Pioneer Multi-Asset Income Fund

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

Security Name Par / Shares Market Value
A10 Securitization 2013-1 LLC, 4.7%, 11/15/25 (144A) 100,000 $99,831
A10 Securitization 2013-1 LLC, 6.41%, 11/15/25 (144A) 100,000 $99,929
ABFC 2003-WMC1 Trust, Floating Rate Note, 3/25/33 116,175 $3,338
Abu Dhabi Commercial Bank PJSC 814,041 $1,630,521
Accellent, Inc., 10.0%, 11/1/17 125,000 $139,010
Accellent, Inc., 8.375%, 2/1/17 250,000 $262,995
Accredited Mortgage Loan Trust 2003-3, 5.21%, 1/25/34 (Step) 690,000 $105,150
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 960,000 $1,042,907
ACE, Ltd. 16,730 $1,637,365
ACE Securities Corp Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A) 50,000 $10,260
ACI Worldwide, Inc., 6.375%, 8/15/20 (144A) 315,000 $333,611
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 220,000 $244,764
ADS Tactical, Inc., 11.0%, 4/1/18 (144A) 100,000 $101,583
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 1,000,000 $1,005,938
Advanced Micro Devices, Inc., 7.5%, 8/15/22 100,000 $99,083
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 176,000 $153,041
AES Corp. Virginia, 4.875%, 5/15/23 175,000 $172,262
AES Tiete SA 191,778 $1,212,521
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 1,060,000 $1,100,280
Alliance One International, Inc., 9.875%, 7/15/21 575,000 $588,005
Allianz SE 3,673 $658,025
Alpha Natural Resources, Inc., 6.0%, 6/1/19 950,000 $828,875
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 67,498 $74,970
Altice Financing SA, 6.5%, 1/15/22 (144A) 500,000 $528,382
Altice Finco SA, 8.125%, 1/15/24 (144A) 200,000 $217,566
Altria Group, Inc. 24,182 $876,839
Altrl Flt% 30jun16 180,000 $182,052
American Airlines Group, Inc. 45,916 $1,695,678
AmeriGas Finance LLC, 7.0%, 5/20/22 100,000 $111,214
Amkor Technology, Inc., 6.375%, 10/1/22 150,000 $159,234
Antero Resources Finance Corp., 5.375%, 11/1/21 (144A) 200,000 $207,964
Antero Resources Finance Corp., 6.0%, 12/1/20 235,000 $254,388
APERAM, 7.75%, 4/1/18 (144A) 150,000 $163,094
Approach Resources, Inc., 7.0%, 6/15/21 1,065,000 $1,112,688
Appvion, Inc., 9.0%, 6/1/20 (144A) 435,000 $459,143
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 1,000,000 $1,044,875
Ardent Medical Services, Inc., 7/2/18 199,496 $200,992
Ares Capital Corp. 436,841 $7,876,243
Ashtead Capital, Inc., 6.5%, 7/15/22 (144A) 505,000 $552,119
AstraZeneca Plc 48,148 $3,281,303
AT&T, Inc. 29,430 $939,700
Athlon Holdings LP, 7.375%, 4/15/21 (144A) 130,000 $141,422
Atkore International, Inc., 9.875%, 1/1/18 90,000 $98,344
Atlas Pipeline Partners LP, 4.75%, 11/15/21 95,000 $92,054
Audatex North America, Inc., 6.125%, 11/1/23 (144A) 500,000 $544,868
Aurora USA Oil & Gas, Inc., 7.5%, 4/1/20 (144A) 300,000 $342,375
Aviation Capital Group Corp., 4.625%, 1/31/18 (144A) 100,000 $104,590
Avis Budget Car Rental LLC, 5.5%, 4/1/23 1,290,000 $1,332,463
Aviv Healthcare Properties LP, 7.75%, 2/15/19 100,000 $108,344
Avon Products, Inc., 5.0%, 3/15/23 200,000 $204,319
Ball Corp., 4.0%, 11/15/23 210,000 $203,811
Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 9/10/47 (144A) 40,000 $36,994
Banc of America Mortgage 2005-H Trust, Floating Rate Note, 9/25/35 50,000 $12,462
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 7,958,100 $696,982
Basic Energy Services, Inc., 7.75%, 10/15/22 250,000 $274,194
Bayview Financial Mortgage Pass-Through Trust 2007-B, 6.407%, 8/28/47 (Step) 321,166 $29,586
BC Mountain LLC, 7.0%, 2/1/21 (144A) 525,000 $525,544
Bear Stearns Asset Backed Securities Trust, 8.41%, 10/25/29 (Step) 2,500,000 $76,155
Bear Stearns Commercial Mortgage Securities Trust 2004-TOP16, Floating Rate Note, 2/13/46 (144A) 200,000 $177,818
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 100,000 $101,794
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 767,493 $764,848
Beazer Homes USA, Inc., 9.125%, 6/15/18 150,000 $161,890
Belden, Inc., 5.5%, 9/1/22 (144A) 410,000 $416,150
Berry Petroleum Co LLC, 6.375%, 9/15/22 700,000 $750,327
BHP Billiton, Ltd. 41,836 $1,440,864
BioScrip, Inc., 7/31/20 103,904 $104,749
BioScrip, Inc., 7/31/20 51,952 $52,374
BioScrip, Inc., 8.875%, 2/15/21 (144A) 925,000 $952,686
BlackRock MuniVest Fund, Inc. 242,798 $2,306,581
BlackRock MuniYield Fund, Inc. 168,989 $2,296,561
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 250,000 $254,849
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 185,000 $198,464
Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A) 340,000 $258,117
Bombardier Recreational Products, Inc., 1/30/19 113,143 $113,709
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,185,000 $1,304,093
BP Plc 568,882 $4,803,453
BreitBurn Energy Partners LP, 7.875%, 4/15/22 300,000 $335,925
Bridgestone Corp. 14,000 $506,451
Bristow Group, Inc., 6.25%, 10/15/22 225,000 $244,375
Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A) 390,000 $370,855
Brookfield Residential Properties, Inc., 6.125%, 7/1/22 (144A) 250,000 $259,427
Brown Shoe Co, Inc., 7.125%, 5/15/19 300,000 $324,294
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 250,000 $255,001
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 250,000 $262,109
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 510,000 $542,513
Calpine Corp., 5.875%, 1/15/24 (144A) 165,000 $170,364
Calpine Corp., 6.0%, 1/15/22 (144A) 185,000 $199,831
Calumet Specialty Products Partners LP, 7.625%, 1/15/22 170,000 $184,046
Cambium Learning Group, Inc., 9.75%, 2/15/17 100,000 $98,433
CAM Mortgage Trust, 5.5%, 12/15/53 (Step) (144A) 350,000 $349,222
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 100,000 $107,975
Capella Healthcare, Inc., 9.25%, 7/1/17 100,000 $108,542
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 100,000 $102,066
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 125,000 $138,760
CCO Holdings LLC, 5.75%, 1/15/24 165,000 $167,037
CCO Holdings LLC, 5.75%, 9/1/23 (144A) 1,440,000 $1,490,400
CenturyLink, Inc., 5.8%, 3/15/22 200,000 $210,349
CenturyLink, Inc., 6.45%, 6/15/21 700,000 $760,282
CenturyLink, Inc., 6.75%, 12/1/23 100,000 $107,763
CEVA GROUP Plc 22 $22,991
CEVA GROUP Plc, 0.0%, 12/31/14 49 $47,336
Chemtura Corp., 5.75%, 7/15/21 150,000 $157,102
Chevron Lubricants Lanka Plc 551,197 $1,168,159
Chiquita Brands International, Inc., 7.875%, 2/1/21 463,000 $513,264
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 130,000 $23,664
CHS, 6.875%, 2/1/22 (144A) 405,000 $433,448
CHS, 7.125%, 7/15/20 700,000 $771,123
CHS, 8.0%, 11/15/19 1,065,000 $1,208,302
Cincinnati Bell, Inc., 8.75%, 3/15/18 277,000 $300,987
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 100,000 $91,543
Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step) 54,000 $30,950
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 37,000 $986,050
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/15/49 50,000 $52,232
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 100,000 $112,847
CMS Energy Corp. 114,236 $3,247,729
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 400,000 $430,956
Cobalt International Energy, Inc., 2.625%, 12/1/19 300,000 $291,469
CoBank ACB, Floating Rate Note, 12/31/49 (Perpetual) (144A) 1,000 $100,750
COMM 2013-FL3 Mortgage Trust, Floating Rate Note, 10/13/28 150,000 $150,441
Commercial Metals Co., 4.875%, 5/15/23 500,000 $488,427
Commercial Vehicle Group, Inc., 7.875%, 4/15/19 350,000 $369,600
Comstock Resources, Inc., 7.75%, 4/1/19 400,000 $440,917
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 250,000 $252,338
Corsicanto, Ltd., 3.5%, 1/15/32 350,000 $238,253
Countrywide Asset-Backed Certificates, 5.557%, 2/25/36 (Step) 205,000 $210,917
Countrywide Asset-Backed Certificates, Floating Rate Note, 1/25/36 130,000 $70,337
Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) 235,000 $5,178
Covanta Holding Corp., 5.875%, 3/1/24 380,000 $387,577
CPI International, Inc., 8.0%, 2/15/18 105,000 $111,673
Credit Suisse First Boston Mortgage Securities Corp., 4.877%, 4/15/37 100,000 $101,485
Credit Suisse First Boston Mortgage Securities Corp., 5.5%, 6/25/33 100,000 $27,032
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 100,000 $90,348
Credit Suisse Group AG, Floating Rate Note, 12/31/49 (Perpetual) (144A) 200,000 $223,093
Crestwood Midstream Partners LP, 6.0%, 12/15/20 340,000 $362,157
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 385,000 $409,727
CST Brands, Inc., 5.0%, 5/1/23 905,000 $895,196
Cummins, Inc., 5.65%, 3/1/98 100,000 $106,332
Daimler AG 22,067 $2,057,585
Dana Holding Corp., 6.0%, 9/15/23 760,000 $813,073
Darling International, Inc., 5.375%, 1/15/22 (144A) 455,000 $470,952
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/10/44 (144A) 100,000 $109,978
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 300,000 $286,125
Del Coronado Trust 2013-DEL MZ, Floating Rate Note, 3/15/18 (144A) 200,000 $201,001
Del Monte Foods, Inc., Initial Loan (Second Lien), 5/26/21 700,000 $709,844
Denbury Resources, Inc., 4.625%, 7/15/23 300,000 $284,523
Diamond Foods, Inc., 7.0%, 3/15/19 (144A) 230,000 $237,724
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 370,000 $367,919
Doha Bank QSC 117,059 $2,155,849
Dole Food Co, Inc., 7.25%, 5/1/19 (144A) 930,000 $966,485
DreamWorks Animation SKG, Inc., 6.875%, 8/15/20 (144A) 135,000 $145,200
DR Horton, Inc., 5.75%, 8/15/23 300,000 $315,017
DynCorp International, Inc., 10.375%, 7/1/17 50,000 $53,115
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 250,000 $261,664
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/4/16 (Cat Bond) (144A) 250,000 $254,499
Endo Finance Co., 5.75%, 1/15/22 (144A) 390,000 $407,160
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A) 845,000 $896,404
Entegris Inc Bridge L + 0% 04feb15 500,000 $500,000
EP Energy LLC, 9.375%, 5/1/20 100,000 $118,875
EPL Oil & Gas, Inc., 8.25%, 2/15/18 50,000 $54,183
Equinix, Inc., 5.375%, 4/1/23 515,000 $534,259
Everglades Re, Ltd., Floating Rate Note, 4/30/14 (Cat Bond) (144A) 250,000 $259,675
ExamWorks Group, Inc., 9.0%, 7/15/19 100,000 $111,150
Exopack Holding Corp., 10.0%, 6/1/18 (144A) 200,000 $223,000
Exopack Holdings SA, 7.875%, 11/1/19 (144A) 800,000 $851,775
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 100,000 $34,201
Exterran Partners LP, 6.0%, 4/1/21 700,000 $710,500
Exxon Mobil Corp. 40,722 $3,920,307
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 125,000 $133,841
Federal Home Loan Mortgage Corp., Floating Rate Note, 9/25/44 (144A) 50,000 $49,697
Federal National Mortgage Association REMICS, 3.5%, 1/25/29 500,000 $15,827
Ferrellgas LP, 6.5%, 5/1/21 350,000 $373,333
Ferrellgas LP, 6.75%, 1/15/22 (144A) 105,000 $112,028
Fieldwood Energy LLC, 9/30/20 364,000 $379,152
Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual) 15,000 $397,950
Filtration Group, Inc., Initial Term Loan (Second Lien), 11/15/21 200,000 $205,500
First Data Corp., 11.75%, 8/15/21 (144A) 200,000 $215,044
First Data Corp., 8.25%, 1/15/21 (144A) 125,000 $136,943
First Data Holdings, Inc., 14.5%, 9/24/19 (144A) (PIK) 915,000 $943,225
Forbes Energy Services, Ltd., 9.0%, 6/15/19 325,000 $324,675
Forest Laboratories, Inc., 5.0%, 12/15/21 (144A) 660,000 $713,625
Forest Oil Corp., 7.5%, 9/15/20 275,000 $241,885
Fortune Real Estate Investment Trust 740,000 $574,969
Forum Energy Technologies, Inc., 6.25%, 10/1/21 (144A) 500,000 $544,184
FREMF Mortgage Trust 2011-K12, Floating Rate Note, 1/25/46 (144A) 100,000 $102,703
FREMF Mortgage Trust 2012-K708, Floating Rate Note, 2/25/45 (144A) 50,000 $49,303
FREMF Mortgage Trust 2012-K710, Floating Rate Note, 6/25/47 (144A) 10,000 $9,940
Frontier Communications Corp., 7.125%, 1/15/23 200,000 $211,321
Frontier Communications Corp., 7.625%, 4/15/24 100,000 $108,881
Frontier Communications Corp., 8.5%, 4/15/20 317,000 $376,314
Frontier Communications Corp., 8.75%, 4/15/22 160,000 $188,489
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 250,000 $262,821
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 505,000 $546,010
Garda World Security Corp., 7.25%, 11/15/21 (144A) 165,000 $178,655
Gardner Denver, Inc., 6.875%, 8/15/21 (144A) 245,000 $251,261
GCI, Inc., 6.75%, 6/1/21 1,200,000 $1,214,250
GCI, Inc., 8.625%, 11/15/19 300,000 $330,119
GDF Suez 38,296 $979,050
GE Capital Commercial Mortgage Corp., Floating Rate Note, 7/10/45 (144A) 250,000 $251,829
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 1,650,000 $86,766
General Cable Corp., 6.5%, 10/1/22 (144A) 740,000 $767,133
General Electric Capital Corp., Floating Rate Note, 12/31/49 (Perpetual) 100,000 $115,004
General Electric Co. 51,310 $1,306,866
Genesis Energy LP, 5.75%, 2/15/21 605,000 $623,184
Gentiva Health Services, Inc., 11.5%, 9/1/18 100,000 $112,500
Gibraltar Industries, Inc., 6.25%, 2/1/21 100,000 $106,021
GlaxoSmithKline Plc 115,834 $3,242,189
Global Display Co, Ltd. 57,975 $605,588
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 296,900 $91,403
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 300,000 $81,269
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 755,000 $212,831
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A) 137,171 $39,074
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 210,000 $201,862
Gol Finance, 9.25%, 7/20/20 (144A) 100,000 $96,303
Golub Capital BDC, Inc. 291,490 $5,468,352
Goodrich Petroleum Corp., 8.875%, 3/15/19 600,000 $642,554
Government National Mortgage Association, Floating Rate Note, 2/16/53 150,000 $11,855
Government National Mortgage Association, Floating Rate Note, 3/16/53 150,000 $11,384
Government National Mortgage Association, Floating Rate Note, 8/16/52 200,000 $13,746
Government National Mortgage Association, Floating Rate Note, 9/16/52 150,000 $12,180
Government National Mortgage Association REMICS, Floating Rate Note, 6/20/38 100,000 $5,299
Grand Korea Leisure Co, Ltd. 21,210 $876,310
Griffon Corp., 5.25%, 3/1/22 (144A) 1,255,000 $1,257,301
GS Mortgage Securities Corp II Series 2004-GG2, Floating Rate Note, 8/10/38 100,000 $100,486
GS Mortgage Securities Trust 2012-GC6, Floating Rate Note, 1/10/45 (144A) 30,000 $30,739
Gulfport Energy Corp., 7.75%, 11/1/20 100,000 $110,583
H&E Equipment Services, Inc., 7.0%, 9/1/22 150,000 $170,250
Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual) 500 $372,000
Halcon Resources Corp., 8.875%, 5/15/21 175,000 $182,636
Halcon Resources Corp., 9.25%, 2/15/22 (144A) 220,000 $226,404
Halcon Resources Corp., 9.75%, 7/15/20 315,000 $335,462
Halcon Resources Corp., 9.75%, 7/15/20 (144A) 525,000 $558,447
HCA, Inc., 5.875%, 3/15/22 330,000 $369,465
Hercules Offshore, Inc., 7.5%, 10/1/21 (144A) 700,000 $762,125
Hercules Offshore, Inc., 8.75%, 7/15/21 (144A) 270,000 $304,069
Hexion US Finance Corp., 9.0%, 11/15/20 600,000 $632,400
Hiland Partners LP, 7.25%, 10/1/20 (144A) 600,000 $666,125
Hostess Brands, Inc., 4/9/20 200,000 $208,250
Indonesia Treasury Bond, 6.125%, 5/15/28 50,519,000,000 $3,469,868
Indonesia Treasury Bond, 9.0%, 3/15/29 57,071,000,000 $5,161,904
ING US, Inc., Floating Rate Note, 5/15/53 300,000 $298,991
Intel Corp. 14,744 $365,061
Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A) 100,000 $109,563
Intercorp Financial Services, Inc. 10,872 $345,186
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 400,000 $414,444
Iron Mountain, Inc., 6.0%, 8/15/23 300,000 $319,550
j2 Global, Inc., 8.0%, 8/1/20 325,000 $355,604
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 760,000 $855,475
Japan Tobacco, Inc. 75,500 $2,402,972
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 225,000 $249,188
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 325,000 $344,981
Jefferies Finance LLC, 7.375%, 4/1/20 (144A) 200,000 $217,646
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 725,000 $781,580
Johnson & Johnson 47,209 $4,348,893
JPMorgan Chase & Co. 67,335 $3,825,975
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 540,000 $570,949
JP Morgan Chase Commercial Mortgage Securities Trust 2007-C1, Floating Rate Note, 2/15/51 50,000 $54,382
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 225,000 $223,219
JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A) 100,000 $99,967
Kaisa Group Holdings, Ltd. 3,403,000 $1,151,048
KB Home, 7.0%, 12/15/21 150,000 $164,433
KB Home, 8.0%, 3/15/20 50,000 $58,219
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 685,000 $728,421
Key Energy Services, Inc., 6.75%, 3/1/21 355,000 $383,844
Kinder Morgan Energy Partners LP, 5.0%, 8/15/42 100,000 $94,349
Kindred Healthcare, Inc., 8.25%, 6/1/19 300,000 $329,438
KKR & Co LP 24,971 $602,800
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 250,000 $259,257
Kraft Foods Group, Inc. 26,662 $1,473,609
Lamar Media Corp., 5.375%, 1/15/24 300,000 $312,034
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 250,000 $239,677
LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41 124,439 $126,371
Legacy Reserves LP, 6.625%, 12/1/21 (144A) 150,000 $150,984
Lennar Corp., 4.75%, 11/15/22 135,000 $130,813
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 100,000 $101,583
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 300,000 $317,771
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 160,000 $164,750
Linn Energy LLC, 7.0%, 11/1/19 (144A) 1,000,000 $1,065,833
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 870,000 $985,275
LKQ Corp., 4.75%, 5/15/23 (144A) 500,000 $483,243
Loma Reinsurance, Ltd. Bermuda, Floating Rate Note, 1/8/18 (Cat Bond) (144A) 250,000 $257,450
Lorillard, Inc. 46,889 $2,300,374
LyondellBasell Industries NV 19,292 $1,699,239
Mapletree Industrial Trust 5,691,000 $6,061,083
Mapletree Logistics Trust 2,319,000 $1,895,077
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 200,000 $206,030
Masco Corp., 5.95%, 3/15/22 1,050,000 $1,162,808
Masco Corp., 7.125%, 3/15/20 100,000 $119,035
MasTec, Inc., 4.875%, 3/15/23 750,000 $744,359
MASTR Adjustable Rate Mortgages Trust 2003-6, Floating Rate Note, 12/25/33 8,310,345 $166,730
MASTR Adjustable Rate Mortgages Trust 2005-1, Floating Rate Note, 1/25/35 300,000 $50,045
MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 350,000 $76,392
Mastr Specialized Loan Trust, Floating Rate Note, 11/25/34 (144A) 250,000 $244,409
McDonald's Corp. 3,403 $323,795
MCGRAW-HILL SCHOOL EDUCATION HOLDINGS LLC, Term B Loan, 12/18/19 900,000 $913,125
Mcron Finance Sub LLC, 8.375%, 5/15/19 (144A) 100,000 $113,841
MedAssets, Inc., 8.0%, 11/15/18 100,000 $109,981
MediaTek, Inc. 214,000 $3,139,425
Medley Capital Corp. 49,998 $701,972
Memorial Production Partners LP, 7.625%, 5/1/21 250,000 $270,104
Memorial Production Partners LP, 7.625%, 5/1/21 (144A) 140,000 $151,258
Merck & Co, Inc. 25,572 $1,457,348
Meritage Homes Corp., 7.0%, 4/1/22 170,000 $191,108
Meritor, Inc., 6.25%, 2/15/24 645,000 $659,916
Meritor, Inc., 6.75%, 6/15/21 640,000 $689,120
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 500,000 $68,984
Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1, Floating Rate Note, 1/25/37 110,000 $47,365
Metaldyne LLC, 12/18/18 123,750 $124,678
Metinvest BV, 8.75%, 2/14/18 (144A) 200,000 $175,826
MetroPCS Wireless, Inc., 6.625%, 11/15/20 100,000 $109,201
MGM Resorts International, 6.75%, 10/1/20 100,000 $113,313
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 375,000 $393,160
Microsoft Corp. 195,359 $7,484,203
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 175,000 $199,901
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 200,000 $216,125
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 100,000 $61,669
Mirabela Nickel, Ltd., 3.5%, 3/28/14 (144A) (PIK) 7,778 $7,742
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 100,000 $26,306
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 710,000 $735,797
Mitsubishi UFJ Financial Group, Inc. 413,000 $2,392,058
Molson Coors Brewing Co. (Class B) 11,483 $652,579
Monitronics International, Inc., 3/23/18 58,954 $59,261
Monitronics International, Inc., 9.125%, 4/1/20 965,256 $1,071,937
Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual) 30,000 $802,200
Morgan Stanley Capital I Trust 2007-IQ13, 5.406%, 3/15/44 50,000 $54,969
Morgan Stanley Capital I Trust 2007-IQ15, Floating Rate Note, 6/11/49 100,000 $110,441
Murphy Oil USA, Inc., 6.0%, 8/15/23 (144A) 1,000,000 $1,020,167
Mustang Merger Corp., 8.5%, 8/15/21 (144A) 160,000 $177,204
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 250,000 $270,312
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 250,000 $270,690
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 250,000 $262,958
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,330,000 $1,435,445
Nations Equipment Finance Funding I LLC, 5.5%, 5/20/21 (144A) 200,000 $195,456
Nationstar Mortgage LLC, 6.5%, 6/1/22 455,000 $433,956
Nationstar Mortgage LLC, 6.5%, 7/1/21 655,000 $627,708
Nationstar Mortgage LLC, 6.5%, 8/1/18 100,000 $101,292
Navistar International Corp., 8.25%, 11/1/21 375,000 $402,188
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 250,000 $250,419
NCR Corp., 6.375%, 12/15/23 (144A) 265,000 $286,929
Neenah Paper, Inc., 5.25%, 5/15/21 (144A) 105,000 $105,836
Neiman Marcus Group, Ltd. LLC, 8.0%, 10/15/21 (144A) 1,000,000 $1,101,389
NEP, Refinanced New Term Loan (First Lien), 1/22/20 148,500 $149,304
Nippon Telegraph & Telephone Corp. 58,400 $3,279,040
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 700,000 $700,267
Northern Oil and Gas, Inc., 8.0%, 6/1/20 400,000 $434,000
Novartis AG 83,139 $6,937,991
NRG Energy, Inc., 6.25%, 7/15/22 (144A) 600,000 $627,542
NRG Energy, Inc., 6.625%, 3/15/23 635,000 $689,323
NRG Energy, Inc., 7.625%, 1/15/18 75,000 $85,481
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 300,000 $324,408
Oasis Petroleum, Inc., 6.875%, 3/15/22 (144A) 250,000 $278,746
Occidental Petroleum Corp. 16,486 $1,591,229
Ocwen Loan Servicing LLC, 2/15/18 148,875 $150,316
Orange SA 358,547 $4,471,567
Outerwall, Inc., 6.0%, 3/15/19 300,000 $320,300
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 450,000 $480,606
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 125,000 $136,608
Parker Drilling Co., 6.75%, 7/15/22 175,000 $183,280
Parker Drilling Co., 7.5%, 8/1/20 (144A) 170,000 $182,963
Park-Ohio Industries, Inc., 8.125%, 4/1/21 100,000 $114,635
Par Pharmaceutical Companies, Inc., 7.375%, 10/15/20 100,000 $111,036
Parsley Energy LLC, 7.5%, 2/15/22 (144A) 1,050,000 $1,108,188
PATHEON INC, Bridge Loan, 12/11/14 1,125,000 $1,125,000
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 700,000 $725,472
PDC Energy, Inc., 7.75%, 10/15/22 200,000 $224,356
Pelican Products, Inc., Repriced Term Loan (First Lien), 6/9/18 822,487 $829,943
Penn Virginia Corp., 7.25%, 4/15/19 200,000 $213,978
Penn Virginia Corp., 8.5%, 5/1/20 650,000 $733,417
Petco Holdings, Inc., 8.5%, 10/15/17 (144A) (PIK) 460,000 $484,546
Pfizer, Inc. 172,515 $5,539,457
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 200,000 $222,844
PNK Finance Corp., 6.375%, 8/1/21 (144A) 240,000 $252,075
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 290,000 $316,263
PPL Capital Funding, Inc., 5.9%, 4/30/73 10,000 $225,200
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 50,000 $57,464
Production Resource Group, Inc., 8.875%, 5/1/19 475,000 $376,240
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 400,000 $397,700
PVR Partners LP, 6.5%, 5/15/21 350,000 $379,449
QR Energy LP, 9.25%, 8/1/20 650,000 $703,760
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 250,000 $266,890
Radio Systems Corp., 8.375%, 11/1/19 (144A) 250,000 $285,104
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 950,000 $1,011,750
RAMP Series 2004-RZ1 Trust, 4.82%, 3/25/34 (Step) 872,356 $292,945
RASC Series 2003-KS5 Trust, 4.46%, 7/25/33 (Step) 139,000 $95,790
Regal Entertainment Group, 5.75%, 2/1/25 315,000 $309,028
Renfro Corp., 1/30/19 148,500 $148,129
Rent-A-Center, Inc., 4.75%, 5/1/21 1,215,000 $1,164,375
Rentech Nitrogen Partners LP, 6.5%, 4/15/21 (144A) 1,245,000 $1,250,672
Republic Services, Inc. 47,224 $1,610,811
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $264,569
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $261,681
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 250,000 $284,003
RESI Finance LP, Floating Rate Note, 9/10/35 (144A) 300,000 $57,829
Resolute Energy Corp., 8.5%, 5/1/20 100,000 $108,833
Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A) 960,000 $957,407
Revlon Consumer Products Corp., 5.75%, 2/15/21 150,000 $150,383
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 100,000 $110,900
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 600,000 $624,483
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 400,000 $432,833
Roche Holding AG 13,370 $4,122,805
Rosetta Resources, Inc., 5.625%, 5/1/21 745,000 $781,319
Rosetta Resources, Inc., 5.875%, 6/1/22 675,000 $705,239
RTL Group SA 5,417 $700,095
Ryerson, Inc., 9.0%, 10/15/17 100,000 $112,400
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 1,142,387 $923,868
Sabine Pass Liquefaction LLC, 5.875%, 2/1/21 (144A) 290,000 $298,670
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 500,000 $541,556
Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 695,000 $751,063
Samson Investment Co., 10.5%, 2/15/20 (144A) 1,000,000 $1,116,028
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 735,000 $780,100
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 250,000 $251,336
SandRidge Energy, Inc., 7.5%, 2/15/23 50,000 $52,917
SandRidge Energy, Inc., 7.5%, 3/15/21 380,000 $414,992
SandRidge Energy, Inc., 8.125%, 10/15/22 220,000 $243,253
Sarine Technologies, Ltd. 447,000 $797,361
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 200,000 $213,611
Scientific Games International, Inc., 6.25%, 9/1/20 750,000 $814,688
Sealed Air Corp., 6.875%, 7/15/33 (144A) 605,000 $616,365
Sega Sammy Holdings, Inc. 16,900 $396,094
Seitel, Inc., 9.5%, 4/15/19 400,000 $425,356
Seneca Gaming Corp., 8.25%, 12/1/18 (144A) 100,000 $109,563
SFX Entertainment, Inc., 9.625%, 2/1/19 (144A) 650,000 $675,817
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 185,000 $204,656
Sinclair Television Group, Inc., 6.375%, 11/1/21 265,000 $286,807
Sirius XM Holdings, Inc., 4.625%, 5/15/23 (144A) 350,000 $333,766
SIWF Merger Sub, Inc., 6.25%, 6/1/21 (144A) 200,000 $208,125
SM Energy Co., 5.0%, 1/15/24 (144A) 300,000 $294,417
SNAAC Auto Receivables Trust 2013-1, 4.56%, 4/15/20 (144A) 100,000 $99,850
Sotheby's, 5.25%, 10/1/22 (144A) 1,610,000 $1,575,634
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 270,000 $268,500
SPDR S&P Euro Dividend Aristocrats UCITS ETF 48,327 $1,306,261
SPDR S&P UK Dividend Aristocrats UCITS ETF 73,944 $1,674,409
Spirit Master Funding LLC, 5.74%, 3/20/25 (144A) 200,000 $186,654
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 250,000 $249,994
Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/25/59 (144A) 100,000 $101,477
Sprint Corp., 7.125%, 6/15/24 (144A) 1,375,000 $1,465,249
Sprint Corp., 7.25%, 9/15/21 (144A) 200,000 $225,847
Stackpole International Intermediate, 7.75%, 10/15/21 (144A) 170,000 $186,210
Standard Pacific Corp., 6.25%, 12/15/21 505,000 $545,751
Star Gas Partners LP, 8.875%, 12/1/17 200,000 $216,938
Stone Energy Corp., 7.5%, 11/15/22 595,000 $654,252
StoneMor Partners LP, 7.875%, 6/1/21 (144A) 325,000 $347,648
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 250,000 $262,519
Sumitomo Mitsui Financial Group, Inc. 65,700 $2,940,804
Summit Midstream Holdings LLC, 7.5%, 7/1/21 (144A) 325,000 $348,563
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 1,095,000 $1,167,430
Swedbank AB 74,730 $2,104,906
Swift Energy Co., 7.875%, 3/1/22 1,345,000 $1,421,905
Swift Energy Co., 8.875%, 1/15/20 355,000 $383,876
Swiss Re AG 3,541 $330,871
Takeda Pharmaceutical Co, Ltd. 50,100 $2,402,172
Talos Production LLC, 9.75%, 2/15/18 (144A) 200,000 $210,867
Targa Resources Partners LP, 4.25%, 11/15/23 (144A) 215,000 $204,790
TCP Capital Corp. 460,083 $8,134,267
TDC A/S 642,201 $6,385,521
Telecom Corp of New Zealand, Ltd. 1,555,151 $3,264,582
Tempur Sealy International, Inc., 6.875%, 12/15/20 325,000 $360,592
Texas Industries, Inc., 9.25%, 8/15/20 1,000,000 $1,164,111
The Bank of New York Mellon Corp., Floating Rate Note, 12/31/49 (Perpetual) 400,000 $374,050
The Clorox Co. 8,702 $759,511
The Dow Chemical Co. 11,338 $552,274
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 500,000 $541,727
The PNC Financial Services Group, Inc. 28,712 $2,348,067
The PNC Financial Services Group, Inc., Floating Rate Note, 12/31/49 (Perpetual) 30,000 $32,295
The PNC Financial Services Group, Inc., Floating Rate Note, 12/31/49 (Perpetual) 210,000 $193,646
The Ryland Group, Inc., 5.375%, 10/1/22 205,000 $206,004
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 25,000 $25,723
Time Warner, Inc. 46,241 $3,104,158
Titan International, Inc., 6.875%, 10/1/20 (144A) 500,000 $542,500
T-Mobile USA, Inc., 6.125%, 1/15/22 170,000 $182,455
T-Mobile USA, Inc., 6.5%, 1/15/24 215,000 $231,782
T-Mobile USA, Inc., 6.836%, 4/28/23 335,000 $364,737
TMS International Corp., 7.625%, 10/15/21 (144A) 155,000 $171,832
TMX Finance LLC, 8.5%, 9/15/18 (144A) 705,000 $806,500
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 200,000 $174,901
Total SA 37,787 $2,452,886
Townsquare Radio LLC, 9.0%, 4/1/19 (144A) 320,000 $366,400
TRAC Intermodal LLC, 11.0%, 8/15/19 100,000 $114,989
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $252,532
Transcend Information, Inc. 430,000 $1,312,692
Tronox Finance LLC, 6.375%, 8/15/20 800,000 $824,267
Truven Health Analytics, Inc., 10.625%, 6/1/20 80,000 $92,725
Unifrax I LLC, 7.5%, 2/15/19 (144A) 200,000 $213,667
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 100,000 $96,710
United Continental Holdings, Inc., 6.0%, 12/1/20 210,000 $222,618
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,080,000 $1,164,660
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 100,000 $109,524
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 59,509 $59,739
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 150,000 $154,811
USI, Inc. New York, 7.75%, 1/15/21 (144A) 200,000 $209,981
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 300,000 $334,975
Valero Energy Corp., 6.625%, 6/15/37 100,000 $120,550
Vanguard Natural Resources LLC, 7.875%, 4/1/20 230,000 $255,372
Vantage Drilling Co., 7.875%, 9/1/42 100,000 $119,188
Verizon Communications, Inc. 92,541 $4,388,294
Verizon Communications, Inc. 46,559 $2,215,277
Vertafore, Inc., 10/3/19 96,166 $96,797
Viasystems, Inc., 7.875%, 5/1/19 (144A) 125,000 $137,500
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 50,000 $58,481
Vodafone Group Plc 1,472,970 $6,127,626
W&T Offshore, Inc., 8.5%, 6/15/19 500,000 $550,222
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 84,000 $84,447
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 25,000 $25,774
Warner Chilcott Co LLC, 7.75%, 9/15/18 40,000 $44,229
Waterjet Holdings, Inc., 7.625%, 2/1/20 (144A) 205,000 $218,134
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 100,000 $104,069
WellCare Health Plans, Inc., 5.75%, 11/15/20 1,000,000 $1,059,590
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 180,000 $187,088
West Corp., Term B-10 Loan, 6/30/18 122,255 $121,969
Western Refining, Inc., 6.25%, 4/1/21 400,000 $422,417
West Holdings Corp. 42,900 $507,804
WF-RBS Commercial Mortgage Trust 2011-C2, Floating Rate Note, 2/15/44 (144A) 50,000 $52,350
WFRBS Commercial Mortgage Trust 2011-C3, Floating Rate Note, 3/15/44 (144A) 100,000 $108,148
WFRBS Commercial Mortgage Trust 2013-C12, Floating Rate Note, 3/15/48 (144A) 100,000 $91,013
Windstream Corp., 6.375%, 8/1/23 1,510,000 $1,495,372
Windstream Corp., 7.5%, 6/1/22 770,000 $830,638
Windstream Corp., 7.75%, 10/1/21 590,000 $656,252
Wynn Las Vegas LLC, 4.25%, 5/30/23 (144A) 60,000 $58,995
Xerium Technologies, Inc., 8.875%, 6/15/18 500,000 $544,368

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