Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 3/31/2016
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 3,900,000 $116,610
17079z Zero% 31mar18 2,400,000 $2,822,400
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 2,691,826 $2,422,643
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 640,000 $84,984
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $876,156
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $2,986,379
Acgl Zero% 01jul16 1,300,000 $97,370
Advanced Micro Devices, Inc., 6.75%, 3/1/19 955,000 $769,372
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,532,955
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 2,149,130 $1,921,120
Africa Finance Corp., 4.375%, 4/29/20 (144A) 1,845,000 $1,909,063
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $3,992,964
Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A) 450,000 $461,708
Alfa Bank AO Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $4,164,167
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,009,596 $937,241
Alliance One International, Inc., 9.875%, 7/15/21 6,165,000 $4,829,336
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,142 $3,144
Ally Financial, Inc., 4.625%, 5/19/22 150,000 $153,294
Ally Financial, Inc., 5.75%, 11/20/25 1,395,000 $1,392,801
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $16,931
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,887,422
Altice Financing SA, 6.625%, 2/15/23 (144A) 320,000 $331,400
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $604,292
Altrl Zero% 30jun16 3,314,020 $184,922
Altrl Zero% 30jun17 1,669,825 $676,279
Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 4,440,000 $3,648,200
A Preference Tig Finco 1,390 $0
A Preference Tig Finco 4,840 $70
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,126,518
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 452,686 $527,902
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 2,362,015 $2,339,330
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $414,612
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $2,592,574
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) 2,285,000 $2,436,191
Ascent Resources - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,724,439 $111,693
Ascent Resources - Utica Llc 2nd Lien Tl L + 17.5% 01jul19 143,294 $32,599
Ball Corp., 5.25%, 7/1/25 2,775,000 $2,950,172
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $844,925
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,007,083
Bank of America Corp., Floating Rate Note, 10/23/49 2,525,000 $2,678,338
Bank of America Corp., Floating Rate Note, 9/29/49 825,000 $812,224
Bank of America Corp., Floating Rate Note (Perpetual) 375,000 $387,628
Banque Centrale de Tunisie International Bond, 5.75%, 1/30/25 (144A) 2,655,000 $2,322,443
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,387,609
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $966,083
Belden, Inc., 5.5%, 4/15/23 2,570,000 $2,991,758
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 411,787 $371,638
BioScrip, Inc., Initial Term B Loan, 7/31/20 686,312 $619,396
Blue Cube Spinco, Inc., 10.0%, 10/15/25 (144A) 460,000 $548,550
Blue Cube Spinco, Inc., 9.75%, 10/15/23 (144A) 460,000 $547,975
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 475,000 $477,145
BNP Paribas SA, Floating Rate Note (Perpetual) (144A) 3,625,000 $3,646,473
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $3,553,047
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 900,000 $247,125
B Preference Tig Finco 4,613,242 $5,504,940
Bumi Resources Tbk PT, Loan, 11/4/16 4,700,000 $940,000
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,430,678
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 4,025,000 $2,978,388
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,481,554
Cardtronics, Inc., 5.125%, 8/1/22 3,100,000 $3,087,729
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 3,225,000 $2,934,974
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 1,615,000 $1,683,391
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,632,642 $1,242,461
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (Step) 4,829,992 $3,949,726
Cemex SAB de CV, 3.72%, 3/15/20 4,875,000 $4,468,685
Cengage Learning Holdings II, Inc. 11,492 $219,785
Centene Corp., 5.625%, 2/15/21 (144A) 1,550,000 $1,627,984
Centene Corp., 6.125%, 2/15/24 (144A) 1,030,000 $1,092,837
CenturyLink, Inc., 5.625%, 4/1/25 2,260,000 $2,086,263
CenturyLink, Inc., 7.5%, 4/1/24 330,000 $330,825
CEVA GROUP Plc 1,584 $633,460
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $1,371,268
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $3,182,955
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 449,420 $449,420
Charter Communications Operating L 1st Lien Tl L + 0% 26may16 2,760,725 $2,760,725
CHS, 6.875%, 2/1/22 3,915,000 $3,578,147
Cimpress NV, 7.0%, 4/1/22 (144A) 3,650,000 $3,741,250
Cincinnati Bell, Inc., 8.375%, 10/15/20 2,290,000 $2,412,785
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $5,825,803
Citigroup, Inc., Floating Rate Note (Perpetual) 346,000 $334,548
Citigroup, Inc., Floating Rate Note (Perpetual) 854,000 $831,385
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,128,584
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 1,500,000 $971,984
Citrix Systems, Inc., 0.5%, 4/15/19 1,840,000 $2,059,292
Clean Harbors, Inc., 5.125%, 6/1/21 (144A) 1,320,000 $1,357,400
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) 2,800,000 $2,482,142
Cme: (Cdx.Na.Hy.25.V1) Usd 20dec20 Z91vrer63 4,415,000 $135,893
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,391,859
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $405,806
Cobalt International Energy, Inc., 2.625%, 12/1/19 4,155,000 $2,108,663
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,507,778
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A) 1,560,000 $1,602,185
Communications Sales & Leasing, Inc., 6.0%, 4/15/23 (144A) 2,620,000 $2,620,437
Comstock Resources, Inc., 9.5%, 6/15/20 274,000 $41,229
Concentra, Inc., Initial Term Loan (Second Lien), 4/8/23 2,790,000 $2,735,874
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,236,170
Continental Resources, Inc., 3.8%, 6/1/24 1,355,000 $1,087,613
ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) 1,610,000 $1,601,950
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,100,271
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,083,663
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 2,250,000 $2,276,062
Credit Agricole SA, Floating Rate Note (Perpetual) (144A) 500,000 $470,616
CWGS Group LLC, Term Loan, 2/20/20 2,126,700 $2,109,421
Darling Global Finance BV, 4.75%, 5/30/22 (144A) 6,945,000 $8,032,244
Denbury Resources, Inc., 5.5%, 5/1/22 3,595,000 $1,700,135
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $3,127,110
Digicel, Ltd., 6.0%, 4/15/21 (144A) 3,320,000 $3,063,253
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 1,335,000 $1,226,531
DPx Holdings BV, 7.5%, 2/1/22 (144A) 4,480,000 $4,513,600
DynCorp International, Inc., 10.375%, 7/1/17 2,433,000 $2,009,506
Ecuador Government International Bond, 10.5%, 3/24/20 (144A) 1,220,000 $1,100,491
Eden Re II, Ltd., 0.0%, 4/23/19 (Cat Bond) (144A) 800,000 $808,000
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 2,325,000 $2,148,397
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 1,830,000 $1,727,137
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 2,250,000 $414,206
Endo Finance LLC, 5.875%, 1/15/23 (144A) 5,310,000 $5,123,634
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,337,033
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $301,498
EP PetroEcuador via Noble Sovereign Funding I, Ltd., Floating Rate Note, 9/24/19 2,510,000 $1,606,991
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,120,657
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A) 840,000 $779,292
Equinix, Inc., 5.375%, 4/1/23 955,000 $1,014,091
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,373,318 $4,296,785
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 5,800,000 $6,112,958
Far East Capital, Ltd. SA, 8.0%, 5/2/18 2,700,000 $1,503,525
First Data Corp., 7.0%, 12/1/23 (144A) 1,260,000 $1,305,185
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,464,781
Flt% 15jun16 500,000 $505,300
Flt% 31mar19 1,100,000 $1,100,000
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 2,970,000 $2,986,706
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 320,514 $271,636
Ford Motor Co. 275,939 $3,725,177
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $55,418
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $164,532
Frontier Communications Corp., 8.5%, 4/15/20 1,690,000 $1,814,375
Frontier Communications Corp., 8.75%, 4/15/22 8,145,000 $8,270,003
GCI, Inc., 6.75%, 6/1/21 500,000 $521,250
GCI, Inc., 6.875%, 4/15/25 4,275,000 $4,496,023
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $704,063
General Cable Corp., 5.75%, 10/1/22 3,250,000 $2,660,938
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $2,348,558
Global Partners LP, 7.0%, 6/15/23 2,645,000 $2,025,041
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $8,715,756
Golar LNG, Ltd., 3.75%, 3/7/17 2,800,000 $2,655,432
Golar LNG Partners LP, Floating Rate Note, 10/12/17 13,000,000 $1,559,011
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 3,525,000 $1,256,724
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,762,656
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 1,038,000 $941,120
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 1,500,000 $1,431,614
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $1,903,275
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,151,135
Halcon Resources Corp., 12.0%, 2/15/22 (144A) 1,634,000 $1,111,665
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,256,242
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $661,933
Horizon Holdings III SASU, 5.125%, 8/1/22 (144A) 950,000 $1,141,110
Horizon Holdings I SASU, 7.25%, 8/1/23 (144A) 725,000 $876,798
IAC, 4.875%, 11/30/18 700,000 $729,845
Iap Worldwide Services Inc 63 $84,949
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 494,593 $497,066
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 4,500,000 $4,318,906
Immucor, Inc., 11.125%, 8/15/19 0 $-2,401
Impax Laboratories, Inc., 2.0%, 6/15/22 (144A) 30,000 $26,933
Ineos Finance Plc, 4.0%, 5/1/23 (144A) 4,988,000 $5,606,681
ING Groep NV, Floating Rate Note, 12/29/49 3,525,000 $3,334,797
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $963,238
Intelsat Luxembourg SA, 7.75%, 6/1/21 2,500,000 $808,333
Inter-American Development Bank, 6.0%, 9/5/17 42,350,000 $655,356
International Finance Corp., 7.75%, 12/3/16 241,840,000 $3,754,626
International Finance Corp., 8.25%, 6/10/21 240,670,000 $3,944,674
Intesa Sanpaolo S.p.A., Floating Rate Note (Perpetual) (144A) 4,825,000 $4,447,417
Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) 5,992,701 $485,511
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 6,405,000 $6,670,363
James River Coal Co., 7.875%, 4/1/19 4,435,000 $1,006,191
Jazz Investments I, Ltd., 1.875%, 8/15/21 400,000 $411,958
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,255,650
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 3,800,000 $3,584,719
JBS USA LLC, 5.75%, 6/15/25 (144A) 3,135,000 $2,796,202
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $3,878,513
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,034,385
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $1,596,486
Kane Sac Zero% 15jun16 1,400,000 $1,399,720
Kane Zero% 29apr16 5,400,000 $145,800
Kane Zero% 30jun16 2,600,000 $173,160
Kane Zero% 30jun16 1,000,000 $10,800
Kane Zero% 30jun16 3,900,000 $79,560
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $930,616
KB Home, 1.375%, 2/1/19 4,640,000 $4,291,033
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,169,410
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 3,130,000 $3,008,006
Kindred Healthcare, Inc., 6.375%, 4/15/22 2,400,000 $2,233,550
Kindred Healthcare, Inc., 8.0%, 1/15/20 1,320,000 $1,332,393
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 5,646,871 $4,941,012
LDK Solar Co, Ltd., 5.535%, 12/31/18 2,393,896 $359,084
LDK Solar Co, Ltd. (A.D.R.) 158,800 $6,193
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $152,750
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $1,925,161
Lennar Corp., 4.75%, 11/15/22 2,079,000 $2,121,504
Letras del Banco Central de la Republica Argentina, 0.0%, 4/13/16 26,325,000 $1,769,364
Letras del Banco Central de la Republica Argentina, 0.0%, 4/20/16 27,330,000 $1,823,861
Liberty Tire Recycling Llc 156,027 $1,560
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 3,461,374 $2,790,519
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,238,056
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 1,034,769 $206,954
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $83,750
Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A) 2,475,000 $2,520,028
Marfrig Holdings Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,505,734
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 8,248,000 $8,650,434
Marie Brizard Wine & Spirits SA, 12/23/16 29 $2
Marie Brizard Wine & Spirits SA, 12/31/16 132,811 $316,158
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 83,503 $3,061
Memorial Resource Development Corp., 5.875%, 7/1/22 1,525,000 $1,311,023
Mentor Graphics Corp., 4.0%, 4/1/31 490,000 $524,300
Mercer International, Inc., 7.0%, 12/1/19 2,025,000 $2,082,375
Mexican Udibonos, 2.0%, 6/9/22 35,138,000 $10,739,254
Mexican Udibonos, 3.5%, 12/14/17 1,720,000 $568,166
Mexico Government International Bond, 4.0%, 3/15/15 2,175,000 $2,155,485
MHP SA, 8.25%, 4/2/20 (144A) 5,300,000 $4,869,220
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,300,000 $162,917
Milea Flt% 15jul17 98,019,476 $869,667
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $3,970,365
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 8,150,000 $8,328,338
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 3,890,636 $1,539,125
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 2,000,000 $2,092,175
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 6.625%, 10/14/22 (144A) 700,000 $752,593
MMM Holdings, Inc., MMM Term Loan, 12/12/17 730,604 $456,628
Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A) 1,500,000 $1,476,458
Morgan Stanley, Floating Rate Note (Perpetual) 1,550,000 $1,546,073
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 531,145 $331,966
Namibia International Bonds, 5.25%, 10/29/25 (144A) 1,415,000 $1,396,841
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,156,728
National Surgical Hospitals, Inc., Term Loan (First Lien), 5/15/22 1,323,333 $1,288,993
Nationstar Mortgage LLC, 6.5%, 6/1/22 4,870,000 $4,305,892
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,711,250
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $2,464,510
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,401,650
New World Resources NV, 4.0%, 10/7/20 (PIK) 256,063 $48,417
New World Resources NV, Floating Rate Note, 10/7/20 101,612 $15,046
New World Resources NV, Floating Rate Note, 10/7/20 135,483 $32,406
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 1,462,000 $1,519,127
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $484,753
Novatek OAO via Novatek Finance, Ltd., 4.422%, 12/13/22 (144A) 1,955,000 $1,829,668
NRG Energy, Inc., 6.25%, 5/1/24 6,000,000 $5,661,250
Oasis Petroleum, Inc., 6.875%, 3/15/22 1,620,000 $1,204,678
ONEOK, Inc., 7.5%, 9/1/23 2,385,000 $2,334,319
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $4,164,418
Outerwall, Inc., 5.875%, 6/15/21 3,865,000 $2,926,959
Pacific Exploration and Production Corp., 5.375%, 1/26/19 (144A) 7,570,000 $1,563,810
Pangaea Zero% 01jul18 4,070,000 $73,260
Panolam Holdings Co. 894 $770,628
Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A) 6,500,000 $4,631,227
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 8,650,000 $453,229
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,594,540
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,479,844
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 800,000 $880,756
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 860,000 $777,321
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $2,577,077
Provincia de Buenos Aires Argentina, 9.125%, 3/16/24 (144A) 1,380,000 $1,423,887
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 6,520,000 $5,585,467
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $2,812,893
Rent-A-Center, Inc., 4.75%, 5/1/21 3,010,000 $2,324,598
Resilience Re, Ltd., Floating Rate Note, 1/9/17 (Cat Bond) 900,000 $900,000
Resolute Forest Products, Inc., 5.875%, 5/15/23 3,735,000 $2,604,021
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 5,790,000 $5,975,923
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,785,000 $3,967,600
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,212,833
Rice Energy, Inc., 6.25%, 5/1/22 1,750,000 $1,568,073
Rice Energy, Inc., 7.25%, 5/1/23 975,000 $882,578
Romania Government Bond, 5.85%, 4/26/23 8,220,000 $2,579,860
Rowan Companies, Inc., 5.4%, 12/1/42 2,306,000 $1,357,982
Rowan Companies, Inc., 5.85%, 1/15/44 237,000 $141,066
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 1,020,000 $967,938
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 1,773,000 $1,726,409
Russian Railways via RZD Capital Plc, 3.3744%, 5/20/21 1,325,000 $1,483,910
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $1,979,840
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $3,882,500
Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) 2,540,000 $2,669,628
Samarco Mineracao SA, 4.125%, 11/1/22 (144A) 1,960,000 $1,204,788
Samarco Mineracao SA, 5.75%, 10/24/23 (144A) 910,000 $568,820
Sappi Papier Holding GmbH, 4.0%, 4/1/23 (144A) 935,000 $1,054,966
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A) 750,000 $688,250
Scientific Games International, Inc., 10.0%, 12/1/22 12,500,000 $10,541,667
Scientific Games International, Inc., 6.25%, 9/1/20 625,000 $378,255
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 7,176 $50,233
Sector Re V, Ltd., 0.0%, 12/1/20 (Cat Bond) (144A) 1,150,000 $1,173,805
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,721 $14,108
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $9,200
SM Energy Co., 5.0%, 1/15/24 455,000 $319,749
Sprint Corp., 7.25%, 9/15/21 9,770,000 $7,493,319
Sri Lanka Government International Bond, 6.85%, 11/3/25 (144A) 1,360,000 $1,334,691
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 500,000 $504,005
SunPower Corp., 0.875%, 6/1/21 2,290,000 $1,781,429
Suntech Power Holdings Co, Ltd., 3.0%, 12/31/15 535,000 $157,405
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $272,598
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 3,760,000 $3,298,512
Talen Energy Supply LLC, 6.5%, 6/1/25 3,225,000 $2,746,625
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 3,250,000 $2,693,280
TA MFG., Ltd., 3.625%, 4/15/23 2,465,000 $2,504,594
Targa Resources Partners LP, 4.25%, 11/15/23 2,650,000 $2,367,922
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 5,695,000 $1,960,896
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 (144A) 2,625,000 $2,591,112
Terraform Global Operating LLC, 9.75%, 8/15/22 (144A) 5,395,000 $4,113,463
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 590,000 $483,677
The Williams Companies, Inc., 4.55%, 6/24/24 1,375,000 $1,061,857
The Williams Companies, Inc., 5.75%, 6/24/44 2,850,000 $1,939,405
TIG FINCO Plc, 8.75%, 4/2/20 954,047 $1,150,785
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 168,361 $250,089
TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A) 2,475,000 $2,421,719
T-Mobile USA, Inc., 6.0%, 4/15/24 1,155,000 $1,169,438
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $783,995
Top Co 132,750 $1,909
Trade & Development Bank of Mongolia LLC, 9.375%, 5/19/20 (144A) 1,355,000 $1,289,113
Trader Corp., 9.875%, 8/15/18 (144A) 1,675,000 $1,758,948
Tronox Finance LLC, 7.5%, 3/15/22 (144A) 4,635,000 $3,491,700
Turkiye Is Bankasi, 5.375%, 10/6/21 (144A) 2,990,000 $2,991,495
U.S. Treasury Bills, 0.0%, 4/28/16 1,800,000 $1,799,768
UBS AG, 7.625%, 8/17/22 3,528,000 $4,073,603
Unifin Financiera SAB de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $3,867,917
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,714,989
Unit Corp., 6.625%, 5/15/21 2,420,000 $1,276,617
United Group BV, 7.875%, 11/15/20 (144A) 3,000,000 $3,728,670
Valeant Pharmaceuticals International, Inc., 4.5%, 5/15/23 2,675,000 $2,289,230
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 4,180,000 $3,368,848
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 5,145,000 $3,169,963
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 2,000,000 $2,003,500
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $2,814,796
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 3,375,000 $3,577,512
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 124,400,000 $1,809,589
Vishay Intertechnology, Inc., 2.25%, 5/15/41 1,605,000 $1,261,530
Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A) 2,725,000 $2,852,997
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 775,000 $781,294
WebMD Health Corp., 1.5%, 12/1/20 2,645,000 $3,539,341
WellCare Health Plans, Inc., 5.75%, 11/15/20 3,130,000 $3,307,541
WESCO Distribution, Inc., 5.375%, 12/15/21 3,915,000 $4,016,110
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $359,556
Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 2,585,000 $1,520,303
Whiting Petroleum Corp., 5.0%, 3/15/19 575,000 $399,465
Whiting Petroleum Corp., 6.25%, 4/1/23 500,000 $351,875
Windstream Services LLC, 7.5%, 6/1/22 2,580,000 $2,044,650
Windstream Services LLC, 7.75%, 10/15/20 4,765,000 $4,268,183
YPF SA, 8.5%, 3/23/21 (144A) 1,435,000 $1,439,504
Zambia Government International Bond, 5.375%, 9/20/22 (144A) 3,700,000 $2,818,077
Zero% 01feb18 800,000 $812,080
Zero% 01feb18 1,750,000 $1,790,775
Zero% 17jan17 1,300,000 $1,350,546
Zero% 30nov19 4,500,000 $4,873,950
Zero% 30nov20 3,500,000 $3,571,050
Zero% 30nov20 3,000,000 $3,065,100
Zero% 30nov20 3,500,000 $3,538,500
Zero% 30nov20 1,600,000 $1,639,840
Zero% 30nov20 2,600,000 $2,639,520
Zero% 31aug16 1,300,000 $1,464,710
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 1,670,000 $1,695,143
Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A) 730,000 $724,454

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

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