Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 12/31/2014
Default: sorted by market value

Security Name Par / Shares Market Value
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 2,450,000 $2,523,500
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 640,000 $673,515
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $6,657,063
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $3,212,468
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,225,000 $3,533,099
Advanced Micro Devices, Inc., 6.75%, 3/1/19 5,070,000 $4,879,875
Advanced Micro Devices, Inc., 7.0%, 7/1/24 1,355,000 $1,199,740
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 1,029,744 $1,024,596
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,446,983
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,294,537
AES Corp. Virginia, 5.5%, 3/15/24 1,350,000 $1,391,843
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 2,176,542 $2,043,229
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,187,319
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $4,257,951
Aguila 3 SA, 7.875%, 1/31/18 (144A) 3,900,000 $3,902,072
Aircraft Finance Trust, Floating Rate Note, 5/15/24 11,396,000 $2,657,123
Akbank TAS, 7.5%, 2/5/18 (144A) 4,500,000 $1,823,646
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 250,000 $261,125
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,051,715
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $3,454,367
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,034,255 $1,023,912
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $6,721,019
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,847,452 $1,823,782
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,182 $3,150
Ally Financial, Inc., 7.0% (Perpetual) (144A) 3,100 $3,114,241
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $99,225
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,820,922
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $607,479
Altice SA, 7.75%, 5/15/22 (144A) 2,025,000 $2,088,084
Alto Palermo SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,410,391
Altrl Zero% 30jun16 3,314,020 $3,631,172
Altrl Zero% 30jun17 960,000 $960,000
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 1,155,000 $884,654
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $1,999,017
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,400,000 $4,387,778
Amsurg Corp., 5.625%, 7/15/22 (144A) 2,555,000 $2,684,746
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,016,233
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,591,393
Arcos Dorados Holdings, Inc., 6.625%, 9/27/23 (144A) 887,000 $880,169
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 417,028 $503,506
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,089,777 $3,055,275
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $431,553
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $2,732,411
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,284,559 $1,287,369
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 1,675,000 $1,713,292
Arlington Flt% 01aug15 1,450,000 $1,568,030
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,100,000 $2,168,600
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $5,163,356
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 1,430,000 $1,751,601
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 5,250,000 $5,257,109
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $740,887
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,009,433
Banco Santander SA, Floating Rate Note (Perpetual) 2,400,000 $2,363,850
Bank of America Corp., Floating Rate Note, 10/23/49 2,050,000 $2,111,864
Bank of America Corp., Floating Rate Note, 9/29/49 3,900,000 $3,933,446
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5,000,000 $4,271,354
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,396,328
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $986,833
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,285,641
Belvedere SA, 12/23/16 5,578,091 $236,281
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 11,063,000 $6,196,048
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 3,750,000 $1,815,938
Berkeley-Kane Flt% 12jun15 903,800 $933,806
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 $254,536
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 475,000 $480,755
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $3,814,169
Bombardier, Inc., 4.75%, 4/15/19 (144A) 125,000 $126,722
Bombardier, Inc., 6.0%, 10/15/22 (144A) 1,157,000 $1,183,225
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,165,000 $1,766,715
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,135,698
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/16/28 (144A) 5,250,000 $5,290,146
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $2,233,224
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,200,567
BTA Bank JSC (G.D.R.) (144A) 24,638 $13,499
Bumi Resources Tbk PT, Loan, 11/7/15 4,700,000 $1,880,000
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,580,709
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 1,860,000 $1,583,325
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 4,025,000 $3,637,482
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,296,121
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,377,286
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 2,440,000 $2,432,146
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $1,964,167
Cascades, Inc., 5.5%, 7/15/22 (144A) 1,695,000 $1,736,245
CCOH Safari LLC, 5.5%, 12/1/22 3,000,000 $3,058,750
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,387,885 $1,831,375
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,829,992 $4,227,451
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 600,000 $594,000
Cemex SAB de CV, 3.75%, 3/15/18 8,300,000 $10,098,333
Cengage Learning Holdings II LP 11,492 $276,768
CEVA GROUP Plc 1,584 $1,227,329
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $2,828,240
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,053,486
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $1,725,673
Chiquita Brands International, Inc., 7.875%, 2/1/21 1,522,000 $1,680,793
CHS, 6.875%, 2/1/22 5,675,000 $6,174,518
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 3,231,000 $2,574,569
Cincinnati Bell, Inc., 8.375%, 10/15/20 4,790,000 $5,114,190
Cincinnati Bell, Inc., 8.75%, 3/15/18 4,015,000 $4,228,855
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $8,728,142
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,523,000 $1,375,008
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,144,171
Citigroup, Inc., Floating Rate Note (Perpetual) 160,000 $4,339,200
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 1,945,000 $2,050,381
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 6,200,000 $6,475,986
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,399,628
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $392,212
Cobalt International Energy, Inc., 2.625%, 12/1/19 5,335,000 $3,232,677
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,303,745
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,456,153
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,500,000 $1,539,292
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,000,000 $1,028,850
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $3,092,550
Comstock Resources, Inc., 9.5%, 6/15/20 2,000,000 $1,368,444
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,208,549
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,297,545
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,093,083
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,750,000 $4,775,712
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $9,965,430
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 3,200,000 $3,025,344
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,276,424
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,536,480
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $4,898,979
Cubist Pharmaceuticals, Inc. 1,000,000 $1,329,375
CWGS Group LLC, Term Loan, 2/20/20 5,947,500 $5,925,197
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 3,769,813 $3,769,832
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,414,796
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $2,600,253
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 2,970,000 $2,886,469
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 925,000 $433,854
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,414,765
DynCorp International, Inc., 10.375%, 7/1/17 2,433,000 $2,194,262
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 750,000 $758,055
EC Finance Plc, 5.125%, 7/15/21 (144A) 3,695,000 $4,706,945
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,510,000 $2,152,147
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 6,225,000 $6,518,613
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $505,366
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $710,077
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 811,000 $581,386
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 1,830,000 $1,806,896
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $6,426,404
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 6,165,000 $6,208,305
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,548,555
Energy Transfer Equity LP, 5.875%, 1/15/24 2,790,000 $2,907,432
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $855,481
Energy XXI, Ltd., 3.0%, 12/15/18 4,430,000 $1,306,909
Entegris, Inc., 6.0%, 4/1/22 (144A) 4,025,000 $4,135,688
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $14,051,063
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $3,940,010
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,180,268
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 840,000 $835,090
Equinix, Inc., 5.375%, 1/1/22 1,600,000 $1,624,834
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $2,949,103
European Bank for Reconstruction & Development, 6.0%, 3/3/16 52,600,000 $850,580
European Bank for Reconstruction & Development, 7.65%, 2/18/15 43,400,000 $735,701
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 2,300,000 $2,251,125
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,373,318 $4,353,275
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,385,792
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $1,480,889
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 6,160,000 $4,794,790
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,374,213
Ford Motor Co. 335,730 $5,203,815
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $82,131
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $233,639
Freeport-McMoRan, Inc. 45,168 $1,055,124
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,801,883
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,461,842
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,330,857
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $11,751,633
Fts International Inc 1st Lien Term L + 4.75% 01apr21 375,000 $299,375
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr -4,923,449 $0
GCI, Inc., 6.75%, 6/1/21 500,000 $494,063
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 2,700,000 $2,679,469
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $909,531
General Cable Corp., 5.75%, 10/1/22 3,250,000 $2,419,219
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 485,162 $484,859
Gentiva Health Services, Inc., 11.5%, 9/1/18 833,000 $918,244
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 1,024,365 $1,025,645
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $2,947,583
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 1,230,000 $1,265,209
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,380,728
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $822,055
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $1,615,312
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 3,525,000 $3,397,794
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,437,813
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,740,000 $1,802,336
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $3,565,260
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,140,029
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $4,942,179
Halcon Resources Corp., 8.875%, 5/15/21 7,825,000 $5,977,050
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 4,700,000 $4,436,231
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,350,992
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $917,273
Horizon Lines, Inc. 2,370,345 $1,495,925
IAC, 4.875%, 11/30/18 700,000 $715,189
Iap Worldwide Services Inc 63 $53,486
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 502,144 $446,908
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $4,825,347
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,590,489
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,287,824
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,147,224
Indonesia Treasury Bond, 8.25%, 6/15/32 40,352,000,000 $3,278,716
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $5,143,942
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $985,783
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 4,300,000 $4,430,911
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $4,035,833
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $950,935
Inter-American Development Bank, 6.0%, 9/5/17 42,350,000 $696,360
Inter-American Development Bank, 7.25%, 7/17/17 5,140,000,000 $428,201
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,425,292
International Finance Corp., 7.75%, 12/3/16 241,840,000 $4,002,142
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,357,390
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 7,630,000 $4,192,373
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 7,405,000 $7,658,107
James River Coal Co., 7.875%, 4/1/19 4,435,000 $447,658
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,285,450
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $4,958,893
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 4,800,000 $4,801,067
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 3,720,000 $3,902,513
JLL, 7.5%, 2/1/22 (144A) 4,755,000 $4,974,919
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $4,228,426
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,137,414
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $2,143,651
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A) 3,135,000 $2,435,329
Kane Flt% 12jun15 2,400,000 $2,275,440
Kane Flt% 14jul15 814,976 $791,505
Kane Flt% 30jul16 1,006,000 $1,098,653
Kane Ilw Zero% 02feb16 1,300,000 $1,187,810
Kane-Pi2 Zero% 18jul16 1,806,000 $2,023,623
Kane Zero% 07jan16 2,375,100 $2,375,100
Kane Zero% 15jan16 506,000 $506,000
Kane Zero% 19feb16 3,120,000 $3,120,000
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $895,956
KB Home, 1.375%, 2/1/19 4,640,000 $4,625,983
KB Home, 7.0%, 12/15/21 800,000 $843,989
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,204,672
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 4,355,000 $4,567,684
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $996,500
Kindred Escrow Corp II, 8.0%, 1/15/20 (144A) 1,320,000 $1,406,313
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 2,400,000 $2,318,300
Kindred Healthcare Inc Bridge L + 6% 09oct15 5,960,000 $5,960,000
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,215,000 $5,341,572
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $3,412,233
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $9,386,168
LDK Solar Co, Ltd., 5.535%, 12/31/18 (PIK) 2,266,700 $4,879
LDK Solar Co, Ltd. (A.D.R.) 158,800 $15,880
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $5,548,589
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $483,300
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,388,009
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 5,080,000 $4,368,800
LifePoint Hospitals, Inc., 5.5%, 12/1/21 4,300,000 $4,416,458
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 595,000 $437,883
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 1,025,000 $1,027,449
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,207,587
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 792,928 $317,171
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,801,245
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 4,100,000 $4,020,477
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,366,783
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 14,948,000 $15,322,323
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 75,878 $2,006
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 3,225,000 $2,552,005
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $2,438,125
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 1,525,000 $1,422,682
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,237,688
Mercer International, Inc., 7.0%, 12/1/19 (144A) 2,025,000 $2,059,031
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,301,200
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 1,800,000 $1,386,689
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,590,544
Metinvest BV, 8.75%, 2/14/18 (144A) 8,350,000 $4,870,543
Mexican Bonos, 7.5%, 6/3/27 1,800,000 $136,614
Mexican Udibonos, 2.0%, 6/9/22 44,000,000 $15,476,204
Mexican Udibonos, 3.5%, 12/14/17 2,050,000 $798,045
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $4,412,494
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $1,421,583
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 10,175,000 $3,243,564
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $4,502,167
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 18,000,000 $18,225,125
Mirabela Nickel, Ltd. 27,099,676 $642,426
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 3,545,787 $3,015,347
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $3,662,850
MMM Holdings, Inc., MMM Term Loan, 12/12/17 829,159 $804,284
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,251,630 $2,229,113
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,863,112
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 $2,248,613
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,368,759
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,537,250 $2,481,748
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,481,306 $1,475,751
Nationstar Mortgage LLC, 6.5%, 6/1/22 8,870,000 $8,141,921
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,827,500
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,657,604
Navistar International Corp., 8.25%, 11/1/21 8,405,000 $8,405,000
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,518,525
Newhall Land Development LLC 161,215 $564,253
New World Resources NV, 4.0%, 10/7/20 (PIK) 237,096 $116,737
New World Resources NV, Floating Rate Note, 10/7/20 135,483 $63,948
New World Resources NV, Floating Rate Note, 10/7/20 101,612 $19,676
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 1,462,000 $1,466,142
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $1,112,393
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 1,000,000 $681,042
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 7,100,000 $7,298,208
Nuance Communications, Inc., 2.75%, 11/1/31 6,365,000 $6,374,282
Numericable-SFR, 6.0%, 5/15/22 (144A) 1,250,000 $1,285,208
NuStar Logistics LP, Floating Rate Note, 1/15/43 130,573 $3,368,783
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8,764,000 $3,124,366
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $2,615,167
Old AII, Inc., 0.0%, 12/15/16 6,510,000 $1,981,998
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $5,302,180
Outerwall, Inc., 5.875%, 6/15/21 (144A) 3,205,000 $2,997,031
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 994,850 $992,363
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $6,696,743
Pangaea Zero% 01jul18 4,070,000 $4,331,701
Panolam Holdings Co. 894 $657,984
Penn Virginia Corp., 6.0% (Perpetual) (144A) 16,300 $1,073,763
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 33,046 $0
Perseus Holding Corp., 14.0%, 3/31/15 17,350 $0
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,401,071
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 8,650,000 $596,464
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,020,490
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,341,484
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,721,667
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,278,800
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 1,560,000 $1,599,867
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21 539,770 $540,951
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $3,006,185
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 1,025,000 $980,743
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 $1,148,141
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,021,367
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $304,613
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $911,665
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $9,983,667
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $3,106,856
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 10,750,000 $6,258,068
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,352,054
Republic of Ghana, 7.875%, 8/7/23 (144A) 2,335,000 $2,233,428
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $774,675
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,600,000 $1,870,027
Resolute Forest Products, Inc., 5.875%, 5/15/23 5,685,000 $5,443,427
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,534,800
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 $4,153,302
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,245,833
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $8,048,495
Romania Government Bond, 5.95%, 6/11/21 1,220,000 $391,583
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $6,329,746
Rosetta Resources, Inc., 5.875%, 6/1/24 1,935,000 $1,731,623
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 4,905,000 $3,373,209
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,038,035
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,023,750
Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 1,320,000 $1,382,920
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 3,765,000 $3,280,465
Sanchez Energy Corp., 7.75%, 6/15/21 1,500,000 $1,400,167
Scientific Games International, Inc., 10.0%, 12/1/22 (144A) 17,000,000 $15,765,139
Scientific Games International, Inc., 6.25%, 9/1/20 625,000 $450,521
Scitor Corp., Term Loan, 2/15/17 2,177,194 $2,160,865
Seagate HDD Cayman, 4.75%, 6/1/23 6,925,000 $7,220,049
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) 13,467 $563,194
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 950,000 $954,940
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,533 $89,221
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,000,000 $1,169,100
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,482,941
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,478,600
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 1,800,000 $1,800,000
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 8,535,000 $9,207,033
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,637,625
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 1,708,960 $1,704,688
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $5,971,389
Star Gas Partners LP, 8.875%, 12/1/17 2,437,000 $2,515,949
Stone Energy Corp., 7.5%, 11/15/22 3,800,000 $3,304,417
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $904,094
SunPower Corp., 0.875%, 6/1/21 (144A) 2,290,000 $2,062,670
Suntech Power Holdings Co, Ltd., 0.0%, 3/31/15 535,000 $162,488
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $1,472,326
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $2,859,437
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 4,250,000 $4,394,559
Targa Resources Partners LP, 4.25%, 11/15/23 4,350,000 $3,982,123
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9,395,000 $9,722,416
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $2,155,210
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 1,000,000 $1,088,944
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 13,430,000 $15,117,144
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,096,239 $3,057,536
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 4,315,000 $4,530,662
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,053,674
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,045,614
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,376,189
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $2,619,497
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $1,241,026
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $2,457,376
Towergate Finance Plc, 8.5%, 2/15/18 (144A) 405,000 $579,547
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $1,651,126
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $253,843
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 7,617,602 $5,784,993
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,775,000 $1,410,379
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,648,192
U.S. Treasury Floating Rate Note, 0.110004%, 7/31/16 6,600,000 $6,600,982
UBS AG, 7.625%, 8/17/22 5,650,000 $6,812,419
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $360,877
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 1,650,000 $1,018,298
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $1,711,353
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $3,750,417
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 820,000 $840,053
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,736,775
Unit Corp., 6.625%, 5/15/21 3,765,000 $3,401,547
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,014,563
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,465,583
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 5,000,000 $5,000,605
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 3,740,000 $1,620,787
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,098,635
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 10,735,000 $10,686,693
VeriSign, Inc., 4.625%, 5/1/23 4,430,000 $4,375,548
Vers 2015-A Zero% 31dec17 3,800,000 $3,800,000
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 3,500,000 $3,520,416
Viasystems, Inc., 7.875%, 5/1/19 (144A) 6,150,000 $6,568,969
Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,250,000 $3,322,764
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,147,271
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $4,070,695
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 38,400,000 $487,360
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $6,731,931
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,068,372 $849,355
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,451,121
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 1,800,000 $1,357,715
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $805,219
WebMD Health Corp., 1.5%, 12/1/20 3,750,000 $3,753,859
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,512,832
WellCare Health Plans, Inc., 5.75%, 11/15/20 4,620,000 $4,804,094
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,144,000 $1,204,775
WESCO Distribution, Inc., 5.375%, 12/15/21 4,365,000 $4,413,621
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $378,601
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $679,616
WideOpenWest Finance LLC, Term B Loan, 4/1/19 1,346,490 $1,340,599
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,308,569
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,390,563
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,078,633
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,068,125
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,121,603
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $924,250

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