Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 6/30/2015
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 3,900,000 $4,126,590
17079z Zero% 31mar18 2,400,000 $2,440,080
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 2,528,093 $2,648,177
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 640,000 $672,236
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $7,278,063
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $3,317,018
Acgl Zero% 01jul16 1,300,000 $1,328,860
Advanced Micro Devices, Inc., 6.75%, 3/1/19 3,455,000 $3,213,150
Advanced Micro Devices, Inc., 7.0%, 7/1/24 655,000 $576,400
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 1,024,491 $1,027,180
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,472,145
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,278,820
AES Corp. Virginia, 5.5%, 4/15/25 3,000,000 $2,888,958
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 2,165,578 $2,087,075
Africa Finance Corp., 4.375%, 4/29/20 (144A) 1,845,000 $1,877,352
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,197,119
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $3,890,178
Aguila 3 SA, 7.875%, 1/31/18 (144A) 6,100,000 $6,240,491
Aircraft Finance Trust, Floating Rate Note, 5/15/24 11,396,000 $1,716,432
Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A) 450,000 $448,538
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,067,635
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $3,919,167
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,017,446 $1,015,539
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $6,595,631
Alliant Holdings I LLC, Initial Term Loan, 12/20/19 1,837,999 $1,841,445
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,166 $3,176
Ally Financial, Inc., 4.125%, 3/30/20 1,200,000 $1,210,257
Ally Financial, Inc., 4.625%, 5/19/22 1,000,000 $992,896
Ally Financial, Inc., 7.0% (Perpetual) (144A) 1,550 $1,573,977
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $22,050
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,883,922
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,320,000 $1,346,205
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $628,479
Altrl Zero% 30jun16 3,314,020 $1,930,748
Altrl Zero% 30jun17 2,400,000 $2,472,000
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $1,195,717
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 3,830,000 $3,881,599
Amsurg Corp., 5.625%, 7/15/22 2,555,000 $2,643,627
Antero Resources Corp., 5.625%, 6/1/23 (144A) 1,750,000 $1,699,141
Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 4,440,000 $4,081,100
A Preference Tig Finco 1,390 $0
A Preference Tig Finco 4,840 $1,218
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,065,553
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,343,429
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 434,492 $494,550
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,223,023 $3,348,184
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $435,788
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $2,526,378
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,277,509 $1,281,767
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) 2,285,000 $2,446,450
Arlington Flt% 01aug15 1,450,000 $1,651,985
A Schulman Inc Bridge L + 0% 27mar16 4,190,000 $4,190,000
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,100,000 $2,163,350
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $5,287,556
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 615,000 $641,970
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $817,229
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,030,833
Banco Santander SA, Floating Rate Note (Perpetual) 2,400,000 $2,358,455
Bank of America Corp., Floating Rate Note, 10/23/49 2,525,000 $2,644,376
Bank of America Corp., Floating Rate Note, 9/29/49 3,425,000 $3,479,008
Banque Centrale de Tunisie SA, 5.75%, 1/30/25 (144A) 2,655,000 $2,655,977
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,397,891
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $994,208
Belden, Inc., 5.5%, 4/15/23 1,800,000 $2,097,059
Belvedere SA, 12/23/16 5,578,091 $745,980
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 417,670 $414,885
BioScrip, Inc., Initial Term B Loan, 7/31/20 696,116 $691,475
Bll 5.25% 01jul25 2,775,000 $2,746,209
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 475,000 $474,367
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $3,655,207
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,165,000 $1,994,957
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,221,423
B Preference Tig Finco 4,613,242 $7,111,949
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $2,395,949
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,096,449
Buenos 9.949999999999999% 09jun21 144a 1,260,000 $1,239,312
Builders Firstsource Inc Bridge L + 7.5% 13apr16 6,100,000 $6,100,000
Bumi Resources Tbk PT, Loan, 11/7/15 4,700,000 $1,762,500
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,445,729
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 1,860,000 $1,729,149
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 4,025,000 $4,019,857
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,422,871
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,400,644
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 3,100,000 $3,096,448
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 3,725,000 $3,775,055
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,149,167
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,507,279 $1,571,925
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,829,992 $4,372,350
Cemex SAB de CV, 3.72%, 3/15/20 (144A) 5,625,000 $5,958,478
Cengage Learning Holdings II LP 11,492 $321,420
CenturyLink, Inc., 5.625%, 4/1/25 (144A) 2,260,000 $2,075,669
CEVA GROUP Plc 1,584 $1,179,819
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $2,553,987
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,502,936
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $1,894,413
Charter Communications Operating L 1st Lien Bridge L + 6.625% 26may16 8,860,000 $8,860,000
Chiquita Brands International, Inc., 7.875%, 2/1/21 1,246,000 $1,383,449
CHS, 6.875%, 2/1/22 1,915,000 $2,182,890
Cimpress NV, 7.0%, 3/24/22 (144A) 3,650,000 $3,819,218
Cincinnati Bell, Inc., 8.375%, 10/15/20 2,790,000 $2,985,804
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $5,661,317
Citigroup, Inc., Floating Rate Note (Perpetual) 160,000 $4,379,200
Citigroup, Inc., Floating Rate Note (Perpetual) 1,200,000 $1,222,419
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,165,671
Citrix Systems, Inc., 0.5%, 4/15/19 1,945,000 $2,056,459
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) 2,800,000 $2,704,392
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,396,728
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $402,121
Cobalt International Energy, Inc., 2.625%, 12/1/19 5,035,000 $3,727,473
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,441,403
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A) 1,560,000 $1,559,350
Compass Re II, Ltd., Floating Rate Note, 12/8/15 (Cat Bond) (144A) 550,000 $523,820
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $1,862,950
Comstock Resources, Inc., 9.5%, 6/15/20 2,000,000 $853,444
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,307,823
ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) 1,610,000 $1,696,034
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,093,083
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,264,471
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,540,406
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $6,668,820
Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) 2,170,000 $2,293,720
CWGS Group LLC, Term Loan, 2/20/20 5,795,000 $5,834,841
Darling Global Finance BV, 4.75%, 5/30/22 (144A) 5,155,000 $5,637,128
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,331,658
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $2,968,808
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 1,335,000 $1,335,834
DPx Holdings BV, 7.5%, 2/1/22 (144A) 4,980,000 $5,347,275
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 575,000 $269,693
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,403,615
DynCorp International, Inc., 10.375%, 7/1/17 2,433,000 $1,877,972
EC Finance Plc, 5.125%, 7/15/21 (144A) 3,695,000 $4,378,526
Ecuador Government International Bond, 10.5%, 3/24/20 (144A) 1,220,000 $1,257,566
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,510,000 $2,246,272
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 3,725,000 $3,812,227
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $611,790
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 711,000 $612,438
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 1,830,000 $1,808,635
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $5,781,404
Endo Finance LLC, 5.375%, 1/15/23 (144A) 6,165,000 $6,240,735
Endp 6% 15jul23 144a 3,525,000 $3,604,313
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,507,374
Energy Transfer Equity LP, 5.875%, 1/15/24 2,790,000 $2,968,812
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $812,805
Energy XXI, Ltd., 3.0%, 12/15/18 2,430,000 $574,290
Entegris, Inc., 6.0%, 4/1/22 (144A) 1,930,000 $2,012,025
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $14,855,253
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $3,143,210
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,175,893
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 840,000 $775,190
Equinix, Inc., 5.375%, 1/1/22 1,600,000 $1,656,794
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $2,949,103
Europcar Groupe SA, 5.75%, 6/15/22 (144A) 1,560,000 $1,779,199
European Bank for Reconstruction & Development, 6.0%, 3/3/16 227,100,000 $3,624,420
Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A) 4,635,000 $4,490,156
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 2,300,000 $2,287,542
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,373,318 $4,384,251
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,368,792
Far East Capital, Ltd. SA, 8.0%, 5/2/18 2,700,000 $1,702,650
FirstRand Bank, Ltd., 4.25%, 4/30/20 1,225,000 $1,243,473
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,416,338
Flt% 15jun16 500,000 $487,450
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A) 1,600,000 $1,679,733
Ford Motor Co. 335,730 $5,039,307
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $72,651
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $154,180
Freeport-McMoRan, Inc. 45,168 $841,028
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,938,758
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,126,527
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $10,432,645
GCI, Inc., 6.75%, 6/1/21 500,000 $509,063
GCI, Inc., 6.875%, 4/15/25 4,275,000 $4,391,227
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 2,700,000 $2,780,719
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $1,044,688
General Cable Corp., 5.75%, 10/1/22 3,250,000 $3,093,594
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 480,146 $479,245
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $2,914,983
Glp 7% 15jun23 144a 2,645,000 $2,612,599
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,238,488
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $971,973
Golar LNG Partners LP, Floating Rate Note, 10/12/17 13,000,000 $1,744,447
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 3,525,000 $2,982,872
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,834,375
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $3,450,915
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 1,500,000 $1,478,637
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,121,477
Gulfport Energy Corp., 6.625%, 5/1/23 (144A) 1,755,000 $1,799,545
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,291,479
Halcon Resources Corp. 2,254,672 $2,615,420
Halcon Resources Corp., 8.875%, 5/15/21 3,990,000 $2,668,673
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,569,675
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $841,675
IAC, 4.875%, 11/30/18 700,000 $724,814
Iap Worldwide Services Inc 63 $50,340
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 499,627 $489,634
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $5,125,347
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,526,489
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,311,574
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $3,734,669
Indonesia Treasury Bond, 8.25%, 6/15/32 40,352,000,000 $2,967,902
Ineos Finance Plc, 4.0%, 5/1/23 (144A) 7,225,000 $7,700,289
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $4,971,946
ING Groep NV, Floating Rate Note (Perpetual) 1,850,000 $1,809,146
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $995,080
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $3,365,833
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $862,354
Inter-American Development Bank, 6.0%, 9/5/17 42,350,000 $690,260
Inter-American Development Bank, 7.25%, 7/17/17 5,140,000,000 $405,155
InterGen NV, 7.0%, 6/30/23 (144A) 1,300,000 $1,202,753
International Finance Corp., 7.75%, 12/3/16 241,840,000 $3,844,110
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,022,962
Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) 5,992,701 $3,136,503
Ipxl 2% 15jun22 144a 3,890,000 $3,887,785
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 6,405,000 $6,713,596
IRSA Propiedades Comerciales SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,748,203
James River Coal Co., 7.875%, 4/1/19 4,435,000 $616,742
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 $4,000,344
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 2,020,000 $2,224,146
JBS USA LLC, 5.75%, 6/15/25 (144A) 3,135,000 $3,112,310
JB y Co SA de CV, 3.75%, 5/13/25 (144A) 800,000 $780,240
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $4,076,526
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,154,004
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $1,998,330
Kane Flt% 31jul15 2,400,000 $2,400,000
Kane Ilw Zero% 02feb16 1,300,000 $1,243,450
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,101,200 $1,107,477
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 2,375,100 $2,396,238
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,093,300 $1,106,529
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,067,200 $1,075,738
Kane Sac Zero% 15jun16 1,400,000 $1,343,720
Kane Zero% 15jan16 506,000 $510,655
Kane Zero% 19feb16 3,900,000 $4,146,870
Kane Zero% 22jan16 2,600,000 $2,653,040
Kane Zero% 22jan16 1,000,000 $1,022,200
Kane Zero% 29apr16 5,400,000 $5,674,320
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $918,116
KB Home, 1.375%, 2/1/19 4,640,000 $4,541,883
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,223,160
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 2,530,000 $2,570,270
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $996,275
Kindred Healthcare, Inc., 6.375%, 4/15/22 2,400,000 $2,429,300
Kindred Healthcare, Inc., 8.0%, 1/15/20 (144A) 1,320,000 $1,469,013
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $3,118,857
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $10,032,852
LDK Solar Co, Ltd., 5.535%, 12/31/18 (PIK) 2,329,430 $470,900
LDK Solar Co, Ltd. (A.D.R.) 158,800 $20,644
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $4,999,449
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $435,468
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,399,134
Liberty Tire Recycling Llc 156,027 $1,560
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 3,992,000 $3,962,060
LifePoint Health, Inc., 5.5%, 12/1/21 4,300,000 $4,459,458
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,199,774
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 1,034,769 $388,038
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $83,750
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 2,800,000 $2,325,412
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,448,120
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 12,248,000 $12,698,012
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 78,344 $2,071
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $2,895,625
Memp 6.875% 01aug22 3,225,000 $3,009,395
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,396,563
Mercer International, Inc., 7.0%, 12/1/19 2,025,000 $2,127,938
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,230,325
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 4,150,000 $3,844,736
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,775,680
Mexican Bonos, 7.5%, 6/3/27 1,800,000 $126,177
Mexican Udibonos, 2.0%, 6/9/22 43,638,000 $14,142,136
Mexican Udibonos, 3.5%, 12/14/17 1,720,000 $615,099
Mexico Government International Bond, 4.0%, 3/15/15 2,175,000 $2,121,950
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $5,168,494
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,300,000 $972,229
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $4,312,539
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 13,800,000 $14,352,096
Mirabela Nickel, Ltd. 17,099,676 $1,516,929
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 3,714,211 $3,000,721
Mj Acquisition Corp 2nd Lien L + 8% 08apr23 2,790,000 $2,805,624
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $4,003,370
MMM Holdings, Inc., MMM Term Loan, 12/12/17 780,441 $636,059
Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A) 1,500,000 $1,347,458
Monitronics International, Inc., Term B Loan (2013), 3/23/18 1,012,104 $1,014,424
Morgan Stanley, Floating Rate Note (Perpetual) 3,550,000 $3,580,086
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,827,518
Mqgau 4.875% 10jun25 144a 2,475,000 $2,442,488
Mrd 5.875% 01jul22 1,525,000 $1,517,489
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 567,383 $462,417
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,449,884
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,518,125 $2,518,125
National Surgical Hospitals Inc 1st Lien Tl-B L + 3.5% 15may22 1,333,333 $1,333,333
Nationstar Mortgage LLC, 6.5%, 6/1/22 4,870,000 $4,476,342
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,891,250
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,538,979
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,535,525
New World Resources NV, 4.0%, 10/7/20 (PIK) 237,096 $73,313
New World Resources NV, Floating Rate Note, 10/7/20 135,483 $58,886
New World Resources NV, Floating Rate Note, 10/7/20 101,612 $18,119
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 1,462,000 $1,509,525
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $551,493
Novatek OAO via Novatek Finance, Ltd., 4.422%, 12/13/22 (144A) 2,350,000 $2,029,486
NRG Energy, Inc., 6.25%, 5/1/24 6,000,000 $6,017,500
Numericable-SFR SAS, 6.0%, 5/15/22 (144A) 1,250,000 $1,260,365
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $2,856,567
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $4,882,745
Outr 5.875% 15jun21 4,365,000 $4,092,673
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 992,325 $991,085
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $6,393,943
Pangaea Zero% 01jul18 4,070,000 $73,260
Panolam Holdings Co. 894 $657,984
PDC Energy, Inc., 7.75%, 10/15/22 3,250,000 $3,449,424
Penn Virginia Corp., 6.0% (Perpetual) (144A) 16,300 $932,156
Penn Virginia Corp., 8.5%, 5/1/20 2,250,000 $2,051,250
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,579,821
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 8,650,000 $542,963
Plantronics, Inc., 5.5%, 5/31/23 (144A) 1,315,000 $1,338,268
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,153,990
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,382,734
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,750,980
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,251,240
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,560,000 $1,443,173
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21 538,421 $541,337
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $2,841,846
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 1,025,000 $1,078,118
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 $1,157,141
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $9,639,967
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $2,940,444
Rent-A-Center, Inc., 4.75%, 5/1/21 3,010,000 $2,642,529
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,600,000 $1,790,329
Resolute Forest Products, Inc., 5.875%, 5/15/23 3,735,000 $3,426,888
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,564,800
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $7,721,150
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,785,000 $4,115,452
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,300,833
Romania Government Bond, 5.85%, 4/26/23 18,580,000 $5,229,648
Romania Government Bond, 5.95%, 6/11/21 1,220,000 $345,363
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $7,501,409
Rosetta Resources, Inc., 5.875%, 6/1/24 1,935,000 $2,094,436
Russian Federal Bond - OFZ, 7.0%, 8/16/23 49,399,000 $731,483
Russian Railways via RZD Capital Plc, 3.3744%, 5/20/21 1,325,000 $1,283,023
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,026,715
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,173,750
Sabre GLBL, Inc., 5.375%, 4/15/23 (144A) 2,540,000 $2,531,101
Sanchez Energy Corp., 6.125%, 1/15/23 3,765,000 $3,476,010
Sanchez Energy Corp., 7.75%, 6/15/21 1,500,000 $1,497,667
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A) 750,000 $609,706
Scientific Games International, Inc., 10.0%, 12/1/22 17,000,000 $16,419,167
Scientific Games International, Inc., 6.25%, 9/1/20 625,000 $498,958
Seagate HDD Cayman, 4.75%, 6/1/23 4,925,000 $5,021,660
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 13,467 $97,023
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 950,000 $1,001,585
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,721 $235,783
Sector Re V, Ltd., 3/1/20 (Cat Bond) (144A) 750,000 $758,100
Sector Re V, Ltd., 3/1/20 (Cat Bond) (144A) 1,100,000 $1,106,160
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,219,627
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $78,000
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 1,800,000 $1,998,720
SM Energy Co., 5.0%, 1/15/24 455,000 $441,603
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,744,875
Sprint Corp., 7.25%, 9/15/21 3,000,000 $2,989,042
Spwr 0.875% 01jun21 2,290,000 $2,197,207
Standard Pacific Corp., 6.25%, 12/15/21 5,540,000 $5,887,789
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 500,000 $485,411
Sterigenics-Nordion Holdings LLC, 6.5%, 5/15/23 (144A) 1,815,000 $1,857,300
SunEdison, Inc., 2.625%, 6/1/23 (144A) 2,140,000 $2,173,148
SunEdison, Inc., 3.375%, 6/1/25 (144A) 1,970,000 $2,042,828
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $1,062,626
Talen Energy Supply LLC, 5.125%, 7/15/19 (144A) 3,760,000 $3,773,656
Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 1,850,000 $1,864,029
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 3,250,000 $3,401,170
TA MFG., Ltd., 3.625%, 4/15/23 (144A) 2,240,000 $2,449,559
Targa Resources Partners LP, 4.25%, 11/15/23 4,350,000 $4,047,373
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 6,395,000 $4,559,616
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 2,625,000 $2,624,316
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $1,960,802
The Goldman Sachs Group, Inc., Floating Rate Note (Perpetual) 3,225,000 $3,218,720
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 2,555,000 $2,901,043
Tiauto 8.75% 15jul23 144a 2,475,000 $2,469,414
TIG FINCO Plc, 8.75%, 4/2/20 954,047 $1,517,453
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A) 168,361 $283,502
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,088,459 $3,084,599
TimberStar Trust I, 7.5296%, 10/15/36 (144A) 4,315,000 $4,452,108
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,095,405
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,067,439
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,392,439
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $981,026
Top Co 132,750 $33,413
Trade & Development Bank of Mongolia LLC, 9.375%, 5/19/20 (144A) 1,355,000 $1,458,952
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,775,000 $1,383,264
UBS AG, 7.625%, 8/17/22 5,650,000 $6,782,152
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $1,780,728
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $4,065,417
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 820,000 $837,388
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,770,457
Unit Corp., 6.625%, 5/15/21 3,765,000 $3,683,922
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,010,530
United Group BV, 7.875%, 11/15/20 (144A) 5,000,000 $5,935,655
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 3,100,000 $3,225,055
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,213,486
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 5,145,000 $5,266,911
VeriSign, Inc., 4.625%, 5/1/23 4,050,000 $3,924,281
Vers 2015-A Zero% 31dec17 3,800,000 $3,981,640
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 3,500,000 $3,548,125
Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,250,000 $3,257,764
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,225,921
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $4,887,257
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 124,400,000 $2,143,008
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $8,079,381
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,198,333
Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A) 2,725,000 $2,733,110
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 1,075,000 $981,761
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $812,447
WebMD Health Corp., 1.5%, 12/1/20 3,750,000 $4,031,250
WebMD Health Corp., 2.5%, 1/31/18 3,292,000 $3,386,188
WellCare Health Plans, Inc., 5.75%, 11/15/20 5,930,000 $6,210,769
Wells Fargo & Co., Floating Rate Note (Perpetual) 3,175,000 $3,258,855
WESCO Distribution, Inc., 5.375%, 12/15/21 4,365,000 $4,419,078
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $299,409
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $598,924
Whiting Canadian Holding Co ULC, 8.125%, 12/1/19 5,215,000 $5,494,763
Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 2,585,000 $2,832,550
WideOpenWest Finance LLC, Replacement Term B Loan, 4/1/19 1,233,398 $1,234,015
Windstream Services LLC, 7.5%, 6/1/22 6,285,000 $5,562,225
Windstream Services LLC, 7.75%, 10/15/20 6,765,000 $6,731,927
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,046,671
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $964,430
Zambia Government International Bond, 5.375%, 9/20/22 (144A) 3,700,000 $3,251,670
Zero% 30nov19 4,500,000 $4,522,050
Zero% 31aug16 1,300,000 $1,309,230
ZF North America Capital, Inc., 4.5%, 4/29/22 (144A) 670,000 $661,491
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 1,670,000 $1,630,439
Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A) 1,075,000 $1,080,166

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