6 P @ 1410   06/17/2016 734 227,540
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 4.0 05/26/2053 250,000 128,565
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 8.75 12/15/2019 1,320,000 1,248,683
MPG Holdco I, Inc., Tranche B-1 Term Loan (2015), 10/20/21 3.75 10/20/2021 0 0
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 7.25 06/01/2020 150,000 131,719
Scds: (Turkey) Usd 20dec20 Sell Bnr273dn8 1.0 12/20/2020 -8,080,000 665,911
Monty Parent Issuer 1 LLC, 4.25%, 11/20/28 (144A) 4.25 11/20/2028 1,750,000 70,381
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 6.55 04/25/2037 250,000 129,223
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 6.0 12/15/2020 540,000 514,440
Scds: (Ally) Usd 20dec20 Buy Bnr2d4748 5.0 12/20/2020 4,140,000 423,021
A10 Securitization 2013-1 LLC, 6.41%, 11/17/25 (144A) 6.41 11/17/2025 139,000 137,416
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 1,392,706
RCMC LLC, 5.62346%, 12/17/18 (144A) 5.6235 12/17/2018 250,000 78,223
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 4.939 07/10/2039 890,000 819,546
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 6.75 08/29/2049 3,000,000 3,196,875
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 2,171,000 227,577
Jun16 Mem6 P @ 1510   06/17/2016 -734 -385,350
WellCare Health Plans, Inc., 5.75%, 11/15/20 5.75 11/15/2020 1,815,000 1,895,641
WFRBS Commercial Mortgage Trust 2011-C4, Floating Rate Note, 6/17/44 (144A) 5.4331 06/17/2044 50,000 49,802
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 7.75 03/15/2024 200,000 227,310
McGraw-Hill School Education Holdings LLC, Term B Loan, 12/18/19 6.25 12/18/2019 1,862,000 1,839,308
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23 5.125 11/15/2023 2,500,000 2,610,035
Fly Leasing Ii Sarl 1st Lien Tl L + 2.75% 09aug19 3.5 08/09/2019 677,413 669,263
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 5.625 02/01/2021 2,500,000 2,397,656
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A) 5.625 03/30/2043 1,665,000 1,791,546
James River Coal Co., 7.875%, 4/1/19 7.875 04/01/2019 250,000 54,953
GS Mortgage Securities Corp Trust 2014-NEW, 3.79%, 1/10/31 (144A) 3.79 01/10/2031 1,000,000 945,481
Inkia Energy, Ltd., 8.375%, 4/4/21 (144A) 8.375 04/04/2021 100,000 100,420
Building Materials Corp of America, 5.375%, 11/15/24 (144A) 5.375 11/15/2024 945,000 974,726
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 4.0 04/23/2020 911,947 882,309
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 5.78 03/16/2043 300,000 293,961
Virgin Media Secured Finance Plc, 5.375%, 4/15/21 (144A) 5.375 04/15/2021 500,000 475,450
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 10.2696 06/06/2016 500,000 519,656
RegionalCare Hospital Partners, Inc., Term B-2 Loan (2015), 4/23/19 6.0 04/23/2019 1,087,642 1,071,327
Calpine Corp., 5.75%, 1/15/25 5.75 01/15/2025 2,000,000 1,843,444
Rialto Capital Management LLC, 2.85%, 5/15/24 (144A) 2.85 05/15/2024 1,000,000 139,277
Zero% 30nov19 0.0 11/30/2019 2,000,000 2,153,400
Belden, Inc., 5.5%, 9/1/22 (144A) 5.5 09/01/2022 1,360,000 1,349,800
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 5.1 08/15/2038 2,050,000 1,945,464
Advanced Micro Devices, Inc., 7.5%, 8/15/22 7.5 08/15/2022 320,000 209,067
Sealy Corp., 8.0%, 7/15/16 (PIK) 8.0 07/15/2016 13,100 1,195,375
A10 Securitization 2013-1 LLC, 4.7%, 11/17/25 (144A) 4.7 11/17/2025 350,000 345,572
Granite Acquisition, Inc., Term B Loan (First Lien), 10/15/21 5.0 10/15/2021 1,896,552 1,730,603
The Williams Companies, Inc., 4.55%, 6/24/24 4.55 06/24/2024 3,000,000 2,275,404
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 5.625 04/17/2020 200,000 196,188
Scds: (Turkey) Usd 20dec20 Sell Bnr25avz7 1.0 12/20/2020 -3,957,000 326,115
Galileo Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 7.59 01/09/2017 500,000 507,739
TMS International Corp., Term B Loan, 10/2/20 4.5 10/02/2020 570,575 365,168
Nationstar Mortgage LLC, 6.5%, 7/1/21 6.5 07/01/2021 725,000 646,760
Laureate Education, Inc., New Series 2018 Extended Term Loan, 6/16/18 5.0 06/16/2018 1,033,964 793,567
Sensata Technologies BV, 5.0%, 10/1/25 (144A) 5.0 10/01/2025 950,000 953,167
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 9.75 12/12/2017 17,489 9,619
Commercial Barge Line Co., Initial Term Loan, 11/6/20 9.75 11/06/2020 498,721 442,615
ORES 2014-LV3 LLC, 6.0%, 3/27/24 6.0 03/27/2024 1,000,000 1,000,667
Frontier Communications Corp., 9.0%, 8/15/31 9.0 08/15/2031 200,000 163,800
Altice Financing SA, 6.625%, 2/15/23 (144A) 6.625 02/15/2023 1,000,000 1,012,604
CHS, 8.0%, 11/15/19 8.0 11/15/2019 1,075,000 1,041,197
Revlon Consumer Products Corp., 5.75%, 2/15/21 5.75 02/15/2021 480,000 482,427
NCF Dealer Floorplan Master Trust, Floating Rate Note, 10/20/20 (144A) 4.932 10/20/2020 600,000 587,908
Time Warner Cable, Inc., 6.55%, 5/1/37 6.55 05/01/2037 2,050,000 2,109,522
COMM 2015-CCRE23 Mortgage Trust, Floating Rate Note, 5/12/48 (144A) 3.8073 05/12/2048 1,000,000 881,375
Ziggo BV, US$ B3 Facility, 1/15/22 3.6013 01/15/2022 587,872 565,690
AXIS Equipment Finance Receivables II LLC, 6.41%, 10/22/18 (144A) 6.41 10/22/2018 250,000 257,336
Ally Financial, Inc., 4.625%, 3/30/25 4.625 03/30/2025 1,000,000 989,399
COMM 2012-CCRE2 Mortgage Trust, Floating Rate Note, 8/17/45 (144A) 5.0165 08/17/2045 100,000 92,476
GCI, Inc., 6.75%, 6/1/21 6.75 06/01/2021 2,000,000 2,013,750
Bank of America Corp., Floating Rate Note, 10/23/49 6.5 10/23/2049 3,800,000 3,963,822
Zero% 30nov20 0.0 11/30/2020 500,000 505,000
T-Mobile USA, Inc., 6.625%, 4/1/23 6.625 04/01/2023 1,500,000 1,608,906
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 5.574 11/12/2049 1,800,000 1,742,955
CD 2005-CD1 Commercial Mortgage Trust, Floating Rate Note, 7/15/44 5.4753 07/15/2044 2,500,000 1,556,065
Belden, Inc., 5.5%, 4/15/23 (144A) 5.5 04/15/2023 300,000 319,708
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 6.75 06/15/2021 2,000,000 1,943,500
Scds: (Hov) Usd 20dec16 Buy Bnr26wym4 5.0 12/20/2016 1,735,000 -60,699
Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34 5.3 12/01/2034 750,000 597,652
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 8.625 06/15/2019 738,280 701,889
Securus Technologies Holdings, Inc., Initial Term Loan (First Lien), 4/30/20 4.75 04/30/2020 384,417 325,793
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 10.0 08/15/2021 800,000 631,556
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 0.0 12/01/2019 3,777 122,001
International Automotive Components Group SA, 9.125%, 6/1/18 (144A) 9.125 06/01/2018 400,000 361,125
Rowan Companies, Inc., 5.85%, 1/15/44 5.85 01/15/2044 2,393,000 1,228,980
Ibis Re II, Ltd., Floating Rate Note, 6/28/16 (Cat Bond) (144A) 4.8052 06/28/2016 250,000 251,906
GLC Trust 2013-1, 3.0%, 7/15/21 (144A) 3.0 07/15/2021 1,500,000 527,316
RESI Finance LP 2003-D, Floating Rate Note, 12/10/35 (144A) 1.7285 12/10/2035 7,240,000 954,795
Accudyne Industries Borrower SCA, Refinancing Term Loan, 12/13/19 4.0 12/13/2019 671,979 553,963
Scds: (Ihrt) Usd 20dec16 Buy Bnr278v80 5.0 12/20/2016 5,050,000 -1,520,673
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 5.875 06/24/2019 3,905,000 3,821,175
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 1.9358 02/25/2035 3,432,000 442,062
Scds: (S) Usd 20dec16 Buy Bnr231wa3 5.0 12/20/2016 4,175,000 56,600
Citigroup, Inc., Floating Rate Note (Perpetual) 5.95 12/31/2049 640,000 608,079
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/33 5.4509 06/25/2033 1,749,811 207,754
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 5.658 03/15/2045 304,000 147,511
Silverton RE, Ltd., 0.0%, 9/18/18 (Cat Bond) (144A) 0.0 09/18/2018 500,000 509,300
Cqp 6.25% 15mar22 6.25 03/15/2022 2,200,000 2,158,903
Citigroup, Inc., Floating Rate Note (Perpetual) 5.9 12/31/2049 1,500,000 1,429,323
GS Mortgage Securities Trust 2014-GSFL, Floating Rate Note, 7/15/31 (144A) 4.3305 07/15/2031 705,000 701,225
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A) 5.8126 12/10/2049 1,000,000 918,773
Zero% 31aug16 0.0 08/31/2016 500,000 556,900
Garda World Security Corp., Term B Loan, 11/1/20 4.0038 11/01/2020 0 0
Bear Stearns ALT-A Trust 2003-3, Floating Rate Note, 10/25/33 2.2799 10/25/2033 23,000,000 139,096
Solarcity Lmc Series VI LLC, 4.8%, 9/21/48 (144A) 4.8 09/21/2048 2,000,000 1,988,011
JP Morgan Chase Commercial Mortgage Securities Trust 2014-CBM MZ, Floating Rate Note, 10/15/19 (144A 6.6515 10/15/2019 1,850,000 1,806,013
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 2.5052 01/08/2019 250,000 245,585
KB Home, 7.0%, 12/15/21 7.0 12/15/2021 2,500,000 2,411,944
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 6.5 07/31/2020 292,369 247,782
Vitality Re V, Ltd., Floating Rate Note, 1/7/19 (Cat Bond) (144A) 2.8052 01/07/2019 250,000 250,092
Iap Worldwide Services Inc     4 7,191
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 8.9 02/04/2021 265,000 60,416
Bayview Opportunity Master Fund Trust 2014-15RPL, Floating Rate Note, 10/28/19 (144A) 3.721 10/28/2019 1,750,000 645,489
Level 3 Financing, Inc., 5.375%, 5/1/25 5.375 05/01/2025 1,400,000 1,462,125
Ally Financial, Inc., 5.75%, 11/20/25 5.75 11/20/2025 720,000 710,015
FCA US LLC, Tranche B Term Loan, 12/29/18 3.25 12/29/2018 0 0
Leaf Receivables Funding 10 LLC, 5.21%, 7/15/21 (144A) 5.21 07/15/2021 750,000 743,577
Scds: (Ctl) Usd 20dec20 Buy Bnr2d43t7 1.0 12/20/2020 2,855,000 -320,923
The Williams Companies, Inc., 5.75%, 6/24/44 5.75 06/24/2044 2,625,000 1,734,341
Ally Financial, Inc., 4.625%, 5/19/22 4.625 05/19/2022 1,000,000 1,011,854
Structured Asset Mortgage Investments Trust 2003-AR1, Floating Rate Note, 10/19/33 1.9301 10/19/2033 3,319,800 108,722
Prestige Brands, Inc., Term B-3 Loan, 9/3/21 3.5 09/03/2021 0 0
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 0.0 09/16/2016 400,000 3,760
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42 5.95 04/15/2042 2,000,000 1,214,956
Bear Stearns Commercial Mortgage Securities Trust 2005-TOP20, Floating Rate Note, 10/12/42 5.142 10/12/2042 1,600,000 1,602,823
Serena Software, Inc., Term Loan, 4/10/20 7.5 04/10/2020 749,318 686,875
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 4.5 06/26/2045 1,000,000 959,909
CCO Safari II LLC, 6.384%, 10/23/35 (144A) 6.384 10/23/2035 655,000 699,003
Sotheby's, 5.25%, 10/1/22 (144A) 5.25 10/01/2022 0 24,828
Gibraltar Industries, Inc., 6.25%, 2/1/21 6.25 02/01/2021 1,000,000 1,010,208
Ice: (Itraxx.Xo.24.V1) Eur 20dec20 Z91vrepy4 5.0 12/20/2020 30,170,000 1,559,624
Federal-Mogul Holdings Corp., Tranche C Term Loan (2014), 4/15/21 4.75 04/15/2021 645,088 520,371
Acgl Zero% 01jul16 0.0 07/01/2016 700,000 781,410
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 5.75 02/15/2026 3,060,000 3,075,868
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.9175 04/30/2018 400,000 400,647
Fly Leasing, Ltd., 6.375%, 10/15/21 6.375 10/15/2021 1,175,000 1,114,115
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 5.85 05/21/2043 1,140,000 622,725
Post Holdings, Inc., 7.375%, 2/15/22 7.375 02/15/2022 550,000 584,803
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 6.0104 02/15/2051 1,725,000 1,668,831
Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20 3.75 08/05/2020 0 0
CenturyLink, Inc., 7.6%, 9/15/39 7.6 09/15/2039 150,000 129,757
Zero% 30nov20 0.0 11/30/2020 1,250,000 1,266,500
CWGS Group LLC, Term Loan, 2/20/20 5.75 02/20/2020 1,341,250 1,327,838
ONEOK, Inc., 6.875%, 9/30/28 6.875 09/30/2028 1,450,000 1,056,536
MortgageIT Trust 2005-1, Floating Rate Note, 2/25/35 2.2358 02/25/2035 2,208,000 271,311
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 509,814 87,182
Silver Bay Realty 2014-1 Trust, Floating Rate Note, 9/18/31 (144A) 3.677 09/18/2031 1,200,000 1,112,972
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 5.0 08/25/2053 570,000 534,440
Valeant Pharmaceuticals International, Inc., Series C-2 Tranche B Term Loan, 12/11/19 3.75 12/11/2019 0 0
Tenet Healthcare Corp., 4.5%, 4/1/21 4.5 04/01/2021 265,000 268,313
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 4.6675 04/30/2018 350,000 347,760
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 5.875 05/15/2023 3,800,000 3,271,985
Epiq Systems, Inc., Term Loan, 8/27/20 4.5 08/27/2020 585,537 576,754
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 4.5618 05/23/2018 750,000 749,765
NRG Energy, Inc., 7.875%, 5/15/21 7.875 05/15/2021 1,155,000 1,116,813
Scientific Games International, Inc., 10.0%, 12/1/22 10.0 12/01/2022 800,000 648,000
Granite Acquisition, Inc., Term C Loan (First Lien), 10/15/21 5.0 10/15/2021 84,291 76,916
Commercial Mortgage Trust 2007-GG11, Floating Rate Note, 12/10/49 6.2371 12/10/2049 1,600,000 1,580,544
Equinix, Inc., 5.375%, 4/1/23 5.375 04/01/2023 1,500,000 1,638,144
Pangaea Zero% 01jul18 0.0 07/01/2018 2,000,000 36,000
CST Brands, Inc., 5.0%, 5/1/23 5.0 05/01/2023 1,325,000 1,333,833
LifePoint Health, Inc., 5.875%, 12/1/23 5.875 12/01/2023 3,000,000 3,162,594
Instituto Costarricense de Electricidad, 6.375%, 5/15/43 (144A) 6.375 05/15/2043 1,000,000 738,771
Scientific Games International, Inc., Initial Term B-2 Loan, 9/17/21 6.0 09/17/2021 1,608,750 1,471,202
Zero% 30nov20 0.0 11/30/2020 1,000,000 1,008,500
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5.0 03/15/2022 1,205,000 1,208,682
NRG Energy, Inc., 6.25%, 5/1/24 6.25 05/01/2024 1,000,000 850,833
BioScrip, Inc., Initial Term B Loan, 7/31/20 6.5 07/31/2020 487,281 412,971
CalAtlantic Group, Inc., 5.375%, 10/1/22 5.375 10/01/2022 95,000 97,128
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 5.75 08/25/2036 1,200,000 159,790
Immucor, Inc., Term B-2 Loan, 8/19/18 5.0 08/19/2018 267,719 244,293
New World Resources NV, 4.0%, 10/7/20 (PIK) 4.0 10/07/2020 73,160 13,013
Quebecor Media, Inc., 5.75%, 1/15/23 5.75 01/15/2023 825,000 865,952
17079z Zero% 31mar18 0.0 03/31/2018 250,000 289,375
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 5.375 11/15/2021 200,000 188,752
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 5.9794 02/10/2051 1,250,000 1,239,505
DCP Midstream Operating LP, 5.6%, 4/1/44 5.6 04/01/2044 300,000 190,321
Top Co     34,794 7,751
American Airlines, Inc., Tranche B-1 Term Loan (Consenting), 5/23/19 3.5 05/23/2019 0 0
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3.5 08/23/2019 0 0
Golar LNG Partners LP, Floating Rate Note, 10/12/17 6.31 10/12/2017 2,000,000 226,797
Cummins, Inc., 5.65%, 3/1/98 5.65   350,000 378,588
Talen Energy Supply LLC, 4.6%, 12/15/21 4.6 12/15/2021 525,000 351,598
Enbridge Energy Partners LP, 7.375%, 10/15/45 7.375 10/15/2045 3,125,000 2,994,609
Petrobras International Finance Co., 3.5%, 2/6/17 3.5 02/06/2017 3,210,000 3,157,764
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 7.25 01/15/2018 700,000 695,985
Cnc 5.625% 15feb21 144a 5.625 02/15/2021 590,000 618,394
CalAtlantic Group, Inc., 6.25%, 12/15/21 6.25 12/15/2021 1,000,000 1,055,694
Gator Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) (144A) 6.5752 01/09/2017 600,000 581,429
Avg Technologies Nv 1st Lien Tl-B L + 4.75% 07oct20 5.75 10/07/2020 1,237,500 1,217,391
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9568 05/15/2046 715,000 670,196
Telesat Canada, U.S. Term B-2 Loan, 3/28/19 3.5 03/28/2019 598,428 588,454
Tiers Trust, Floating Rate Note, 10/15/97 (144A) 0.0   100,000 93,737
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A) 9.31 07/20/2028 750,000 116,027
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 7.78 03/25/2027 5,850,000 154,013
Cardtronics, Inc., 5.125%, 8/1/22 5.125 08/01/2022 1,000,000 974,271
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 6.657 08/15/2020 400,000 410,622
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45 5.55 06/01/2045 1,360,000 1,147,878
JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45 5.623 05/12/2045 1,400,000 1,354,050
Atrium Innovations, Inc., Initial Tranche B-1 Term Loan (First Lien), 1/29/21 4.25 01/29/2021 589,500 530,550
New World Resources NV, Floating Rate Note, 10/7/20 0.0 10/07/2020 38,709 8,852
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 3.878 05/08/2031 530,000 508,721
Commercial Metals Co., 4.875%, 5/15/23 4.875 05/15/2023 1,000,000 874,354
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 8.875 09/15/2020 90,000 96,386
Voya Financial, Inc., Floating Rate Note, 5/15/53 5.65 05/15/2053 1,615,000 1,526,702
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/12/44 (144A) 5.6429 07/12/2044 113,538 120,941
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 5.8429 01/25/2033 450,000 40,993
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 8.125 12/31/2049 500,000 469,823
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 4.625 07/15/2019 1,880,000 1,524,510
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 5.178 05/10/2019 300,000 277,759
Arcelik AS, 5.0%, 4/3/23 (144A) 5.0 04/03/2023 400,000 379,089
MMM Holdings, Inc., MMM Term Loan, 12/12/17 9.75 12/12/2017 24,057 13,232
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 10.5 09/15/2022 3,140,000 3,314,270
Apr16 Mem6 P @ 1910   04/15/2016 848 1,775,627
Transocean, Inc., 5.55%, 12/15/16 5.55 12/15/2016 4,090,000 4,099,180
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 8.133 09/24/2073 1,190,000 1,339,535
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/20 (Cat Bond) (144A) 7.1501 04/07/2020 500,000 512,853
Frontier Communications Corp., 8.75%, 4/15/22 8.75 04/15/2022 500,000 485,278
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 6.875 02/15/2019 1,350,000 1,097,625
Masco Corp., 4.45%, 4/1/25 4.45 04/01/2025 1,000,000 1,011,662
RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A) 5.0 07/27/2020 1,000,000 982,793
Talen Energy Supply LLC, 6.5%, 6/1/25 6.5 06/01/2025 250,000 176,563
Virgin Media Secured Finance Plc, 5.25%, 1/15/26 (144A) 5.25 01/15/2026 3,500,000 3,514,729
Kinder Morgan, Inc. Delaware, 4.3%, 6/1/25 4.3 06/01/2025 2,100,000 1,921,462
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 0.0 03/30/2019 1,205 9,047
Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 5/15/18 (144A) 6.625 05/15/2018 500,000 504,753
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 3.208 07/12/2047 1,000,000 592,378
Axis Equipment Finance Receivables III LLC, 5.27%, 5/20/20 (144A) 5.27 05/20/2020 500,000 503,067
Xerium Technologies, Inc., 8.875%, 6/15/18 8.875 06/15/2018 168,000 164,953
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (Step) (144A) 0.0   1,000,000 688,766
Scds: (Tckbcn) Usd 20dec16 Buy Bnr26t8y4 5.0 12/20/2016 3,880,000 -2,447
CenturyLink, Inc., 7.65%, 3/15/42 7.65 03/15/2042 1,300,000 1,111,858
NCR Corp., 6.375%, 12/15/23 6.375 12/15/2023 1,160,000 1,152,412
First Data Corp., 2018 New Dollar Term Loan, 3/24/18 3.9335 03/24/2018 0 0
Select Medical Corp., Series E Tranche B Term Loan, 6/1/18 5.0 06/01/2018 20,527 20,398
Citigroup, Inc., Floating Rate Note (Perpetual) 7.125 12/31/2049 16,484 435,342
AECOM, 5.75%, 10/15/22 5.75 10/15/2022 635,000 655,144
Scientific Games International, Inc., 7.0%, 1/1/22 (144A) 7.0 01/01/2022 1,750,000 1,722,292
Griffon Corp., 5.25%, 3/1/22 5.25 03/01/2022 1,375,000 1,342,344
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr23a1e9 5.0 12/20/2016 4,175,000 21,014
TASC, Inc. Virginia, New Term Loan (First Lien), 5/23/20 7.0 05/23/2020 758,865 757,594
Scds: (Bbdbcn) Usd 20dec16 Buy Bnr278za1 5.0 12/20/2016 1,685,000 8,481
Boardwalk Pipelines LP, 4.95%, 12/15/24 4.95 12/15/2024 4,500,000 3,898,868
Sprint Corp., 7.25%, 9/15/21 7.25 09/15/2021 1,000,000 785,931
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 5.9296 04/17/2045 1,400,000 1,226,103
Progreso Receivables Funding II LLC, 6.0%, 7/8/19 (144A) 6.0 07/08/2019 500,000 504,569
Trader Corp., 9.875%, 8/15/18 (144A) 9.875 08/15/2018 100,000 104,439
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 8.5 03/02/2020 35,665 51,441
MDC Holdings, Inc., 5.5%, 1/15/24 5.5 01/15/2024 890,000 867,330
Kane Sac Zero% 15jun16 0.0 06/15/2016 400,000 399,920
Blackstone Holdings Finance Co LLC, 5.0%, 6/15/44 (144A) 5.0 06/15/2044 300,000 293,059
Crowne Group LLC, Term Loan (First Lien), 9/29/20 6.0 09/29/2020 1,212,913 1,140,138
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 5.25 04/25/2032 2,500,000 556,082
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 11.0 03/31/2021 67,501 47,050
Cnc 6.125% 15feb24 144a 6.125 02/15/2024 390,000 415,215
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 8.0 12/31/2049 1,400,000 1,296,478
Bayview Opportunity Master Fund IIa Trust 2014-20NPL, 3.721%, 8/28/44 (Step) (144A) 3.721 08/28/2044 460,000 217,009
Garda World Security Corp., Term B Delayed Draw Loan, 11/8/20 4.0038 11/08/2020 51,748 48,805
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 9.5 06/24/2019 128,729 53,768
CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21 4.0 03/28/2021 503,550 489,912
j2 Global, Inc., 8.0%, 8/1/20 8.0 08/01/2020 705,000 741,425
PDL BioPharma, Inc., 4.0%, 2/1/18 4.0 02/01/2018 593,000 501,209
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 4.25 06/30/2019 4,543,420 3,509,792
Swift Energy Co., 7.875%, 3/1/22 7.875 03/01/2022 1,285,000 101,997
Paragon Offshore Finance Co., Term Loan, 7/11/21 3.75 07/11/2021 286,375 64,434
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 10.5 12/15/2018 100,000 104,717
Molina Healthcare, Inc., 5.375%, 11/15/22 (144A) 5.375 11/15/2022 1,820,000 1,872,913
Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34 6.75 09/25/2034 300,000 47,705
Iron Mountain, Inc., 5.75%, 8/15/24 5.75 08/15/2024 500,000 501,903
Jun16 Mem6 P @ 1610   06/17/2016 -734 -638,580
Altisource Solutions Sarl, Term B Loan, 12/9/20 4.5 12/09/2020 0 0
Scds: (Rig) Usd 20dec16 Buy Bnr273re3 1.0 12/20/2016 1,665,000 -88,285
Qwest Corp., 7.375%, 6/1/51 7.375 06/01/2051 4,400 110,836
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/17/49 6.0329 03/17/2049 300,000 299,905
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 5.25 11/25/2032 800,000 105,070
Level 3 Financing, Inc., Tranche B-II 2022 Term Loan, 5/31/22   05/31/2022 0 0
Altrl Zero% 30jun16 0.0 06/30/2016 2,501,147 104,048
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 5.9568 05/15/2046 220,000 195,122
DTZ US Borrower LLC, 2015-1 Additional Term Loan (First Lien), 11/4/21 4.25 11/04/2021 0 0
Darling Ingredients, Inc., 5.375%, 1/15/22 5.375 01/15/2022 1,060,000 1,051,380
HCA, Inc., 5.375%, 2/1/25 5.375 02/01/2025 1,000,000 1,023,229
La Hipotecaria Panamanian Mortgage Trust 2007-1, Floating Rate Note, 12/23/36 (144A) 4.7725 12/23/2036 1,800,000 699,735
Livingston International, Inc., Initial Term B-1 Loan (First Lien), 4/18/19 5.0 04/18/2019 706,875 653,859
ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46 5.485 07/12/2046 1,400,000 1,403,070
KKR Group Finance Co II LLC, 5.5%, 2/1/43 (144A) 5.5 02/01/2043 1,500,000 1,504,753
Charter Communications Operating L 1st Lien Bridge L + 6.625% 26may16   05/26/2016 1,015,000 1,015,000
Jun16 Mem6 P @ 1710   06/17/2016 734 1,064,300
NRG Energy, Inc., 8.25%, 9/1/20 8.25 09/01/2020 200,000 199,250
Scds: (Hov) Usd 20dec16 Buy Bnr231u15 5.0 12/20/2016 4,175,000 -93,295
Citrus Re, Ltd., Floating Rate Note, 4/24/17 (Cat Bond) (144A) 3.965 04/24/2017 350,000 348,716
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A) 8.375 05/15/2020 805,000 830,889
Kane-Pi4 Flt% 07jul16 0.0 07/07/2016 1,503,871 1,503,269
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 5.214 02/11/2041 100,000 97,055
Copano Energy LLC, 7.125%, 4/1/21 7.125 04/01/2021 373,000 380,671
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 6.75 04/30/2018 0 0
VOLT XXXVII LLC, 4.375%, 7/25/45 (Step) (144A) 4.375 07/25/2045 1,000,000 961,378
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 9.75 08/15/2022 1,165,000 840,936
Alkermes, Inc., 2019 Term Loan, 9/25/19 3.5 09/25/2019 0 0
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 5.875 02/01/2023 1,000,000 754,896
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 5.9112 06/11/2040 2,000,000 1,948,769
ML-CFC Commercial Mortgage Trust 2006-4, 5.239%, 12/12/49 5.239 12/12/2049 2,000,000 1,944,246
UBS AG, 7.625%, 8/17/22 7.625 08/17/2022 1,050,000 1,173,979
Vita Capital V, Ltd., Floating Rate Note, 1/15/17 (Cat Bond) (144A) 3.2597 01/15/2017 250,000 251,641
Cme: (Cdx.Na.Hy.25.V1) Usd 20dec20 Z91vrer63 5.0 12/20/2020 31,360,327 25,214
Plains All American Pipeline LP, 4.65%, 10/15/25 4.65 10/15/2025 3,625,000 3,136,090

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