Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 2/27/2015
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 3,900,000 $4,005,690
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 2,528,093 $2,475,003
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 640,000 $701,487
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $7,340,522
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $2,793,731
Acgl Zero% 01jul16 1,300,000 $1,309,100
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,225,000 $3,657,094
Advanced Micro Devices, Inc., 6.75%, 3/1/19 5,070,000 $5,200,236
Advanced Micro Devices, Inc., 7.0%, 7/1/24 1,355,000 $1,248,068
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 1,029,744 $1,032,641
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,532,745
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,380,220
AES Corp. Virginia, 5.5%, 3/15/24 1,350,000 $1,403,869
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 2,176,542 $2,079,958
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,160,148
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $4,003,305
Aguila 3 SA, 7.875%, 1/31/18 (144A) 5,200,000 $5,299,125
Aircraft Finance Trust, Floating Rate Note, 5/15/24 11,396,000 $2,282,506
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,066,889
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $3,687,147
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,034,255 $1,030,700
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $6,121,025
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,847,452 $1,847,452
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,182 $3,191
Ally Financial, Inc., 7.0% (Perpetual) (144A) 3,100 $3,123,735
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $99,855
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,919,739
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,320,000 $1,380,280
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $641,463
Altice SA, 7.75%, 5/15/22 (144A) 2,025,000 $2,096,480
Alto Palermo SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,654,586
Altrl Zero% 30jun16 3,314,020 $2,371,182
Altrl Zero% 30jun17 1,440,000 $1,453,968
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 1,155,000 $987,653
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $1,301,092
Amsg 5.625% 15jul22 2,555,000 $2,725,466
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,400,000 $4,499,611
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,086,920
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,409,584
Arcos Dorados Holdings, Inc., 6.625%, 9/27/23 (144A) 887,000 $898,343
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 417,029 $481,895
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,089,777 $3,267,407
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $428,835
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $2,594,894
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,284,559 $1,289,576
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 1,675,000 $1,885,172
Arlington Flt% 01aug15 1,450,000 $1,600,365
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,100,000 $2,256,800
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $4,765,205
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 5,050,000 $5,354,052
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $809,716
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,050,625
Banco Santander SA, Floating Rate Note (Perpetual) 2,400,000 $2,376,825
Bank of America Corp., Floating Rate Note, 10/23/49 2,050,000 $2,218,626
Bank of America Corp., Floating Rate Note, 9/29/49 3,900,000 $4,129,260
Banque Centrale de Tunisie SA, 5.75%, 1/30/25 (144A) 2,655,000 $2,713,336
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,455,438
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $1,006,271
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,206,528
Belvedere SA, 12/23/16 5,578,091 $249,664
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 10,282,000 $6,861,807
Berkeley-Kane Flt% 12jun15 903,800 $941,940
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 417,670 $418,192
BioScrip, Inc., Initial Term B Loan, 7/31/20 696,116 $696,986
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $252,210
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 475,000 $476,375
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $3,481,107
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,165,000 $2,022,787
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,276,271
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $2,318,035
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,222,179
BTA Bank JSC (G.D.R.) (144A) 24,638 $16,633
Bueair 8.949999999999999% 19feb21 144a 2,145,000 $2,235,599
Bumi Resources Tbk PT, Loan, 11/7/15 4,700,000 $1,598,000
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,551,275
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 1,860,000 $1,703,063
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 4,025,000 $4,061,281
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,187,063
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,422,865
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 2,440,000 $2,397,529
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,110,417
CCOH Safari LLC, 5.5%, 12/1/22 3,000,000 $3,141,125
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,387,885 $1,243,690
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,829,992 $4,389,255
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 600,000 $615,486
Cemex SAB de CV, 3.75%, 3/15/18 8,300,000 $10,391,427
Cengage Learning Holdings II LP 11,492 $254,985
CEVA GROUP Plc 1,584 $1,108,555
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $2,399,719
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $3,905,246
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $1,977,674
Chiquita Brands International, Inc., 7.875%, 2/1/21 1,246,000 $1,374,844
CHS, 6.875%, 2/1/22 5,675,000 $6,097,965
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 1,981,000 $1,510,554
Cincinnati Bell, Inc., 8.375%, 10/15/20 4,790,000 $5,249,557
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $8,216,893
Citigroup, Inc., Floating Rate Note (Perpetual) 160,000 $4,388,800
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,162,643
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 1,945,000 $2,030,040
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 5,200,000 $5,462,889
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $404,652
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,407,180
Cobalt International Energy, Inc., 2.625%, 12/1/19 5,335,000 $3,905,053
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,508,392
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $2,762,978
Comstock Resources, Inc., 9.5%, 6/15/20 2,000,000 $1,278,528
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,731,645
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,306,901
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,188,677
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,750,000 $4,801,160
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $9,520,740
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 3,200,000 $2,979,233
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,241,959
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,543,739
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $5,006,142
CWGS Group LLC, Term Loan, 2/20/20 5,947,500 $5,973,520
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 0 $0
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,520,873
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $2,674,176
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 1,335,000 $1,300,207
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 925,000 $343,823
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,360,478
DynCorp International, Inc., 10.375%, 7/1/17 2,433,000 $2,247,915
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 750,000 $760,691
EC Finance Plc, 5.125%, 7/15/21 (144A) 3,695,000 $4,346,418
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,510,000 $2,390,817
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 3,725,000 $3,964,254
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $615,845
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 811,000 $550,111
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 1,830,000 $1,847,557
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $4,859,645
Endo Finance LLC, 5.375%, 1/15/23 (144A) 6,165,000 $6,312,468
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,767,580
Energy Transfer Equity LP, 5.875%, 1/15/24 2,790,000 $3,004,878
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $838,331
Energy XXI, Ltd., 3.0%, 12/15/18 4,430,000 $1,643,912
Entegris, Inc., 6.0%, 4/1/22 (144A) 2,500,000 $2,661,250
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $15,042,172
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $3,587,986
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,172,213
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 840,000 $827,841
Equinix, Inc., 5.375%, 1/1/22 1,600,000 $1,691,411
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $3,106,637
European Bank for Reconstruction & Development, 6.0%, 3/3/16 227,100,000 $3,777,429
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 2,300,000 $2,232,438
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,373,318 $4,380,154
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,190,363
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $1,434,362
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,549,242
Ford Motor Co. 335,730 $5,485,828
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $82,924
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $236,090
Freeport-McMoRan, Inc. 45,168 $976,984
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,977,464
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,471,754
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,414,524
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $12,095,388
GCI, Inc., 6.75%, 6/1/21 500,000 $515,344
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 2,700,000 $2,796,413
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $885,625
General Cable Corp., 5.75%, 10/1/22 3,250,000 $2,903,807
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 485,162 $483,141
Gentiva Health Services, Inc., 11.5%, 9/1/18 833,000 $931,120
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $2,472,846
Gibson Energy, Inc., 6.75%, 7/15/21 (144A) 1,230,000 $1,276,817
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,256,268
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $812,982
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $1,605,507
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 3,525,000 $3,025,796
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,822,984
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,740,000 $1,820,801
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $3,642,180
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,177,442
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,265,386
Halcon Resources Corp., 8.875%, 5/15/21 7,825,000 $6,145,695
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,617,871
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $886,957
Horizon Lines, Inc. 2,370,345 $1,564,428
IAC, 4.875%, 11/30/18 700,000 $732,842
Iap Worldwide Services Inc 63 $47,194
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 500,885 $453,301
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $5,156,858
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,440,856
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,341,440
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,217,334
Indonesia Treasury Bond, 8.25%, 6/15/32 40,352,000,000 $3,441,732
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $5,034,761
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $1,003,074
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 1,880,000 $1,862,956
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $3,779,917
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $878,164
Inter-American Development Bank, 6.0%, 9/5/17 42,350,000 $711,245
Inter-American Development Bank, 7.25%, 7/17/17 5,140,000,000 $424,395
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,456,917
International Finance Corp., 7.75%, 12/3/16 241,840,000 $4,144,736
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,400,497
Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) 5,992,701 $4,346,811
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 6,405,000 $6,412,295
James River Coal Co., 7.875%, 4/1/19 4,435,000 $502,957
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,357,715
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $4,920,494
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 4,800,000 $5,036,167
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 3,720,000 $4,011,400
JLL, 7.5%, 2/1/22 (144A) 4,755,000 $4,912,509
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $3,948,767
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,145,882
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $2,088,885
Jupiter Resources, Inc., 8.5%, 10/1/22 (144A) 3,135,000 $2,657,783
Kane Flt% 12jun15 2,400,000 $2,323,440
Kane Flt% 14jul15 814,976 $798,350
Kane Ilw Zero% 02feb16 1,300,000 $1,205,620
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,093,300 $1,095,705
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,067,200 $1,068,801
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,101,200 $1,102,411
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 2,375,100 $2,381,038
Kane Zero% 15jan16 506,000 $507,467
Kane Zero% 19feb16 3,120,000 $3,214,536
Kane Zero% 22jan16 1,000,000 $1,013,200
Kane Zero% 22jan16 2,600,000 $2,623,920
Kane Zero% 29apr16 5,400,000 $5,530,140
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $911,922
KB Home, 1.375%, 2/1/19 4,640,000 $4,375,085
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,245,023
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 2,530,000 $2,689,952
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $1,002,938
Kindred Healthcare, Inc., 6.375%, 4/15/22 2,400,000 $2,456,525
Kindred Healthcare, Inc., 8.0%, 1/15/20 (144A) 1,320,000 $1,452,733
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,215,000 $5,539,036
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $3,077,754
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $9,704,081
LDK Solar Co, Ltd., 5.535%, 12/31/18 (PIK) 2,266,700 $24,744
LDK Solar Co, Ltd. (A.D.R.) 158,800 $34,158
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $5,073,578
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $441,557
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,599,477
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 5,080,000 $4,292,177
LifePoint Hospitals, Inc., 5.5%, 12/1/21 4,300,000 $4,625,904
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 595,000 $418,861
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,248,238
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 1,034,769 $351,821
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,982,480
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 2,800,000 $2,373,554
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,304,913
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 12,248,000 $12,383,749
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 75,878 $2,434
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 3,225,000 $3,007,816
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $2,946,844
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 1,525,000 $1,478,186
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,272,367
Mercer International, Inc., 7.0%, 12/1/19 (144A) 2,025,000 $2,147,288
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,342,741
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 2,525,000 $2,146,171
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,617,920
Metinvest BV, 8.75%, 2/14/18 (144A) 5,550,000 $1,972,023
Mexican Bonos, 7.5%, 6/3/27 1,800,000 $138,878
Mexican Udibonos, 2.0%, 6/9/22 44,000,000 $15,225,742
Mexican Udibonos, 3.5%, 12/14/17 2,050,000 $774,295
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $4,085,288
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $1,819,592
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $4,209,824
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 15,300,000 $15,169,313
Mirabela Nickel, Ltd. 27,099,676 $1,799,473
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 3,545,787 $2,855,934
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $3,819,360
MMM Holdings, Inc., MMM Term Loan, 12/12/17 804,800 $805,806
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,251,630 $2,257,610
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,802,411
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 585,099 $579,248
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,150,000 $2,193,860
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,420,445
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,530,875 $2,515,373
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,481,306 $1,473,900
Nationstar Mortgage LLC, 6.5%, 6/1/22 4,870,000 $4,703,000
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,918,375
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,608,253
Navistar International Corp., 8.25%, 11/1/21 7,915,000 $8,166,235
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,505,138
Newhall Land Development LLC 161,215 $584,404
New World Resources NV, 4.0%, 10/7/20 (PIK) 237,096 $109,806
New World Resources NV, Floating Rate Note, 10/7/20 101,612 $18,192
New World Resources NV, Floating Rate Note, 10/7/20 135,483 $59,123
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 1,462,000 $1,521,774
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $1,137,243
Nrg 6.25% 01may24 6,000,000 $6,241,875
Nuance Communications, Inc., 2.75%, 11/1/31 3,140,000 $3,128,814
Numericable-SFR, 6.0%, 5/15/22 (144A) 1,250,000 $1,274,583
NuStar Logistics LP, Floating Rate Note, 1/15/43 97,323 $2,558,622
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8,764,000 $1,245,036
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $2,784,620
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $5,181,854
Outerwall, Inc., 5.875%, 6/15/21 (144A) 3,205,000 $2,986,782
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 994,850 $996,094
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $5,619,043
Pangaea Zero% 01jul18 4,070,000 $4,399,670
Panolam Holdings Co. 894 $657,984
Penn Virginia Corp., 6.0% (Perpetual) (144A) 16,300 $968,831
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 33,046 $0
Perseus Holding Corp., 14.0%, 3/31/15 17,350 $0
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,207,448
Petm 7.125% 15mar23 144a 2,285,000 $2,364,975
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 8,650,000 $598,202
Petsmart Inc 1st Lien Bridge L + 7% 13dec15 6,135,000 $6,135,000
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,318,195
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,428,367
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,750,648
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,376,320
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 1,560,000 $1,599,542
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21 539,770 $543,144
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $3,060,052
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 1,025,000 $1,045,158
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 $1,173,289
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,035,133
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $307,725
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $918,410
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $9,666,153
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $3,069,908
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 10,750,000 $6,113,279
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,358,886
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $777,675
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,600,000 $1,893,778
Resolute Forest Products, Inc., 5.875%, 5/15/23 3,735,000 $3,667,057
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,533,150
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $7,906,215
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,785,000 $4,068,178
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,281,217
RJS Power Holdings LLC, 5.125%, 7/15/19 (144A) 3,760,000 $3,726,617
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $7,970,036
Romania Government Bond, 5.95%, 6/11/21 1,220,000 $382,978
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $6,814,514
Rosetta Resources, Inc., 5.875%, 6/1/24 1,935,000 $1,856,048
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,079,694
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,111,875
Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 1,320,000 $1,488,648
Sanchez Energy Corp., 6.125%, 1/15/23 (144A) 3,765,000 $3,481,932
Sanchez Energy Corp., 7.75%, 6/15/21 1,500,000 $1,519,823
Scientific Games International, Inc., 10.0%, 12/1/22 (144A) 17,000,000 $17,118,056
Scientific Games International, Inc., 6.25%, 9/1/20 625,000 $500,456
Scitor Corp., Term Loan, 2/15/17 2,177,194 $2,166,308
Seagate HDD Cayman, 4.75%, 6/1/23 6,925,000 $7,454,937
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 13,467 $161,018
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 950,000 $967,290
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,533 $59,862
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,000,000 $1,233,500
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,433,095
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $275,400
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 1,800,000 $1,859,940
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 8,535,000 $9,068,523
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,716,481
Sprint Corp., 7.25%, 9/15/21 3,000,000 $3,156,604
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 0 $0
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $6,174,134
Stone Energy Corp., 7.5%, 11/15/22 3,800,000 $3,691,542
SunPower Corp., 0.875%, 6/1/21 (144A) 2,290,000 $2,251,905
Suntech Power Holdings Co, Ltd., 0.0%, 3/31/15 535,000 $162,488
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $1,230,548
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $2,622,933
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 3,250,000 $3,431,104
Targa Resources Partners LP, 4.25%, 11/15/23 4,350,000 $4,359,395
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 6,395,000 $4,534,020
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $1,963,063
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 1,000,000 $1,125,128
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 13,430,000 $14,932,481
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,096,239 $3,098,818
TimberStar Trust I, 7.5296%, 10/15/36 (144A) 4,315,000 $4,519,864
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,077,170
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,074,398
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,391,792
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $1,985,439
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $967,417
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $579,608
Towergate Finance Plc, 8.5%, 2/15/18 (144A) 405,000 $632,170
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $1,805,826
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 6,917,602 $5,306,521
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,775,000 $1,327,368
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,759,032
UBS AG, 7.625%, 8/17/22 5,650,000 $6,885,620
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $258,578
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 1,650,000 $727,023
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $1,816,070
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $3,725,000
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 820,000 $842,208
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,779,720
Unit Corp., 6.625%, 5/15/21 3,765,000 $3,826,953
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,013,426
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,490,083
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,177,653
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 7,135,000 $6,875,018
VeriSign, Inc., 4.625%, 5/1/23 4,430,000 $4,496,588
Vers 2015-A Zero% 31dec17 3,800,000 $3,829,640
Vertafore, Inc., Term Loan (Second Lien), 10/29/17 3,500,000 $3,531,721
Viasystems, Inc., 7.875%, 5/1/19 (144A) 4,750,000 $5,132,820
Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,250,000 $3,456,048
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,285,862
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $4,480,886
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 38,400,000 $528,736
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $7,075,503
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,068,372 $830,659
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,421,729
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 1,075,000 $840,188
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $808,086
WebMD Health Corp., 1.5%, 12/1/20 3,750,000 $4,008,694
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,555,426
WellCare Health Plans, Inc., 5.75%, 11/15/20 4,620,000 $4,927,005
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,144,000 $1,172,672
Wells Fargo & Co., Floating Rate Note (Perpetual) 3,175,000 $3,359,822
WESCO Distribution, Inc., 5.375%, 12/15/21 4,365,000 $4,472,594
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $350,081
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $656,759
WideOpenWest Finance LLC, Term B Loan, 4/1/19 1,343,073 $1,346,095
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,304,641
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,395,785
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,193,441
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,185,628
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,113,399
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $974,938
Zambia Government International Bond, 5.375%, 9/20/22 (144A) 3,700,000 $3,516,259
Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A) 1,075,000 $1,129,806

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