Pioneer High Yield Fund

Top 10 Portfolio Holdings as of 6/30/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A) 4,550,000 $4,884,172
Activision Blizzard, Inc., 5.625%, 9/15/21 (144A) 1,725,000 $1,887,258
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,285,000 $3,672,744
Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A) 6,205,000 $6,761,511
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 8,541 $8,563
AES Corp. Virginia, 5.5%, 3/15/24 1,650,000 $1,715,863
Aetna, Inc. 108,880 $8,827,990
Affinion Group, Inc., Tranche B Term Loan, 10/9/16 1,993,062 $2,005,053
Aguila 3 SA, 7.875%, 1/31/18 (144A) 1,700,000 $1,849,653
Akamai Technologies, Inc., 0.0%, 2/15/19 (144A) 4,555,000 $4,646,118
Alaltd Flt% 07jun17 144a 250,000 $250,525
Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A) 3,755,000 $5,394,527
Alere, Inc., 3.0%, 12/31/49 (Perpetual) 89,308 $28,750,924
Alere, Inc., 3.0%, 5/15/16 9,460,000 $10,507,301
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,188,003 $1,189,340
Alliance One International, Inc., 9.875%, 7/15/21 10,105,000 $10,767,228
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19 1,244,093 $1,248,759
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 7,480 $7,509
Ally Financial, Inc., 7.0%, 12/31/49 (Perpetual) (144A) 6,450 $6,498,577
Alpha Natural Resources, Inc., 3.75%, 12/15/17 4,705,000 $4,071,785
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond) 1,515,236 $1,901,166
Altrl Flt% 30jun16 6,500,000 $6,729,450
American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 7/15/24 (144A) 2,100,000 $2,252,476
American Energy Partners Inc L + 7.75% 17jun15 8,790,000 $8,790,000
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3,365,000 $3,657,942
AMG Capital Trust II, 5.15%, 10/15/37 48,000 $3,027,000
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5,445,000 $5,523,650
Amsurg Corp Bridge L + 6% 29may15 3,920,000 $3,939,600
Antero Resources Finance Corp., 5.375%, 11/1/21 2,500,000 $2,616,146
Antero Resources Finance Corp., 6.0%, 12/1/20 3,360,000 $3,620,400
APERAM, 7.375%, 4/1/16 (144A) 2,615,000 $2,741,664
Approach Resources, Inc., 7.0%, 6/15/21 4,105,000 $4,292,234
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 5,000,000 $5,299,375
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 4,300,000 $792,170
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,961,463 $1,974,336
Argid 8.625% 15jun19 144a 3,500,000 $3,620,932
Aria 3.625% 15jun19 144a 2,340,000 $2,280,166
Arlington Flt% 01aug15 1,200,000 $1,209,720
Ascent Capital Group, Inc., 4.0%, 7/15/20 2,710,000 $2,575,366
Athlon Holdings LP, 6.0%, 5/1/22 (144A) 3,095,000 $3,234,275
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A) 450,000 $475,406
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,350,000 $2,514,892
Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18 9,880,000 $10,763,437
Aviv Healthcare Properties LP, 7.75%, 2/15/19 2,675,000 $2,927,193
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 1,570,285 $1,573,121
Axiall Corp. 186,606 $8,820,866
Bankrate, Inc., 6.125%, 8/15/18 (144A) 3,400,000 $3,686,922
Basic Energy Services, Inc., 7.75%, 10/15/22 9,355,000 $10,607,271
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A) 1,000,000 $996,859
Bcbcn 5.375% 01jul22 144a 3,995,000 $4,009,163
BC Mountain LLC, 7.0%, 2/1/21 (144A) 7,901,000 $7,874,663
Bdc 5.25% 15jul24 144a 1,255,000 $1,265,145
Berkeley-Kane Flt% 12jun15 1,004,200 $1,008,719
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 1,920,000 $1,989,040
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1,920,000 $2,028,080
Bio-Rad Laboratories, Inc. 46,569 $5,574,775
BioScrip, Inc. 255,259 $2,128,860
BioScrip, Inc., 8.875%, 2/15/21 (144A) 3,675,000 $3,967,214
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 1,232,125 $1,239,826
BioScrip, Inc., Initial Term B Loan, 7/31/20 2,053,542 $2,066,377
BLAZE RECYCLING & METALS LLC/ BLAZE FINANCE CORP 4,128,459 $247,708
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A) 250,000 $257,570
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A) 1,500,000 $1,520,744
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A) 2,755,000 $2,947,850
Bombardier, Inc., 4.75%, 4/15/19 (144A) 2,650,000 $2,727,144
Bombardier, Inc., 6.0%, 10/15/22 (144A) 6,275,000 $6,523,908
Bristow Group, Inc., 6.25%, 10/15/22 4,245,000 $4,619,385
Brocade Communications Systems, Inc., 4.625%, 1/15/23 3,865,000 $3,831,476
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,226,817
Brown Shoe Co, Inc., 7.125%, 5/15/19 2,350,000 $2,500,645
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A) 1,325,000 $1,354,906
Caelus Re 2013, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A) 1,500,000 $1,581,188
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,435,000 $2,632,844
Calpine Corp., 5.875%, 1/15/24 (144A) 2,030,000 $2,196,643
Calpine Corp., 6.0%, 1/15/22 (144A) 2,360,000 $2,637,693
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A) 6,525,000 $6,762,709
Cambium Learning Group, Inc., 9.75%, 2/15/17 3,695,000 $3,914,237
Cammt Flt% 15may48 14-2-M 575,000 $575,355
Cardtronics, Inc., 1.0%, 12/1/20 (144A) 6,345,000 $5,803,031
Carriage Services, Inc., 2.75%, 3/15/21 (144A) 2,195,000 $2,299,903
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,150,000 $2,407,104
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18 10,236,000 $10,972,566
CCO Holdings LLC, 6.5%, 4/30/21 9,250,000 $9,953,128
Cengage Learning Holdings II LP 13,966 $494,047
CenturyLink, Inc., 5.8%, 3/15/22 3,625,000 $3,836,438
CenturyLink, Inc., 6.45%, 6/15/21 3,300,000 $3,589,960
Cepheid, 1.25%, 2/1/21 (144A) 1,905,000 $1,983,383
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 $3,723,750
Chemtura Corp., 5.75%, 7/15/21 2,725,000 $2,899,438
Chesapeake Energy Corp., 5.375%, 6/15/21 8,435,000 $9,003,425
Chrysler Group LLC, 8.25%, 6/15/21 7,905,000 $8,961,635
CHS, 6.875%, 2/1/22 (144A) 1,270,000 $1,383,550
CHS, 8.0%, 11/15/19 16,400,000 $18,125,644
Ciena Corp., 0.875%, 6/15/17 9,000,000 $8,924,750
Cigna Corp. 67,800 $6,235,566
Cimarex Energy Co., 5.875%, 5/1/22 3,110,000 $3,467,002
Cincinnati Bell, Inc., 8.375%, 10/15/20 13,358,000 $14,879,884
Cinedigm Digital Funding I LLC, Term Loan, 2/28/18 1,275,654 $1,278,046
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step) 1,560,000 $1,417,550
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 2,375,000 $2,451,686
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual) 411,000 $11,363,739
Citrix Systems, Inc., 0.5%, 4/15/19 (144A) 2,470,000 $2,617,205
Clearwater Paper Corp., 4.5%, 2/1/23 2,050,000 $2,026,938
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19 9,550,000 $10,185,606
Cobalt International Energy, Inc., 2.625%, 12/1/19 11,795,000 $10,906,689
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A) 1,250,000 $1,370,378
Commercial Vehicle Group, Inc. 554,894 $5,571,136
Comm Flt% 11jun27 14-Kyo-F 2,650,000 $2,650,000
CommScope, Inc., 5.0%, 6/15/21 (144A) 1,860,000 $1,905,208
CommScope, Inc., 5.5%, 6/15/24 (144A) 1,770,000 $1,807,145
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 1,400,000 $1,453,914
Comstock Resources, Inc., 7.75%, 4/1/19 3,832,000 $4,155,325
Concho Resources, Inc., 5.5%, 4/1/23 3,675,000 $4,001,156
Concho Resources, Inc., 6.5%, 1/15/22 2,925,000 $3,312,481
Constellation Brands, Inc., 3.75%, 5/1/21 4,100,000 $4,100,000
Constellation Brands, Inc., 4.25%, 5/1/23 3,235,000 $3,270,046
Corsicanto, Ltd., 3.5%, 1/15/32 4,815,000 $4,007,953
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A) 4,810,000 $5,160,729
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 13,120,000 $14,589,804
Cubist Pharmaceuticals, Inc. 104,790 $7,316,438
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A) 4,900,000 $5,530,875
Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A) 6,805,000 $7,800,231
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 $1,954,839
Dana Holding Corp., 6.0%, 9/15/23 4,650,000 $5,011,150
Denbury Resources, Inc., 4.625%, 7/15/23 5,520,000 $5,473,281
Denbury Resources, Inc., 5.5%, 5/1/22 4,670,000 $4,818,597
DigitalGlobe, Inc., 5.25%, 2/1/21 4,350,000 $4,401,656
DR Horton, Inc., 5.75%, 8/15/23 5,045,000 $5,532,964
DryShips, Inc., 5.0%, 12/1/14 500,000 $495,833
DuPont Fabros Technology LP, 5.875%, 9/15/21 1,000,000 $1,062,299
Dycom Investments, Inc., 7.125%, 1/15/21 3,000,000 $3,323,563
DynCorp International, Inc., 10.375%, 7/1/17 1,583,000 $1,736,353
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A) 400,000 $426,360
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A) 500,000 $512,266
EMC Corp./MA 103,800 $2,734,092
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A) 5,787,000 $6,121,280
Emulex Corp., 1.75%, 11/15/18 (144A) 3,295,000 $3,032,590
Endologix, Inc., 2.25%, 12/15/18 3,015,000 $3,010,478
Endp 5.375% 15jan23 144a 7,715,000 $7,706,508
Energy Transfer Equity LP, 5.875%, 1/15/24 (144A) 3,520,000 $3,798,459
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 3,865,000 $4,148,433
Entegris, Inc., 6.0%, 4/1/22 (144A) 5,100,000 $5,329,500
EP Energy LLC, 9.375%, 5/1/20 13,000,000 $15,088,125
EPL Oil & Gas, Inc., 8.25%, 2/15/18 5,205,000 $5,731,573
Equinix, Inc., 5.375%, 4/1/23 5,465,000 $5,661,398
ESCO Technologies, Inc. 28,022 $970,682
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 13,890,043 $13,832,163
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A) 1,900,000 $662,012
Exterran Holdings, Inc., 7.25%, 12/1/18 1,725,000 $1,830,297
Exterran Partners LP, 6.0%, 10/1/22 (144A) 5,175,000 $5,325,075
Exterran Partners LP, 6.0%, 4/1/21 2,750,000 $2,818,750
Fannie Mae, 0.5%, 12/15/33 (144A) 4,050,000 $3,959,775
Ferrellgas LP, 6.5%, 5/1/21 1,850,000 $1,950,979
Ferrellgas LP, 6.75%, 1/15/22 (144A) 3,585,000 $3,905,633
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 5,400,000 $5,877,563
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 5,168,665 $5,344,937
Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual) 151,950 $4,069,221
Fig 12% 01jul19 144a 3,055,000 $3,135,194
First Data Corp., 12.625%, 1/15/21 6,047,000 $7,797,397
Flextronics International, Ltd., 4.625%, 2/15/20 1,380,000 $1,442,062
Flextronics International, Ltd., 5.0%, 2/15/23 2,295,000 $2,418,675
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 4,250,000 $4,543,250
Ford Motor Co., 4.25%, 11/15/16 9,341,000 $18,715,212
Forest City Enterprises, Inc. 557,579 $11,079,095
Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A) 4,885,000 $5,220,572
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A) 1,500,000 $1,515,633
Freeport-McMoRan Copper & Gold, Inc. 483,460 $17,646,290
Frontier Communications Corp., 7.125%, 1/15/23 4,750,000 $5,191,057
Frontier Communications Corp., 8.5%, 4/15/20 9,705,000 $11,626,051
Frontier Communications Corp., 8.75%, 4/15/22 3,100,000 $3,653,264
FTS International, Inc., 6.25%, 5/1/22 (144A) 1,275,000 $1,320,289
Fts International Inc 1st Lien Term L + 4.75% 01apr21 1,801,091 $1,822,853
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A) 1,800,000 $1,865,450
Gannett Co, Inc., 6.375%, 10/15/23 (144A) 6,170,000 $6,669,513
General Cable Corp. 667,230 $17,121,122
General Cable Corp., 4.5%, 11/15/29 (Step) 10,874,000 $10,827,786
Gentiva Health Services, Inc., 11.5%, 9/1/18 684,000 $756,390
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19 7,414,670 $7,428,573
Gibraltar Industries, Inc., 6.25%, 2/1/21 2,750,000 $2,931,615
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 3,319,000 $945,095
GLP Capital LP, 4.375%, 11/1/18 (144A) 2,075,000 $2,157,568
GLP Capital LP, 4.875%, 11/1/20 (144A) 3,250,000 $3,373,906
GMAC Capital Trust I, Floating Rate Note, 2/15/40 358,975 $9,800,018
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,513,900 $2,405,642
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) 54,000 $12,389
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 $1,004,063
Gulfport Energy Corp., 7.75%, 11/1/20 7,615,000 $8,341,598
Halcon Resources Corp. 7,229 $52,699
Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual) 715 $867,653
Halcon Resources Corp., 8.875%, 5/15/21 7,255,000 $7,881,399
Halcon Resources Corp., 9.25%, 2/15/22 3,225,000 $3,636,008
Hercules Offshore, Inc. 127,237 $511,493
Hexion US Finance Corp., 8.875%, 2/1/18 2,756,000 $2,968,155
Hexion US Finance Corp., 9.0%, 11/15/20 2,445,000 $2,522,018
Hologic, Inc., 2.0%, 12/15/37 (Step) 2,505,000 $3,144,436
Hologic, Inc., 2.0%, 3/1/42 (Step) 3,450,000 $3,794,281
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,400,000 $1,043,866
Horizon Lines, Inc. 4,099,666 $1,639,456
Hunter Defense Technologies, Inc., Term Loan, 8/22/14 1,674,598 $1,607,614
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6,445,000 $6,070,384
IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15 1,622,731 $470,592
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,500,000 $1,518,225
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A) 1,200,000 $1,210,137
INEOS Group Holdings SA, 5.875%, 2/15/19 2,050,000 $2,145,745
Intel 6.625% 15dec22 1,150,000 $1,203,699
Intelsat Luxembourg SA, 7.75%, 6/1/21 3,900,000 $4,154,313
International Equipment Solutions LLC, Initial Loan, 8/16/19 2,914,509 $2,954,584
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 2,950,000 $3,197,882
Iron Mountain, Inc., 6.0%, 8/15/23 4,725,000 $5,216,006
Itron, Inc. 111,129 $4,506,281
j2 Global, Inc., 8.0%, 8/1/20 6,085,000 $6,789,846
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 1,990,000 $2,204,340
James River Coal Co., 7.875%, 4/1/19 4,170,000 $757,116
Jarden Corp., 1.125%, 3/15/34 (144A) 4,280,000 $4,384,860
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 4,030,000 $4,574,050
JLL, 7.5%, 2/1/22 (144A) 5,610,000 $5,976,988
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 2,855,000 $2,981,453
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 3,863,910 $3,917,039
Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A) 1,300,000 $1,393,438
Joy Global, Inc. 109,200 $6,724,536
Jpmcc Flt% 15jun29 14-Inn-E 4,270,000 $4,271,775
JPMorgan Chase & Co., 5.0%, 12/20/15 5,295,000 $329,895
Kane Flt% 01dec20 1,004,200 $1,007,413
Kane Flt% 12jun15 3,040,000 $2,690,096
Kane Flt% 14jul15 1,018,720 $962,385
Kane Flt% 30jul16 1,450,000 $1,469,285
Kane-Pi3 Flt% 07apr15 1,255,400 $1,287,250
Kane- Pi3 Zero% 18jul16 4,010,500 $4,159,290
KB Home, 1.375%, 2/1/19 11,400,000 $11,522,313
KB Home, 7.0%, 12/15/21 8,375,000 $9,154,806
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 3,635,000 $4,066,858
Kennametal, Inc. 139,920 $6,475,498
Kennedy-Wilson, Inc., 5.875%, 4/1/24 1,480,000 $1,525,387
Key Energy Services, Inc., 6.75%, 3/1/21 2,555,000 $2,714,688
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 350,000 $343,770
Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A) 2,575,000 $2,563,231
Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A) 3,200,000 $3,262,467
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 2,409,942 $2,416,218
Kodiak Oil & Gas Corp., 5.5%, 1/15/21 1,400,000 $1,495,006
Kodiak Oil & Gas Corp., 5.5%, 2/1/22 3,000,000 $3,181,250
Kodiak Oil & Gas Corp., 8.125%, 12/1/19 5,200,000 $5,794,208
Lam Research Corp., 1.25%, 5/15/18 5,491,000 $7,510,849
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 9,859,000 $10,363,863
Lear Corp., 11/9/14 2,230 $395,178
Legacy Reserves LP, 6.625%, 12/1/21 3,350,000 $3,418,745
Legacy Reserves LP, 6.625%, 12/1/21 (144A) 3,850,000 $3,929,005
Lennar Corp., 2.75%, 12/15/20 (144A) 3,015,000 $5,760,451
Lennar Corp., 4.5%, 6/15/19 4,150,000 $4,256,863
Lennar Corp., 4.75%, 11/15/22 8,730,000 $8,739,336
Liberty Media Corp., 1.375%, 10/15/23 (144A) 4,425,000 $4,498,689
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A) 2,400,000 $2,292,000
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A) 3,860,000 $4,191,719
Linn Energy LLC, 7.25%, 11/1/19 (144A) 14,935,000 $15,824,877
Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A) 1,300,000 $1,323,626
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A) 3,050,000 $3,410,917
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A) 1,500,000 $1,520,217
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $3,443,130
LyondellBasell Industries NV 101,014 $9,864,017
Marathon Oil Corp. 147,800 $5,900,176
Marathon Petroleum Corp. 73,900 $5,769,373
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 13,206,505 $2,065,901
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 5,360,000 $5,745,250
MedAssets, Inc., 8.0%, 11/15/18 1,400,000 $1,494,811
Memorial Production Partners LP, 7.625%, 5/1/21 3,350,000 $3,547,510
Mentor Graphics Corp., 4.0%, 4/1/31 5,815,000 $7,177,891
Meritage Homes Corp., 7.0%, 4/1/22 3,660,000 $4,094,625
Meritor, Inc., 6.75%, 6/15/21 3,240,000 $3,494,664
MGM Resorts International, 6.75%, 10/1/20 3,000,000 $3,399,375
Micron Technology, Inc., 5.875%, 2/15/22 (144A) 1,825,000 $1,999,307
Midstates Petroleum Co, Inc., 10.75%, 10/1/20 4,155,000 $4,827,591
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,800,000 $3,094,583
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) 8,775,000 $4,716,806
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK) 4,815,000 $5,086,245
MMM Holdings, Inc., MMM Term Loan, 12/12/17 1,047,466 $1,056,632
Molina Healthcare, Inc., 1.125%, 1/15/20 4,225,000 $5,303,167
Monitronics International, Inc., 9.125%, 4/1/20 2,400,000 $2,616,750
Monitronics International, Inc., Term B Loan (2013), 3/23/18 5,978,019 $5,998,571
Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual) 189,000 $5,267,430
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,867,299
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 761,543 $768,207
Mueller Water Products, Inc., 7.375%, 6/1/17 7,076,000 $7,234,473
Murray Energy Corp., 8.625%, 6/15/21 (144A) 1,900,000 $2,064,033
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A) 2,400,000 $2,545,520
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A) 1,325,000 $1,428,412
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A) 675,000 $728,952
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A) 500,000 $518,122
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,800,000 $1,805,350
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,583,525 $2,600,749
National Surgical Hospitals, Inc., Term Loan, 8/1/19 1,517,375 $1,524,014
Nationstar Mortgage LLC, 6.5%, 6/1/22 1,515,000 $1,523,206
Nationstar Mortgage LLC, 6.5%, 7/1/21 11,350,000 $11,747,250
Nationstar Mortgage LLC, 6.5%, 8/1/18 1,820,000 $1,923,892
Navistar International Corp., 8.25%, 11/1/21 6,850,000 $7,243,875
NCR Corp. 101,437 $3,559,424
Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20 1,626,835 $1,625,818
NeuStar, Inc., 4.5%, 1/15/23 5,048,000 $4,471,266
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A) 5,000,000 $5,068,576
Northern Oil and Gas, Inc., 8.0%, 6/1/20 4,125,000 $4,430,938
NorthStar Realty Finance Corp., 3.0%, 9/30/14 4,550,000 $4,576,166
Novellus Systems, Inc., 2.625%, 5/15/41 6,710,000 $13,601,869
NRG Energy, Inc., 6.25%, 5/1/24 (144A) 1,450,000 $1,532,872
NRG Energy, Inc., 7.625%, 1/15/18 4,700,000 $5,558,501
NRG Energy, Inc., 7.875%, 5/15/21 4,700,000 $5,258,419
NRG Energy, Inc., 8.25%, 9/1/20 7,850,000 $8,792,000
Nuance Communications, Inc., 2.75%, 11/1/31 19,972,000 $20,038,573
Numericable Group SA, 6.0%, 5/15/22 (144A) 1,575,000 $1,651,913
Nu Skin Enterprises, Inc. 43,613 $3,225,617
NuStar Logistics LP, Floating Rate Note, 1/15/43 130,000 $3,499,600
NuVasive, Inc., 2.75%, 7/1/17 459,000 $531,293
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,820,000 $3,062,050
Offshore Group Investment, Ltd., 7.125%, 4/1/23 4,000,000 $4,131,250
Offshore Group Investment, Ltd., 7.5%, 11/1/19 3,650,000 $3,905,500
Offshore Group Investment, Ltd., Second Term Loan, 3/28/19 2,320,625 $2,313,856
ON Semiconductor Corp., 2.625%, 12/15/26 16,914,000 $19,861,969
Orbital Sciences Corp. 150,232 $4,439,356
Outr 5.875% 15jun21 144a 4,010,000 $4,054,472
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 3,100,000 $3,358,635
Pacific Drilling SA, 5.375%, 6/1/20 (144A) 3,450,000 $3,396,453
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A) 1,915,000 $2,036,523
Pangaea Re, 0.0%, 10/1/15 (Cat Bond) 3,650,000 $4,099,315
Parker Drilling Co., 7.5%, 8/1/20 2,995,000 $3,328,194
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK) 2,805,000 $2,957,327
PDC Energy, Inc., 7.75%, 10/15/22 4,960,000 $5,611,551
PDL BioPharma, Inc., 4.0%, 2/1/18 5,375,000 $6,237,389
Penn Virginia Corp., 7.25%, 4/15/19 5,845,000 $6,285,161
Penn Virginia Corp., 8.5%, 5/1/20 4,995,000 $5,652,675
PetroQuest Energy, Inc., 6.875%, 12/31/49 (Perpetual) 59,180 $2,563,234
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 1,600,000 $1,756,356
Podd 2% 15jun19 960,000 $1,062,573
Polymet Mining Corp. 1,470,662 $1,588,315
Post Holdings, Inc., 2.5%, 12/31/49 (Perpetual) (144A) 73,300 $7,472,019
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,775,000 $1,895,922
Post Holdings, Inc., 7.375%, 2/15/22 2,100,000 $2,329,133
PPL Capital Funding, Inc., 5.9%, 4/30/73 214,000 $5,249,420
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,595,000 $1,806,869
Pva 6% 31dec49 144a Perpetual 20,400 $2,440,044
QR Energy LP, 9.25%, 8/1/20 3,075,000 $3,477,953
Quebecor Media, Inc., 5.75%, 1/15/23 5,975,000 $6,154,582
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 2,000,000 $2,028,583
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A) 1,450,000 $1,506,590
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 250,000 $257,666
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A) 1,150,000 $1,172,997
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 1,750,000 $1,849,167
Range Resources Corp., 5.0%, 3/15/23 5,000,000 $5,398,611
Regal Entertainment Group, 5.75%, 2/1/25 4,895,000 $5,073,464
Regal Entertainment Group, 5.75%, 3/15/22 2,325,000 $2,453,036
Rent-A-Center, Inc., 4.75%, 5/1/21 2,590,000 $2,468,054
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A) 2,000,000 $2,107,803
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $840,221
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A) 3,450,000 $3,609,850
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 1,750,000 $1,824,341
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 950,000 $1,075,680
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 250,000 $260,123
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 2,100,000 $2,295,834
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,100,000 $1,214,559
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,750,000 $2,117,986
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 500,000 $545,878
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A) 250,000 $255,872
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A) 800,000 $838,899
Resolute Forest Products, Inc., 5.875%, 5/15/23 5,570,000 $5,528,264
Revlon Consumer Products Corp., 5.75%, 2/15/21 2,495,000 $2,617,809
Rexel SA, 5.25%, 6/15/20 (144A) 5,200,000 $5,420,133
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 6,700,000 $7,495,067
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,495,000 $7,923,048
Reynolds Group Issuer, Inc., 9.0%, 4/15/19 800,000 $862,200
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 5,675,000 $6,496,772
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,800,000 $1,900,500
Rice Energy, Inc., 6.25%, 5/1/22 (144A) 3,295,000 $3,415,130
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A) 7,285,000 $8,162,235
Rosetta Resources, Inc., 5.875%, 6/1/22 8,170,000 $8,577,649
RTI International Metals, Inc., 1.625%, 10/15/19 3,805,000 $3,832,322
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 9,380,000 $10,136,263
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 2,000,000 $2,137,889
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 5,270,000 $10,368,945
Sanchez Energy Corp., 7.75%, 6/15/21 (144A) 5,075,000 $5,523,856
Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond) 2,400,000 $2,376,240
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A) 1,600,000 $1,601,138
SanDisk Corp., 0.5%, 10/15/20 (144A) 3,925,000 $4,942,284
SandRidge Energy, Inc., 7.0%, 12/31/49 (Perpetual) 33,162 $3,674,764
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK) 2,690,000 $2,904,453
SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A) 2,170,000 $2,140,343
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 5,900,000 $5,881,440
Seagate HDD Cayman, 4.75%, 6/1/23 (144A) 4,300,000 $4,349,271
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 $2,268,680
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A) 3,587 $222,560
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 1,250,000 $1,266,125
Seitel, Inc., 9.5%, 4/15/19 2,955,000 $3,235,889
ServiceNow, Inc., 0.0%, 11/1/18 (144A) 4,335,000 $4,757,663
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A) 6,910,000 $7,493,031
Ship Midco, Ltd., Facility B2A-II, 11/29/19 2,469,527 $2,497,309
Shutterfly, Inc., 0.25%, 5/15/18 7,455,000 $7,489,997
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $2,301,200
SM Energy Co., 6.5%, 11/15/21 3,085,000 $3,365,135
Sotheby's, 5.25%, 10/1/22 (144A) 1,425,000 $1,404,516
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 4,460,000 $4,695,389
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A) 400,000 $401,822
Sprint Corp., 7.25%, 9/15/21 (144A) 2,490,000 $2,798,380
Spwr 0.875% 01jun21 144a 2,860,000 $3,349,378
Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18 875,796 $886,743
Standard Pacific Corp., 6.25%, 12/15/21 6,975,000 $7,465,188
Starbucks Corp. 59,425 $4,598,307
Stone Energy Corp., 7.5%, 11/15/22 1,945,000 $2,163,002
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A) 875,000 $916,679
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 1,200,000 $1,245,923
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A) 375,000 $396,122
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 2,250,000 $2,471,016
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19 1,915,875 $1,925,454
Swift Energy Co., 7.875%, 3/1/22 14,720,000 $15,768,800
syncreon Group BV, 8.625%, 11/1/21 (144A) 3,500,000 $3,602,813
Talos Production LLC, 9.75%, 2/15/18 (144A) 3,000,000 $3,290,500
Targa Resources Partners LP, 4.25%, 11/15/23 5,985,000 $5,980,096
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A) 1,000,000 $1,037,697
TE Connectivity, Ltd. 65,694 $4,062,517
Tenet Healthcare Corp., 4.375%, 10/1/21 2,850,000 $2,894,531
Tesoro Corp., 5.375%, 10/1/22 5,445,000 $5,763,192
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22 2,765,000 $3,093,881
The Howard Hughes Corp., 6.875%, 10/1/21 (144A) 2,840,000 $3,087,613
Theravance, Inc., 2.125%, 1/15/23 9,215,000 $13,377,172
Thermo Fisher Scientific, Inc. 95,749 $11,298,382
The Ryland Group, Inc., 0.25%, 6/1/19 2,870,000 $2,623,060
The Ryland Group, Inc., 5.375%, 10/1/22 2,540,000 $2,555,081
TIBCO Software, Inc., 2.25%, 5/1/32 3,900,000 $3,951,188
TI Group Automotive Systems LLC, Additional Term Loan, 3/28/19 3,018,689 $3,033,746
T-Mobile USA, Inc., 6.125%, 1/15/22 965,000 $1,060,227
T-Mobile USA, Inc., 6.5%, 1/15/24 1,200,000 $1,330,167
T-Mobile USA, Inc., 6.542%, 4/28/20 4,300,000 $4,763,555
T-Mobile USA, Inc., 6.633%, 4/28/21 2,865,000 $3,182,128
T-Mobile USA, Inc., 6.731%, 4/28/22 2,000,000 $2,214,714
TMS International Corp., 7.625%, 10/15/21 (144A) 2,165,000 $2,345,988
TMX Finance LLC, 8.5%, 9/15/18 (144A) 3,265,000 $3,542,616
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 8,512,734 $8,510,963
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A) 250,000 $254,350
Tronox Finance LLC, 6.375%, 8/15/20 5,195,000 $5,488,950
tw telecom holdings inc, 5.375%, 10/1/22 2,840,000 $3,144,413
United Airlines, Inc., 4.5%, 1/15/15 2,575,000 $5,700,728
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21 2,525,000 $2,677,272
United Continental Holdings, Inc., 6.0%, 12/1/20 2,690,000 $2,824,500
United Continental Holdings, Inc., 6.0%, 7/15/26 3,200,000 $3,208,533
United Rentals North America, Inc., 5.75%, 11/15/24 3,120,000 $3,263,823
United States Steel Corp., 2.75%, 4/1/19 2,475,000 $3,090,656
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,265,000 $1,361,527
Univision Communications, Inc., 6.875%, 5/15/19 (144A) 7,415,000 $7,980,651
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 1,421,083 $1,421,750
USI, Inc. New York, 7.75%, 1/15/21 (144A) 4,900,000 $5,209,857
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A) 6,090,000 $6,552,586
Vanguard Natural Resources LLC, 7.875%, 4/1/20 4,700,000 $5,180,281
Vertafore, Inc., Term Loan (2013), 10/3/19 668,841 $670,861
ViaSat, Inc., 6.875%, 6/15/20 3,000,000 $3,241,667
Viasystems, Inc., 7.875%, 5/1/19 (144A) 5,300,000 $5,674,313
Videotron, Ltd., 5.375%, 6/15/24 (144A) 9,050,000 $9,297,869
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,290,000 $4,817,432
Virgin Media Investment Holdings, Ltd., B Facility, 6/8/20 7,575,000 $7,555,593
Virtual Radiologic Corp., Term Loan A, 12/22/16 1,475,438 $1,077,069
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 3,755,000 $3,641,411
Volt14-Npl4 Flt% 27apr54 A2 1,000,000 $984,312
Voya Financial, Inc., Floating Rate Note, 5/15/53 4,200,000 $4,303,822
Waters Corp. 17,606 $1,838,771
WCA Waste Corp., Term Loan, 3/23/18 620,713 $621,585
WCP ISSUER LLC, 6.657%, 8/15/20 (144A) 3,350,000 $3,606,914
WebMD Health Corp., 1.5%, 12/1/20 (144A) 5,145,000 $5,733,459
WebMD Health Corp., 2.5%, 1/31/18 6,420,000 $6,816,346
WellCare Health Plans, Inc., 5.75%, 11/15/20 5,970,000 $6,401,913
Wells Fargo & Co., 7.5%, 12/31/49 (Perpetual) 2,000 $2,428,000
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A) 5,145,000 $5,273,053
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $468,291
WEX, Inc., 4.75%, 2/1/23 (144A) 2,950,000 $2,912,510
Windstream Corp., 6.375%, 8/1/23 5,275,000 $5,487,648
Windstream Corp., 7.5%, 6/1/22 11,030,000 $12,077,850
Windstream Corp., 7.75%, 10/15/20 8,460,000 $9,306,940
Windstream Holdings, Inc. 585,800 $5,834,568
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 5,475,000 $5,559,178
Xerium Technologies, Inc., 8.875%, 6/15/18 2,660,000 $2,836,742

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