Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 5/30/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 2,725,000 $3,873,986
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $7,917,031
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 1,995,000 $2,220,906
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,225,000 $3,597,264
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 5,070,000 $5,439,159
AdvancePierre Foods, Inc., 7/10/17 1,037,625 $1,037,625
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,608,442
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,420,797
AES Corp. Virginia, 5.5%, 3/15/24 1,350,000 $1,401,075
Affinion Group, Inc., 10/9/16 2,192,990 $2,205,718
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,258,580
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $4,965,570
Aguila 3 SA, 7.875%, 1/31/18 (144A) 3,900,000 $4,238,793
Aircraft Finance Trust, Floating Rate Note, 5/15/24 (144A) 11,396,000 $3,110,096
Akbank TAS, 7.5%, 2/5/18 (144A) 4,500,000 $2,014,829
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,077,585
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $4,174,167
Alliance HealthCare Services, Inc., 6/3/19 1,042,127 $1,042,941
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $7,575,594
Alliant Holdings I, Inc., 12/20/19 1,858,822 $1,862,865
Allison Transmission, Inc., 8/23/19 3,206 $3,212
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 3,100 $3,141,850
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $231,525
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 1,515,236 $1,860,406
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $3,039,439
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $673,885
Altice SA, 7.75%, 5/15/22 (144A) 2,025,000 $2,138,808
Alto Palermo SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,666,086
Altrl Flt% 30jun16 5,300,000 $5,454,760
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $2,878,415
American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45 8,800,000 $916,442
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32 8,200,000 $312,687
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,400,000 $4,456,222
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,105,457
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,842,553
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $441,788
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A) 5,000,000 $5,595,799
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $3,198,287
Ardent Medical Services, Inc., 7/2/18 1,392,375 $1,399,337
ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK) 11,250,297 $12,663,616
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 450,000 $473,211
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 5,000,000 $5,464,167
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $5,733,253
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A) 6,875,000 $8,286,094
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 6,000,000 $6,127,917
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $761,678
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,056,069
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 1,000,000 $992,014
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,435,938
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,569,980
Belvedere SA, 12/23/16 5,578,091 $380,300
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 11,063,000 $11,899,947
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) 3,750,000 $3,630,026
Bertin SA, 10.25%, 10/5/16 (144A) 6,000,000 $6,918,958
BioScrip, Inc., 7/31/20 417,670 $420,280
BioScrip, Inc., 7/31/20 696,116 $700,467
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 $257,027
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 725,000 $730,763
Bombardier, Inc., 4.75%, 4/15/19 (144A) 2,100,000 $2,142,321
Bombardier, Inc., 6.0%, 10/15/22 (144A) 4,900,000 $5,033,117
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,366,679
Brazilian Government International Bond, 10.25%, 1/10/28 2,950,000 $1,460,734
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A) 5,250,000 $5,344,787
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $3,070,727
BR Malls International Finance, Ltd., 8.5%, 12/31/49 (Perpetual) (144A) 4,025,000 $4,223,064
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,278,442
BTA Bank JSC (G.D.R.) (144A) 24,638 $12,080
Btecn 5.125% 01jun21 144a 5,000,000 $5,062,500
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A) 6,200,000 $3,135,650
Bumi Resources Tbk PT, 11/7/14 4,700,000 $3,407,500
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,925,000 $1,961,864
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,250,000 $1,311,158
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,175,000 $2,403,375
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 4,025,000 $4,119,643
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,430,793
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,277,372
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 675,000 $680,476
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 2/25/37 8,090,000 $6,668,874
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,221,667
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,274,177 $1,917,889
CEDC Finance Corp International, Inc., 8.0%, 4/30/18 (Step) 4,829,992 $4,475,793
Cemex Finance LLC, 6.0%, 4/1/24 (144A) 600,000 $621,750
Cemex SAB de CV, 3.75%, 3/15/18 10,300,000 $15,446,781
Cengage Learning Holdings II LP 11,492 $420,182
CEVA GROUP Plc 1,584 $1,761,811
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $3,813,839
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,516,750
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $2,774,087
Chiquita Brands International, Inc., 7.875%, 2/1/21 2,705,000 $3,029,600
CHS, 6.875%, 2/1/22 (144A) 7,895,000 $8,496,445
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 5,681,000 $4,429,405
Cincinnati Bell, Inc., 8.375%, 10/15/20 4,790,000 $5,308,285
Cincinnati Bell, Inc., 8.75%, 3/15/18 8,378,000 $8,941,188
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $9,940,041
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,523,000 $1,392,203
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 160,000 $4,425,600
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 2,150,000 $2,198,100
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 1,945,000 $1,988,357
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 7,300,000 $7,646,750
Cobalt International Energy, Inc., 2.625%, 12/1/19 7,610,000 $7,205,719
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,358,898
COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A) 1,000,000 $133,797
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,000,000 $1,041,950
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,500,000 $1,556,525
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $4,570,367
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,823,365
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,339,631
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,560,271
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,750,000 $4,745,561
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $10,400,400
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,350,579
Cqp 5.75% 15may24 144a 1,935,000 $1,991,612
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,367,577
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $4,683,204
CSMC Mortgage-Backed Trust 2007-3, 5.0%, 4/25/37 4,700,000 $589,513
Ctv 5.5% 15jun24 144a 700,000 $703,500
Ctv 5% 15jun21 144a 1,475,000 $1,482,375
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 1,000,000 $1,119,688
CWGS Group LLC, 2/20/20 6,061,875 $6,077,030
DAE Aviation Holdings, Inc., 11/2/18 3,777,207 $3,829,144
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,823,350
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $1,801,118
Digicel Group, Ltd., 8.25%, 9/30/20 (144A) 3,600,000 $3,928,500
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 2,970,000 $2,970,000
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 5,525,000 $4,627,015
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,457,274
DynCorp International, Inc., 10.375%, 7/1/17 2,158,000 $2,359,189
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 750,000 $774,866
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 400,000 $434,180
Electricite de France, Floating Rate Note, 12/31/49 (Perpetual) (144A) 7,150,000 $7,477,410
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $509,607
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $813,047
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 811,000 $632,158
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $6,892,972
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,552,923
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $876,567
Entegris, Inc., 6.0%, 4/1/22 (144A) 4,025,000 $4,085,375
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $15,844,906
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $5,474,473
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $2,994,269
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A) 1,550,000 $1,155,579
Ete 5.875% 15jan24 144a 2,790,000 $2,969,151
Expert Global Solutions, Inc., 4/3/18 12,718,699 $12,305,341
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A) 1,297,000 $1,406,200
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 1,700,000 $584,292
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,584,833
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $2,857,556
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A) 11,475,000 $11,352,361
First Data Corp., 12.625%, 1/15/21 3,597,000 $4,496,949
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34 750,000 $276,457
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,533,024
Ford Motor Co., 4.25%, 11/15/16 4,894,000 $9,372,078
Forest City Enterprises, Inc., 4.25%, 8/15/18 2,805,000 $3,178,455
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,950,000 $1,968,168
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $84,067
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $327,024
Freeport-McMoRan Copper & Gold, Inc. 95,846 $3,263,556
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,934,956
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,521,967
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,460,707
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $11,947,757
FTS International, Inc., 6.25%, 5/1/22 (144A) 2,680,000 $2,754,538
Fts International Inc 1st Lien Term L + 4.75% 01apr21 1,375,000 $1,386,859
Fx Vanilla Option Call Usd/Put Try 2.95 12 01 2015 Tr -4,923,449 $-13,195
Fx Vanilla Option Put Usd/Call Try 2.154 12 01 2015 Tr 4,923,450 $107,928
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,500,000 $1,550,233
GCI, Inc., 6.75%, 6/1/21 500,000 $524,375
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $1,249,375
General Cable Corp., 7.0%, 10/1/22 (144A) 3,250,000 $3,305,521
Generic Drug Holdings, Inc., 8/16/20 980,094 $986,066
Gentiva Health Services, Inc., 10/10/19 1,032,125 $1,035,136
Gentiva Health Services, Inc., 11.5%, 9/1/18 833,000 $918,383
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $3,562,908
Ghana Government Bond, 19.24%, 5/30/16 5,400,000 $1,825,236
Ghana Government Bond, 21.0%, 10/26/15 3,660,000 $1,178,960
Ghana Government Bond, 26.0%, 6/5/17 2,000,000 $765,515
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,643,872
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $924,026
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $2,134,618
Gol Finance, 9.25%, 7/20/20 (144A) 7,363,000 $7,866,650
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 54,000 $16,113
Green Field Energy Services, Inc., 11/15/21 (144A) 2,275 $2,286
Griffon Corp., 5.25%, 3/1/22 (144A) 6,750,000 $6,758,156
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,740,000 $1,820,946
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $4,046,537
Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A) 4,240,000 $4,200,000
GSAMP Trust 2006-HE8, Floating Rate Note, 1/25/37 1,800,000 $459,518
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,198,967
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,421,427
Halcon Resources Corp., 8.875%, 5/15/21 6,250,000 $6,680,903
Hearthside Food Solutions Llc Bridge L + 6% 08apr15 2,315,000 $2,315,000
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A) 4,700,000 $6,787,347
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $1,009,764
Horizon Lines, Inc. 2,370,345 $853,324
Hunter Defense Technologies, Inc., 8/22/14 1,487,052 $1,442,440
Hunter Defense Technologies, Inc., 8/22/14 2,860,573 $2,653,181
IAC, 4.875%, 11/30/18 700,000 $751,734
IAP Worldwide Services, Inc., 12/31/15 1,926,073 $558,561
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,925,000 $2,008,978
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,250,000 $1,284,995
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $4,975,868
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,688,822
Independencia International, Ltd., 0.0%, 12/30/16 (144A) 2,969,595 $867,617
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,595,980
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,281,222
Indonesia Treasury Bond, 8.25%, 6/15/32 81,459,000,000 $6,995,763
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $6,190,591
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $1,012,249
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A) 6,300,000 $6,760,206
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $4,395,000
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $973,864
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,611,250
International Finance Corp., 5.0%, 12/21/15 11,200,000 $4,762,157
International Finance Corp., 7.75%, 12/3/16 241,840,000 $4,263,331
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,259,900
inVentiv Health, Inc., 8/4/16 1,115,878 $1,122,387
Inversiones Alsacia SA, 8.0%, 8/18/18 (144A) 7,630,000 $4,048,615
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 8,405,000 $8,639,173
James River Coal Co., 7.875%, 4/1/19 4,435,000 $676,338
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,307,800
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $5,142,487
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 6,800,000 $7,168,428
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 3,720,000 $4,019,662
JLL, 7.5%, 2/1/22 (144A) 4,755,000 $4,988,788
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $4,524,088
Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 1,300,000 $1,386,125
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,174,028
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $2,361,256
Juniper Generation LLC, 6.79%, 12/31/14 (144A) 2,850,000 $135,124
Kane Flt% 01dec20 903,800 $903,800
Kane Flt% 30jul16 1,006,000 $1,006,000
Kane-Pi2 Zero% 18jul16 1,806,000 $1,860,722
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $993,187
KB Home, 1.375%, 2/1/19 4,640,000 $4,574,267
KB Home, 7.0%, 12/15/21 800,000 $896,978
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 1,400,000 $1,408,051
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $350,595
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 2,400,000 $2,461,100
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,215,000 $6,000,509
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $4,019,961
Lam Research Corp., 1.25%, 5/15/18 3,400,000 $4,521,764
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $9,669,695
LDK Solar Co, Ltd., 10.0%, 2/28/14 14,000,000 $600,299
Lear Corp., 11/9/14 990 $175,596
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $6,218,928
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $541,687
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,387,082
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 5,080,000 $4,741,333
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 4,300,000 $4,619,215
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 750,000 $801,563
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,224,514
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 $1,461,648
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,411,305
Lyv 5.375% 15jun22 144a 1,025,000 $1,033,912
Magnesita Finance, Ltd., 8.625%, 12/31/49 (Perpetual) (144A) 4,100,000 $4,047,383
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A) 2,800,000 $3,289,125
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 3,000,000 $3,419,510
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 20,248,000 $21,925,772
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 2,704,717 $380,914
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $3,124,063
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,259,896
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,460,669
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 1,800,000 $1,731,375
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,782,286
Metinvest BV, 10.25%, 5/20/15 (144A) 4,620,000 $4,484,320
Metinvest BV, 8.75%, 2/14/18 (144A) 11,350,000 $10,370,574
Mexican Bonos, 7.5%, 6/3/27 4,800,000 $431,884
Mexican Udibonos, 2.0%, 6/9/22 44,000,000 $17,611,952
Mexican Udibonos, 3.5%, 12/14/17 2,050,000 $902,125
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $5,567,441
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $3,139,500
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 10,175,000 $6,179,475
MIE Holdings Corp., 7.5%, 4/25/19 (144A) 5,000,000 $5,275,000
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 4,755,000 $5,570,582
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 24,000,000 $25,940,000
Mirabela Nickel, Ltd., 3.5%, 6/30/14 (144A) (PIK) 1,360,000 $1,354,648
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 11,725,000 $3,399,436
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $4,045,350
MMM Holdings, Inc., 12/12/17 1,097,346 $1,106,262
Molycorp, Inc., 10.0%, 6/1/20 5,300,000 $5,021,750
Mongolian Mining Corp., 8.875%, 3/29/17 (144A) 950,000 $536,786
Monitronics International, Inc., 3/23/18 2,268,862 $2,274,062
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,857,703
MSO of Puerto Rico, Inc., 12/12/17 797,807 $804,788
Murray Energy Corp., 8.625%, 6/15/21 (144A) 1,900,000 $2,146,565
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,150,000 $2,275,130
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 800,000 $855,749
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 650,000 $696,141
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,511,957
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,550,000 $2,367,119
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A) 1,600,000 $1,791,000
National Mentor Holdings, Inc., 1/31/21 2,550,000 $2,565,407
National Surgical Hospitals, Inc., 8/1/19 1,492,500 $1,497,164
Nationstar Mortgage LLC, 6.5%, 6/1/22 8,870,000 $8,626,075
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,935,000
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,783,605
Navistar International Corp., 8.25%, 11/1/21 8,405,000 $8,777,972
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,558,900
Newhall Land Development LLC 161,215 $725,468
New World Resources NV, 7.875%, 1/15/21 (144A) 1,050,000 $300,641
Ngls 4.25% 15nov23 5,850,000 $5,539,300
Nigeria Government Bond, 16.0%, 6/29/19 542,795,000 $3,980,369
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $2,084,560
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 4,100,000 $4,175,878
NorthStar Realty Finance Corp., 3.0%, 9/30/14 6,485,000 $6,504,931
Novellus Systems, Inc., 2.625%, 5/15/41 1,750,000 $3,310,635
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 7,100,000 $7,397,806
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 357,000 $399,210
Nuance Communications, Inc., 2.75%, 11/1/31 6,365,000 $6,403,455
Numericable Group SA, 6.0%, 5/15/22 (144A) 1,250,000 $1,301,667
NuStar Logistics LP, Floating Rate Note, 1/15/43 131,100 $3,542,322
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 7,700,000 $8,082,113
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $3,054,183
Old AII, Inc., 0.0%, 12/15/16 6,510,000 $1,602,248
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $6,018,426
Ozburn-Hessey Holding Co LLC, 5/23/19 1,002,425 $1,005,558
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $8,091,357
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 3,550,000 $3,987,005
Panolam Holdings Co. 894 $700,002
Pegasus Solutions, Inc., 13.0%, 9/15/14 (144A) 11,822,021 $11,190,856
PERSEUS HOLDING Corp., 0.0%, 12/31/49 (Perpetual) 33,046 $49,569
Perseus Holding Corp., 14.0%, 9/15/14 (144A) 17,350 $1,422,700
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $6,180,417
Post 6% 15dec22 144a 5,340,000 $5,386,725
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,507,258
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,853,748
Post Holdings Inc Bridge L + 6% 17apr22 2,075,000 $2,075,000
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,077,400
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,560,000 $1,843,573
Pro Mach, Inc., 7/6/17 1,418,897 $1,422,444
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $3,471,428
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 3,025,000 $2,934,124
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 2,125,000 $2,149,334
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A) 2,600,000 $2,220,912
QR Energy LP, 9.25%, 8/1/20 2,450,000 $2,697,042
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,062,400
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 750,000 $794,475
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $316,110
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $934,470
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $10,679,250
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 39,000,000 $2,980,718
Regal Entertainment Group, 5.75%, 2/1/25 1,115,000 $1,136,371
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 10,750,000 $8,512,208
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,592,002
Republic of Ghana, 7.875%, 8/7/23 (144A) 2,335,000 $2,334,810
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $798,000
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 3,450,000 $3,692,075
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 1,800,000 $2,006,025
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 950,000 $1,110,729
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 450,000 $474,001
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,850,000 $2,318,153
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 550,000 $609,296
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,100,000 $1,239,248
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 750,000 $796,123
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,611,300
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $7,855,346
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 4,675,000 $5,284,276
Rfp 5.875% 15may23 5,685,000 $5,500,869
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,383,272
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A) 2,300,000 $2,429,361
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $8,324,131
Rose 5.875% 01jun24 1,935,000 $1,969,494
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $7,428,593
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A) 5,550,000 $5,608,969
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,040,674
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,263,750
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 1,500,000 $1,658,604
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,600,000 $1,596,267
SanDisk Corp., 0.5%, 10/15/20 (144A) 1,755,000 $2,140,028
Sandre Flt% 25may18 1,600,000 $1,586,400
Scitor Corp., 2/15/17 2,177,194 $2,144,972
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 6,925,000 $7,176,031
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 $2,473,610
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,533 $990,705
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,000,000 $1,007,700
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,484,087
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 2,835,000 $3,067,322
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,269,000
Sirius International Group, Ltd., Floating Rate Note, 12/31/49 (Perpetual) (144A) 8,535,000 $9,248,048
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,834,938
Stanadyne Holdings, Inc., 12.0%, 2/15/15 (Step) 10,550,000 $10,922,767
Standard Aero, Ltd., 11/2/18 1,712,338 $1,736,597
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $6,398,666
Star Gas Partners LP, 8.875%, 12/1/17 2,437,000 $2,691,362
Stone Energy Corp., 7.5%, 11/15/22 3,800,000 $4,164,167
Stx 4.75% 01jan25 144a 3,900,000 $3,877,169
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $914,222
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 375,000 $395,602
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 950,000 $973,633
Suntech Power Holdings Co, Ltd., 0.0%, 3/15/13 535,000 $210,638
Surgery Center Holdings, Inc., 4/11/19 1,881,600 $1,891,008
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $2,641,427
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $3,272,799
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 4,250,000 $4,759,690
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 900,000 $955,800
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 10,395,000 $10,986,129
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $2,393,759
Tenet Healthcare Corp., 4.375%, 10/1/21 3,945,000 $3,947,877
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 2,810,000 $3,141,892
The PNC Financial Services Group, Inc., Floating Rate Note, 12/31/49 (Perpetual) 13,430,000 $15,103,714
TI Group Automotive Systems LLC, 3/28/19 3,119,676 $3,138,200
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 4,315,000 $4,625,601
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,174,773
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,134,316
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,433,897
Tonobz 10.5% 14may24 144a 1,625,000 $1,685,870
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $4,250,950
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $8,405,420
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $2,002,087
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $253,654
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 8,117,602 $6,207,196
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 2,775,000 $2,810,290
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,706,075
Tullow Oil Plc, 6.0%, 11/1/20 (144A) 1,520,000 $1,573,200
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A) 1,500,000 $1,527,000
UBS AG, 7.625%, 8/17/22 10,650,000 $13,026,087
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $541,535
Ukraine Government International Bond, 7.8%, 11/28/22 (144A) 3,500,000 $3,243,392
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $2,001,687
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 2,750,000 $2,678,040
Unit Corp., 6.625%, 5/15/21 3,765,000 $4,020,811
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,012,022
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,526,833
Urbi Desarrollos Urbanos SAB de CV, 0.0%, 2/3/22 (144A) 7,500,000 $1,200,000
USI, Inc. New York, 7.75%, 1/15/21 (144A) 4,900,000 $5,190,461
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,360,941
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 12,660,000 $14,668,826
VeriSign, Inc., 4.625%, 5/1/23 4,430,000 $4,347,399
Vertafore, Inc., 10/29/17 3,500,000 $3,571,096
Viasystems, Inc., 7.875%, 5/1/19 (144A) 6,150,000 $6,543,984
Videotron, Ltd., 5.375%, 6/15/24 (144A) 4,375,000 $4,507,405
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,241,413
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $5,161,459
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 130,000,000 $3,564,236
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $8,506,769
Virtual Radiologic Corp., 12/22/16 1,427,063 $1,038,188
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,513,314
Votorantim Cimentos SA, 7.25%, 4/5/41 (144A) 3,700,000 $3,962,983
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 5,000,000 $5,104,972
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $809,565
WebMD Health Corp., 1.5%, 12/1/20 (144A) 3,750,000 $3,947,656
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,564,139
WellCare Health Plans, Inc., 5.75%, 11/15/20 5,120,000 $5,465,884
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,144,000 $1,221,220
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 445 $548,240
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 4,365,000 $4,594,693
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $481,269
WideOpenWest Finance LLC, 4/1/19 1,353,325 $1,361,043
Windstream Corp., 6.375%, 8/1/23 1,760,000 $1,784,200
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,992,063
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,525,208
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,407,017
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,115,031
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,132,144
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $1,009,750
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A) 3,495,000 $2,122,484
Xec 4.375% 01jun24 4,800,000 $4,884,000
Xrs 2.5% 15may19 144a 1,270,000 $1,402,023
YPF SA, 8.875%, 12/19/18 (144A) 1,000,000 $1,099,691

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