Pioneer Global High Yield Fund

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

Security Name Par / Shares Market Value
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 2,450,000 $2,548,000
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 640,000 $785,983
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $7,835,813
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $3,616,147
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,225,000 $3,516,303
Advanced Micro Devices, Inc., 6.75%, 3/1/19 5,070,000 $4,848,188
Advanced Micro Devices, Inc., 7.0%, 7/1/24 1,355,000 $1,224,581
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 1,032,371 $1,028,500
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,476,339
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,468,391
AES Corp. Virginia, 5.5%, 3/15/24 1,350,000 $1,389,863
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 2,182,025 $2,121,109
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,179,888
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $4,585,802
Aguila 3 SA, 7.875%, 1/31/18 (144A) 3,900,000 $3,987,384
Aircraft Finance Trust, Floating Rate Note, 5/15/24 11,396,000 $2,674,751
Akbank TAS, 7.5%, 2/5/18 (144A) 4,500,000 $1,902,888
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 250,000 $264,323
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,102,460
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $3,984,167
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,036,879 $1,024,566
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $7,050,907
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,851,242 $1,825,787
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,190 $3,170
Ally Financial, Inc., 7.0% (Perpetual) (144A) 3,100 $3,120,150
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $165,375
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,930,589
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $645,854
Altice SA, 7.75%, 5/15/22 (144A) 2,025,000 $2,159,381
Alto Palermo SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,739,578
Altrl Flt% 30jun16 5,300,000 $5,695,380
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 1,820,000 $1,626,429
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $3,007,758
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 8,200,000 $240,778
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,400,000 $4,367,611
Amsurg Corp., 5.625%, 7/15/22 (144A) 2,555,000 $2,689,217
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,000,938
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,660,567
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 400,000 $509,388
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 2,960,000 $3,125,204
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $445,671
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 5,000,000 $5,407,778
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $2,826,024
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,288,084 $1,292,914
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 1,675,000 $1,612,804
Arlington Flt% 01aug15 1,450,000 $1,511,190
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 450,000 $470,094
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,100,000 $2,268,350
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $5,538,544
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 6,875,000 $8,665,221
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 5,250,000 $5,344,609
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $775,737
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,107,300
Banco Santander SA, Floating Rate Note (Perpetual) 2,400,000 $2,389,200
Bank of America Corp., Floating Rate Note, 10/23/49 2,050,000 $2,109,336
Bank of America Corp., Floating Rate Note, 9/29/49 3,900,000 $3,933,042
Baytex Energy Corp., 5.125%, 6/1/21 (144A) 5,000,000 $4,978,212
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,422,891
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $1,000,583
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,339,564
Belvedere SA, 12/23/16 5,578,091 $349,412
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 11,063,000 $8,952,579
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 3,750,000 $2,605,000
Berkeley-Kane Flt% 12jun15 903,800 $925,220
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 417,670 $420,106
BioScrip, Inc., Initial Term B Loan, 7/31/20 696,116 $700,176
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $254,242
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 475,000 $487,717
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $3,956,191
Bombardier, Inc., 4.75%, 4/15/19 (144A) 125,000 $128,701
Bombardier, Inc., 6.0%, 10/15/22 (144A) 1,157,000 $1,191,180
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,165,000 $2,103,192
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,276,985
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/16/28 (144A) 5,250,000 $5,335,357
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $2,724,936
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,288,067
BTA Bank JSC (G.D.R.) (144A) 24,638 $15,645
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 6,200,000 $2,616,400
Bumi Resources Tbk PT, Loan, 11/7/14 4,700,000 $2,373,500
Burger King Worldwide Inc 2nd Lien Bridge L + 0% 26aug15 11,000,000 $11,000,000
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,577,012
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,925,000 $1,983,456
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,175,000 $2,286,469
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 4,025,000 $3,915,878
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,227,465
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,366,491
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 2,440,000 $2,460,105
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,039,167
Cascades, Inc., 5.5%, 7/15/22 (144A) 1,695,000 $1,707,995
CCOH Safari LLC, 5.5%, 12/1/22 3,000,000 $3,030,000
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,387,885 $2,024,680
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,829,992 $4,686,166
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 600,000 $614,820
Cemex SAB de CV, 3.75%, 3/15/18 8,300,000 $11,561,208
Cengage Learning Holdings II LP 11,492 $323,213
CEVA GROUP Plc 1,584 $1,464,876
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $3,171,057
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,181,424
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $2,622,375
Chiquita Brands International, Inc., 7.875%, 2/1/21 2,705,000 $3,021,992
CHS, 6.875%, 2/1/22 (144A) 6,165,000 $6,748,748
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 3,231,000 $2,518,834
Cincinnati Bell, Inc., 8.375%, 10/15/20 4,790,000 $5,155,104
Cincinnati Bell, Inc., 8.75%, 3/15/18 4,015,000 $4,200,415
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $9,275,240
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,523,000 $1,374,368
Citigroup, Inc., Floating Rate Note (Perpetual) 160,000 $4,329,600
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,166,029
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 1,945,000 $2,031,742
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 6,200,000 $6,315,819
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $382,741
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,372,384
Cobalt International Energy, Inc., 2.625%, 12/1/19 5,335,000 $4,022,923
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,298,404
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,502,247
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,500,000 $1,532,440
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,000,000 $1,024,688
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $4,182,583
Comstock Resources, Inc., 9.5%, 6/15/20 2,000,000 $2,183,361
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,296,305
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,290,664
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,323,083
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,750,000 $4,782,044
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $9,829,350
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 3,200,000 $3,228,678
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,309,185
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,521,068
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $4,772,538
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 1,000,000 $1,146,875
CWGS Group LLC, Term Loan, 2/20/20 5,985,625 $6,008,071
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 3,777,207 $3,783,119
Dartmouth Zero% 31dec14 3,260,000 $3,227,400
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,741,752
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $2,891,045
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 3,600,000 $3,787,575
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 2,970,000 $2,927,306
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 925,000 $592,838
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,388,284
DynCorp International, Inc., 10.375%, 7/1/17 2,433,000 $2,170,439
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 750,000 $768,061
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 400,000 $434,603
EC Finance Plc, 5.125%, 7/15/21 (144A) 3,695,000 $4,736,363
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,510,000 $2,701,837
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 7,150,000 $7,514,054
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $510,381
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $790,486
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 811,000 $569,018
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $6,959,604
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 6,165,000 $6,137,664
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,523,597
Energy Transfer Equity LP, 5.875%, 1/15/24 2,790,000 $2,977,763
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $892,595
Energy XXI, Ltd., 3.0%, 12/15/18 (144A) 4,430,000 $3,198,275
Entegris, Inc., 6.0%, 4/1/22 (144A) 4,025,000 $4,115,563
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $15,609,438
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $4,917,335
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,179,574
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A) 840,000 $843,695
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $3,013,972
European Bank for Reconstruction & Development, 6.0%, 3/3/16 52,600,000 $868,265
European Bank for Reconstruction & Development, 7.65%, 2/18/15 43,400,000 $744,236
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 12,519,970 $12,498,060
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,367,375
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $1,959,222
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 11,475,000 $10,849,039
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 750,000 $224,085
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,596,228
Ford Motor Co., 4.25%, 11/15/16 3,104,000 $5,172,730
Forest City Enterprises, Inc., 4.25%, 8/15/18 1,305,000 $1,483,096
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,950,000 $1,990,171
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $80,140
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $227,963
Freeport-McMoRan, Inc. 45,168 $1,287,288
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,966,194
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,647,092
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,399,457
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $11,988,706
FTS International, Inc., 6.25%, 5/1/22 (144A) 2,680,000 $2,623,329
Fts International Inc 1st Lien Term L + 4.75% 01apr21 925,000 $912,281
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr -4,923,449 $-87
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,500,000 $1,573,092
GCI, Inc., 6.75%, 6/1/21 500,000 $511,563
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 2,700,000 $2,770,594
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $851,719
General Cable Corp., 6.5%, 10/1/22 3,250,000 $2,875,573
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 486,394 $487,610
Gentiva Health Services, Inc., 11.5%, 9/1/18 833,000 $908,317
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 1,026,951 $1,030,161
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $3,509,933
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 1,230,000 $1,331,321
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,505,188
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $1,032,921
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $1,850,117
Golden State RE II, Ltd., Floating Rate Note, 1/8/19 (Cat Bond) (144A) 250,000 $249,800
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 3,525,000 $3,495,466
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,555,938
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,740,000 $1,791,113
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $3,793,052
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,168,217
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,283,163
Halcon Resources Corp., 8.875%, 5/15/21 6,250,000 $5,380,773
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 4,700,000 $4,688,875
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,697,356
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $966,184
Horizon Lines, Inc. 2,370,345 $936,286
IAC, 4.875%, 11/30/18 700,000 $735,314
Iap Worldwide Services Inc 63 $53,486
Iap Worldwide Services Inc 2nd Lien Tl L + 6.5% 18jul19 502,144 $445,652
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,250,000 $1,283,502
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,925,000 $2,014,753
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $4,920,139
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,563,156
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,566,886
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,278,373
Indonesia Treasury Bond, 8.25%, 6/15/32 40,352,000,000 $3,337,183
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $5,461,171
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $1,025,082
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 4,300,000 $4,633,369
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $4,309,167
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $962,040
Inter-American Development Bank, 6.0%, 9/5/17 42,350,000 $702,429
Inter-American Development Bank, 7.25%, 7/17/17 5,140,000,000 $433,770
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,471,542
International Finance Corp., 7.75%, 12/3/16 241,840,000 $4,144,768
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,447,893
Inversiones Alsacia SA, 0.0%, 8/18/18 (144A) 7,630,000 $4,174,745
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 7,405,000 $7,486,558
James River Coal Co., 7.875%, 4/1/19 4,435,000 $408,852
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,270,550
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $5,035,106
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 4,800,000 $5,127,067
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 3,720,000 $4,078,146
JLL, 7.5%, 2/1/22 (144A) 4,755,000 $4,926,418
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $4,450,851
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,162,186
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $2,254,902
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 2,850,000 $68,109
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A) 3,135,000 $2,798,466
Kane Flt% 12jun15 2,400,000 $2,225,280
Kane Flt% 14jul15 814,976 $784,333
Kane Flt% 30jul16 1,006,000 $1,073,804
Kane-Pi2 Zero% 18jul16 1,806,000 $1,917,430
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $982,122
KB Home, 1.375%, 2/1/19 4,640,000 $4,490,650
KB Home, 7.0%, 12/15/21 800,000 $877,156
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,298,922
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 4,355,000 $4,743,699
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $356,396
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 2,000,000 $2,075,181
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 2,400,000 $2,370,800
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,215,000 $5,782,674
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $3,541,499
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $9,530,948
LDK Solar Co, Ltd., 10.0%, 11/28/14 14,000,000 $678,716
Lear Corp., 11/9/14 990 $183,388
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $6,189,651
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $501,711
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,480,717
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 5,080,000 $4,821,767
LifePoint Hospitals, Inc., 5.5%, 12/1/21 4,300,000 $4,602,792
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 750,000 $706,172
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 1,025,000 $1,051,743
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,235,378
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 792,928 $317,171
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 1,450,000 $1,498,633
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,713,475
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 4,100,000 $4,125,540
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,756,901
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 14,948,000 $16,487,021
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 75,878 $828
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 3,225,000 $2,982,677
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $3,020,625
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 1,525,000 $1,514,500
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,203,307
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,403,575
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 1,800,000 $1,635,188
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,727,978
Metinvest BV, 10.25%, 5/20/15 (144A) 2,720,000 $2,374,726
Metinvest BV, 8.75%, 2/14/18 (144A) 11,350,000 $8,136,534
Mexican Bonos, 7.5%, 6/3/27 1,800,000 $151,475
Mexican Udibonos, 2.0%, 6/9/22 44,000,000 $16,852,891
Mexican Udibonos, 3.5%, 12/14/17 2,050,000 $866,154
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $5,555,629
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $2,487,917
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 10,175,000 $2,934,074
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $4,440,522
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 18,000,000 $19,162,625
Mirabela Nickel, Ltd. 27,099,676 $1,752,010
Mirabela Nickel, Ltd., 9.5%, 6/24/19 3,385,000 $3,028,118
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $3,981,850
MMM Holdings, Inc., MMM Term Loan, 12/12/17 829,159 $822,940
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,257,374 $2,252,437
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,831,357
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 $2,241,662
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 800,000 $864,303
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,404,405
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,600,000 $1,737,727
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,550,000 $2,110,151
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,537,250 $2,521,392
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,485,028 $1,488,741
Nationstar Mortgage LLC, 6.5%, 6/1/22 8,870,000 $8,489,329
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,855,000
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,816,303
Navistar International Corp., 8.25%, 11/1/21 8,405,000 $8,987,046
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,493,025
Newhall Land Development LLC 161,215 $616,647
New World Resources NV, 4.0%, 10/7/20 (144A) (PIK) 237,096 $137,439
New World Resources NV, Floating Rate Note, 10/7/20 135,483 $169,733
New World Resources NV, Floating Rate Note, 10/7/20 101,612 $127,300
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $1,063,758
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 2,835,000 $2,397,347
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 7,100,000 $7,564,951
Nuance Communications, Inc., 2.75%, 11/1/31 6,365,000 $6,297,372
Numericable Group SA, 6.0%, 5/15/22 (144A) 1,250,000 $1,293,958
NuStar Logistics LP, Floating Rate Note, 1/15/43 131,100 $3,492,504
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8,764,000 $8,547,091
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $3,003,300
Old AII, Inc., 0.0%, 12/15/16 6,510,000 $1,873,498
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $5,491,943
Outerwall, Inc., 5.875%, 6/15/21 (144A) 3,205,000 $3,167,096
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 997,375 $994,258
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $7,696,298
Pangaea Zero% 01jul18 4,070,000 $4,260,476
Panolam Holdings Co. 894 $700,002
Pegasus Solutions, Inc., 13.0%, 11/28/14 (144A) 11,940,241 $11,223,827
Penn Virginia Corp., 6.0% (Perpetual) (144A) 16,300 $1,346,869
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 33,046 $0
Perseus Holding Corp., 14.0%, 11/28/14 17,350 $0
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,841,175
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 8,650,000 $655,390
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,285,710
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,411,953
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,742,954
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,162,200
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 1,560,000 $1,778,920
Pro Mach Group Inc 1st Lien Tl-B L + 4.5% 20oct21 539,770 $541,119
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $3,134,947
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 3,025,000 $2,816,874
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 $1,081,109
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 2,600,000 $2,025,437
QR Energy LP, 9.25%, 8/1/20 2,450,000 $2,819,031
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,052,067
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 750,000 $787,392
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $309,450
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $927,850
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $10,441,933
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $3,457,074
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 10,750,000 $6,990,411
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,361,088
Republic of Ghana, 7.875%, 8/7/23 (144A) 2,335,000 $2,393,083
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 3,450,000 $3,701,045
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $790,350
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 950,000 $1,117,770
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,800,000 $2,025,765
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 450,000 $476,246
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,600,000 $1,946,720
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 550,000 $602,879
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,100,000 $1,234,090
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 750,000 $816,142
Resolute Forest Products, Inc., 5.875%, 5/15/23 5,685,000 $5,597,396
Rex Energy Corp., 6.25%, 8/1/22 (144A) 1,960,000 $1,877,789
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,621,800
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $8,055,079
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,785,000 $4,190,363
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,313,667
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $8,334,465
Romania Government Bond, 5.95%, 6/11/21 1,220,000 $403,769
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $6,886,432
Rosetta Resources, Inc., 5.875%, 6/1/24 1,935,000 $1,905,599
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 5,550,000 $5,278,281
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,136,282
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,246,250
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 3,765,000 $3,665,594
Sanchez Energy Corp., 7.75%, 6/15/21 1,500,000 $1,573,917
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) 1,600,000 $1,626,373
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,600,000 $1,638,311
Scientific Games International, Inc., 6.25%, 9/1/20 625,000 $503,125
Scitor Corp., Term Loan, 2/15/17 2,177,194 $2,156,728
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 3,900,000 $4,022,606
Seagate HDD Cayman, 4.75%, 6/1/23 6,925,000 $7,283,865
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 $2,756,315
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,533 $112,132
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,000,000 $1,110,200
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,531,555
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 2,835,000 $2,921,822
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,420,800
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 8,535,000 $9,176,828
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,739,375
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 1,712,338 $1,713,408
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $6,237,681
Star Gas Partners LP, 8.875%, 12/1/17 2,437,000 $2,633,737
Stone Energy Corp., 7.5%, 11/15/22 3,800,000 $3,674,917
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $885,230
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 375,000 $402,084
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 950,000 $1,036,938
SunPower Corp., 0.875%, 6/1/21 (144A) 2,290,000 $2,333,574
Suntech Power Holdings Co, Ltd., 0.0%, 12/31/14 535,000 $158,475
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 1,862,400 $1,865,901
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $2,412,728
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $3,104,812
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 4,250,000 $4,693,830
Targa Resources Partners LP, 4.25%, 11/15/23 4,350,000 $4,391,748
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 900,000 $966,435
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 9,395,000 $9,533,170
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $2,197,043
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 1,000,000 $1,119,778
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 13,430,000 $14,885,476
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,104,018 $3,080,738
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 4,315,000 $4,556,582
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,087,072
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,077,517
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,397,355
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $3,673,664
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $1,598,526
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $5,205,365
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $1,623,014
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $252,545
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 7,617,602 $5,968,292
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,775,000 $1,667,157
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,756,948
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 1,500,000 $1,496,125
U.S. Treasury Floating Rate Note, 0.090001011%, 7/31/16 7,600,000 $7,604,469
UBS AG, 7.625%, 8/17/22 5,650,000 $6,756,437
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $519,692
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 1,650,000 $1,482,278
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $1,871,686
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $3,978,750
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 820,000 $832,598
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,785,902
Unit Corp., 6.625%, 5/15/21 3,765,000 $3,870,603
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,011,105
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,448,083
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 6,000,000 $6,003,117
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 7,500,000 $2,029,375
USI, Inc. New York, 7.75%, 1/15/21 (144A) 4,900,000 $5,073,065
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,237,608
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 12,660,000 $14,217,180
VeriSign, Inc., 4.625%, 5/1/23 4,430,000 $4,515,831
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 3,500,000 $3,528,438
Viasystems, Inc., 7.875%, 5/1/19 (144A) 6,150,000 $6,761,156
Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,250,000 $3,413,493
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,106,754
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $4,923,785
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 132,900,000 $2,913,869
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $8,085,907
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,071,154 $822,111
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,420,024
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 1,800,000 $1,718,465
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $801,386
WebMD Health Corp., 1.5%, 12/1/20 (144A) 3,750,000 $3,900,000
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,605,039
WellCare Health Plans, Inc., 5.75%, 11/15/20 4,620,000 $4,880,170
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,144,000 $1,206,205
WESCO Distribution, Inc., 5.375%, 12/15/21 4,365,000 $4,475,459
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $408,309
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $700,988
WideOpenWest Finance LLC, Term B Loan, 4/1/19 1,346,490 $1,347,192
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,874,219
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,475,854
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,228,027
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,019,438
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,170,186
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $988,000
YPF SA, 8.875%, 12/19/18 (144A) 1,000,000 $1,077,542

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