Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 11/28/2014
Default: sorted by market value

Security Name Par / Shares Market Value
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 2,450,000 $2,570,867
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 640,000 $677,701
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $6,775,129
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $3,536,670
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,225,000 $3,547,791
Advanced Micro Devices, Inc., 6.75%, 3/1/19 5,070,000 $4,773,405
Advanced Micro Devices, Inc., 7.0%, 7/1/24 1,355,000 $1,201,471
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 1,032,371 $1,034,049
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,422,380
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,445,579
AES Corp. Virginia, 5.5%, 3/15/24 1,350,000 $1,392,263
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 2,182,025 $2,101,290
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,178,913
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $4,398,389
Aguila 3 SA, 7.875%, 1/31/18 (144A) 3,900,000 $3,923,522
Aircraft Finance Trust, Floating Rate Note, 5/15/24 11,396,000 $2,667,763
Akbank TAS, 7.5%, 2/5/18 (144A) 4,500,000 $1,960,656
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 250,000 $264,632
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,084,550
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $3,772,500
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,036,879 $1,028,670
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $7,052,201
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,851,242 $1,830,415
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,190 $3,185
Ally Financial, Inc., 7.0% (Perpetual) (144A) 3,100 $3,127,222
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $157,395
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,895,744
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $634,646
Altice SA, 7.75%, 5/15/22 (144A) 2,025,000 $2,138,681
Alto Palermo SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,542,641
Altrl Zero% 30jun16 5,300,000 $5,878,760
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 1,820,000 $1,514,019
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $2,537,474
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 8,200,000 $261,465
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,400,000 $4,379,222
Amsurg Corp., 5.625%, 7/15/22 (144A) 2,555,000 $2,671,971
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,015,564
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,634,437
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 400,000 $530,142
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 2,960,000 $3,167,231
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $432,094
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 5,000,000 $5,443,264
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $2,825,591
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,288,084 $1,292,914
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 1,675,000 $1,751,527
Arlington Flt% 01aug15 1,450,000 $1,549,760
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 450,000 $469,241
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,100,000 $2,236,150
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $5,234,081
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 6,310,000 $7,687,026
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 5,250,000 $5,360,651
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $781,209
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,026,722
Banco Santander SA, Floating Rate Note (Perpetual) 2,400,000 $2,385,036
Bank of America Corp., Floating Rate Note, 10/23/49 2,050,000 $2,122,263
Bank of America Corp., Floating Rate Note, 9/29/49 3,900,000 $3,934,938
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5,000,000 $4,723,142
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,416,953
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $997,167
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,320,739
Belvedere SA, 12/23/16 5,578,091 $277,465
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 11,063,000 $7,013,481
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 3,750,000 $2,162,083
Berkeley-Kane Flt% 12jun15 903,800 $929,197
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 417,670 $419,758
BioScrip, Inc., Initial Term B Loan, 7/31/20 696,116 $699,597
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $255,260
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 475,000 $482,701
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $3,977,327
Bombardier, Inc., 4.75%, 4/15/19 (144A) 125,000 $128,226
Bombardier, Inc., 6.0%, 10/15/22 (144A) 1,157,000 $1,184,517
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,165,000 $1,950,500
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,216,978
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/16/28 (144A) 5,250,000 $5,383,384
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $2,545,939
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,288,183
BTA Bank JSC (G.D.R.) (144A) 24,638 $14,241
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 6,200,000 $2,209,267
Bumi Resources Tbk PT, Loan, 11/7/15 4,700,000 $1,974,000
Burger King Worldwide Inc 2nd Lien Bridge L + 0% 26aug15 11,000,000 $11,000,000
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,612,960
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,925,000 $1,981,884
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 1,860,000 $1,742,975
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 4,025,000 $3,895,976
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,259,504
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,359,777
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 2,440,000 $2,433,231
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,060,833
Cascades, Inc., 5.5%, 7/15/22 (144A) 1,695,000 $1,719,483
CCOH Safari LLC, 5.5%, 12/1/22 3,000,000 $3,044,750
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,387,885 $1,798,210
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,829,992 $4,526,910
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 600,000 $606,550
Cemex SAB de CV, 3.75%, 3/15/18 8,300,000 $11,756,604
Cengage Learning Holdings II LP 11,492 $304,825
CEVA GROUP Plc 1,584 $1,425,285
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $3,085,353
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,182,907
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $2,383,038
Chiquita Brands International, Inc., 7.875%, 2/1/21 2,705,000 $3,004,748
CHS, 6.875%, 2/1/22 5,675,000 $6,136,104
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 3,231,000 $2,619,264
Cincinnati Bell, Inc., 8.375%, 10/15/20 4,790,000 $5,156,368
Cincinnati Bell, Inc., 8.75%, 3/15/18 4,015,000 $4,227,739
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $8,997,120
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,523,000 $1,375,057
Citigroup, Inc., Floating Rate Note (Perpetual) 160,000 $4,409,600
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,170,521
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 1,945,000 $2,041,007
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 6,200,000 $6,376,097
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $391,771
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,402,203
Cobalt International Energy, Inc., 2.625%, 12/1/19 5,335,000 $3,833,753
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,300,906
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,511,670
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,000,000 $1,027,638
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,500,000 $1,537,798
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $3,974,941
Comstock Resources, Inc., 9.5%, 6/15/20 2,000,000 $2,061,556
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,236,744
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,298,453
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,362,854
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,750,000 $4,823,283
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $9,948,420
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 3,200,000 $3,114,056
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,289,404
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,528,507
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $4,914,537
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 1,000,000 $1,166,500
CWGS Group LLC, Term Loan, 2/20/20 5,985,625 $5,989,366
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 3,777,207 $3,805,555
Dartmouth Zero% 31dec14 3,260,000 $3,247,612
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,479,869
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $2,517,480
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 2,970,000 $2,902,309
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 925,000 $529,129
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,389,491
DynCorp International, Inc., 10.375%, 7/1/17 2,433,000 $2,173,041
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 750,000 $769,391
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 400,000 $434,600
EC Finance Plc, 5.125%, 7/15/21 (144A) 3,695,000 $4,721,660
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,510,000 $2,667,157
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 7,150,000 $7,534,313
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $502,956
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $739,425
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 811,000 $589,360
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 1,830,000 $1,824,129
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $6,665,627
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 6,165,000 $6,159,553
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,538,049
Energy Transfer Equity LP, 5.875%, 1/15/24 2,790,000 $3,018,412
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $876,762
Energy XXI, Ltd., 3.0%, 12/15/18 (144A) 4,430,000 $2,940,043
Entegris, Inc., 6.0%, 4/1/22 (144A) 4,025,000 $4,195,928
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $15,067,146
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $4,675,390
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,179,582
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 840,000 $841,370
Equinix, Inc., 5.375%, 1/1/22 1,600,000 $1,610,150
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $2,946,112
European Bank for Reconstruction & Development, 6.0%, 3/3/16 52,600,000 $862,416
European Bank for Reconstruction & Development, 7.65%, 2/18/15 43,400,000 $738,761
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 2,300,000 $2,310,542
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,373,318 $4,368,945
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,385,603
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $1,613,500
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 6,160,000 $5,182,692
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 750,000 $217,307
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,463,518
Ford Motor Co. 344,019 $5,411,419
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,950,000 $1,968,059
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $81,680
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $232,826
Freeport-McMoRan, Inc. 45,168 $1,212,761
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,888,774
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,571,908
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,396,843
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $12,007,384
FTS International, Inc., 6.25%, 5/1/22 (144A) 1,515,000 $1,249,665
Fts International Inc 1st Lien Term L + 4.75% 01apr21 375,000 $358,437
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr -4,923,449 $0
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,500,000 $1,574,675
GCI, Inc., 6.75%, 6/1/21 500,000 $519,188
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 2,700,000 $2,785,129
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $848,281
General Cable Corp., 6.5%, 10/1/22 3,250,000 $2,727,608
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 486,394 $487,002
Gentiva Health Services, Inc., 11.5%, 9/1/18 833,000 $912,644
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 1,026,951 $1,030,642
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $3,349,650
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 1,230,000 $1,325,479
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,402,064
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $909,622
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $1,777,586
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 250,000 $250,356
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 3,525,000 $3,510,986
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,541,313
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,740,000 $1,806,918
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $3,757,012
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,167,533
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,119,879
Halcon Resources Corp., 8.875%, 5/15/21 7,825,000 $6,052,257
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 4,700,000 $4,405,161
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,579,444
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $952,350
Horizon Lines, Inc. 2,370,345 $1,517,021
IAC, 4.875%, 11/30/18 700,000 $736,218
Iap Worldwide Services Inc 63 $53,486
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 502,144 $441,886
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,925,000 $2,018,603
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,250,000 $1,285,745
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $4,885,069
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,590,844
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,467,057
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,170,057
Indonesia Treasury Bond, 8.25%, 6/15/32 40,352,000,000 $3,450,511
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $5,404,857
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $999,848
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 4,300,000 $4,612,526
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $4,298,278
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $967,245
Inter-American Development Bank, 6.0%, 9/5/17 42,350,000 $707,068
Inter-American Development Bank, 7.25%, 7/17/17 5,140,000,000 $436,653
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,487,208
International Finance Corp., 7.75%, 12/3/16 241,840,000 $4,152,340
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,560,392
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 7,630,000 $4,154,767
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 7,405,000 $7,609,563
James River Coal Co., 7.875%, 4/1/19 4,435,000 $438,788
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,291,410
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $5,018,300
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 4,800,000 $5,094,133
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 3,720,000 $4,061,026
JLL, 7.5%, 2/1/22 (144A) 4,755,000 $5,014,544
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $4,424,449
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,150,330
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $2,182,187
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 2,850,000 $68,659
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A) 3,135,000 $2,764,330
Kane Flt% 12jun15 2,400,000 $2,248,320
Kane Flt% 14jul15 814,976 $787,674
Kane Flt% 30jul16 1,006,000 $1,085,273
Kane-Pi2 Zero% 18jul16 1,806,000 $2,003,938
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $971,044
KB Home, 1.375%, 2/1/19 4,640,000 $4,660,912
KB Home, 7.0%, 12/15/21 800,000 $879,511
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,295,267
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 4,355,000 $4,784,406
Kilimanjaro Re, Ltd., Floating Rate Note, 11/19/19 (Cat Bond) (144A) 1,000,000 $1,000,000
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $356,956
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 2,000,000 $2,057,169
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 2,400,000 $2,334,700
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,215,000 $5,815,630
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $3,536,212
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $9,459,362
LDK Solar Co, Ltd., 10.0%, 12/31/14 14,000,000 $694,947
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $499,452
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $6,161,872
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,313,595
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 5,080,000 $4,865,229
LifePoint Hospitals, Inc., 5.5%, 12/1/21 4,300,000 $4,578,186
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 595,000 $528,521
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 1,025,000 $1,056,028
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,214,809
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 792,928 $317,171
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 1,450,000 $1,480,189
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,753,675
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 4,100,000 $4,153,044
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,673,204
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 14,948,000 $16,018,235
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 75,878 $1,567
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 3,225,000 $2,822,547
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $2,717,792
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 1,525,000 $1,483,343
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,239,809
Mercer International, Inc., 7.0%, 12/1/19 (144A) 2,025,000 $2,046,431
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,404,363
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 1,800,000 $1,537,313
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,701,526
Metinvest BV, 8.75%, 2/14/18 (144A) 8,350,000 $5,620,559
Mexican Bonos, 7.5%, 6/3/27 1,800,000 $149,333
Mexican Udibonos, 2.0%, 6/9/22 44,000,000 $16,444,894
Mexican Udibonos, 3.5%, 12/14/17 2,050,000 $844,060
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $5,092,054
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $2,452,061
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 10,175,000 $3,132,769
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $4,461,279
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 18,000,000 $19,049,725
Mirabela Nickel, Ltd. 27,099,676 $807,116
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) 3,385,000 $2,850,029
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $3,859,117
MMM Holdings, Inc., MMM Term Loan, 12/12/17 829,159 $804,284
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,257,374 $2,255,963
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,840,034
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 602,815 $596,787
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,150,000 $2,247,753
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 800,000 $865,768
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,430,053
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,550,000 $2,102,070
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,600,000 $1,741,219
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,537,250 $2,533,287
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,485,028 $1,483,172
Nationstar Mortgage LLC, 6.5%, 6/1/22 8,870,000 $8,401,122
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,847,667
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,761,832
Navistar International Corp., 8.25%, 11/1/21 8,405,000 $8,711,082
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,520,225
Newhall Land Development LLC 161,215 $594,480
New World Resources NV, 4.0%, 10/7/20 (PIK) 237,096 $136,546
New World Resources NV, Floating Rate Note, 10/7/20 135,483 $168,480
New World Resources NV, Floating Rate Note, 10/7/20 101,612 $126,360
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 1,462,000 $1,491,402
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $1,063,935
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 1,755,000 $1,216,114
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 7,100,000 $7,294,264
Nuance Communications, Inc., 2.75%, 11/1/31 6,365,000 $6,255,292
Numericable-SFR, 6.0%, 5/15/22 (144A) 1,250,000 $1,291,379
NuStar Logistics LP, Floating Rate Note, 1/15/43 131,100 $3,483,327
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8,764,000 $4,111,777
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $2,762,058
Old AII, Inc., 0.0%, 12/15/16 6,510,000 $1,924,132
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $5,526,740
Outerwall, Inc., 5.875%, 6/15/21 (144A) 3,205,000 $3,133,666
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 997,375 $994,882
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $7,652,245
Pangaea Zero% 01jul18 4,070,000 $4,293,036
Panolam Holdings Co. 894 $657,984
Penn Virginia Corp., 6.0% (Perpetual) (144A) 16,300 $970,869
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 33,046 $0
Perseus Holding Corp., 14.0%, 12/31/14 17,350 $0
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,423,460
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 8,650,000 $638,664
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,190,480
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,396,828
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,727,437
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,297,880
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 1,560,000 $1,785,680
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21 539,770 $542,639
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $3,142,535
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 1,025,000 $1,004,148
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 $1,116,703
QR Energy LP, 9.25%, 8/1/20 1,590,000 $1,866,246
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,049,533
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 750,000 $790,308
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $309,495
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $926,510
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $10,503,036
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $3,441,562
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 10,750,000 $6,547,870
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,259,312
Republic of Ghana, 7.875%, 8/7/23 (144A) 2,335,000 $2,351,812
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $792,075
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 450,000 $475,829
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,800,000 $2,030,475
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 950,000 $1,118,034
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 550,000 $600,142
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,600,000 $1,949,938
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,100,000 $1,229,446
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 750,000 $817,863
Resolute Forest Products, Inc., 5.875%, 5/15/23 5,685,000 $5,442,164
Rex Energy Corp., 6.25%, 8/1/22 (144A) 1,960,000 $1,740,317
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,562,200
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $7,739,459
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,785,000 $4,186,315
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,325,644
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $8,332,902
Romania Government Bond, 5.95%, 6/11/21 1,220,000 $405,149
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $6,918,395
Rosetta Resources, Inc., 5.875%, 6/1/24 1,935,000 $1,875,741
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 5,550,000 $4,879,298
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,075,338
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,163,750
Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 1,320,000 $1,375,880
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 3,765,000 $3,485,867
Sanchez Energy Corp., 7.75%, 6/15/21 1,500,000 $1,530,458
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) (144A) 1,600,000 $1,613,467
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,600,000 $1,632,089
Scientific Games International, Inc., 6.25%, 9/1/20 625,000 $465,799
Scitor Corp., Term Loan, 2/15/17 2,177,194 $2,156,728
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 3,900,000 $4,132,182
Seagate HDD Cayman, 4.75%, 6/1/23 6,925,000 $7,461,744
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 13,799 $0
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 2,350,000 $2,859,010
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,533 $88,403
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,000,000 $1,155,200
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,529,431
Sgms 10% 01dec22 144a 17,000,000 $15,932,778
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 661,000 $591,408
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,447,400
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 8,535,000 $9,184,228
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,714,717
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 1,712,338 $1,729,462
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $6,251,399
Star Gas Partners LP, 8.875%, 12/1/17 2,437,000 $2,647,513
Stone Energy Corp., 7.5%, 11/15/22 3,800,000 $3,450,083
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $890,772
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 950,000 $999,804
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 375,000 $393,159
SunPower Corp., 0.875%, 6/1/21 (144A) 2,290,000 $2,153,363
Suntech Power Holdings Co, Ltd., 0.0%, 12/31/14 535,000 $173,188
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $2,272,714
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $2,954,063
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 4,250,000 $4,702,389
Targa Resources Partners LP, 4.25%, 11/15/23 4,350,000 $4,161,440
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 900,000 $967,615
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9,395,000 $9,979,630
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $2,220,565
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 1,000,000 $1,085,222
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 13,430,000 $14,970,757
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,104,018 $3,096,258
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 4,315,000 $4,550,825
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,051,327
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,041,451
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,374,911
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $3,577,719
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $1,485,859
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $2,505,567
Towergate Finance Plc, 8.5%, 2/15/18 (144A) 405,000 $566,354
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $1,602,759
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $253,011
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 7,617,602 $5,778,963
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,775,000 $1,652,626
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,754,596
U.S. Treasury Floating Rate Note, 0.090001%, 7/31/16 6,600,000 $6,600,769
UBS AG, 7.625%, 8/17/22 5,650,000 $6,836,043
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $445,920
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 1,650,000 $1,290,163
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $1,845,272
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $3,938,194
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 820,000 $837,411
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,780,941
Unit Corp., 6.625%, 5/15/21 3,765,000 $3,624,100
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,011,022
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,420,667
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 5,000,000 $5,000,833
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 7,500,000 $1,782,500
Ursa Re, Ltd., Floating Rate Note, 12/7/17 (Cat Bond) (144A) 500,000 $500,550
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,204,771
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 10,735,000 $11,265,488
VeriSign, Inc., 4.625%, 5/1/23 4,430,000 $4,368,411
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 3,500,000 $3,541,563
Viasystems, Inc., 7.875%, 5/1/19 (144A) 6,150,000 $6,525,919
Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,250,000 $3,402,705
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,168,562
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $4,580,520
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 38,400,000 $698,230
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $7,653,212
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,071,154 $835,500
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,430,858
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 1,800,000 $1,553,595
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $816,856
WebMD Health Corp., 1.5%, 12/1/20 (144A) 3,750,000 $3,637,188
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,461,525
WellCare Health Plans, Inc., 5.75%, 11/15/20 4,620,000 $4,768,931
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,144,000 $1,217,931
WESCO Distribution, Inc., 5.375%, 12/15/21 4,365,000 $4,553,726
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $393,015
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $687,045
WideOpenWest Finance LLC, Term B Loan, 4/1/19 1,346,490 $1,346,350
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,690,906
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,435,093
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,163,947
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,062,583
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,126,064
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $978,250

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