Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 8/29/2014
Default: sorted by market value

Security Name Par / Shares Market Value
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 2,450,000 $2,565,558
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 2,725,000 $3,810,211
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $7,878,674
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $3,640,988
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 1,995,000 $2,166,861
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,225,000 $3,638,035
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 5,070,000 $5,485,740
Advanced Micro Devices, Inc., 7.0%, 7/1/24 (144A) 1,965,000 $2,027,662
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 1,034,998 $1,040,173
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,592,995
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,413,943
AES Corp. Virginia, 5.5%, 3/15/24 1,350,000 $1,409,306
Affinion Group, Inc., Tranche B Term Loan, 10/9/16 2,187,507 $2,171,709
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,189,809
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $4,799,931
Aguila 3 SA, 7.875%, 1/31/18 (144A) 3,900,000 $4,081,594
Aircraft Finance Trust, Floating Rate Note, 5/15/24 11,396,000 $2,712,579
Akbank TAS, 7.5%, 2/5/18 (144A) 4,500,000 $1,894,499
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 250,000 $255,950
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,092,639
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $3,962,333
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,039,503 $1,038,723
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $7,253,443
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,855,032 $1,853,858
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,198 $3,191
Ally Financial, Inc., 7.0% (Perpetual) (144A) 3,100 $3,132,260
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $229,110
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 1,515,236 $323,806
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,969,750
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $658,594
Altice SA, 7.75%, 5/15/22 (144A) 2,025,000 $2,158,102
Alto Palermo SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,714,602
Altrl Flt% 30jun16 5,300,000 $5,549,100
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 1,820,000 $1,785,685
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $3,262,483
American Home Mortgage Investment Trust 2005-1 REMICS, Floating Rate Note, 6/25/45 8,800,000 $890,721
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 8,200,000 $289,058
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,400,000 $4,532,611
Amsurg Corp., 5.625%, 7/15/22 (144A) 3,390,000 $3,489,581
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,130,039
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,811,553
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 400,000 $536,594
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 2,960,000 $3,122,615
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $439,588
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 5,000,000 $5,646,094
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $3,117,854
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,291,609 $1,297,259
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 1,675,000 $1,630,781
Arlington Flt% 01aug15 1,450,000 $1,485,960
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 450,000 $471,772
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,100,000 $2,252,250
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $5,823,277
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 6,875,000 $8,548,203
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 5,250,000 $5,306,146
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $721,190
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,101,319
Banco Santander SA, Floating Rate Note (Perpetual) 2,400,000 $2,389,675
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5,000,000 $5,066,042
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 1,000,000 $996,618
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,455,156
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $994,188
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,515,685
Belvedere SA, 12/23/16 5,578,091 $439,693
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 11,063,000 $11,553,152
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 3,750,000 $3,707,370
Berkeley-Kane Flt% 12jun15 903,800 $916,363
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 417,670 $420,280
BioScrip, Inc., Initial Term B Loan, 7/31/20 696,116 $700,467
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $256,302
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 475,000 $485,637
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $4,329,211
Bombardier, Inc., 4.75%, 4/15/19 (144A) 2,100,000 $2,166,981
Bombardier, Inc., 6.0%, 10/15/22 (144A) 2,256,000 $2,350,752
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,165,000 $2,201,174
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,365,647
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 5,250,000 $5,366,666
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $3,083,373
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,257,063
BTA Bank JSC (G.D.R.) (144A) 24,638 $14,216
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 6,200,000 $3,048,333
Bumi Resources Tbk PT, Loan, 11/7/14 4,700,000 $2,820,000
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,553,924
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,925,000 $1,972,539
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,175,000 $2,351,266
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 4,025,000 $4,123,948
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,284,414
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,440,032
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 2,440,000 $2,481,616
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 12/25/36 8,090,000 $6,416,827
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,208,750
Cascades, Inc., 5.5%, 7/15/22 (144A) 4,290,000 $4,304,360
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,274,177 $2,054,340
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,829,992 $4,771,630
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 600,000 $638,900
Cemex SAB de CV, 3.75%, 3/15/18 8,300,000 $12,613,406
Cengage Learning Holdings II LP 11,492 $364,871
CEVA GROUP Plc 1,584 $1,900,380
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $4,113,804
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,319,281
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $2,845,189
Chiquita Brands International, Inc., 7.875%, 2/1/21 2,705,000 $2,975,754
CHS, 6.875%, 2/1/22 (144A) 6,165,000 $6,584,455
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 5,681,000 $4,397,449
Cincinnati Bell, Inc., 8.375%, 10/15/20 4,790,000 $5,347,586
Cincinnati Bell, Inc., 8.75%, 3/15/18 4,015,000 $4,365,727
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $9,689,872
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,523,000 $1,381,665
Citigroup, Inc., Floating Rate Note (Perpetual) 160,000 $4,454,400
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,162,015
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 1,945,000 $2,156,114
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 6,200,000 $6,463,500
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,370,345
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $378,500
Cobalt International Energy, Inc., 2.625%, 12/1/19 5,335,000 $4,736,091
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,335,023
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,515,563
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,500,000 $1,540,325
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,000,000 $1,029,950
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $4,662,204
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,610,937
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,365,943
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,292,656
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,750,000 $4,861,062
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $9,464,850
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 3,200,000 $3,215,533
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,340,587
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,537,833
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $4,785,897
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1,000,000 $1,116,219
CWGS Group LLC, Term Loan, 2/20/20 6,023,750 $6,065,163
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 3,777,207 $3,798,454
Dartmouth Zero% 31dec14 3,260,000 $3,182,086
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,855,117
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $3,340,984
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 3,600,000 $4,011,750
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 2,970,000 $2,952,861
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 5,525,000 $3,437,310
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,405,961
DynCorp International, Inc., 10.375%, 7/1/17 2,158,000 $2,059,819
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 750,000 $772,177
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 400,000 $434,440
EC Finance Plc, 5.125%, 7/15/21 (144A) 3,695,000 $4,948,159
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,510,000 $2,799,800
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 7,150,000 $7,414,699
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $506,757
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $827,762
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 811,000 $619,486
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $6,926,834
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 6,165,000 $6,204,816
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,632,685
Energy Transfer Equity LP, 5.875%, 1/15/24 2,790,000 $2,967,427
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $888,368
Entegris, Inc., 6.0%, 4/1/22 (144A) 4,025,000 $4,245,704
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $15,871,307
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $5,295,919
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,178,547
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 840,000 $846,195
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $3,032,937
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 12,619,334 $12,638,263
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A) 1,297,000 $1,375,090
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,313,093
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $2,638,028
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 11,475,000 $10,944,640
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 750,000 $224,993
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,635,598
Ford Motor Co., 4.25%, 11/15/16 3,104,000 $6,320,197
Forest City Enterprises, Inc., 4.25%, 8/15/18 2,805,000 $3,202,667
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,950,000 $1,972,501
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $85,270
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $225,621
Freeport-McMoRan, Inc. 87,189 $3,171,064
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,978,021
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,532,313
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,511,463
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $12,391,370
FTS International, Inc., 6.25%, 5/1/22 (144A) 2,680,000 $2,802,647
Fts International Inc 1st Lien Term L + 4.75% 01apr21 1,200,000 $1,209,376
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr -4,923,449 $-3,634
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,500,000 $1,555,783
GCI, Inc., 6.75%, 6/1/21 500,000 $514,594
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $1,126,563
General Cable Corp., 5.75%, 10/1/22 3,250,000 $3,311,095
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 487,625 $489,454
Gentiva Health Services, Inc., 11.5%, 9/1/18 833,000 $941,024
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 1,029,538 $1,031,629
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $3,550,004
Ghana Government Bond, 19.24%, 5/30/16 5,400,000 $1,384,170
Ghana Government Bond, 26.0%, 6/5/17 2,000,000 $567,454
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 1,230,000 $1,338,778
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,558,528
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $1,118,824
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $2,059,066
Gol Finance, 9.25%, 7/20/20 (144A) 3,863,000 $4,101,261
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 54,000 $13,562
Green Field Energy Services, Inc., 11/15/21 (144A) 2,275 $2,286
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,862,641
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,740,000 $1,830,480
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $3,967,131
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,219,125
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,492,084
Halcon Resources Corp., 8.875%, 5/15/21 6,250,000 $6,739,909
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 4,700,000 $5,424,455
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,807,371
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $966,074
Horizon Lines, Inc. 2,370,345 $948,138
IAC, 4.875%, 11/30/18 700,000 $734,781
Iap Worldwide Services Inc 63 $53,486
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 503,402 $453,062
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,925,000 $2,004,984
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,250,000 $1,283,580
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $5,085,156
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,566,833
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,631,863
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,319,810
Indonesia Treasury Bond, 8.25%, 6/15/32 40,352,000,000 $3,364,000
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $5,866,178
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $1,044,562
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 4,300,000 $4,552,849
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $4,296,639
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $987,143
Inter-American Development Bank, 7.25%, 7/17/17 5,140,000,000 $442,262
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,540,000
International Finance Corp., 7.75%, 12/3/16 241,840,000 $4,092,913
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,281,909
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 7,630,000 $4,103,059
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 7,405,000 $7,379,905
James River Coal Co., 7.875%, 4/1/19 4,435,000 $363,531
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,418,805
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $4,981,269
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 4,800,000 $5,182,100
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 3,720,000 $4,115,302
JLL, 7.5%, 2/1/22 (144A) 4,755,000 $4,878,828
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $4,558,356
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,184,010
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $2,316,551
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 2,850,000 $66,949
Kane Flt% 12jun15 2,400,000 $2,173,440
Kane Flt% 14jul15 814,976 $776,917
Kane Flt% 30jul16 1,006,000 $1,046,642
Kane-Pi2 Zero% 18jul16 1,806,000 $1,894,133
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $1,018,167
KB Home, 1.375%, 2/1/19 4,640,000 $4,653,839
KB Home, 7.0%, 12/15/21 800,000 $875,667
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,283,252
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 4,355,000 $4,758,291
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $352,835
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 2,000,000 $2,037,633
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 2,400,000 $2,483,925
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,215,000 $5,841,253
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $3,686,584
Lam Research Corp., 1.25%, 5/15/18 3,400,000 $4,585,396
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $10,047,129
LDK Solar Co, Ltd., 10.0%, 9/5/14 14,000,000 $639,051
Lear Corp., 11/9/14 990 $200,138
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $6,205,209
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $540,489
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,444,901
Level 3 Financing Inc Bridge L + 4.25% 15jun15 4,780,000 $4,780,000
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 5,080,000 $5,057,281
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 4,300,000 $4,551,968
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 750,000 $781,461
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 1,025,000 $1,062,907
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,239,193
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 792,928 $356,818
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 1,450,000 $1,475,680
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,590,195
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 4,100,000 $4,195,026
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,722,742
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 20,248,000 $22,335,794
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 2,334,717 $273,356
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 3,225,000 $3,219,233
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $3,188,115
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 1,525,000 $1,560,319
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,277,719
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,375,422
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 1,800,000 $1,679,906
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,678,731
Metinvest BV, 10.25%, 5/20/15 (144A) 4,620,000 $3,619,642
Metinvest BV, 8.75%, 2/14/18 (144A) 11,350,000 $7,537,409
Mexican Bonos, 7.5%, 6/3/27 4,800,000 $418,412
Mexican Udibonos, 2.0%, 6/9/22 44,000,000 $17,365,063
Mexican Udibonos, 3.5%, 12/14/17 2,050,000 $886,036
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $5,505,675
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $3,095,031
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 10,175,000 $3,231,622
MIE Holdings Corp., 7.5%, 4/25/19 (144A) 5,000,000 $5,405,208
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $4,362,580
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 18,000,000 $19,196,250
Mirabela Nickel, Ltd. 27,099,676 $2,276,413
Mirabela Nickel, Ltd., 9.5%, 6/24/19 3,385,000 $3,109,028
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $4,025,233
MMM Holdings, Inc., MMM Term Loan, 12/12/17 853,518 $858,853
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,263,118 $2,267,008
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,794,954
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 620,530 $622,857
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,150,000 $2,258,790
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 800,000 $866,278
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,487,599
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,550,000 $2,202,905
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,600,000 $1,727,106
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,543,625 $2,546,805
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,488,750 $1,502,707
Nationstar Mortgage LLC, 6.5%, 6/1/22 8,870,000 $8,835,136
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,971,958
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,876,401
Navistar International Corp., 8.25%, 11/1/21 8,405,000 $8,949,399
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,492,813
Newhall Land Development LLC 161,215 $724,097
New World Resources NV, 7.875%, 1/15/21 (144A) 1,050,000 $139,480
Nigeria Government Bond, 16.0%, 6/29/19 542,795,000 $4,013,008
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $1,004,206
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 4,100,000 $3,997,642
NorthStar Realty Finance Corp., 3.0%, 9/30/14 6,485,000 $6,569,737
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 7,100,000 $7,489,760
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 357,000 $391,324
Nuance Communications, Inc., 2.75%, 11/1/31 6,365,000 $6,398,991
Numericable Group SA, 6.0%, 5/15/22 (144A) 1,250,000 $1,290,625
NuStar Logistics LP, Floating Rate Note, 1/15/43 131,100 $3,539,700
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 7,700,000 $8,200,660
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $3,092,721
Old AII, Inc., 0.0%, 12/15/16 6,510,000 $1,763,190
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $5,470,364
Outerwall, Inc., 5.875%, 6/15/21 (144A) 3,205,000 $3,207,304
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 999,900 $1,003,963
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $7,911,228
Pangaea Zero% 01jul18 4,070,000 $4,186,402
Panolam Holdings Co. 894 $700,002
Pegasus Solutions, Inc., 13.0%, 9/15/14 (144A) 11,940,241 $11,689,158
Penn Virginia Corp., 6.0% (Perpetual) (144A) 16,300 $1,791,044
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 33,046 $49,569
Perseus Holding Corp., 14.0%, 9/15/14 17,350 $1,422,700
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,889,948
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,338,220
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,423,727
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,763,897
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,160,080
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 1,560,000 $1,786,200
Pro Mach, Inc., Term Loan, 7/6/17 1,418,897 $1,422,444
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $3,239,899
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 3,025,000 $2,640,132
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 $1,107,930
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 2,600,000 $2,105,217
QR Energy LP, 9.25%, 8/1/20 2,450,000 $2,817,381
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,051,583
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 750,000 $786,421
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $311,884
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $927,508
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $10,407,018
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $3,549,224
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 10,750,000 $7,768,555
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,468,001
Republic of Ghana, 7.875%, 8/7/23 (144A) 2,335,000 $2,273,779
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $796,313
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 3,450,000 $3,708,520
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 450,000 $474,784
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 950,000 $1,114,978
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,800,000 $2,021,228
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,100,000 $1,235,312
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 550,000 $605,929
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,600,000 $1,976,391
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 750,000 $807,930
Resolute Forest Products, Inc., 5.875%, 5/15/23 5,685,000 $5,569,227
Rex Energy Corp., 6.25%, 8/1/22 (144A) 1,960,000 $1,974,632
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,627,250
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $8,022,102
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,785,000 $4,212,192
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,326,072
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $8,399,128
Romania Government Bond, 5.95%, 6/11/21 1,220,000 $409,143
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $7,271,473
Rosetta Resources, Inc., 5.875%, 6/1/24 1,935,000 $1,997,599
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 5,550,000 $5,406,471
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,103,431
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,238,125
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 3,765,000 $3,937,131
Sanchez Energy Corp., 7.75%, 6/15/21 1,500,000 $1,689,219
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) 1,600,000 $1,598,400
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,600,000 $1,619,467
Scitor Corp., Term Loan, 2/15/17 2,177,194 $2,159,487
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 3,900,000 $4,025,342
Seagate HDD Cayman, 4.75%, 6/1/23 6,925,000 $7,231,383
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 $2,549,045
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,533 $118,291
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,000,000 $1,046,300
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,487,629
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 2,835,000 $3,100,102
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,360,000
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 8,535,000 $9,111,198
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,807,827
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 1,712,338 $1,723,040
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $6,234,251
Star Gas Partners LP, 8.875%, 12/1/17 2,437,000 $2,594,043
Stone Energy Corp., 7.5%, 11/15/22 3,800,000 $4,161,000
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $897,247
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 950,000 $986,363
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 375,000 $391,777
SunPower Corp., 0.875%, 6/1/21 (144A) 2,290,000 $2,670,816
Suntech Power Holdings Co, Ltd., 0.0%, 3/15/13 535,000 $188,703
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 1,872,000 $1,874,340
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $2,569,286
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $3,153,069
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 4,250,000 $4,716,521
Targa Resources Partners LP, 4.25%, 11/15/23 4,350,000 $4,393,047
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 900,000 $956,578
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9,395,000 $9,440,051
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $2,286,199
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 1,000,000 $1,110,417
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 13,430,000 $15,148,201
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,111,798 $3,111,798
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 4,315,000 $4,580,660
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,040,748
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,053,288
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,379,278
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $4,149,200
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $1,715,865
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $7,432,630
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $1,898,739
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $252,954
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 7,617,602 $5,817,983
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,775,000 $1,756,341
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,746,955
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 1,500,000 $1,524,300
UBS AG, 7.625%, 8/17/22 5,650,000 $6,718,186
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $517,543
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 1,650,000 $1,476,640
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $1,932,286
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $4,030,389
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,819,500
Unit Corp., 6.625%, 5/15/21 3,765,000 $3,988,351
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,021,621
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,436,563
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 7,500,000 $2,126,719
USI, Inc. New York, 7.75%, 1/15/21 (144A) 4,900,000 $5,094,469
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,363,392
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 12,660,000 $14,483,304
VeriSign, Inc., 4.625%, 5/1/23 4,430,000 $4,420,202
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 3,500,000 $3,546,666
Viasystems, Inc., 7.875%, 5/1/19 (144A) 6,150,000 $6,525,342
Videotron, Ltd., 5.375%, 6/15/24 (144A) 4,375,000 $4,511,491
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,251,463
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $5,002,252
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 161,000,000 $4,125,948
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $7,886,005
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,073,936 $810,822
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,611,520
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 1,800,000 $1,720,218
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $807,734
WebMD Health Corp., 1.5%, 12/1/20 (144A) 3,750,000 $4,164,688
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,699,182
WellCare Health Plans, Inc., 5.75%, 11/15/20 4,620,000 $4,864,956
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,144,000 $1,201,701
WESCO Distribution, Inc., 5.375%, 12/15/21 4,365,000 $4,468,441
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $437,775
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $726,472
WideOpenWest Finance LLC, Term B Loan, 4/1/19 1,349,908 $1,353,283
Windstream Corp., 6.375%, 8/1/23 1,760,000 $1,773,438
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,951,472
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,580,776
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,485,895
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,179,651
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,157,979
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $1,016,438
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 2,895,000 $877,848
YPF SA, 8.875%, 12/19/18 (144A) 1,000,000 $1,077,503

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