Pioneer High Yield Fund

Top 10 Portfolio Holdings as of 7/31/2014
Default: sorted by market value

Security Name Par / Shares Market Value
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 3,055,000 $3,154,288
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 4,550,000 $4,811,183
Activision Blizzard, Inc., 5.625%, 9/15/21 (144A) 1,725,000 $1,847,906
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,285,000 $3,615,599
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6,205,000 $6,540,458
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 8,541 $8,569
AES Corp. Virginia, 5.5%, 3/15/24 1,650,000 $1,653,300
Aetna, Inc. 108,880 $8,441,466
Affinion Group, Inc., Tranche B Term Loan, 10/9/16 1,993,062 $1,979,567
Aguila 3 SA, 7.875%, 1/31/18 (144A) 1,700,000 $1,845,934
Akamai Technologies, Inc., 0.0%, 2/15/19 (144A) 4,555,000 $4,614,802
Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A) 250,000 $252,550
Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A) 3,755,000 $5,192,696
Alere, Inc., 3.0%, 5/15/16 9,460,000 $10,548,688
Alere, Inc., 3.0% (Perpetual) 83,308 $27,777,803
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,188,003 $1,188,746
Alliance One International, Inc., 9.875%, 7/15/21 8,460,000 $8,351,012
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,241,557 $1,244,391
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 7,462 $7,473
Ally Financial, Inc., 7.0% (Perpetual) (144A) 6,450 $6,450,000
Alpha Natural Resources, Inc., 3.75%, 12/15/17 4,705,000 $4,004,151
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 1,515,236 $1,893,136
Altrl Flt% 30jun16 6,500,000 $6,768,450
American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 1/15/23 1,982,333 $1,986,694
American Energy Partners Inc L + 7.75% 17jun15 8,790,000 $8,790,000
American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A) 2,275,000 $2,201,529
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3,365,000 $3,987,432
AMG Capital Trust II, 5.15%, 10/15/37 48,000 $3,036,000
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5,445,000 $5,505,500
Amsurg Corp., 5.625%, 7/15/22 (144A) 4,240,000 $4,271,138
Antero Resources Finance Corp., 5.375%, 11/1/21 2,500,000 $2,564,844
Antero Resources Finance Corp., 6.0%, 12/1/20 3,360,000 $3,536,400
APERAM, 7.375%, 4/1/16 (144A) 2,615,000 $2,738,123
Approach Resources, Inc., 7.0%, 6/15/21 1,205,000 $1,286,904
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,500,000 $3,567,339
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 3,350,000 $3,452,803
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 4,300,000 $758,655
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,961,463 $1,970,658
ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A) 2,340,000 $2,215,303
Arlington Flt% 01aug15 1,200,000 $1,218,000
Ascent Capital Group, Inc., 4.0%, 7/15/20 2,710,000 $2,482,774
Athlon Holdings LP, 6.0%, 5/1/22 (144A) 3,095,000 $3,149,163
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 450,000 $465,864
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,350,000 $2,479,642
Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 9,880,000 $10,528,787
Aviv Healthcare Properties LP, 7.75%, 2/15/19 2,675,000 $2,904,344
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 1,570,285 $1,564,396
Axiall Corp. 186,606 $7,992,335
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 2,000,000 $2,012,483
Bankrate, Inc., 6.125%, 8/15/18 (144A) 3,400,000 $3,683,026
Basic Energy Services, Inc., 7.75%, 10/15/22 9,355,000 $10,340,263
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 1,000,000 $995,202
BC Mountain LLC, 7.0%, 2/1/21 (144A) 7,901,000 $7,861,495
Belden, Inc., 5.25%, 7/15/24 (144A) 1,255,000 $1,258,085
Berkeley-Kane Flt% 12jun15 1,004,200 $1,012,635
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 1,920,000 $1,969,840
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1,920,000 $2,025,680
Bio-Rad Laboratories, Inc. 46,569 $5,354,969
BioScrip, Inc. 255,259 $1,911,890
BioScrip, Inc., 8.875%, 2/15/21 (144A) 3,675,000 $3,911,706
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 1,232,125 $1,249,067
BioScrip, Inc., Initial Term B Loan, 7/31/20 2,053,542 $2,081,778
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $254,343
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 1,500,000 $1,524,614
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 2,755,000 $2,977,696
Bombardier, Inc., 4.75%, 4/15/19 (144A) 2,650,000 $2,608,447
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6,025,000 $6,022,992
Bristow Group, Inc., 6.25%, 10/15/22 4,245,000 $4,556,595
Brocade Communications Systems, Inc., 4.625%, 1/15/23 3,865,000 $3,718,345
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,219,817
Brown Shoe Co, Inc., 7.125%, 5/15/19 2,350,000 $2,505,785
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,325,000 $1,338,410
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,500,000 $1,556,113
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,435,000 $2,599,363
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6,525,000 $6,798,053
Cambium Learning Group, Inc., 9.75%, 2/15/17 3,695,000 $3,861,121
CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A) 575,000 $575,501
Cardtronics, Inc., 1.0%, 12/1/20 (144A) 6,345,000 $6,300,056
Carriage Services, Inc., 2.75%, 3/15/21 (144A) 2,195,000 $2,244,570
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,150,000 $2,388,292
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 10,236,000 $10,956,572
CCO Holdings LLC, 6.5%, 4/30/21 9,250,000 $9,771,983
Cengage Learning Holdings II LP 13,966 $489,683
CenturyLink, Inc., 5.8%, 3/15/22 3,625,000 $3,795,053
CenturyLink, Inc., 6.45%, 6/15/21 3,300,000 $3,574,698
Cepheid, 1.25%, 2/1/21 (144A) 1,905,000 $1,811,536
CEVA GROUP Plc 2,282 $2,510,266
CEVA GROUP Plc, 0.0%, 12/31/14 4,940 $5,434,055
Chaparral Energy, Inc., 8.25%, 9/1/21 3,310,000 $3,655,481
Chemtura Corp., 5.75%, 7/15/21 2,725,000 $2,786,464
Chesapeake Energy Corp., 5.375%, 6/15/21 8,435,000 $8,719,623
CHS, 8.0%, 11/15/19 16,400,000 $17,869,258
Ciena Corp., 0.875%, 6/15/17 9,000,000 $8,925,688
Cigna Corp. 67,800 $6,104,712
Cimarex Energy Co., 5.875%, 5/1/22 3,110,000 $3,443,353
Cincinnati Bell, Inc., 8.375%, 10/15/20 13,358,000 $14,822,835
Cinedigm Digital Funding I LLC, Term Loan, 2/28/18 1,244,365 $1,246,698
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,560,000 $1,411,169
Citigroup, Inc., Floating Rate Note (Perpetual) 2,375,000 $2,425,223
Citigroup, Inc., Floating Rate Note (Perpetual) 411,000 $11,224,410
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 2,470,000 $2,690,791
Clearwater Paper Corp., 4.5%, 2/1/23 1,580,000 $1,552,350
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 9,550,000 $9,944,866
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,935,000 $1,808,864
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 595,000 $502,485
Cobalt International Energy, Inc., 2.625%, 12/1/19 8,895,000 $7,944,347
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,318,899
COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 2,650,000 $2,661,316
Commercial Vehicle Group, Inc. 482,433 $4,419,086
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,860,000 $1,857,158
CommScope, Inc., 5.5%, 6/15/24 (144A) 1,770,000 $1,777,645
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,400,000 $1,418,937
Comstock Resources, Inc., 7.75%, 4/1/19 3,832,000 $4,132,173
Concho Resources, Inc., 5.5%, 4/1/23 3,675,000 $3,871,000
Concho Resources, Inc., 6.5%, 1/15/22 2,925,000 $3,123,575
Constellation Brands, Inc., 3.75%, 5/1/21 4,100,000 $4,035,938
Constellation Brands, Inc., 4.25%, 5/1/23 3,235,000 $3,228,934
Corsicanto, Ltd., 3.5%, 1/15/32 4,815,000 $3,814,349
Cott Beverages, Inc., 5.375%, 7/1/22 (144A) 3,995,000 $3,967,132
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 4,810,000 $5,089,080
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 13,120,000 $14,654,038
Cubist Pharmaceuticals, Inc. 104,790 $6,381,711
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 4,900,000 $5,284,344
Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 6,805,000 $7,372,792
CWGS Group LLC, Term Loan, 2/20/20 7,105,063 $7,176,113
DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18 1,931,898 $1,950,019
Dana Holding Corp., 6.0%, 9/15/23 4,650,000 $4,953,025
Dartmouth Zero% 31dec14 4,080,000 $3,950,664
Denbury Resources, Inc., 4.625%, 7/15/23 5,520,000 $5,172,547
Denbury Resources, Inc., 5.5%, 5/1/22 4,670,000 $4,653,201
DigitalGlobe, Inc., 5.25%, 2/1/21 4,350,000 $4,371,750
DR Horton, Inc., 5.75%, 8/15/23 5,045,000 $5,456,238
DryShips, Inc., 5.0%, 12/1/14 500,000 $502,292
DuPont Fabros Technology LP, 5.875%, 9/15/21 1,000,000 $1,042,194
Dycom Investments, Inc., 7.125%, 1/15/21 3,000,000 $3,242,000
DynCorp International, Inc., 10.375%, 7/1/17 1,583,000 $1,622,410
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 400,000 $428,380
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $514,375
EMC Corp./MA 103,800 $3,041,340
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 5,787,000 $5,975,238
Emulex Corp., 1.75%, 11/15/18 (144A) 3,295,000 $3,070,345
Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A) 7,715,000 $7,480,684
Endologix, Inc., 2.25%, 12/15/18 3,015,000 $2,942,640
Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A) 4,155,000 $4,184,085
Energy Transfer Equity LP, 5.875%, 1/15/24 (144A) 3,520,000 $3,599,591
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 3,865,000 $4,075,965
Entegris, Inc., 6.0%, 4/1/22 (144A) 5,100,000 $5,367,750
EP Energy LLC, 9.375%, 5/1/20 13,000,000 $14,702,188
EPL Oil & Gas, Inc., 8.25%, 2/15/18 5,205,000 $5,637,232
Equinix, Inc., 5.375%, 4/1/23 5,465,000 $5,590,240
ESCO Technologies, Inc. 28,022 $940,138
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 13,890,043 $13,887,876
Exterran Holdings, Inc., 7.25%, 12/1/18 1,725,000 $1,819,156
Exterran Partners LP, 6.0%, 10/1/22 (144A) 5,175,000 $5,247,450
Exterran Partners LP, 6.0%, 4/1/21 2,750,000 $2,805,000
Fannie Mae, 0.5%, 12/15/33 (144A) 4,050,000 $3,958,931
Ferrellgas LP, 6.5%, 5/1/21 1,850,000 $1,940,188
Ferrellgas LP, 6.75%, 1/15/22 (144A) 3,585,000 $3,748,118
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 5,400,000 $5,838,750
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 5,168,665 $5,302,730
Fifth Third Bancorp, Floating Rate Note (Perpetual) 76,950 $2,070,725
First Data Corp., 12.625%, 1/15/21 3,282,000 $3,943,613
Flextronics International, Ltd., 4.625%, 2/15/20 1,380,000 $1,426,680
Flextronics International, Ltd., 5.0%, 2/15/23 2,295,000 $2,382,338
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 4,250,000 $4,476,844
Ford Motor Co., 4.25%, 11/15/16 6,341,000 $12,548,663
Forest City Enterprises, Inc. 557,579 $10,688,789
Forest City Enterprises, Inc., 3.625%, 8/15/20 4,885,000 $5,177,320
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,500,000 $1,521,675
Freeport-McMoRan, Inc. 389,664 $14,503,294
Frontier Communications Corp., 7.125%, 1/15/23 4,750,000 $4,931,292
Frontier Communications Corp., 8.5%, 4/15/20 9,705,000 $11,427,907
Frontier Communications Corp., 8.75%, 4/15/22 3,100,000 $3,613,868
FTS International, Inc., 6.25%, 5/1/22 (144A) 1,275,000 $1,320,555
Fts International Inc 1st Lien Term L + 4.75% 01apr21 1,662,545 $1,680,804
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,800,000 $1,844,510
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 6,170,000 $6,625,166
General Cable Corp. 667,230 $14,832,523
General Cable Corp., 4.5%, 11/15/29 (Step) 10,874,000 $10,012,236
Gentiva Health Services, Inc., 11.5%, 9/1/18 684,000 $757,815
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 7,414,670 $7,432,006
Gibraltar Industries, Inc., 6.25%, 2/1/21 2,750,000 $2,897,813
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 3,319,000 $924,726
GLP Capital LP, 4.375%, 11/1/18 2,075,000 $2,128,820
GLP Capital LP, 4.875%, 11/1/20 3,250,000 $3,338,359
GMAC Capital Trust I, Floating Rate Note, 2/15/40 358,975 $9,756,941
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,513,900 $2,399,641
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 54,000 $12,986
Green Field Energy Services, Inc., 11/15/21 (144A) 2,275 $2,286
GS Mortgage Securities Corp II Series 2004-GG2, Floating Rate Note, 8/10/38 1,000,000 $1,003,843
Gulfport Energy Corp., 7.75%, 11/1/20 7,615,000 $8,409,816
Halcon Resources Corp. 7,229 $43,013
Halcon Resources Corp., 5.75% (Perpetual) 715 $786,500
Halcon Resources Corp., 8.875%, 5/15/21 7,255,000 $7,662,993
Halcon Resources Corp., 9.25%, 2/15/22 3,225,000 $3,527,836
Hexion US Finance Corp., 8.875%, 2/1/18 2,756,000 $2,966,490
Hexion US Finance Corp., 9.0%, 11/15/20 2,445,000 $2,479,230
Hologic, Inc., 2.0%, 12/15/37 (Step) 2,345,000 $2,968,430
Hologic, Inc., 2.0%, 3/1/42 (Step) 3,450,000 $3,817,281
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,400,000 $1,042,823
Horizon Lines, Inc. 4,099,666 $1,516,876
Hunter Defense Technologies, Inc., Term Loan, 8/22/14 1,578,128 $1,518,948
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6,445,000 $6,074,413
IAP Worldwide Services, Inc., Term Loan (First Lien) Retired 07/18/2014, 12/31/15 1,622,731 $470,592
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,500,000 $1,524,863
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,200,000 $1,213,485
Insulet Corp., 2.0%, 6/15/19 960,000 $1,012,573
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 1,150,000 $1,171,235
Intelsat Luxembourg SA, 7.75%, 6/1/21 3,900,000 $4,038,125
International Equipment Solutions LLC, Initial Loan, 8/16/19 2,914,509 $2,932,725
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 2,950,000 $3,170,533
Itron, Inc. 106,629 $3,836,511
j2 Global, Inc., 8.0%, 8/1/20 6,085,000 $6,815,200
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 1,990,000 $2,209,729
James River Coal Co., 7.875%, 4/1/19 4,170,000 $732,356
Jarden Corp., 1.125%, 3/15/34 (144A) 4,280,000 $4,244,423
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 4,030,000 $4,579,088
JLL, 7.5%, 2/1/22 (144A) 5,610,000 $5,984,000
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 2,855,000 $2,915,431
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 3,863,910 $3,883,230
Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 1,300,000 $1,381,250
Joy Global, Inc. 109,200 $6,471,192
JPMorgan Chase & Co., 5.0%, 12/20/15 5,295,000 $325,241
JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 4,270,000 $4,280,200
Kane Flt% 12jun15 3,040,000 $2,716,240
Kane Flt% 14jul15 1,018,720 $966,052
Kane Flt% 30jul16 1,450,000 $1,485,235
Kane-Pi3 Flt% 07apr15 1,255,400 $1,281,390
Kane- Pi3 Zero% 18jul16 4,010,500 $4,180,144
KB Home, 1.375%, 2/1/19 11,400,000 $11,100,750
KB Home, 7.0%, 12/15/21 8,375,000 $9,078,035
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 3,635,000 $4,044,518
Kennametal, Inc. 139,920 $5,915,818
Kennedy-Wilson, Inc., 5.875%, 4/1/24 1,480,000 $1,514,133
Key Energy Services, Inc., 6.75%, 3/1/21 2,555,000 $2,677,959
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $349,151
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 2,575,000 $2,588,622
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 3,200,000 $3,231,467
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 2,403,903 $2,406,470
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 1,400,000 $1,473,422
Kodiak Oil & Gas Corp., 5.5%, 2/1/22 3,000,000 $3,247,500
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,200,000 $5,764,937
Lam Research Corp., 1.25%, 5/15/18 5,491,000 $7,386,158
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,859,000 $10,037,284
Lear Corp., 11/9/14 2,230 $421,013
Legacy Reserves LP, 6.625%, 12/1/21 3,350,000 $3,395,365
Legacy Reserves LP, 6.625%, 12/1/21 (144A) 3,850,000 $3,902,135
Lennar Corp., 2.75%, 12/15/20 (144A) 3,015,000 $5,034,338
Lennar Corp., 4.5%, 6/15/19 4,150,000 $4,173,863
Lennar Corp., 4.75%, 11/15/22 8,730,000 $8,468,343
Level 3 Financing Inc Bridge L + 4.25% 15jun15 6,015,000 $6,015,000
Liberty Media Corp., 1.375%, 10/15/23 (144A) 4,425,000 $4,548,009
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 2,400,000 $2,362,000
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 3,860,000 $4,161,563
Linn Energy LLC, 6.25%, 11/1/19 14,935,000 $15,392,384
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 1,300,000 $1,313,199
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 3,050,000 $3,375,333
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 1,500,000 $1,524,483
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,519,175
LyondellBasell Industries NV 93,934 $9,980,488
Marathon Oil Corp. 147,800 $5,727,250
Marathon Petroleum Corp. 73,900 $6,169,172
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 13,206,505 $1,939,339
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 5,360,000 $5,695,000
MedAssets, Inc., 8.0%, 11/15/18 1,400,000 $1,483,144
Memorial Production Partners LP, 6.875%, 8/1/22 (144A) 2,000,000 $1,945,347
Memorial Production Partners LP, 7.625%, 5/1/21 3,350,000 $3,505,984
Mentor Graphics Corp., 4.0%, 4/1/31 5,815,000 $6,793,858
Meritage Homes Corp., 7.0%, 4/1/22 3,660,000 $4,083,950
Meritor, Inc., 6.75%, 6/15/21 3,240,000 $3,462,345
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 1,825,000 $1,967,179
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 4,155,000 $4,625,900
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $2,934,167
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 8,775,000 $4,718,634
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 4,815,000 $5,117,242
MMM Holdings, Inc., MMM Term Loan, 12/12/17 1,018,402 $1,027,313
Molina Healthcare, Inc., 1.125%, 1/15/20 4,225,000 $4,953,284
Monitronics International, Inc., 9.125%, 4/1/20 2,400,000 $2,593,000
Monitronics International, Inc., Term B Loan (2013), 3/23/18 5,978,019 $5,982,688
Morgan Stanley, Floating Rate Note (Perpetual) 189,000 $5,208,840
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,876,896
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 740,405 $743,182
Mueller Water Products, Inc., 7.375%, 6/1/17 7,076,000 $7,251,426
Murray Energy Corp., 8.625%, 6/15/21 (144A) 1,900,000 $2,034,940
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,400,000 $2,480,480
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 1,325,000 $1,408,049
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 675,000 $711,686
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 500,000 $512,556
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,800,000 $1,811,725
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,583,525 $2,595,365
National Surgical Hospitals, Inc., Term Loan, 8/1/19 1,513,563 $1,520,184
Nationstar Mortgage LLC, 6.5%, 6/1/22 1,515,000 $1,489,750
Nationstar Mortgage LLC, 6.5%, 7/1/21 11,350,000 $11,070,979
Nationstar Mortgage LLC, 6.5%, 8/1/18 1,820,000 $1,860,950
Navistar International Corp., 8.25%, 11/1/21 6,850,000 $7,213,906
NCR Corp. 101,437 $3,139,475
Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20 1,626,835 $1,621,447
NeuStar, Inc., 4.5%, 1/15/23 5,048,000 $4,300,896
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 5,000,000 $5,107,118
Northern Oil and Gas, Inc., 8.0%, 6/1/20 4,125,000 $4,406,875
NorthStar Realty Finance Corp., 3.0%, 9/30/14 4,550,000 $4,598,708
Novellus Systems, Inc., 2.625%, 5/15/41 0 $26,101
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 1,450,000 $1,475,174
NRG Energy, Inc., 7.625%, 1/15/18 4,700,000 $5,232,928
NRG Energy, Inc., 7.875%, 5/15/21 0 $78,138
NRG Energy, Inc., 8.25%, 9/1/20 7,850,000 $8,708,594
Nuance Communications, Inc., 2.75%, 11/1/31 19,972,000 $20,009,448
Numericable Group SA, 6.0%, 5/15/22 (144A) 1,575,000 $1,604,663
Nu Skin Enterprises, Inc. 43,613 $2,559,647
NuStar Logistics LP, Floating Rate Note, 1/15/43 130,000 $3,499,600
NuVasive, Inc., 2.75%, 7/1/17 459,000 $534,066
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,820,000 $3,035,025
Offshore Group Investment, Ltd., 7.125%, 4/1/23 4,000,000 $4,045,000
Offshore Group Investment, Ltd., 7.5%, 11/1/19 3,650,000 $3,827,938
Offshore Group Investment, Ltd., Second Term Loan, 3/28/19 2,320,625 $2,314,341
ON Semiconductor Corp., 2.625%, 12/15/26 16,914,000 $19,254,122
Orbital Sciences Corp. 150,232 $3,856,455
Outerwall, Inc., 5.875%, 6/15/21 (144A) 4,010,000 $3,973,854
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 3,100,000 $3,241,739
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) 1,532,000 $1,648,669
Pangaea Zero% 01jul18 5,120,000 $5,215,232
Parker Drilling Co., 7.5%, 8/1/20 2,995,000 $3,294,500
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 2,805,000 $2,946,224
PDC Energy, Inc., 7.75%, 10/15/22 4,960,000 $5,618,784
PDL BioPharma, Inc., 4.0%, 2/1/18 5,375,000 $6,047,024
Penn Virginia Corp., 6.0% (Perpetual) (144A) 20,400 $2,043,305
Penn Virginia Corp., 7.25%, 4/15/19 5,845,000 $6,203,575
Penn Virginia Corp., 8.5%, 5/1/20 4,995,000 $5,638,106
PetroQuest Energy, Inc., 6.875% (Perpetual) 59,180 $2,393,091
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 1,600,000 $1,743,022
Polymet Mining Corp. 1,373,468 $1,593,223
Post Holdings, Inc., 2.5% (Perpetual) (144A) 73,300 $6,739,019
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,775,000 $1,863,750
Post Holdings, Inc., 7.375%, 2/15/22 2,100,000 $2,307,915
PPL Capital Funding, Inc., 5.9%, 4/30/73 214,000 $5,076,080
Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A) 1,595,000 $1,811,854
QR Energy LP, 9.25%, 8/1/20 3,075,000 $3,663,094
Quebecor Media, Inc., 5.75%, 1/15/23 5,975,000 $6,078,650
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,033,700
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 1,450,000 $1,504,713
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 250,000 $257,494
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 1,150,000 $1,174,744
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 1,750,000 $1,834,583
Regal Entertainment Group, 5.75%, 2/1/25 4,895,000 $5,023,494
Regal Entertainment Group, 5.75%, 3/15/22 425,000 $443,003
Rent-A-Center, Inc., 4.75%, 5/1/21 2,590,000 $2,342,331
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A) 2,000,000 $2,120,422
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $843,209
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 3,450,000 $3,629,285
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 1,750,000 $1,831,103
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 2,100,000 $2,311,120
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 950,000 $1,086,853
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $261,011
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,100,000 $1,218,971
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,750,000 $2,118,414
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 500,000 $546,572
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A) 250,000 $259,878
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 800,000 $844,551
Resolute Forest Products, Inc., 5.875%, 5/15/23 5,570,000 $5,360,583
Revlon Consumer Products Corp., 5.75%, 2/15/21 2,495,000 $2,598,577
Rexel SA, 5.25%, 6/15/20 (144A) 5,200,000 $5,312,883
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 6,700,000 $7,356,879
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,495,000 $7,910,556
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 800,000 $855,200
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 4,565,000 $5,177,197
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,800,000 $1,875,000
Rice Energy, Inc., 6.25%, 5/1/22 (144A) 3,295,000 $3,316,967
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 7,285,000 $8,104,563
Rosetta Resources, Inc., 5.875%, 6/1/22 8,170,000 $8,392,973
RTI International Metals, Inc., 1.625%, 10/15/19 3,805,000 $3,725,703
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 9,380,000 $9,972,113
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 2,000,000 $2,124,556
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 5,270,000 $10,919,001
Sanchez Energy Corp., 7.75%, 6/15/21 5,075,000 $5,556,632
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) 2,400,000 $2,374,560
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,600,000 $1,600,071
SandRidge Energy, Inc., 7.0% (Perpetual) 33,162 $3,382,524
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 2,690,000 $2,909,777
SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A) 2,170,000 $2,096,943
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 5,900,000 $5,860,544
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4,300,000 $4,377,042
Sealy Corp., 8.0%, 7/15/16 (PIK) 143,000 $11,332,750
Sector Re V, Ltd., 0.0%, 12/1/17 (Cat Bond) (144A) 13,799 $0
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 2,150,000 $2,294,265
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,587 $224,710
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,250,000 $1,287,125
Seitel, Inc., 9.5%, 4/15/19 2,955,000 $3,192,795
ServiceNow, Inc., 0.0%, 11/1/18 (144A) 2,235,000 $2,399,831
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 6,910,000 $7,473,597
Ship Midco, Ltd., Facility B2A-II, 11/29/19 2,469,527 $2,493,605
Shutterfly, Inc., 0.25%, 5/15/18 7,455,000 $7,733,838
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,331,600
Sotheby's, 5.25%, 10/1/22 (144A) 1,425,000 $1,417,875
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 4,460,000 $4,732,556
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 400,000 $401,748
Sprint Corp., 7.25%, 9/15/21 (144A) 2,490,000 $2,720,048
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 875,796 $880,996
Standard Pacific Corp., 6.25%, 12/15/21 6,975,000 $7,274,828
Starbucks Corp. 59,425 $4,616,134
Stone Energy Corp., 7.5%, 11/15/22 1,945,000 $2,116,808
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $883,779
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 1,200,000 $1,258,875
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 375,000 $397,392
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 2,250,000 $2,445,469
SunPower Corp., 0.875%, 6/1/21 (144A) 2,860,000 $3,222,763
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 1,915,875 $1,918,270
Swift Energy Co., 7.875%, 3/1/22 14,720,000 $15,865,400
syncreon Group BV, 8.625%, 11/1/21 (144A) 3,500,000 $3,588,594
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,000,000 $3,247,375
Targa Resources Partners LP, 4.25%, 11/15/23 5,985,000 $5,859,149
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 1,000,000 $1,040,317
TE Connectivity, Ltd. 58,898 $3,645,197
Tenet Healthcare Corp., 4.375%, 10/1/21 2,850,000 $2,753,516
Tesoro Corp., 5.375%, 10/1/22 5,445,000 $5,569,781
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 1,635,000 $1,798,137
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 2,840,000 $3,054,183
The KEYW Holding Corp., 2.5%, 7/15/19 2,150,000 $2,174,337
Theravance, Inc., 2.125%, 1/15/23 9,215,000 $9,845,716
Thermo Fisher Scientific, Inc. 95,749 $11,633,504
The Ryland Group, Inc., 0.25%, 6/1/19 2,870,000 $2,645,183
The Ryland Group, Inc., 5.375%, 10/1/22 2,540,000 $2,534,708
TIBCO Software, Inc., 2.25%, 5/1/32 3,900,000 $3,960,938
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 3,018,689 $3,025,294
T-Mobile USA, Inc., 6.125%, 1/15/22 965,000 $995,371
T-Mobile USA, Inc., 6.5%, 1/15/24 1,200,000 $1,254,467
T-Mobile USA, Inc., 6.542%, 4/28/20 4,300,000 $4,495,844
T-Mobile USA, Inc., 6.633%, 4/28/21 2,865,000 $3,009,834
T-Mobile USA, Inc., 6.731%, 4/28/22 2,000,000 $2,096,122
TMS International Corp., 7.625%, 10/15/21 (144A) 2,165,000 $2,343,507
TMX Finance LLC, 8.5%, 9/15/18 (144A) 3,265,000 $3,569,824
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 8,512,680 $8,486,078
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $250,470
Tronox Finance LLC, 6.375%, 8/15/20 5,195,000 $5,399,661
United Airlines, Inc., 4.5%, 1/15/15 2,575,000 $6,370,228
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 2,525,000 $2,694,894
United Continental Holdings, Inc., 6.0%, 7/15/26 3,200,000 $3,140,533
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,265,000 $1,334,777
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 6,035,000 $6,424,341
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 1,421,083 $1,413,978
USI, Inc. New York, 7.75%, 1/15/21 (144A) 4,900,000 $4,880,128
Vanguard Natural Resources LLC, 7.875%, 4/1/20 4,700,000 $5,128,875
Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 4.0%, 4/27/54 (Step) (144A) 1,000,000 $990,625
Vertafore, Inc., Term Loan (2013), 10/3/19 668,841 $670,095
ViaSat, Inc., 6.875%, 6/15/20 3,000,000 $3,251,354
Viasystems, Inc., 7.875%, 5/1/19 (144A) 5,300,000 $5,616,344
Videotron, Ltd., 5.375%, 6/15/24 (144A) 9,050,000 $9,112,156
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,290,000 $4,815,644
Virgin Media Investment Holdings, Ltd., B Facility, 6/8/20 7,575,000 $7,515,226
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,471,625 $1,092,682
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 3,755,000 $3,547,536
Voya Financial, Inc., Floating Rate Note, 5/15/53 4,200,000 $4,323,597
Waters Corp. 17,606 $1,821,165
WCA Waste Corp., Term Loan, 3/23/18 620,713 $621,100
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 3,350,000 $3,593,824
WebMD Health Corp., 1.5%, 12/1/20 (144A) 5,145,000 $5,842,791
WebMD Health Corp., 2.5%, 1/31/18 6,420,000 $6,926,021
WellCare Health Plans, Inc., 5.75%, 11/15/20 5,970,000 $6,161,869
Wells Fargo & Co., 7.5% (Perpetual) 2,000 $2,420,000
WESCO Distribution, Inc., 5.375%, 12/15/21 5,145,000 $5,296,099
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $452,460
WEX, Inc., 4.75%, 2/1/23 (144A) 2,950,000 $2,916,813
Windstream Corp., 6.375%, 8/1/23 5,275,000 $5,377,203
Windstream Corp., 7.5%, 6/1/22 11,030,000 $12,022,700
Windstream Corp., 7.75%, 10/15/20 8,460,000 $9,245,253
Windstream Holdings, Inc. 585,800 $6,713,268
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 5,475,000 $5,439,413
Xerium Technologies, Inc., 8.875%, 6/15/18 2,660,000 $2,849,765

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