Pioneer Global High Yield Fund

Top 10 Portfolio Holdings as of 3/31/2015
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 3,900,000 $4,065,360
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 2,528,093 $2,452,250
Abengoa Finance SAU, 6.0%, 3/31/21 (144A) 640,000 $644,869
Abengoa Finance SAU, 8.875%, 11/1/17 (144A) 6,900,000 $7,293,156
Access Bank Plc, Floating Rate Note, 6/24/21 (144A) 3,485,000 $2,892,981
Acgl Zero% 01jul16 1,300,000 $1,314,300
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,225,000 $3,524,029
Advanced Micro Devices, Inc., 6.75%, 3/1/19 5,070,000 $4,946,419
Advanced Micro Devices, Inc., 7.0%, 7/1/24 1,355,000 $1,192,400
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 1,027,117 $1,030,167
AEP Industries, Inc., 8.25%, 4/15/19 3,355,000 $3,574,892
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 3,775,000 $3,215,003
AES Corp. Virginia, 5.5%, 3/15/24 1,350,000 $1,349,925
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 2,171,060 $2,063,864
Agrokor dd, 8.875%, 2/1/20 (144A) 1,960,000 $2,169,743
Agrokor dd, 9.875%, 5/1/19 (144A) 3,200,000 $3,856,900
Aguila 3 SA, 7.875%, 1/31/18 (144A) 5,200,000 $5,269,388
Aircraft Finance Trust, Floating Rate Note, 5/15/24 11,396,000 $2,273,377
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 995,000 $1,045,248
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A) 4,000,000 $3,710,647
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,031,631 $1,029,696
Alliance One International, Inc., 9.875%, 7/15/21 7,165,000 $6,454,570
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,847,452 $1,849,377
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 3,174 $3,179
Ally Financial, Inc., 4.125%, 3/30/20 1,200,000 $1,192,638
Ally Financial, Inc., 7.0% (Perpetual) (144A) 1,550 $1,590,930
Alpha Natural Resources, Inc., 6.0%, 6/1/19 315,000 $94,500
Altice Financing SA, 6.5%, 1/15/22 (144A) 2,800,000 $2,911,922
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,320,000 $1,373,446
Altice Finco SA, 8.125%, 1/15/24 (144A) 600,000 $645,167
Altice SA, 7.75%, 5/15/22 (144A) 1,000,000 $1,026,778
Altrl Zero% 30jun16 3,314,020 $2,380,461
Altrl Zero% 30jun17 1,440,000 $1,461,312
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 1,155,000 $934,824
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 2,770,000 $1,365,379
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 4,400,000 $4,437,278
Amsurg Corp., 5.625%, 7/15/22 2,555,000 $2,642,828
Antero Resources Corp., 5.625%, 6/1/23 (144A) 1,750,000 $1,736,328
Aquarius + Investments Plc for Swiss Reinsurance Co, Ltd., Floating Rate Note, 9/1/24 1,900,000 $2,104,593
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A) 4,250,000 $1,228,164
Ardagh Finance Holdings SA, 8.375%, 6/15/19 (144A) (PIK) 417,029 $468,087
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,089,777 $3,297,644
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 2,400,000 $435,259
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A) 2,100,000 $2,519,881
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,281,034 $1,287,639
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) 2,285,000 $2,380,042
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 1,135,000 $1,320,184
Arlington Flt% 01aug15 1,450,000 $1,618,055
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,100,000 $2,257,850
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A) 6,210,000 $4,866,441
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A) 5,050,000 $5,356,682
Banco Macro SA, Floating Rate Note, 12/18/36 820,000 $818,275
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A) 2,000,000 $2,087,083
Banco Santander SA, Floating Rate Note (Perpetual) 2,400,000 $2,387,255
Bank of America Corp., Floating Rate Note, 10/23/49 2,525,000 $2,735,801
Bank of America Corp., Floating Rate Note, 9/29/49 3,425,000 $3,505,694
Banque Centrale de Tunisie SA, 5.75%, 1/30/25 (144A) 2,655,000 $2,704,099
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A) 1,250,000 $1,413,609
Belden, Inc., 5.25%, 7/15/24 (144A) 1,000,000 $1,018,583
Belden, Inc., 5.5%, 4/15/23 (144A) 1,800,000 $2,125,545
Belvedere SA, 12/23/16 5,578,091 $419,498
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) 2,153,000 $1,569,148
Berkeley-Kane Flt% 12jun15 903,800 $946,459
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 417,670 $415,059
BioScrip, Inc., Initial Term B Loan, 7/31/20 696,116 $691,765
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $253,169
Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A) 475,000 $477,231
Boing Group Financing Plc, 6.625%, 7/15/19 (144A) 3,285,000 $3,457,231
Bonanza Creek Energy, Inc., 5.75%, 2/1/23 2,165,000 $2,012,548
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,270,000 $1,274,604
BreitBurn Energy Partners LP, 7.875%, 4/15/22 2,830,000 $2,140,364
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,234,692
Bumi Resources Tbk PT, Loan, 11/7/15 4,700,000 $1,715,500
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A) 2,535,000 $2,506,728
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 1,860,000 $1,697,250
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 4,025,000 $4,024,888
Cambium Learning Group, Inc., 9.75%, 2/15/17 4,225,000 $4,235,386
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 3,045,000 $3,422,253
Cardtronics, Inc., 5.125%, 8/1/22 (144A) 2,440,000 $2,430,342
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,000,000 $2,061,667
CCOH Safari LLC, 5.5%, 12/1/22 3,000,000 $3,122,500
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK) 2,387,885 $1,532,890
CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step) 4,829,992 $4,601,775
Cemex SAB de CV, 3.75%, 3/15/18 8,300,000 $9,838,958
Cengage Learning Holdings II LP 11,492 $260,725
CenturyLink, Inc., 5.625%, 4/1/25 (144A) 2,260,000 $2,272,713
CEVA GROUP Plc 1,584 $1,148,146
CEVA GROUP Plc, 0.0%, 12/31/14 3,428 $2,485,423
CFG Investment SAC, 9.75%, 7/30/19 (144A) 4,450,000 $4,009,543
Chaparral Energy, Inc., 7.625%, 11/15/22 2,596,000 $1,814,099
Chiquita Brands International, Inc., 7.875%, 2/1/21 1,246,000 $1,380,724
CHS, 6.875%, 2/1/22 5,675,000 $6,130,182
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A) 1,981,000 $1,609,480
Cimpress NV, 7.0%, 3/24/22 (144A) 3,650,000 $3,700,593
Cincinnati Bell, Inc., 8.375%, 10/15/20 2,790,000 $3,075,607
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A) 6,950,000 $7,930,134
Citigroup, Inc., Floating Rate Note (Perpetual) 2,150,000 $2,182,334
Citigroup, Inc., Floating Rate Note (Perpetual) 160,000 $4,422,400
Citigroup, Inc., Floating Rate Note (Perpetual) 1,200,000 $1,217,154
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 1,945,000 $2,051,597
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A) 5,200,000 $5,515,972
City of Buenos Aires Argentina, 8.95%, 2/19/21 (144A) 2,145,000 $2,274,647
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) 2,800,000 $2,632,642
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 455,000 $407,358
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,480,000 $1,413,458
Cobalt International Energy, Inc., 2.625%, 12/1/19 5,335,000 $3,924,559
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,475,000 $1,494,872
Comstock Resources, Inc., 7.75%, 4/1/19 4,240,000 $1,945,100
Comstock Resources, Inc., 9.5%, 6/15/20 2,000,000 $925,944
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A) 5,075,000 $4,657,370
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17 10,600,000 $1,302,016
ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) 1,610,000 $1,680,438
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A) 5,750,000 $6,249,771
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 4,750,000 $4,718,755
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A) 9,720,000 $9,771,030
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 3,200,000 $3,127,000
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34 1,700,000 $1,334,848
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 1,502,000 $1,559,339
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A) 9,000,000 $5,093,496
Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) 2,170,000 $2,194,714
CWGS Group LLC, Term Loan, 2/20/20 5,871,250 $5,928,131
Denbury Resources, Inc., 5.5%, 5/1/22 3,695,000 $3,400,940
Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) 9,802,000 $2,736,010
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 1,335,000 $1,346,681
DTEK Finance Plc, 7.875%, 4/4/18 (144A) 925,000 $359,565
Dycom Investments, Inc., 7.125%, 1/15/21 2,230,000 $2,369,468
DynCorp International, Inc., 10.375%, 7/1/17 2,433,000 $2,191,981
EC Finance Plc, 5.125%, 7/15/21 (144A) 3,695,000 $4,233,352
Ecuador Government International Bond, 10.5%, 3/24/20 (144A) 1,220,000 $1,225,541
Ecuador Government International Bond, 7.95%, 6/20/24 (144A) 2,510,000 $2,271,058
Electricite de France SA, Floating Rate Note (Perpetual) (144A) 3,725,000 $3,920,718
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A) 1,626,000,000 $601,849
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A) 811,000 $634,405
Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A) 1,830,000 $1,841,094
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A) 6,450,000 $5,686,266
Endo Finance LLC, 5.375%, 1/15/23 (144A) 6,165,000 $6,219,543
Enel S.p.A., Floating Rate Note, 9/24/73 (144A) 2,995,000 $3,609,500
Energy Transfer Equity LP, 5.875%, 1/15/24 2,790,000 $2,978,054
Energy Transfer Partners LP, Floating Rate Note, 11/1/66 950,000 $841,094
Energy XXI, Ltd., 3.0%, 12/15/18 2,990,000 $878,681
Entegris, Inc., 6.0%, 4/1/22 (144A) 2,500,000 $2,681,250
EP Energy LLC, 9.375%, 5/1/20 13,700,000 $14,885,906
EPL Oil & Gas, Inc., 8.25%, 2/15/18 4,980,000 $3,737,698
EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A) 1,175,000 $1,174,948
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A) 840,000 $775,498
Equinix, Inc., 5.375%, 1/1/22 1,600,000 $1,699,294
Equinix, Inc., 5.375%, 4/1/23 2,910,000 $3,098,786
European Bank for Reconstruction & Development, 6.0%, 3/3/16 227,100,000 $3,646,326
Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A) 3,735,000 $3,791,025
Evraz Inc NA Canada, 7.5%, 11/15/19 (144A) 2,300,000 $2,294,250
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,373,318 $4,377,420
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 6,800,000 $7,268,917
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A) 3,500,000 $1,375,889
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 3,370,000 $3,490,056
Ford Motor Co. 335,730 $5,418,682
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A) 1,865,000 $71,569
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A) 2,465,000 $237,510
Freeport-McMoRan, Inc. 45,168 $855,934
Fresnillo Plc, 5.5%, 11/13/23 (144A) 1,825,000 $1,945,602
Frontier Communications Corp., 7.125%, 1/15/23 5,200,000 $5,395,217
Frontier Communications Corp., 8.5%, 4/15/20 2,940,000 $3,415,382
Frontier Communications Corp., 8.75%, 4/15/22 10,345,000 $11,900,342
GCI, Inc., 6.75%, 6/1/21 500,000 $517,500
GCI, Inc., 6.875%, 4/15/25 (144A) 4,275,000 $4,307,063
Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A) 2,700,000 $2,852,606
General Cable Corp., 4.5%, 11/15/29 (Step) 1,250,000 $1,012,656
General Cable Corp., 5.75%, 10/1/22 3,250,000 $3,115,938
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20 485,162 $482,939
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A) 3,260,000 $2,544,158
GMAC Capital Trust I, Floating Rate Note, 2/15/40 355,600 $9,334,500
Golar LNG, Ltd., 3.75%, 3/7/17 800,000 $841,175
Golar LNG Partners LP, Floating Rate Note, 10/12/17 12,000,000 $1,541,049
Gol LuxCo SA, 8.875%, 1/24/22 (144A) 3,525,000 $2,613,849
Griffon Corp., 5.25%, 3/1/22 6,750,000 $6,689,081
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A) 1,740,000 $1,813,950
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A) 3,850,000 $3,615,022
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 1,500,000 $1,493,239
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A) 2,050,000 $2,183,592
Gulfport Energy Corp., 7.75%, 11/1/20 4,990,000 $5,275,885
Halcon Resources Corp., 8.875%, 5/15/21 7,825,000 $5,700,730
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A) 3,790,000 $3,625,767
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,300,000 $887,257
Horizon Lines, Inc. 2,370,345 $1,540,724
IAC, 4.875%, 11/30/18 700,000 $732,470
Iap Worldwide Services Inc 63 $47,194
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 500,885 $465,823
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A) 5,000,000 $5,211,285
Immucor, Inc., 11.125%, 8/15/19 3,200,000 $3,481,489
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A) 1,900,000 $1,276,543
Indonesia Treasury Bond, 7.0%, 5/15/22 53,000,000,000 $4,081,548
Indonesia Treasury Bond, 8.25%, 6/15/32 40,352,000,000 $3,301,828
INEOS Group Holdings SA, 5.75%, 2/15/19 (144A) 4,325,000 $4,715,547
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A) 940,000 $1,013,763
Intelsat Luxembourg SA, 7.75%, 6/1/21 4,000,000 $3,793,333
Inter-American Development Bank, 4.5%, 2/4/16 11,650,000,000 $861,290
Inter-American Development Bank, 6.0%, 9/5/17 42,350,000 $700,181
Inter-American Development Bank, 7.25%, 7/17/17 5,140,000,000 $408,090
InterGen NV, 7.0%, 6/30/23 (144A) 1,500,000 $1,477,792
International Finance Corp., 7.75%, 12/3/16 241,840,000 $4,032,011
International Finance Corp., 8.25%, 6/10/21 240,670,000 $4,243,503
Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) 5,992,701 $4,506,511
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A) 6,405,000 $6,478,853
IRSA Propiedades Comerciales SA, 7.875%, 5/11/17 (144A) 5,750,000 $5,721,969
James River Coal Co., 7.875%, 4/1/19 4,435,000 $534,972
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 2,980,000 $3,367,400
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A) 4,690,000 $4,912,814
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 3,800,000 $4,012,219
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 2,020,000 $2,202,684
JLL, 7.5%, 2/1/22 (144A) 4,980,000 $5,241,450
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 4,340,000 $3,661,513
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 2,100,000 $2,155,102
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35 5,923,886 $2,081,944
Kane Flt% 12jun15 2,400,000 $2,349,600
Kane Flt% 14jul15 814,976 $802,099
Kane Ilw Zero% 02feb16 1,300,000 $1,215,500
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,067,200 $1,070,295
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 2,375,100 $2,384,363
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,101,200 $1,103,513
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,093,300 $1,098,001
Kane Zero% 15jan16 506,000 $508,328
Kane Zero% 19feb16 3,120,000 $3,267,576
Kane Zero% 22jan16 2,600,000 $2,633,800
Kane Zero% 22jan16 1,000,000 $1,017,800
Kane Zero% 29apr16 5,400,000 $5,598,720
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A) 1,000,000 $883,456
KB Home, 1.375%, 2/1/19 4,640,000 $4,447,633
Kenya Government International Bond, 5.875%, 6/24/19 (144A) 2,175,000 $2,273,049
Kenya Government International Bond, 6.875%, 6/24/24 (144A) 2,530,000 $2,688,819
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $1,002,071
Kindred Healthcare, Inc., 6.375%, 4/15/22 2,400,000 $2,491,550
Kindred Healthcare, Inc., 8.0%, 1/15/20 (144A) 1,320,000 $1,446,738
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A) 2,500,000 $2,969,161
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,652,000 $9,814,475
LDK Solar Co, Ltd., 5.535%, 12/31/18 (PIK) 2,266,700 $36,245
LDK Solar Co, Ltd. (A.D.R.) 158,800 $23,820
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 1,102,000 $451,688
Lease Investment Flight Trust, Floating Rate Note, 7/15/31 12,652,000 $5,185,652
Lennar Corp., 4.75%, 11/15/22 4,450,000 $4,607,728
Liberty Tire Recycling Llc 156,027 $1,560
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 3,992,000 $3,853,500
LifePoint Hospitals, Inc., 5.5%, 12/1/21 4,300,000 $4,583,083
LKQ Corp., 4.75%, 5/15/23 1,250,000 $1,247,431
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 1,034,769 $377,691
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $4,214,300
Magnesita Finance, Ltd., 8.625% (Perpetual) (144A) 2,800,000 $2,241,692
Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A) 3,615,000 $3,139,715
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A) 12,248,000 $12,049,480
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 75,878 $2,726
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 3,225,000 $2,891,078
Memorial Production Partners LP, 7.625%, 5/1/21 3,000,000 $2,825,313
Memorial Resource Development Corp., 5.875%, 7/1/22 (144A) 1,525,000 $1,455,898
Mentor Graphics Corp., 4.0%, 4/1/31 1,025,000 $1,299,188
Mercer International, Inc., 7.0%, 12/1/19 2,025,000 $2,145,094
Meritor, Inc., 6.75%, 6/15/21 3,150,000 $3,322,856
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A) 2,525,000 $2,329,628
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A) 2,660,000 $2,676,994
Mexican Bonos, 7.5%, 6/3/27 1,800,000 $133,611
Mexican Udibonos, 2.0%, 6/9/22 43,638,000 $14,593,221
Mexican Udibonos, 3.5%, 12/14/17 1,720,000 $635,463
MHP SA, 8.25%, 4/2/20 (144A) 6,300,000 $4,378,001
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,300,000 $1,186,417
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A) 3,755,000 $4,233,215
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A) 13,800,000 $13,774,221
Mirabela Nickel, Ltd. 27,099,676 $2,887,958
Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (PIK) 3,545,787 $2,780,439
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A) 4,000,000 $3,924,870
MMM Holdings, Inc., MMM Term Loan, 12/12/17 804,800 $714,260
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,245,886 $2,251,150
Morgan Stanley, Floating Rate Note (Perpetual) 3,550,000 $3,592,068
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,802,916
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 585,099 $519,275
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,475,000 $1,370,603
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,530,875 $2,536,413
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,477,584 $1,486,819
Nationstar Mortgage LLC, 6.5%, 6/1/22 4,870,000 $4,780,717
Nationstar Mortgage LLC, 6.5%, 7/1/21 3,000,000 $2,958,750
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A) 3,650,000 $3,650,760
Navistar International Corp., 8.25%, 11/1/21 3,005,000 $3,025,659
NeuStar, Inc., 4.5%, 1/15/23 1,700,000 $1,469,650
Newhall Land Development LLC 161,215 $523,949
New World Resources NV, 4.0%, 10/7/20 (PIK) 237,096 $68,311
New World Resources NV, Floating Rate Note, 10/7/20 135,483 $56,767
New World Resources NV, Floating Rate Note, 10/7/20 101,612 $17,467
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A) 1,462,000 $1,531,475
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) 8,875,000 $661,809
NRG Energy, Inc., 6.25%, 5/1/24 6,000,000 $6,201,250
Nuance Communications, Inc., 2.75%, 11/1/31 3,140,000 $3,152,429
Numericable-SFR SAS, 6.0%, 5/15/22 (144A) 1,250,000 $1,275,208
NuStar Logistics LP, Floating Rate Note, 1/15/43 70,730 $1,845,346
OAS Investments GmbH, 8.25%, 10/19/19 (144A) 8,764,000 $1,618,054
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,840,000 $2,789,117
Ormat Funding Corp., 8.25%, 12/30/20 10,665,000 $5,056,491
Outerwall, Inc., 5.875%, 6/15/21 (144A) 3,205,000 $2,947,955
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19 994,850 $999,824
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A) 7,570,000 $5,069,666
Pangaea Zero% 01jul18 4,070,000 $4,437,114
Panolam Holdings Co. 894 $657,984
Penn Virginia Corp., 6.0% (Perpetual) (144A) 16,300 $992,507
Penn Virginia Corp., 8.5%, 5/1/20 2,250,000 $2,194,688
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A) 6,500,000 $5,199,977
Petroleos Mexicanos, 7.19%, 9/12/24 (144A) 8,650,000 $581,357
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 5,340,000 $5,247,440
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,419,688
Post Holdings, Inc., 7.375%, 2/15/22 1,675,000 $1,749,410
PPL Capital Funding, Inc., 5.9%, 4/30/73 212,000 $5,414,480
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,560,000 $1,562,123
Pro Mach Group, Inc., Dollar Term Loan (First Lien), 10/20/21 539,770 $544,409
Province of Salta Argentina, 9.5%, 3/16/22 (144A) 3,600,000 $2,887,748
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A) 1,025,000 $1,093,814
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A) 1,125,000 $1,172,750
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,036,667
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 300,000 $315,698
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 900,000 $919,090
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 9,820,000 $9,590,867
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A) 47,000,000 $3,037,401
ReneSola, Ltd., 4.125%, 3/15/18 (144A) 2,360,000 $2,360,000
Rent-A-Center, Inc., 4.75%, 5/1/21 2,710,000 $2,357,135
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 750,000 $763,425
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,600,000 $1,817,902
Resolute Forest Products, Inc., 5.875%, 5/15/23 3,735,000 $3,672,231
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 2,400,000 $2,593,300
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,490,000 $7,927,125
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 3,785,000 $4,097,709
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 2,200,000 $2,339,333
RJS Power Holdings LLC, 5.125%, 7/15/19 (144A) 3,760,000 $3,744,281
Romania Government Bond, 5.85%, 4/26/23 24,770,000 $7,568,588
Romania Government Bond, 5.95%, 6/11/21 1,220,000 $367,023
Rosetta Resources, Inc., 5.875%, 6/1/22 6,995,000 $6,729,773
Rosetta Resources, Inc., 5.875%, 6/1/24 1,935,000 $1,837,444
Russian Federal Bond - OFZ, 7.0%, 8/16/23 49,399,000 $645,381
Rwanda International Government Bond, 6.625%, 5/2/23 (144A) 2,000,000 $2,059,840
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 4,000,000 $4,063,740
Salix Pharmaceuticals, Ltd., 6.25%, 1/15/21 (144A) 1,320,000 $1,481,663
Sanchez Energy Corp., 6.125%, 1/15/23 3,765,000 $3,432,477
Sanchez Energy Corp., 7.75%, 6/15/21 1,500,000 $1,489,229
Scientific Games International, Inc., 10.0%, 12/1/22 (144A) 17,000,000 $16,508,889
Scientific Games International, Inc., 6.25%, 9/1/20 625,000 $468,880
Scitor Corp., Term Loan, 2/15/17 1,665,289 $1,665,636
Seagate HDD Cayman, 4.75%, 6/1/23 6,925,000 $7,388,063
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 13,467 $162,623
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 950,000 $973,085
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,000,000 $1,247,700
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A) 1,500,000 $1,392,524
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $127,600
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 1,800,000 $1,892,880
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A) 8,075,000 $8,670,970
SM Energy Co., 5.0%, 1/15/24 455,000 $433,248
SM Energy Co., 6.5%, 1/1/23 1,650,000 $1,709,813
Sprint Corp., 7.25%, 9/15/21 3,000,000 $3,024,667
Standard Pacific Corp., 6.25%, 12/15/21 5,810,000 $6,265,520
Stone Energy Corp., 7.5%, 11/15/22 2,825,000 $2,636,653
SunPower Corp., 0.875%, 6/1/21 (144A) 2,290,000 $2,219,392
Suntech Power Holdings Co, Ltd., 0.0%, 6/30/15 535,000 $158,602
Swift Energy Co., 8.875%, 1/15/20 2,410,000 $1,057,354
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,020,000 $2,151,624
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A) 3,250,000 $3,358,717
TA MFG., Ltd., 3.625%, 4/15/23 2,240,000 $2,431,059
Targa Resources Partners LP, 4.25%, 11/15/23 4,350,000 $4,256,717
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A) 6,395,000 $4,516,145
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A) 1,600,000 $1,887,710
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 1,000,000 $1,121,444
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual) 2,555,000 $2,867,608
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,088,459 $3,091,032
TimberStar Trust I, 7.5296%, 10/15/36 (144A) 4,315,000 $4,473,726
T-Mobile USA, Inc., 6.542%, 4/28/20 2,880,000 $3,064,172
T-Mobile USA, Inc., 6.633%, 4/28/21 1,940,000 $2,054,669
T-Mobile USA, Inc., 6.731%, 4/28/22 1,300,000 $1,383,563
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 4,400,000 $1,371,547
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) 1,625,000 $875,807
Towergate Finance Plc, 10.5%, 2/15/19 (144A) 4,840,000 $643,809
Towergate Finance Plc, 8.5%, 2/15/18 (144A) 405,000 $619,899
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A) 1,200,000 $1,774,601
Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A) 4,130,162 $3,218,715
Trilogy Energy Corp., 7.25%, 12/13/19 (144A) 1,775,000 $1,370,862
Trust F, 5.25%, 12/15/24 (144A) 2,565,000 $2,797,026
UBS AG, 7.625%, 8/17/22 5,650,000 $6,905,410
Ukraine Government International Bond, 6.75%, 11/14/17 (144A) 575,000 $239,101
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A) 1,850,000 $1,700,947
Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A) 4,000,000 $3,774,317
Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A) 820,000 $849,227
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A) 2,750,000 $2,751,454
Unit Corp., 6.625%, 5/15/21 3,765,000 $3,633,330
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A) 1,000,000 $1,009,588
United Continental Holdings, Inc., 6.0%, 7/15/26 3,500,000 $3,544,333
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 3,100,000 $3,179,524
Vanguard Natural Resources LLC, 7.875%, 4/1/20 1,245,000 $1,188,197
Vedanta Resources Plc, 8.25%, 6/7/21 (144A) 7,135,000 $6,661,414
VeriSign, Inc., 4.625%, 5/1/23 4,430,000 $4,504,295
VeriSign, Inc., 5.25%, 4/1/25 (144A) 1,470,000 $1,500,258
Vers 2015-A Zero% 31dec17 3,800,000 $3,898,800
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 $5,155,234
Videotron, Ltd., 5.375%, 6/15/24 (144A) 3,250,000 $3,398,936
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 2,860,000 $3,293,846
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A) 4,875,000 $4,655,642
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A) 38,400,000 $590,747
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A) 7,800,000 $7,771,905
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,065,589 $871,119
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 1,605,000 $1,392,939
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A) 1,075,000 $924,308
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 775,000 $820,861
WebMD Health Corp., 1.5%, 12/1/20 3,750,000 $4,003,050
WebMD Health Corp., 2.5%, 1/31/18 3,485,000 $3,556,394
WellCare Health Plans, Inc., 5.75%, 11/15/20 4,620,000 $4,951,357
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 1,144,000 $1,176,890
Wells Fargo & Co., Floating Rate Note (Perpetual) 3,175,000 $3,392,796
WESCO Distribution, Inc., 5.375%, 12/15/21 4,365,000 $4,510,470
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $336,833
Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A) 750,000 $645,116
Whiting Canadian Holding Co ULC, 8.125%, 12/1/19 5,215,000 $5,603,952
Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 2,585,000 $2,729,150
WideOpenWest Finance LLC, Term B Loan, 4/1/19 1,339,655 $1,343,483
Windstream Corp., 7.5%, 6/1/22 6,285,000 $6,222,150
Windstream Corp., 7.75%, 10/1/21 2,300,000 $2,383,375
Windstream Corp., 7.75%, 10/15/20 6,765,000 $7,167,424
Windstream Corp., 8.125%, 9/1/18 5,700,000 $6,002,219
WireCo WorldGroup, Inc., 9.5%, 5/15/17 1,100,000 $1,026,728
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 1,000,000 $978,625
Zambia Government International Bond, 5.375%, 9/20/22 (144A) 3,700,000 $3,383,252
Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A) 1,075,000 $1,136,939

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