Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 2/28/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $7,966,625
Accellent, Inc., 10.0%, 11/1/17 3,850,000 $4,281,521
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 1,995,000 $2,167,290
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 1,575,000 $1,752,286
ADS Tactical, Inc., 11.0%, 4/1/18 (144A) 4,215,000 $4,279,767
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 5,070,000 $5,100,103
AdvancePierre Foods, Inc., 7/10/17 1,376,100 $1,384,047
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,677,639
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 4,775,000 $4,152,101
Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 (144A) 2,970,000 $2,502,762
Affinion Group, Inc., 10/9/16 2,198,691 $2,177,685
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,136,196
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $5,162,711
Aguila 3 SA, 7.875%, 1/31/18 (144A) 3,900,000 $4,170,197
Aircraft Finance Trust, Floating Rate Note, 5/15/24 (144A) 11,396,000 $2,833,779
Akbank TAS, 7.5%, 2/5/18 (144A) 4,500,000 $1,712,329
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,032,810
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $4,329,167
Alliance HealthCare Services, Inc., 6/3/19 1,044,751 $1,044,588
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $7,327,058
Alliant Holdings I, Inc., 12/20/19 1,885,950 $1,895,674
Allison Transmission, Inc., 8/23/19 3,214 $3,223
Allison Transmission, Inc., 8/7/17 1,071 $1,072
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 3,100 $3,071,616
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15 1,075,000 $1,075,224
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $274,838
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 2,024,940 $2,249,101
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,958,939
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $652,698
Alto Palermo SA, 7.875%, 5/11/17 (144A) 6,750,000 $6,642,422
Altrl Flt% 30jun16 3,180,000 $3,216,252
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) 2,770,000 $2,739,499
American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45 8,800,000 $946,626
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 8,200,000 $328,791
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,084,063
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,710,642
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $447,082
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 5,000,000 $5,722,361
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $3,327,895
Ardent Medical Services, Inc., 7/2/18 1,395,900 $1,406,369
ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK) 11,250,297 $12,646,037
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 450,000 $478,340
ATLAS VI Capital, Ltd., Floating Rate Note, 4/7/14 (Cat Bond) (144A) 800,000 $1,130,169
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $5,824,463
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 6,875,000 $8,128,971
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 6,600,000 $6,359,842
Banco GNB Sudameris SA, 7.5%, 7/30/22 (144A) 4,155,000 $4,323,104
Banco Internacional del Peru SAA, Floating Rate Note, 4/23/70 (144A) 3,165,000 $3,292,371
Banco Macro SA, Floating Rate Note, 12/18/36 2,870,000 $2,453,192
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,007,667
Basell Finance Co BV, 8.1%, 3/15/27 (144A) 2,793,000 $3,706,350
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 1,000,000 $990,973
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,407,266
Beazer Homes USA, Inc., 9.125%, 6/15/18 8,750,000 $9,443,559
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,568,346
Belvedere SA, 12/23/16 5,578,091 $269,803
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 11,063,000 $11,875,055
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 3,750,000 $3,848,750
Bertin SA, 10.25%, 10/5/16 (144A) 6,000,000 $6,960,417
BioScrip, Inc., 7/31/20 811,753 $818,349
BioScrip, Inc., 7/31/20 487,052 $491,009
BLAZE RECYCLING & METALS LLC/ BLAZE FINANCE CORP 6,615,974 $396,958
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $259,199
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 725,000 $739,063
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,397,635
Brazilian Government International Bond, 10.25%, 1/10/28 2,950,000 $1,289,135
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 5,250,000 $5,047,194
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $3,168,893
BR Malls International Finance, Ltd., 8.5%, 12/31/49 (Perpetual) (144A) 4,025,000 $4,111,458
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,260,067
BTA Bank JSC (G.D.R.) (144A) 24,638 $16,027
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 6,200,000 $3,918,400
Bumi Resources Tbk PT, 11/7/14 4,400,000 $4,400,000
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,925,000 $1,963,508
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,250,000 $1,310,545
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,175,000 $2,313,656
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,158,808
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 7,675,000 $8,287,081
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 675,000 $688,946
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 2/25/37 8,090,000 $6,940,193
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,269,167
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,165,883 $1,978,101
CEDC Finance Corp International, Inc., 8.0%, 4/30/18 (Step) 4,829,992 $4,630,146
Cemex SAB de CV, 3.75%, 3/15/18 10,300,000 $15,280,479
Cengage Learning Acquisitions, Inc., 7/3/14 763,667 $711,165
CEVA GROUP Plc 1,584 $1,623,241
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $3,342,466
CEVA Group Plc, 11.625%, 10/1/16 (144A) 2,445,000 $2,667,342
CEVA Logistics US Holdings, Inc., 8/31/16 508,620 $507,984
CEVA Logistics US Holdings, Inc., 8/31/16 779,050 $779,050
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,431,736
Chiquita Brands International, Inc., 7.875%, 2/1/21 2,705,000 $2,998,662
CHS, 6.875%, 2/1/22 (144A) 6,355,000 $6,801,395
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 9,381,000 $5,856,871
Cincinnati Bell, Inc., 8.375%, 10/15/20 4,790,000 $5,372,650
Cincinnati Bell, Inc., 8.75%, 3/15/18 8,378,000 $9,103,512
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $10,257,070
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,523,000 $1,394,196
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 2,245,000 $2,140,052
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 160,000 $4,264,000
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 12,300,000 $13,066,871
Cobalt International Energy, Inc., 2.625%, 12/1/19 7,610,000 $7,393,591
Coleman Cable, Inc., 9.0%, 2/15/18 2,620,000 $2,754,930
Colombia Government International Bond, 12.0%, 10/22/15 6,986,000,000 $3,958,147
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,386,906
COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A) 1,000,000 $139,602
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,500,000 $1,583,098
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,000,000 $1,059,225
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $4,673,717
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,536,310
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,342,799
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,524,333
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 5,250,000 $5,299,088
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $9,430,830
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,369,593
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,357,027
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $4,474,719
Credit Suisse Group AG, Floating Rate Note, 12/31/49 (Perpetual) (144A) 1,200,000 $1,338,560
CSMC Mortgage-Backed Trust 2007-3, 5.0%, 4/25/37 4,700,000 $642,377
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1,000,000 $1,232,219
CWGS Group LLC, Term Loan, 2/20/20 6,100,000 $6,145,750
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 3,808,321 $3,867,027
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $1,568,320
Digicel Group, Ltd., 10.5%, 4/15/18 (144A) 1,000,000 $1,102,167
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 3,600,000 $3,931,575
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 2,970,000 $2,953,294
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 5,525,000 $4,542,413
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,428,702
DynCorp International, Inc., 10.375%, 7/1/17 5,408,000 $5,744,873
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 1,500,000 $1,569,981
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 400,000 $439,460
EGL, Inc., 8/31/16 794,899 $794,652
Electricite de France, Floating Rate Note, 12/31/49 (Perpetual) (144A) 7,150,000 $7,233,417
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $516,721
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $681,271
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 3,806,000 $2,470,570
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 7,900,000 $8,002,108
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,453,713
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $871,655
Entegris Inc Bridge L + 0% 04feb15 2,520,000 $2,520,000
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $16,285,875
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $5,396,660
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $3,018,822
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A) 7,170,000 $5,526,975
Expert Global Solutions, Inc., 4/3/18 12,816,023 $12,767,963
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A) 1,297,000 $1,380,260
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 1,700,000 $581,420
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 7,800,000 $8,351,688
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $3,260,056
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 11,475,000 $10,803,713
First Data Corp., 12.625%, 1/15/21 3,597,000 $4,356,442
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 750,000 $291,114
Florida East Coast Holdings Corp., 10.5%, 8/1/17 (PIK) 2,752,742 $2,852,529
Ford Motor Co., 4.25%, 11/15/16 4,894,000 $8,882,678
Forest City Enterprises, Inc., 4.25%, 8/15/18 2,805,000 $3,169,689
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,950,000 $1,996,681
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $542,825
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $321,670
Freeport-McMoRan Copper & Gold, Inc. 95,846 $3,126,497
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,877,925
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,494,342
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,490,107
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $12,186,985
FTS International, Inc., 5/6/16 5,445,033 $5,531,571
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr -4,923,449 $-93,471
Fx Vanilla Option Put Usd/Call Try 2.154 12 01 2015 Tr 4,923,450 $40,186
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,500,000 $1,576,925
GCI, Inc., 6.75%, 6/1/21 500,000 $505,938
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $1,427,778
General Cable Corp., 6.5%, 10/1/22 (144A) 1,875,000 $1,943,750
Generic Drug Holdings, Inc., 8/16/20 982,563 $989,932
Gentiva Health Services, Inc., 10/10/19 1,150,000 $1,162,938
Gentiva Health Services, Inc., 11.5%, 9/1/18 4,253,000 $4,784,625
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $3,363,233
Ghana Government Bond, 19.24%, 5/30/16 5,400,000 $2,028,207
Ghana Government Bond, 21.0%, 10/26/15 3,660,000 $1,539,274
Ghana Government Bond, 26.0%, 6/5/17 2,000,000 $863,400
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,654,540
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $2,103,715
Gol Finance, 9.25%, 7/20/20 (144A) 7,363,000 $7,090,825
Government National Mortgage Association, Floating Rate Note, 10/16/52 23,000,000 $791,717
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 54,000 $16,484
Green Field Energy Services, Inc., 11/15/21 (144A) 2,275 $2,298
Griffon Corp., 5.25%, 3/1/22 (144A) 6,750,000 $6,762,375
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 5,600,000 $5,827,500
Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A) 10,840,000 $11,035,120
GSAMP Trust 2006-HE8, Floating Rate Note, 1/25/37 1,800,000 $526,962
GSR Mortgage Loan Trust 2004-3F, Floating Rate Note, 2/25/34 1,100,000 $624,574
Gtech Spa, Floating Rate Note, 3/31/66 (144A) 1,000,000 $1,604,088
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,161,457
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,518,108
Halcon Resources Corp., 8.875%, 5/15/21 6,250,000 $6,522,700
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 4,700,000 $6,983,713
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $1,066,904
Horizon Lines, Inc. 2,370,345 $1,730,352
Hunter Defense Technologies, Inc., 8/22/14 1,536,185 $1,397,928
Hunter Defense Technologies, Inc., 8/22/14 2,955,088 $2,792,558
Hyva Global BV, 8.625%, 3/24/16 (144A) 5,000,000 $5,181,823
IAC, 4.875%, 11/30/18 (144A) 1,700,000 $1,796,652
IAP Worldwide Services, Inc., 12/31/15 1,926,073 $611,528
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,250,000 $1,306,120
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,925,000 $2,071,348
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $4,774,306
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,623,822
Independencia International, Ltd., 0.0%, 12/30/16 (144A) 2,969,595 $779,519
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,577,099
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,281,479
Indonesia Treasury Bond, 8.25%, 6/15/32 81,459,000,000 $6,676,941
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $6,183,527
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $1,002,443
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) 6,300,000 $6,734,613
Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A) 4,000,000 $4,382,500
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $954,266
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,604,042
International Finance Corp., 5.0%, 12/21/15 11,200,000 $4,446,336
International Finance Corp., 7.75%, 12/3/16 546,470,000 $9,068,651
inVentiv Health, Inc., 8/4/16 1,115,878 $1,119,366
Inversiones Alsacia SA, 8.0%, 8/18/18 (144A) 7,630,000 $4,242,630
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8,405,000 $8,063,313
James River Coal Co., 7.875%, 4/1/19 4,435,000 $888,386
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,300,350
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $5,048,003
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 3,720,000 $3,948,703
Jefferies Group LLC, 6.875%, 4/15/21 3,900,000 $4,615,542
JLL, 7.5%, 2/1/22 (144A) 4,755,000 $4,875,856
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $4,678,701
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,083,377
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,588,886 $2,383,770
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 2,850,000 $131,781
Kane-Pi2 Zero% 18jul16 1,806,000 $1,827,311
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $954,789
KB Home, 1.375%, 2/1/19 4,640,000 $5,022,317
KB Home, 7.0%, 12/15/21 800,000 $876,978
Kindred Healthcare, Inc., 8.25%, 6/1/19 1,050,000 $1,153,031
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,215,000 $5,907,617
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $3,991,518
Lam Research Corp., 1.25%, 5/15/18 3,400,000 $4,069,139
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $9,253,453
LDK Solar Co, Ltd., 10.0%, 2/28/14 14,000,000 $917,123
Lear Corp., 11/9/14 990 $158,400
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $546,290
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $6,271,817
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,311,988
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 5,080,000 $5,160,433
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 4,300,000 $4,554,715
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 750,000 $772,266
Little Traverse Bay Bands of Odawa Indians, Inc., 9.0%, 8/31/20 (144A) 2,052,000 $2,086,933
LKQ Corp., 4.75%, 5/15/23 (144A) 1,250,000 $1,208,108
LONG HAUL HOLDINGS, Ltd., 1/15/15 993,485 $417,264
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 792,928 $333,030
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 1,450,000 $1,479,161
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,861,210
Magnesita Finance, Ltd., 8.625%, 12/31/49 (Perpetual) (144A) 4,100,000 $3,909,008
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A) 2,800,000 $2,954,875
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 3,000,000 $3,090,448
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 20,248,000 $20,518,817
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 2,632,328 $466,617
Memorial Production Partners LP, 7.625%, 5/1/21 (144A) 3,000,000 $3,241,250
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,290,646
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,391,763
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 1,800,000 $1,779,188
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,832,161
Metinvest BV, 10.25%, 5/20/15 (144A) 4,620,000 $4,498,757
Metinvest BV, 8.75%, 2/14/18 (144A) 11,350,000 $9,978,148
Mexican Bonos, 7.5%, 6/3/27 4,800,000 $393,527
Mexican Udibonos, 2.0%, 6/9/22 44,000,000 $16,361,088
Mexican Udibonos, 3.5%, 12/14/17 2,050,000 $856,166
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $5,382,379
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $3,025,750
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 10,175,000 $6,274,866
MIE Holdings Corp., 9.75%, 5/12/16 (144A) 12,850,000 $13,871,843
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 4,755,000 $5,312,028
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 24,000,000 $23,950,167
Mirabela Nickel, Ltd., 3.5%, 3/28/14 (144A) (PIK) 1,362,778 $1,356,532
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 11,725,000 $3,084,326
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $4,088,370
MMM Holdings, Inc., 12/12/17 1,127,795 $1,139,777
Molycorp, Inc., 10.0%, 6/1/20 5,300,000 $5,432,500
Mongolian Mining Corp., 8.875%, 3/29/17 (144A) 950,000 $693,474
Monitronics International, Inc., 3/23/18 2,274,605 $2,286,452
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,795,414
MSO of Puerto Rico, Inc., 12/12/17 820,215 $826,366
Murray Energy Corp., 8.625%, 6/15/21 (144A) 1,900,000 $2,048,596
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,500,000 $2,709,417
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 800,000 $864,999
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 650,000 $703,794
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,592,406
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,600,000 $1,775,500
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,550,000 $2,373,875
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,550,000 $2,570,188
National Money Mart Co., 10.375%, 12/15/16 4,565,000 $4,647,867
National Surgical Hospitals, Inc., 8/1/19 1,496,250 $1,501,861
Nationstar Mortgage LLC, 6.5%, 6/1/22 8,870,000 $8,459,763
Nationstar Mortgage LLC, 6.5%, 7/1/21 1,775,000 $1,701,042
Navios South American Logistics, Inc., 9.25%, 4/15/19 4,885,000 $5,409,866
Navistar International Corp., 8.25%, 11/1/21 8,405,000 $9,014,363
Newhall Land Development LLC 161,215 $564,253
New Jersey Economic Development Authority, Floating Rate Note, 11/15/30 15,000 $15,329
New World Resources NV, 7.875%, 1/15/21 (144A) 1,050,000 $239,332
Nigeria Government Bond, 16.0%, 6/29/19 760,000,000 $5,088,291
Nigeria Treasury Bill, 0.0%, 3/6/14 585,000,000 $3,545,588
Nigeria Treasury Bill, 0.0%, 4/10/14 595,000,000 $3,562,691
Nigeria Treasury Bill, 0.0%, 4/24/14 586,310,000 $3,490,738
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $1,883,630
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 4,100,000 $4,101,566
Novellus Systems, Inc., 2.625%, 5/15/41 5,515,000 $8,997,608
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 357,000 $386,046
Nuance Communications, Inc., 2.75%, 11/1/31 6,365,000 $6,367,652
NuStar Logistics LP, Floating Rate Note, 1/15/43 131,100 $3,506,925
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 7,700,000 $7,701,925
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $3,128,733
Ocean Rig UDW, Inc., 9.5%, 4/27/16 8,900,000 $9,669,603
Odebrecht Offshore Drilling Finance, Ltd., 6.625%, 10/1/22 (144A) 1,340,000 $1,374,980
Old AII, Inc., 0.0%, 12/15/16 6,510,000 $1,440,084
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $5,682,376
Ozburn-Hessey Holding Co LLC, 5/23/19 1,004,950 $1,015,628
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $7,904,473
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 3,550,000 $3,879,653
Panolam Holdings Co. 894 $700,002
Park-Ohio Industries, Inc., 8.125%, 4/1/21 850,000 $974,401
PATHEON INC, Bridge Loan, 12/11/14 9,075,000 $9,075,000
Peermont Global Pty, Ltd., 7.75%, 4/30/14 6,335,000 $8,979,412
Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A) (PIK) 11,100,490 $10,868,613
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 33,046 $82,615
Perseus Holding Corp., 14.0%, 4/15/14 (144A) 17,350 $1,422,700
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,858,780
Petroleos Mexicanos, 6.375%, 1/23/45 (144A) 2,400,000 $2,564,120
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $4,774,240
Preferred Proppants LLC, 12/15/16 7,825,825 $6,091,098
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,560,000 $1,792,873
Pro Mach, Inc., 7/6/17 1,459,241 $1,467,449
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 4,600,000 $4,327,659
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 7,425,000 $6,241,254
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 2,125,000 $2,088,137
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 2,600,000 $2,225,438
QR Energy LP, 9.25%, 8/1/20 2,450,000 $2,652,635
Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A) 2,500,000 $2,544,979
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,085,383
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 750,000 $800,671
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $322,144
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $948,568
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 10,320,000 $10,990,800
RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36 2,300,000 $702,271
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 39,000,000 $2,607,472
Regal Entertainment Group, 5.75%, 2/1/25 1,115,000 $1,093,861
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 10,750,000 $8,690,255
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,597,083
Republic of Ghana, 7.875%, 8/7/23 (144A) 2,335,000 $2,172,134
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $808,763
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 3,450,000 $3,757,855
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 450,000 $476,224
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,800,000 $2,023,748
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 950,000 $1,114,883
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,100,000 $1,249,612
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 550,000 $616,104
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,850,000 $2,304,812
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 750,000 $797,880
Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A) 5,685,000 $5,669,643
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,630,800
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $8,070,683
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 7,675,000 $8,687,247
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,289,772
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A) 2,300,000 $2,444,143
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $8,183,500
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $7,308,366
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 5,550,000 $5,775,469
Russian Federal Bond - OFZ, 7.5%, 3/15/18 143,000,000 $4,104,743
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $1,993,799
Sabine Pass Liquefaction LLC, 5.875%, 2/1/21 (144A) 4,000,000 $4,119,583
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 1,500,000 $1,592,042
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,600,000 $1,608,551
SanDisk Corp., 0.5%, 10/15/20 (144A) 1,755,000 $1,849,014
Scitor Corp., 2/15/17 2,177,194 $2,145,880
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 6,925,000 $6,834,109
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 $2,394,415
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,250,000 $4,054,375
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,481,011
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 2,835,000 $3,136,219
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,051,400
Sirius International Group, Ltd., Floating Rate Note, 12/31/49 (Perpetual) (144A) 8,535,000 $9,076,251
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,783,375
Stanadyne Holdings, Inc., 12.0%, 2/15/15 (Step) 13,550,000 $10,370,267
Standard Aero, Ltd., 11/2/18 1,726,443 $1,753,778
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $6,278,835
Star Gas Partners LP, 8.875%, 12/1/17 2,437,000 $2,643,383
Stone Energy Corp., 7.5%, 11/15/22 3,800,000 $4,178,417
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $943,308
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 375,000 $403,439
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 950,000 $997,573
Suntech Power Holdings Co, Ltd., 0.0%, 3/15/13 535,000 $210,638
Surgery Center Holdings, Inc., 4/11/19 1,891,200 $1,895,928
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $2,606,030
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $3,184,087
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 4,250,000 $4,554,819
Targa Resources Partners LP, 4.25%, 11/15/23 (144A) 5,850,000 $5,572,206
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 900,000 $973,498
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 10,395,000 $9,961,364
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $2,427,281
Tenet Healthcare Corp., 4.375%, 10/1/21 3,945,000 $3,924,453
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 2,810,000 $3,191,067
The PNC Financial Services Group, Inc., Floating Rate Note, 12/31/49 (Perpetual) 13,430,000 $14,457,395
TI Group Automotive Systems LLC, 3/28/19 3,127,554 $3,150,034
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 4,315,000 $4,439,715
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,134,871
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,111,846
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,412,021
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $3,847,831
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $8,514,782
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $2,040,635
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $252,532
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 8,117,602 $7,431,651
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 2,775,000 $2,659,866
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,563,771
Tullow Oil Plc, 6.0%, 11/1/20 (144A) 1,520,000 $1,583,333
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 1,500,000 $1,382,050
UBS AG, 7.625%, 8/17/22 10,650,000 $12,669,477
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $519,836
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 3,500,000 $3,150,525
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 2,350,000 $2,491,277
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 2,750,000 $2,659,522
Unit Corp., 6.625%, 5/15/21 3,765,000 $4,083,169
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,000,897
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,325,583
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 7,500,000 $1,209,375
USI, Inc. New York, 7.75%, 1/15/21 (144A) 4,900,000 $5,144,524
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 3,120,000 $3,483,740
Vale SA (A.D.R.) 134,106 $1,674,984
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,382,339
Vantage Drilling Co., 7.875%, 9/1/42 2,475,000 $2,949,891
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 12,660,000 $13,568,355
Vertafore, Inc., 10/29/17 3,500,000 $3,564,533
Viasystems, Inc., 7.875%, 5/1/19 (144A) 6,150,000 $6,765,000
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,345,088
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 5,375,000 $5,809,147
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 130,000,000 $3,541,794
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $8,423,933
Virgin Media Investment Holdings, Ltd., 6/8/20 5,600,000 $9,466,876
Virtual Radiologic Corp., 12/22/16 1,430,750 $894,219
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,463,158
Votorantim Cimentos SA, 7.25%, 4/5/41 (144A) 3,700,000 $3,697,790
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 5,000,000 $5,204,447
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $799,004
WebMD Health Corp., 1.5%, 12/1/20 (144A) 3,750,000 $3,980,469
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,570,915
WellCare Health Plans, Inc., 5.75%, 11/15/20 5,120,000 $5,425,102
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,287,000 $1,337,676
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 445 $524,210
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 4,365,000 $4,503,301
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $519,126
WideOpenWest Finance LLC, 4/1/19 1,677,551 $1,689,609
Windstream Corp., 6.375%, 8/1/23 1,760,000 $1,742,950
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,779,944
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,558,271
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,470,439
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,316,313
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,163,769
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 4,015,000 $2,643,947
YPF SA, 8.875%, 12/19/18 (144A) 2,375,000 $2,467,625

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