Pioneer Multi-Asset Income Fund

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

Security Name Par / Shares Market Value
A10 Securitization 2013-1 LLC, 4.7%, 11/15/25 (144A) 100,000 $99,899
A10 Securitization 2013-1 LLC, 6.41%, 11/15/25 (144A) 100,000 $99,984
ABFC 2003-WMC1 Trust, Floating Rate Note, 3/25/33 116,175 $2,283
Abu Dhabi Commercial Bank PJSC 870,041 $2,224,057
Accredited Mortgage Loan Trust 2003-3, 5.21%, 1/25/34 (Step) 690,000 $102,469
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 960,000 $1,068,707
ACE Securities Corp Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A) 50,000 $9,094
ACI Worldwide, Inc., 6.375%, 8/15/20 (144A) 315,000 $338,238
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 220,000 $245,395
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 1,000,000 $1,072,813
Advanced Micro Devices, Inc., 7.5%, 8/15/22 1,085,000 $1,165,923
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 176,000 $159,486
AES Corp. Virginia, 4.875%, 5/15/23 175,000 $171,879
AES Tiete SA 420,181 $2,695,748
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 1,260,000 $1,364,580
Alliance One International, Inc., 9.875%, 7/15/21 575,000 $607,951
Allianz SE 16,518 $2,802,153
Alpha Natural Resources, Inc., 6.0%, 6/1/19 950,000 $698,250
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 50,508 $62,014
Altice Financing SA, 6.5%, 1/15/22 (144A) 500,000 $542,757
Altice Finco SA, 8.125%, 1/15/24 (144A) 200,000 $224,628
Altria Group, Inc. 25,882 $1,075,656
Altrl Flt% 30jun16 300,000 $308,760
American Airlines Group, Inc. 150,590 $6,047,694
American Realty Capital Properties, Inc. 618,159 $7,671,353
AmeriGas Finance LLC, 7.0%, 5/20/22 1,150,000 $1,273,210
Amkor Technology, Inc., 6.375%, 10/1/22 150,000 $160,594
Amrn 3.5% 15jan32 350,000 $274,583
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 460,000 $465,878
Anr 7.5% 01aug20 144a 660,000 $631,813
Antero Resources Finance Corp., 6.0%, 12/1/20 235,000 $258,206
APERAM, 7.75%, 4/1/18 (144A) 150,000 $161,688
Apollo Commercial Real Estate Finance, Inc., 5.5%, 3/15/19 595,000 $638,914
Apple, Inc. 28,101 $17,787,933
Approach Resources, Inc., 7.0%, 6/15/21 1,580,000 $1,668,524
Appvion, Inc., 9.0%, 6/1/20 (144A) 435,000 $454,793
Ar 5.375% 01nov21 200,000 $209,146
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 1,000,000 $1,064,250
Ardent Medical Services, Inc., 7/2/18 198,992 $199,987
Ares Capital Corp. 562,355 $9,695,000
Armore Flt% 15dec16 144a 500,000 $494,750
AT&T, Inc. 31,430 $1,114,822
Athlon Holdings LP, 6.0%, 5/1/22 (144A) 745,000 $765,488
Athlon Holdings LP, 7.375%, 4/15/21 (144A) 130,000 $142,275
Atlas Pipeline Partners LP, 4.75%, 11/15/21 670,000 $651,314
Audatex North America, Inc., 6.125%, 11/1/23 (144A) 1,700,000 $1,829,802
Aurora USA Oil & Gas, Inc., 7.5%, 4/1/20 (144A) 300,000 $342,750
Avance Gas Holding, Ltd. 61,045 $1,317,959
Avis Budget Car Rental LLC, 5.5%, 4/1/23 1,290,000 $1,327,625
Axiall Corp., 4.875%, 5/15/23 (144A) 1,210,000 $1,203,547
Ball Corp., 4.0%, 11/15/23 210,000 $198,823
Banc of America Commercial Mortgage Trust 2007-3, Floating Rate Note, 6/10/49 1,250,000 $1,304,179
Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 9/10/47 (144A) 40,000 $36,655
Banc of America Mortgage 2005-H Trust, Floating Rate Note, 9/25/35 50,000 $11,448
Basic Energy Services, Inc., 7.75%, 10/15/22 250,000 $280,288
Bayview Financial Mortgage Pass-Through Trust 2007-B, 6.407%, 8/28/47 (Step) 321,166 $25,728
BC Iron, Ltd. 144,231 $471,555
BC Mountain LLC, 7.0%, 2/1/21 (144A) 1,000,000 $960,833
Bear Stearns Asset Backed Securities Trust, 8.41%, 10/25/29 (Step) 2,500,000 $74,112
Bear Stearns Commercial Mortgage Securities Trust 2004-TOP16, Floating Rate Note, 2/13/46 (144A) 200,000 $192,394
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7, Floating Rate Note, 2/11/41 100,000 $101,468
Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38 767,493 $777,071
Belden, Inc., 5.5%, 9/1/22 (144A) 410,000 $420,763
Berry Petroleum Co LLC, 6.375%, 9/15/22 700,000 $742,671
BHP Billiton, Ltd. 80,537 $2,734,840
BioScrip, Inc., 7/31/20 89,103 $89,660
BioScrip, Inc., 7/31/20 44,551 $44,830
BioScrip, Inc., 8.875%, 2/15/21 (144A) 925,000 $991,709
BlackRock MuniVest Fund, Inc. 308,398 $3,028,468
BlackRock MuniYield Fund, Inc. 222,589 $3,238,670
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 250,000 $251,987
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 185,000 $196,408
Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A) 340,000 $258,967
Bombardier Recreational Products, Inc., 1/30/19 113,143 $113,204
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 1,185,000 $1,275,208
BP Plc 279,251 $2,352,394
BreitBurn Energy Partners LP, 7.875%, 4/15/22 300,000 $325,519
Bridgestone Corp. 32,200 $1,168,981
Bristow Group, Inc., 6.25%, 10/15/22 225,000 $244,234
Brocade Communications Systems, Inc., 4.625%, 1/15/23 390,000 $378,289
Brookfield Residential Properties, Inc., 6.125%, 7/1/22 (144A) 250,000 $264,505
Brown Shoe Co, Inc., 7.125%, 5/15/19 300,000 $317,831
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 250,000 $254,788
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 250,000 $262,232
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 510,000 $563,550
Calpine Corp., 5.875%, 1/15/24 (144A) 165,000 $176,500
Calpine Corp., 6.0%, 1/15/22 (144A) 185,000 $204,918
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 2,285,000 $2,338,729
Calumet Specialty Products Partners LP, 7.625%, 1/15/22 170,000 $186,861
Cambium Learning Group, Inc., 9.75%, 2/15/17 100,000 $104,871
CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A) 350,000 $350,218
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A) 100,000 $107,631
Cardinal Health, Inc. 29,674 $2,095,875
Cardtronics, Inc., 1.0%, 12/1/20 (144A) 350,000 $306,041
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A) 100,000 $100,811
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 125,000 $134,190
CCO Holdings LLC, 5.75%, 1/15/24 165,000 $173,328
CCO Holdings LLC, 5.75%, 9/1/23 1,440,000 $1,503,900
CenturyLink, Inc., 5.8%, 3/15/22 200,000 $210,449
CenturyLink, Inc., 6.45%, 6/15/21 700,000 $782,069
CenturyLink, Inc., 6.75%, 12/1/23 1,325,000 $1,489,963
CEVA GROUP Plc 22 $24,953
CEVA GROUP Plc, 0.0%, 12/31/14 49 $54,012
Chaparral Energy, Inc., 7.625%, 11/15/22 2,325,000 $2,484,322
Chemtura Corp., 5.75%, 7/15/21 150,000 $157,946
Chevron Lubricants Lanka Plc 589,097 $1,258,341
Chiquita Brands International, Inc., 7.875%, 2/1/21 463,000 $518,560
CHL Mortgage Pass-Through Trust 2002-32, Floating Rate Note, 1/25/33 130,000 $22,188
CHS, 6.875%, 2/1/22 (144A) 3,105,000 $3,341,541
CHS, 7.125%, 7/15/20 700,000 $778,342
CHS, 8.0%, 11/15/19 1,065,000 $1,172,624
Cincinnati Bell, Inc., 8.75%, 3/15/18 277,000 $295,621
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 100,000 $91,412
Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step) 54,000 $30,165
Citigroup, Inc. 24,347 $1,158,187
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 37,000 $1,023,420
Citigroup Commercial Mortgage Trust 2006-C4, Floating Rate Note, 3/15/49 50,000 $52,284
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A) 100,000 $115,285
CMS Energy Corp. 144,088 $4,286,618
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 400,000 $421,706
Cobalt International Energy, Inc., 2.625%, 12/1/19 300,000 $284,063
CoBank ACB, Floating Rate Note, 12/31/49 (Perpetual) (144A) 1,000 $103,719
COMM 2013-FL3 Mortgage Trust, Floating Rate Note, 10/13/28 150,000 $150,541
Commercial Metals Co., 4.875%, 5/15/23 500,000 $482,958
Commercial Vehicle Group, Inc., 7.875%, 4/15/19 350,000 $364,022
Comstock Resources, Inc., 7.75%, 4/1/19 995,000 $1,072,527
Conglo 7.125% 01jun19 144a 865,000 $877,696
CorpGroup Banking SA, 6.75%, 3/15/23 (144A) 250,000 $249,766
Countrywide Asset-Backed Certificates, 5.25168%, 2/25/36 (Step) 205,000 $210,193
Countrywide Asset-Backed Certificates, Floating Rate Note, 1/25/36 130,000 $68,273
Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/33 (144A) 235,000 $5,132
Covanta Holding Corp., 5.875%, 3/1/24 380,000 $394,771
CPI International, Inc., 8.0%, 2/15/18 105,000 $111,673
Cqp 5.75% 15may24 144a 1,365,000 $1,404,936
Credit Suisse First Boston Mortgage Securities Corp., 4.877%, 4/15/37 100,000 $101,935
Credit Suisse First Boston Mortgage Securities Corp., 5.5%, 6/25/33 100,000 $24,622
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A) 100,000 $91,050
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 855,000 $875,714
Crestwood Midstream Partners LP, 6.0%, 12/15/20 340,000 $363,857
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 385,000 $409,183
Crown Americas LLC, 4.5%, 1/15/23 1,000,000 $989,500
CST Brands, Inc., 5.0%, 5/1/23 1,130,000 $1,131,883
Ctv 5.5% 15jun24 144a 240,000 $241,200
Cummins, Inc., 5.65%, 3/1/98 100,000 $115,695
Daimler AG 23,567 $2,240,325
Dana Holding Corp., 6.0%, 9/15/23 760,000 $813,327
Darling Ingredients, Inc., 5.375%, 1/15/22 (144A) 455,000 $483,322
DBUBS 2011-LC2 Mortgage Trust, Floating Rate Note, 7/10/44 (144A) 100,000 $112,454
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A) 300,000 $283,988
Del Coronado Trust 2013-DEL MZ, Floating Rate Note, 3/15/18 (144A) 200,000 $200,918
Del Monte Foods, Inc., 5/26/21 700,000 $693,875
Denbury Resources, Inc., 4.625%, 7/15/23 300,000 $293,992
Denbury Resources, Inc., 5.5%, 5/1/22 1,125,000 $1,164,078
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 730,000 $730,000
Doha Bank QSC 125,159 $2,169,049
Dole Food Co, Inc., 7.25%, 5/1/19 (144A) 1,055,000 $1,074,561
Domino's Pizza Group Plc 258,381 $2,439,230
DR Horton, Inc., 5.75%, 8/15/23 300,000 $324,579
Drvtim 8% 01jun21 144a 1,570,000 $1,597,475
Duke Energy Corp. 22,761 $1,617,852
DynCorp International, Inc., 10.375%, 7/1/17 20,000 $21,865
Ecopetrol SA 596,805 $1,078,497
Edison International 54,729 $3,015,661
Edwards Lifesciences Corp. 12,731 $1,033,757
Eli Lilly & Co. 36,799 $2,202,788
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/4/16 (Cat Bond) (144A) 250,000 $252,554
Endo Finance LLC, 5.75%, 1/15/22 (144A) 1,260,000 $1,324,103
Entegris, Inc., 6.0%, 4/1/22 (144A) 2,100,000 $2,131,500
EP Energy LLC, 9.375%, 5/1/20 100,000 $115,656
EPL Oil & Gas, Inc., 8.25%, 2/15/18 50,000 $54,965
Equinix, Inc., 5.375%, 4/1/23 515,000 $529,914
Ete 5.875% 15jan24 144a 980,000 $1,042,928
ExamWorks Group, Inc., 9.0%, 7/15/19 100,000 $112,150
Exopack Holding Corp., 10.0%, 6/1/18 (144A) 200,000 $225,000
Exopack Holdings SA, 7.875%, 11/1/19 (144A) 800,000 $857,250
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 100,000 $34,370
Exterran Partners LP, 6.0%, 4/1/21 700,000 $717,500
Exxi 6.875% 15mar24 144a 1,025,000 $1,033,470
Exxi 7.5% 15dec21 845,000 $927,035
Exxon Mobil Corp. 21,839 $2,195,475
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A) 125,000 $139,427
Fannie Mae, 3.5%, 4/1/44 9,509,420 $9,811,866
Federal Home Loan Mortgage Corp., Floating Rate Note, 9/25/44 (144A) 50,000 $51,878
Federal National Mortgage Association REMICS, 3.5%, 1/25/29 500,000 $13,219
Ferrellgas LP, 6.5%, 5/1/21 625,000 $656,510
Ferrellgas LP, 6.75%, 1/15/22 (144A) 105,000 $113,538
Fieldwood Energy LLC, 9/30/20 364,000 $376,094
Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual) 15,000 $399,750
Filtration Group, Inc., 11/15/21 200,000 $203,500
First Data Corp., 11.75%, 8/15/21 200,000 $228,919
First Data Holdings, Inc., 14.5%, 9/24/19 (144A) (PIK) 958,856 $986,823
First Quantum Minerals, Ltd., 7.25%, 5/15/22 (144A) 545,000 $561,963
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 1,015,000 $1,064,101
Florida East Coast Holdings Corp., 9.75%, 5/1/20 (144A) 1,330,000 $1,400,213
Fn 30 Yr Pool 4% #As2496 01may44 10,010,337 $10,644,974
Forbes Energy Services, Ltd., 9.0%, 6/15/19 325,000 $349,050
Forest Laboratories, Inc., 5.0%, 12/15/21 (144A) 660,000 $738,375
Forest Oil Corp., 7.5%, 9/15/20 275,000 $279,698
Fortescue Metals Group, Ltd. 698,387 $2,861,332
Fortune Real Estate Investment Trust 1,009,000 $891,901
Forum Energy Technologies, Inc., 6.25%, 10/1/21 (144A) 500,000 $536,458
FREMF Mortgage Trust 2011-K12, Floating Rate Note, 1/25/46 (144A) 100,000 $106,354
FREMF Mortgage Trust 2012-K708, Floating Rate Note, 2/25/45 (144A) 50,000 $50,896
FREMF Mortgage Trust 2012-K710, Floating Rate Note, 6/25/47 (144A) 10,000 $10,168
Frontier Communications Corp., 7.125%, 1/15/23 2,040,000 $2,166,310
Frontier Communications Corp., 7.625%, 4/15/24 100,000 $104,974
Frontier Communications Corp., 8.5%, 4/15/20 317,000 $373,144
Frontier Communications Corp., 8.75%, 4/15/22 160,000 $184,789
Frontier Communications Corp., 9.25%, 7/1/21 800,000 $976,833
FTS International, Inc., 6.25%, 5/1/22 (144A) 545,000 $560,158
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 250,000 $258,372
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 1,505,000 $1,618,847
Garda World Security Corp., 7.25%, 11/15/21 (144A) 1,700,000 $1,792,603
Gardner Denver, Inc., 6.875%, 8/15/21 (144A) 1,745,000 $1,854,487
GCI, Inc., 6.75%, 6/1/21 1,200,000 $1,258,500
GCI, Inc., 8.625%, 11/15/19 300,000 $320,650
GDF Suez 189,511 $5,303,164
GE Capital Commercial Mortgage Corp., Floating Rate Note, 7/10/45 (144A) 250,000 $255,339
GE Mortgage Services LLC, Floating Rate Note, 3/25/27 1,650,000 $77,026
General Cable Corp., 7.0%, 10/1/22 (144A) 1,090,000 $1,108,621
General Electric Capital Corp., Floating Rate Note, 12/31/49 (Perpetual) 100,000 $121,285
Gentiva Health Services, Inc., 11.5%, 9/1/18 40,000 $44,100
Gibraltar Industries, Inc., 6.25%, 2/1/21 100,000 $107,333
GlaxoSmithKline Plc 123,834 $3,327,256
Global Display Co, Ltd. 125,000 $936,245
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 296,900 $88,070
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 300,000 $78,178
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 755,000 $217,737
Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A) 137,171 $37,259
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 210,000 $201,146
Gol Finance, 9.25%, 7/20/20 (144A) 100,000 $106,840
Golub Capital BDC, Inc. 373,114 $6,350,400
Goodrich Petroleum Corp., 8.875%, 3/15/19 600,000 $641,242
Government National Mortgage Association, Floating Rate Note, 2/16/53 150,000 $11,423
Government National Mortgage Association, Floating Rate Note, 3/16/53 150,000 $10,923
Government National Mortgage Association, Floating Rate Note, 8/16/52 200,000 $13,080
Government National Mortgage Association, Floating Rate Note, 9/16/52 150,000 $11,860
Government National Mortgage Association REMICS, Floating Rate Note, 6/20/38 100,000 $4,173
Grand Korea Leisure Co, Ltd. 22,710 $916,902
Griffon Corp., 5.25%, 3/1/22 (144A) 1,255,000 $1,256,516
GS Mortgage Securities Corp II Series 2004-GG2, Floating Rate Note, 8/10/38 100,000 $100,430
GS Mortgage Securities Trust 2012-GC6, Floating Rate Note, 1/10/45 (144A) 30,000 $31,530
Gulfport Energy Corp., 7.75%, 11/1/20 100,000 $108,646
H&E Equipment Services, Inc., 7.0%, 9/1/22 150,000 $167,625
Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual) 500 $542,807
Halcon Resources Corp., 8.875%, 5/15/21 175,000 $187,065
Halcon Resources Corp., 9.75%, 7/15/20 840,000 $950,740
HCA, Inc., 5.875%, 3/15/22 330,000 $363,380
Hearthside Food Solutions Llc Bridge L + 6% 08apr15 670,000 $670,000
Hercules Offshore, Inc., 6.75%, 4/1/22 (144A) 630,000 $620,353
Hercules Offshore, Inc., 7.5%, 10/1/21 (144A) 800,000 $816,000
Hercules Offshore, Inc., 8.75%, 7/15/21 (144A) 270,000 $297,825
Hexion US Finance Corp., 9.0%, 11/15/20 1,600,000 $1,606,400
Hiland Partners LP, 7.25%, 10/1/20 (144A) 600,000 $662,750
Hkus 9.25% 15feb22 570,000 $625,425
Hlnd 5.5% 15may22 144a 370,000 $376,511
Hostess Brands, Inc., 4/9/20 200,000 $208,250
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 200,000 $180,250
Indonesia Government International Bond, 6.625%, 2/17/37 (144A) 842,000 $980,050
Indonesia Treasury Bond, 6.125%, 5/15/28 75,945,000,000 $5,253,999
Indonesia Treasury Bond, 9.0%, 3/15/29 60,890,000,000 $5,516,276
Indo Tambangraya Megah Tbk PT 631,551 $1,550,994
Industrial & Commercial Bank of China, Ltd. 4,532,000 $2,942,680
Intelsat Luxembourg SA, 7.75%, 6/1/21 100,000 $109,875
Intercorp Financial Services, Inc. 46,172 $1,522,753
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 400,000 $425,319
Iron Mountain, Inc., 5.75%, 8/15/24 1,025,000 $1,042,354
Iron Mountain, Inc., 6.0%, 8/15/23 300,000 $324,050
j2 Global, Inc., 8.0%, 8/1/20 325,000 $361,292
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 760,000 $865,450
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 225,000 $249,750
JBS Investments GmbH, 7.25%, 4/3/24 (144A) 1,800,000 $1,897,525
JBS Investments GmbH, 7.75%, 10/28/20 (144A) 325,000 $351,180
Jefferies Finance LLC, 7.375%, 4/1/20 (144A) 200,000 $212,458
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 725,000 $755,752
Johnson & Johnson 95,311 $9,670,254
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 1,034,680 $1,046,320
JPMorgan Chase & Co., Floating Rate Note, 8/29/49 540,000 $596,261
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51 225,000 $232,932
JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A) 100,000 $100,236
KB Home, 7.0%, 12/15/21 150,000 $168,183
KB Home, 8.0%, 3/15/20 50,000 $57,844
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 685,000 $756,892
Kennedy-Wilson, Inc., 5.875%, 4/1/24 1,210,000 $1,224,545
Key Energy Services, Inc., 6.75%, 3/1/21 485,000 $515,009
Kinder Morgan Energy Partners LP, 5.0%, 8/15/42 100,000 $100,377
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 250,000 $263,319
Kraft Foods Group, Inc. 28,462 $1,692,351
Lamar Media Corp., 5.375%, 1/15/24 300,000 $317,566
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 250,000 $250,458
LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41 124,439 $127,980
Legacy Reserves LP, 6.625%, 12/1/21 150,000 $157,219
Lennar Corp., 4.75%, 11/15/22 135,000 $133,091
Lgcy 6.625% 01dec21 144a 1,025,000 $1,074,328
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 100,000 $93,333
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A) 300,000 $322,271
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 160,000 $171,000
Linn Energy LLC, 7.0%, 11/1/19 (144A) 2,100,000 $2,217,688
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 870,000 $965,700
LKQ Corp., 4.75%, 5/15/23 1,800,000 $1,763,300
Lorillard, Inc. 74,963 $4,660,450
LyondellBasell Industries NV 82,481 $8,212,633
Macy's, Inc. 27,426 $1,642,543
Mapletree Industrial Trust 7,447,000 $8,549,997
Mapletree Logistics Trust 2,855,000 $2,698,372
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A) 200,000 $227,967
Masco Corp., 5.95%, 3/15/22 1,050,000 $1,166,877
Masco Corp., 7.125%, 3/15/20 100,000 $118,504
MasTec, Inc., 4.875%, 3/15/23 750,000 $729,594
MASTR Adjustable Rate Mortgages Trust 2003-6, Floating Rate Note, 12/25/33 8,310,345 $162,517
MASTR Adjustable Rate Mortgages Trust 2005-1, Floating Rate Note, 1/25/35 300,000 $44,248
MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34 350,000 $74,317
Mastr Specialized Loan Trust, Floating Rate Note, 11/25/34 (144A) 250,000 $244,798
McDermott International, Inc., 8.0%, 5/1/21 (144A) 860,000 $881,309
McDonald's Corp. 9,098 $922,810
MCGRAW-HILL SCHOOL EDUCATION HOLDINGS LLC, Term B Loan, 12/18/19 897,750 $908,411
Mcron Finance Sub LLC, 8.375%, 5/15/19 (144A) 80,000 $88,498
MedAssets, Inc., 8.0%, 11/15/18 100,000 $106,356
Mediacom Broadband LLC, 5.5%, 4/15/21 (144A) 1,745,000 $1,786,541
MediaTek, Inc. 252,000 $4,073,323
Memorial Production Partners LP, 7.625%, 5/1/21 390,000 $406,128
Merck & Co, Inc. 180,369 $10,436,150
Meritage Homes Corp., 7.0%, 4/1/22 170,000 $188,558
Meritor, Inc., 6.25%, 2/15/24 645,000 $668,381
Meritor, Inc., 6.75%, 6/15/21 640,000 $703,120
Merrill Lynch Mortgage Investors Trust Series 2006-AF1, 5.75%, 8/25/36 500,000 $81,180
Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1, Floating Rate Note, 1/25/37 110,000 $46,660
Metaldyne LLC, 12/18/18 121,623 $122,018
Metinvest BV, 8.75%, 2/14/18 (144A) 200,000 $182,741
MetroPCS Wireless, Inc., 6.625%, 11/15/20 100,000 $106,794
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 375,000 $407,105
Microsoft Corp. 331,474 $13,570,546
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 175,000 $198,260
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 200,000 $224,250
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 100,000 $60,732
Millar Western Forest Products, Ltd., 8.5%, 4/1/21 1,225,000 $1,328,104
Mirabela Nickel, Ltd., 3.5%, 6/30/14 (144A) (PIK) 10,000 $9,961
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) 100,000 $28,993
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 710,000 $740,456
Mitsubishi Corp. 73,200 $1,451,909
Mitsubishi UFJ Financial Group, Inc. 738,100 $4,182,076
Mizuho Financial Group, Inc. 1,484,200 $2,900,956
Monitronics International, Inc., 3/23/18 58,805 $58,940
Monitronics International, Inc., 9.125%, 4/1/20 965,256 $1,042,678
Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual) 30,000 $839,700
Morgan Stanley Capital I Trust 2007-IQ13, 5.406%, 3/15/44 50,000 $54,954
Morgan Stanley Capital I Trust 2007-IQ15, Floating Rate Note, 6/11/49 100,000 $111,001
MPT Operating Partnership LP, 5.5%, 5/1/24 1,130,000 $1,167,259
Murphy Oil USA, Inc., 6.0%, 8/15/23 (144A) 1,000,000 $1,057,667
Mustang Merger Corp., 8.5%, 8/15/21 (144A) 160,000 $179,204
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 250,000 $267,421
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 250,000 $267,747
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 250,000 $258,539
Nam Cheong, Ltd. 4,440,000 $1,381,685
NANA Development Corp., 9.5%, 3/15/19 (144A) 2,580,000 $2,644,643
Nations Equipment Finance Funding I LLC, 5.5%, 5/20/21 (144A) 200,000 $202,816
Nationstar Mortgage LLC, 6.5%, 6/1/22 1,455,000 $1,382,668
Nationstar Mortgage LLC, 6.5%, 7/1/21 1,080,000 $1,056,600
Nationstar Mortgage LLC, 6.5%, 8/1/18 100,000 $102,417
Navistar International Corp., 8.25%, 11/1/21 375,000 $391,641
Navitas Equipment Receivables LLC 2013-1, 5.82%, 6/15/19 250,000 $250,520
NCR Corp., 6.375%, 12/15/23 (144A) 265,000 $293,140
Neenah Paper, Inc., 5.25%, 5/15/21 (144A) 1,215,000 $1,229,985
Neiman Marcus Group, Ltd. LLC, 8.0%, 10/15/21 (144A) 1,000,000 $1,110,222
Neopost SA 29,975 $2,399,186
NEP, 1/22/20 148,500 $148,741
NeuStar, Inc., 4.5%, 1/15/23 1,290,000 $1,182,930
Ngls 4.25% 15nov23 215,000 $203,581
Nippon Telegraph & Telephone Corp. 100,500 $5,996,789
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 700,000 $712,955
Northern Oil and Gas, Inc., 8.0%, 6/1/20 400,000 $441,000
Novartis AG 94,254 $8,474,637
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 2,825,000 $2,943,493
NRG Energy, Inc., 6.25%, 7/15/22 (144A) 600,000 $648,917
NRG Energy, Inc., 6.625%, 3/15/23 635,000 $686,744
NRG Energy, Inc., 7.625%, 1/15/18 75,000 $87,754
NSG Holdings LLC, 7.75%, 12/15/25 (144A) 300,000 $335,471
Nu Skin Enterprises, Inc. 32,115 $2,371,372
Oasis Petroleum, Inc., 6.875%, 3/15/22 (144A) 250,000 $275,503
Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A) 895,000 $900,003
Ocwen Loan Servicing LLC, 2/15/18 148,500 $149,498
Orange SA 383,247 $6,414,816
Outerwall, Inc., 6.0%, 3/15/19 300,000 $315,425
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 450,000 $488,763
Pacific Textiles Holdings, Ltd. 1,315,000 $1,611,549
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 125,000 $140,388
Parker Drilling Co., 6.75%, 7/15/22 175,000 $185,358
Parker Drilling Co., 7.5%, 8/1/20 170,000 $186,575
Parsley Energy LLC, 7.5%, 2/15/22 (144A) 1,570,000 $1,698,217
PAX Global Technology, Ltd. 2,012,000 $1,214,194
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 700,000 $739,035
PDC Energy, Inc., 7.75%, 10/15/22 200,000 $222,981
Pelican Products, Inc., 4/8/20 232,519 $234,844
Penn Virginia Corp., 7.25%, 4/15/19 200,000 $211,353
Penn Virginia Corp., 8.5%, 5/1/20 650,000 $726,917
Penn Virginia Resource Partners LP, 6.5%, 5/15/21 350,000 $378,136
Petco Holdings, Inc., 8.5%, 10/15/17 (144A) (PIK) 460,000 $473,626
Pfizer, Inc. 387,727 $11,488,351
Pioneer Energy Services Corp., 6.125%, 3/15/22 (144A) 775,000 $805,938
PNK Finance Corp., 6.375%, 8/1/21 (144A) 240,000 $257,700
Post 6% 15dec22 144a 1,775,000 $1,790,531
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,375,000 $1,507,258
Post Holdings Inc Bridge L + 6% 17apr22 715,000 $715,000
PPL Capital Funding, Inc., 5.9%, 4/30/73 10,000 $239,500
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 50,000 $59,089
Production Resource Group, Inc., 8.875%, 5/1/19 475,000 $378,763
Provident Funding Associates LP, 6.75%, 6/15/21 (144A) 400,000 $418,450
QR Energy LP, 9.25%, 8/1/20 650,000 $715,542
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 250,000 $264,825
Radio Systems Corp., 8.375%, 11/1/19 (144A) 250,000 $274,870
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 950,000 $1,033,125
RAMP Series 2004-RZ1 Trust, 4.82%, 3/25/34 (Step) 872,356 $294,220
RASC Series 2003-KS5 Trust, 4.46%, 7/25/33 (Step) 139,000 $93,459
Regal Entertainment Group, 5.75%, 2/1/25 315,000 $321,038
Renfro Corp., 1/30/19 148,125 $148,588
Rent-A-Center, Inc., 4.75%, 5/1/21 1,985,000 $1,898,570
Rentech Nitrogen Partners LP, 6.5%, 4/15/21 (144A) 1,245,000 $1,255,340
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $258,538
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $263,334
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 250,000 $281,647
RESI Finance LP, Floating Rate Note, 9/10/35 (144A) 300,000 $60,792
Resolute Energy Corp., 8.5%, 5/1/20 100,000 $104,458
Revlon Consumer Products Corp., 5.75%, 2/15/21 150,000 $154,790
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 100,000 $107,150
Rfp 5.875% 15may23 960,000 $928,907
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 950,000 $1,029,140
Rice Energy, Inc., 6.25%, 5/1/22 (144A) 785,000 $796,775
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 400,000 $445,333
Roche Holding AG 18,180 $5,367,369
Rose 5.875% 01jun24 680,000 $692,122
Rosetta Resources, Inc., 5.625%, 5/1/21 745,000 $768,980
Rosetta Resources, Inc., 5.875%, 6/1/22 675,000 $716,841
Royal Dutch Shell Plc 273,778 $10,773,069
Ryerson, Inc., 9.0%, 10/15/17 100,000 $108,525
Ryn 5.5% 01jun24 144a 515,000 $522,146
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 290,000 $309,122
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 500,000 $531,556
Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A) 695,000 $763,226
Samson Investment Co., 10.5%, 2/15/20 (144A) 1,000,000 $1,076,653
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 735,000 $812,716
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 250,000 $249,417
Sandre Flt% 25may18 500,000 $495,750
SandRidge Energy, Inc., 7.5%, 2/15/23 50,000 $54,354
SandRidge Energy, Inc., 7.5%, 3/15/21 380,000 $410,717
SandRidge Energy, Inc., 8.125%, 10/15/22 220,000 $240,984
Sarine Technologies, Ltd. 469,000 $1,013,566
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 200,000 $215,299
Scientific Games International, Inc., 6.25%, 9/1/20 750,000 $754,219
Sealed Air Corp., 6.875%, 7/15/33 (144A) 605,000 $638,863
Sega Sammy Holdings, Inc. 63,000 $1,217,094
Seitel, Inc., 9.5%, 4/15/19 400,000 $422,856
SFX Entertainment, Inc., 9.625%, 2/1/19 (144A) 650,000 $699,583
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 185,000 $200,160
Sinclair Television Group, Inc., 6.375%, 11/1/21 265,000 $278,333
Sirius XM Radio, Inc., 4.625%, 5/15/23 (144A) 1,320,000 $1,260,013
SIWF Merger Sub, Inc., 6.25%, 6/1/21 (144A) 200,000 $208,250
SM Energy Co., 5.0%, 1/15/24 (144A) 300,000 $301,167
SNAAC Auto Receivables Trust 2013-1, 4.56%, 4/15/20 (144A) 100,000 $105,216
Sotheby's, 5.25%, 10/1/22 (144A) 1,885,000 $1,826,094
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 270,000 $277,950
SPDR S&P Euro Dividend Aristocrats UCITS ETF 19,866 $560,804
SPDR S&P UK Dividend Aristocrats UCITS ETF 25,151 $557,858
Spirit AeroSystems, Inc., 5.25%, 3/15/22 (144A) 425,000 $436,962
Spmf 5.74% 20mar42 14-3a 178,671 $199,253
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 250,000 $251,144
Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/25/59 (144A) 100,000 $103,925
Sprint Corp., 7.125%, 6/15/24 (144A) 1,375,000 $1,527,553
Sprint Corp., 7.25%, 9/15/21 (144A) 200,000 $224,561
Stackpole International Intermediate, 7.75%, 10/15/21 (144A) 170,000 $179,333
Standard Pacific Corp., 6.25%, 12/15/21 505,000 $556,166
Star Gas Partners LP, 8.875%, 12/1/17 549,000 $606,302
Stone Energy Corp., 7.5%, 11/15/22 595,000 $652,021
StoneMor Partners LP, 7.875%, 6/1/21 (144A) 735,000 $798,853
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 250,000 $256,219
Sumitomo Mitsui Financial Group, Inc. 150,800 $6,125,533
Summit Midstream Holdings LLC, 7.5%, 7/1/21 325,000 $362,781
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 665,000 $724,573
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 1,095,000 $1,193,094
Swedbank AB 143,912 $3,833,631
Swift Energy Co., 7.875%, 3/1/22 1,345,000 $1,411,830
Swift Energy Co., 8.875%, 1/15/20 355,000 $389,090
Swiss Re AG 24,595 $2,192,911
Talos Production LLC, 9.75%, 2/15/18 (144A) 200,000 $216,742
TCP Capital Corp. 529,424 $9,084,916
TDC A/S 115,937 $1,127,996
Telecom Corp of New Zealand, Ltd. 614,281 $1,402,721
Tempur Sealy International, Inc., 6.875%, 12/15/20 325,000 $366,178
Tgi 5.25% 01jun22 144a 550,000 $554,125
The Bank of New York Mellon Corp., Floating Rate Note, 12/31/49 (Perpetual) 400,000 $376,250
The Dow Chemical Co. 12,138 $632,633
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 500,000 $543,229
The PNC Financial Services Group, Inc., Floating Rate Note, 12/31/49 (Perpetual) 30,000 $33,739
The Ryland Group, Inc., 5.375%, 10/1/22 205,000 $205,811
TimberStar Trust 1, 7.5296%, 10/15/36 (144A) 25,000 $26,800
Titan International, Inc., 6.875%, 10/1/20 (144A) 500,000 $522,604
T-Mobile USA, Inc., 6.125%, 1/15/22 170,000 $185,695
T-Mobile USA, Inc., 6.5%, 1/15/24 215,000 $235,813
T-Mobile USA, Inc., 6.836%, 4/28/23 335,000 $371,299
TMS International Corp., 7.625%, 10/15/21 (144A) 155,000 $166,973
TMX Finance LLC, 8.5%, 9/15/18 (144A) 1,290,000 $1,393,773
Tonobz 10.5% 14may24 144a 550,000 $570,602
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A) 200,000 $193,225
Total SA 72,137 $5,066,780
TPG Specialty Lending, Inc. 134,510 $2,850,267
TRAC Intermodal LLC, 11.0%, 8/15/19 100,000 $117,489
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $253,654
Transcend Information, Inc. 618,000 $2,245,857
TriplePoint Venture Growth BDC Corp. 256,010 $3,998,876
Tronox Finance LLC, 6.375%, 8/15/20 800,000 $845,017
Truven Health Analytics, Inc., 10.625%, 6/1/20 80,000 $93,050
Tseau 8.375% 15may20 144a 635,000 $653,534
Unifrax I LLC, 7.5%, 2/15/19 (144A) 200,000 $214,417
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A) 100,000 $97,383
United Continental Holdings, Inc., 6.0%, 12/1/20 210,000 $226,030
United Rentals North America, Inc., 5.75%, 11/15/24 640,000 $664,036
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,080,000 $1,160,948
Univision Communications, Inc., 3/1/20 59,361 $59,249
US Airways 2013-1 Class B Pass Through Trust, 5.375%, 11/15/21 150,000 $154,108
USI, Inc. New York, 7.75%, 1/15/21 (144A) 200,000 $211,856
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 300,000 $323,444
Valero Energy Corp., 6.625%, 6/15/37 100,000 $127,949
Vanguard Natural Resources LLC, 7.875%, 4/1/20 230,000 $251,419
Verizon Communications, Inc. 105,404 $5,260,825
Verizon Communications, Inc. 116,635 $5,827,085
Vertafore, Inc., 10/3/19 95,549 $95,807
Viasystems, Inc., 7.875%, 5/1/19 (144A) 2,250,000 $2,394,141
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 50,000 $56,668
Voya Financial, Inc., Floating Rate Note, 5/15/53 300,000 $304,878
W&T Offshore, Inc., 8.5%, 6/15/19 500,000 $560,847
Wachovia Bank Commercial Mortgage Trust Series 2006-C24, Floating Rate Note, 3/15/45 84,000 $86,640
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46 25,000 $26,115
Warner Chilcott Co LLC, 7.75%, 9/15/18 40,000 $42,904
Waterjet Holdings, Inc., 7.625%, 2/1/20 (144A) 1,865,000 $2,029,360
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 100,000 $104,646
WellCare Health Plans, Inc., 5.75%, 11/15/20 1,000,000 $1,067,556
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A) 160,000 $170,800
West Corp., 6/30/18 122,255 $121,185
Western Refining, Inc., 6.25%, 4/1/21 1,650,000 $1,733,188
WF-RBS Commercial Mortgage Trust 2011-C2, Floating Rate Note, 2/15/44 (144A) 50,000 $53,165
WFRBS Commercial Mortgage Trust 2011-C3, Floating Rate Note, 3/15/44 (144A) 100,000 $110,377
WFRBS Commercial Mortgage Trust 2013-C12, Floating Rate Note, 3/15/48 (144A) 100,000 $94,367
Windstream Corp., 6.375%, 8/1/23 1,510,000 $1,530,763
Windstream Corp., 7.5%, 6/1/22 770,000 $856,625
Windstream Corp., 7.75%, 10/1/21 590,000 $647,771
WMG Acquisition Corp., 5.625%, 4/15/22 (144A) 1,900,000 $1,920,188
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 800,000 $807,800
Wynn Las Vegas LLC, 4.25%, 5/30/23 (144A) 1,120,000 $1,113,000
Xerium Technologies, Inc., 8.875%, 6/15/18 1,130,000 $1,246,869
Yahoo!, Inc. 66,607 $2,307,933
Zurich Insurance Group AG 22,280 $6,699,868

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