Pioneer High Yield Fund

Top 10 Portfolio Holdings as of 12/31/2015
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 4,500,000 $5,233,950
17079z Zero% 31mar18 2,600,000 $2,898,480
AAF Holdings LLC, 12.375%, 7/1/19 (144A) (PIK) 3,252,860 $3,269,124
Acacn 5% 15mar20 144a 1,920,000 $1,837,867
Acgl Zero% 01jul16 1,500,000 $1,674,450
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 2,410,000 $2,598,064
Advanced Micro Devices, Inc., 6.75%, 3/1/19 640,000 $478,400
Advanced Micro Devices, Inc., 7.0%, 7/1/24 820,000 $561,700
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 8,411 $8,409
AECOM, 5.875%, 10/15/24 1,390,000 $1,435,040
AES Corp. Virginia, 5.5%, 3/15/24 1,650,000 $1,499,346
Aetna, Inc. 29,704 $3,211,596
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 1,963,091 $1,818,313
Aguila 3 SA, 7.875%, 1/31/18 (144A) 1,700,000 $1,760,403
Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A) 500,000 $513,443
Alere, Inc., 3.0%, 5/15/16 2,500,000 $2,581,458
Alere, Inc., 3.0% (Perpetual) 6,508 $1,822,045
Allergan plc, 5.5%, 3/1/18 1,400 $1,442,252
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,156,815 $1,104,758
Alliance One International, Inc., 9.875%, 7/15/21 7,560,000 $5,900,843
Alliant Holdings I LLC, Initial Term Loan, 7/28/22 367,837 $360,825
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 7,349 $7,320
Ally Financial, Inc., 4.625%, 3/30/25 2,000,000 $1,998,382
Ally Financial, Inc., 4.625%, 5/19/22 1,250,000 $1,262,995
Ally Financial, Inc., 5.75%, 11/20/25 2,905,000 $2,960,336
Alpha Natural Resources, Inc., 3.75%, 12/15/17 4,705,000 $101,942
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,840,000 $1,847,475
Altice US Finance I Corp., 5.375%, 7/15/23 (144A) 1,375,000 $1,419,291
Altrl Zero% 30jun16 4,064,365 $284,506
Altrl Zero% 30jun17 1,948,129 $2,310,871
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5,795,000 $5,880,315
Antero Resources Corp., 6.0%, 12/1/20 2,360,000 $1,982,400
Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 4,901,000 $3,916,716
Archrock Partners LP, 6.0%, 10/1/22 4,500,000 $3,735,000
Archrock Partners LP, 6.0%, 4/1/21 1,850,000 $1,549,375
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,975,357 $3,933,430
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 3,350,000 $3,310,847
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 4,300,000 $752,331
Ardent Legacy Acquisitions Inc 1st Lien Tl-B L + 5.5% 31jul21 719,020 $715,425
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) 2,710,000 $2,743,819
Asbury Automotive Group, Inc., 6.0%, 12/15/24 (144A) 2,900,000 $3,001,983
Ascent Capital Group, Inc., 4.0%, 7/15/20 2,710,000 $1,806,403
Ascent Resources - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3,423,887 $74,184
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,350,000 $2,373,892
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 1,408,567 $1,399,260
Axiall Corp. 127,734 $1,967,104
Ball Corp., 5.25%, 7/1/25 7,100,000 $7,452,338
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 2,000,000 $2,007,019
Bank of America Corp., Floating Rate Note, 10/23/49 475,000 $506,363
Bank of America Corp., Floating Rate Note, 9/29/49 4,125,000 $4,218,385
Bank of America Corp., Floating Rate Note (Perpetual) 3,175,000 $3,274,607
Bankrate, Inc., 6.125%, 8/15/18 (144A) 3,400,000 $3,512,672
Bear Stearns Commercial Mortgage Securities Trust 2007-PWR16, Floating Rate Note, 6/11/40 (144A) 1,150,000 $1,151,219
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1,920,000 $2,571,680
Bio-Rad Laboratories, Inc. 14,198 $1,968,695
Bios 8.5% 31dec49 Perpetual 742 $56,120
BioScrip, Inc. 255,259 $446,703
BioScrip, Inc., 8.875%, 2/15/21 3,675,000 $3,044,840
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 1,232,125 $1,128,935
BioScrip, Inc., Initial Term B Loan, 7/31/20 2,053,542 $1,881,558
Bioscrip Inc Wt Cl A 090925 2,136 $0
Bioscrip Inc Wt Cl B 090925 2,136 $0
Blue Cube Spinco, Inc., 10.0%, 10/15/25 (144A) 580,000 $652,500
Blue Cube Spinco, Inc., 9.75%, 10/15/23 (144A) 580,000 $639,813
Brocade Communications Systems, Inc., 1.375%, 1/1/20 (144A) 2,595,000 $2,509,041
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 1,525,000 $1,474,124
CalAtlantic Group, Inc., 5.375%, 10/1/22 2,540,000 $2,586,831
CalAtlantic Group, Inc., 6.25%, 12/15/21 6,975,000 $7,465,188
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 6,525,000 $5,766,288
Capital One Financial Corp. 14,940 $1,078,369
Capital One Financial Corp., Floating Rate Note (Perpetual) 3,875,000 $3,873,547
Cardtronics, Inc., 1.0%, 12/1/20 6,345,000 $5,894,241
Carriage Services, Inc., 2.75%, 3/15/21 2,195,000 $2,603,758
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 1,595,000 $1,428,854
CCO Holdings LLC, 6.5%, 4/30/21 9,250,000 $9,721,878
CCOH Safari LLC, 5.75%, 2/15/26 (144A) 630,000 $635,701
Cengage Learning Holdings II, Inc. 13,966 $328,271
CenturyLink, Inc., 5.8%, 3/15/22 3,625,000 $3,384,219
CenturyLink, Inc., 6.45%, 6/15/21 3,300,000 $3,226,960
Cepheid, 1.25%, 2/1/21 3,380,000 $3,023,692
CEVA GROUP Plc 2,282 $1,026,927
CEVA GROUP Plc, 0.0%, 12/31/14 4,940 $2,223,023
CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A) 1,475,000 $1,473,199
Chaparral Energy, Inc., 8.25%, 9/1/21 2,945,000 $787,788
Charter Communications Operating L 1st Lien Bridge L + 6.625% 26may16 5,725,000 $5,725,000
Chk 8% 15dec22 144a 3,756,000 $1,847,117
CHS, 8.0%, 11/15/19 11,400,000 $11,602,033
Cigna Corp. 32,251 $4,719,289
Cimpress NV, 7.0%, 4/1/22 (144A) 3,475,000 $3,396,813
Cincinnati Bell, Inc., 8.375%, 10/15/20 8,858,000 $9,213,919
Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18 576,573 $575,131
Citigroup, Inc., Floating Rate Note (Perpetual) 279,760 $7,836,078
Citigroup, Inc., Floating Rate Note (Perpetual) 2,375,000 $2,386,374
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A) 2,500,000 $1,609,015
Citrix Systems, Inc., 0.5%, 4/15/19 2,335,000 $2,541,777
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) 3,375,000 $2,643,820
Cme: (Cdx.Na.Hy.23.V4) Usd 20dec19 Z91mw60e6 27,629,015 $1,484,409
Cme: (Cdx.Na.Hy.25.V1) Usd 20dec20 Z91vrer63 6,040,000 $69,685
CNO Financial Group, Inc., 4.5%, 5/30/20 2,310,000 $2,365,151
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 2,750,000 $2,646,917
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,200,000 $1,102,961
Cobalt International Energy, Inc., 2.625%, 12/1/19 6,440,000 $3,624,513
COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 (144A) 2,650,000 $2,628,233
Commercial Vehicle Group, Inc. 482,433 $1,331,515
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A) 1,890,000 $1,824,165
Communications Sales & Leasing, Inc. 117,160 $2,189,720
Comstock Resources, Inc., 9.5%, 6/15/20 668,000 $118,050
Concho Resources, Inc., 5.5%, 4/1/23 3,675,000 $3,449,906
Constellation Brands, Inc., 3.75%, 5/1/21 4,100,000 $4,135,875
Constellis Holdings LLC, 9.75%, 5/15/20 (144A) 3,475,000 $2,892,793
ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A) 2,200,000 $2,103,063
Crestwood Midstream Partners LP, 6.125%, 3/1/22 4,810,000 $3,441,154
Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A) 2,200,000 $1,568,875
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 13,120,000 $14,147,004
CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30 (144A) 3,000,000 $3,007,864
CWGS Group LLC, Term Loan, 2/20/20 6,655,375 $6,613,779
Denbury Resources, Inc., 5.5%, 5/1/22 4,545,000 $1,550,512
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 3,780,000 $3,257,888
Dole Food Co, Inc., 7.25%, 5/1/19 (144A) 1,710,000 $1,713,563
Dollar Tree, Inc., 5.75%, 3/1/23 (144A) 2,910,000 $3,067,625
DPx Holdings BV, 7.5%, 2/1/22 (144A) 5,610,000 $5,645,063
DR Horton, Inc., 5.75%, 8/15/23 4,345,000 $4,726,153
Dycom Industries, Inc., 0.75%, 9/15/21 (144A) 3,150,000 $3,101,831
Edenre Zero% 23apr19 144a 1,100,000 $1,100,000
EMC Corp./MA 103,800 $2,665,584
Emergent BioSolutions, Inc., 2.875%, 1/15/21 4,660,000 $6,483,840
Endologix, Inc., 2.25%, 12/15/18 2,015,000 $1,632,906
Endologix, Inc., 3.25%, 11/1/20 1,390,000 $1,514,685
Entegris, Inc., 6.0%, 4/1/22 (144A) 4,250,000 $4,366,875
EP Energy LLC, 9.375%, 5/1/20 4,645,000 $3,033,766
EPL Oil & Gas, Inc., 8.25%, 2/15/18 5,205,000 $1,541,548
Equinix, Inc., 5.375%, 4/1/23 5,465,000 $5,647,736
Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21 1,975,000 $1,540,500
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,813,691 $4,789,622
Ferrellgas LP, 6.5%, 5/1/21 1,850,000 $1,592,542
Ferrellgas LP, 6.75%, 1/15/22 3,585,000 $3,131,946
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 2,560,000 $2,652,000
FireEye, Inc., 1.0%, 6/1/35 (144A) 595,000 $506,618
FireEye, Inc., 1.625%, 6/1/35 (144A) 595,000 $477,921
First Data Corp., 5.75%, 1/15/24 (144A) 5,000,000 $4,953,750
First Data Corp., 7.0%, 12/1/23 (144A) 1,830,000 $1,845,301
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 4,250,000 $3,936,563
Flt% 15jun16 500,000 $505,150
Fly Leasing, Ltd., 6.375%, 10/15/21 5,825,000 $5,874,270
FMG Resources August 2006 Pty, Ltd., Loan, 6/30/19 527,303 $395,843
Ford Motor Co. 672,421 $9,474,412
Forest City Enterprises, Inc. 378,545 $8,301,492
Frontier Communications Corp., 10.5%, 9/15/22 (144A) 530,000 $542,853
Frontier Communications Corp., 8.5%, 4/15/20 9,401,000 $9,593,198
Frontier Communications Corp., 8.75%, 4/15/22 3,100,000 $2,924,764
Frontier Communications Corp., 8.875%, 9/15/20 (144A) 530,000 $549,168
General Cable Corp. 23,747 $318,922
General Cable Corp., 4.5%, 11/15/29 (Step) 10,874,000 $6,729,647
Gibraltar Industries, Inc., 6.25%, 2/1/21 1,750,000 $1,826,198
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 3,319,000 $501,637
Global Partners LP, 7.0%, 6/15/23 3,220,000 $2,650,418
GMAC Capital Trust I, Floating Rate Note, 2/15/40 358,975 $9,103,606
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,513,900 $2,380,423
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 2,000,000 $1,932,321
Gulfport Energy Corp., 7.75%, 11/1/20 7,615,000 $6,913,785
Halcon Resources Corp 460,332 $580,018
Halcon Resources Corp., 0.0% (Perpetual) 715 $29,673
HCA, Inc., 5.375%, 2/1/25 13,850,000 $13,987,057
HealthSouth Corp., 5.75%, 9/15/25 (144A) 2,520,000 $2,385,863
Hexion, Inc., 6.625%, 4/15/20 1,220,000 $965,613
Hexion, Inc., 8.875%, 2/1/18 1,567,000 $1,162,681
Hexion, Inc., 9.0%, 11/15/20 2,445,000 $963,330
Hilcorp Energy I LP, 5.75%, 10/1/25 (144A) 2,470,000 $2,184,406
Hkus 12% 15feb22 144a 2,185,000 $1,438,458
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,400,000 $730,637
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 5,580,000 $3,609,563
Iap Worldwide Services Inc 53 $79,523
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 417,758 $419,847
Immunomedics, Inc., 4.75%, 2/15/20 (144A) 1,420,000 $1,151,719
Impax Laboratories, Inc., 2.0%, 6/15/22 (144A) 3,725,000 $3,653,811
Insulet Corp., 2.0%, 6/15/19 3,985,000 $4,130,508
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 2,950,000 $2,495,618
Iron Mountain, Inc., 5.75%, 8/15/24 1,410,000 $1,391,278
Ironwood Pharmaceuticals, Inc., 2.25%, 6/15/22 (144A) 2,520,000 $2,349,270
j2 Global, Inc., 8.0%, 8/1/20 6,085,000 $6,561,658
James River Coal Co., 7.875%, 4/1/19 4,170,000 $775,359
Jarden Corp., 1.125%, 3/15/34 4,500,000 $5,535,844
Jazz Investments I, Ltd., 1.875%, 8/15/21 2,050,000 $2,159,333
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 4,030,000 $4,302,025
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 2,855,000 $1,969,698
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 3,863,910 $2,434,263
Joy Global, Inc. 36,133 $455,637
JPMBB Commercial Mortgage Securities Trust 2014-C25 REMICS, Floating Rate Note, 11/18/47 (144A) 3,000,000 $2,479,633
JPMorgan Chase & Co. 19,287 $1,273,521
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 REMICS, Floating Rate Note, 1/18/46 (1 1,350,000 $1,199,755
JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 4,270,000 $4,201,542
Kane Ilw Zero% 02feb16 1,500,000 $1,500,000
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,514,150 $1,649,969
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,261,500 $1,500,050
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 3,014,550 $3,300,028
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,467,400 $1,649,945
Kane Sac Zero% 15jun16 1,200,000 $1,199,520
Kane Zero% 15jan16 506,000 $515,462
Kane Zero% 19feb16 4,500,000 $5,235,750
Kane Zero% 22jan16 1,000,000 $1,166,500
Kane Zero% 22jan16 3,000,000 $3,377,100
Kane Zero% 29apr16 6,200,000 $7,056,220
KB Home, 1.375%, 2/1/19 6,160,000 $5,544,642
KB Home, 7.0%, 12/15/21 8,375,000 $8,285,899
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 3,635,000 $3,803,321
Kennametal, Inc. 131,756 $2,529,715
Kennedy-Wilson, Inc., 5.875%, 4/1/24 1,480,000 $1,449,938
Key Energy Services, Inc., 6.75%, 3/1/21 1,375,000 $376,406
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $1,000,283
Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A) 1,000,000 $1,001,500
Kilimanjaro Re, Ltd., Floating Rate Note, 12/6/19 (Cat Bond) (144A) 1,250,000 $1,254,875
Kindred Healthcare, Inc., 6.375%, 4/15/22 7,975,000 $6,726,580
Kindred Healthcare, Inc., 7.5%, 12/1/17 1,725 $1,279,950
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 2,367,663 $2,282,822
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22 7,422,700 $6,828,884
Legacy Reserves LP, 6.625%, 12/1/21 4,975,000 $1,072,216
Lennar Corp., 4.5%, 6/15/19 4,150,000 $4,228,331
Lennar Corp., 4.75%, 11/15/22 7,930,000 $7,910,726
Level 3 Financing, Inc., 5.375%, 1/15/24 (144A) 1,880,000 $1,902,873
Level 3 Financing Inc 1st Lien Tl-B2 L + 2.75% 31may22 5,000,000 $4,926,040
Liberty Media Corp., 1.375%, 10/15/23 4,425,000 $4,346,579
Liberty Tire Recycling Llc 73,714 $737
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 1,550,257 $1,056,586
Linn Energy LLC, 12.0%, 12/15/20 (144A) 4,997,000 $2,566,792
Linn Energy LLC, 6.25%, 11/1/19 2,640,000 $463,100
Linn Energy LLC, 7.75%, 2/1/21 220,000 $36,920
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $83,750
LyondellBasell Industries NV 51,171 $4,446,760
Marathon Oil Corp. 137,800 $1,734,902
Marathon Petroleum Corp. 39,932 $2,070,075
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 457,562 $9,806
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 3,360,000 $3,517,500
MedAssets, Inc., 8.0%, 11/15/18 1,400,000 $1,438,811
Memorial Production Partners LP, 7.625%, 5/1/21 4,480,000 $1,400,933
Mentor Graphics Corp., 4.0%, 4/1/31 5,130,000 $5,408,944
Meritage Homes Corp., 7.0%, 4/1/22 3,660,000 $3,897,900
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 2,355,000 $2,165,128
Micron Technology, Inc., 5.875%, 2/15/22 1,825,000 $1,815,317
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,190,000 $268,731
Mj Acquisition Corp 2nd Lien L + 8% 08apr23 3,430,000 $3,363,458
MMM Holdings, Inc., MMM Term Loan, 12/12/17 721,714 $475,429
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,673,469 $2,599,949
Morgan Stanley, Floating Rate Note (Perpetual) 2,817 $74,763
Morgan Stanley, Floating Rate Note (Perpetual) 4,325,000 $4,435,684
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 524,682 $345,635
Mylan NV 47,724 $2,580,437
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,800,000 $1,634,350
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,544,675 $2,479,997
National Surgical Hospitals Inc 1st Lien Tl-B L + 3.5% 15may22 1,348,778 $1,311,687
Nationstar Mortgage LLC, 6.5%, 6/1/22 1,515,000 $1,318,681
Nationstar Mortgage LLC, 6.5%, 7/1/21 10,350,000 $9,496,125
Nationstar Mortgage LLC, 6.5%, 8/1/18 1,820,000 $1,819,242
NCL Corp, Ltd., 4.625%, 11/15/20 (144A) 1,480,000 $1,458,943
NCL Corp, Ltd., 5.25%, 11/15/19 (144A) 2,750,000 $2,828,618
NCR Corp. 171,011 $4,182,929
Neptune Finco Corp., 6.625%, 10/15/25 (144A) 1,670,000 $1,762,001
NeuStar, Inc., 4.5%, 1/15/23 3,688,000 $3,030,614
Noble Energy, Inc., 5.875%, 6/1/22 8,170,000 $7,812,120
Northern Oil and Gas, Inc., 8.0%, 6/1/20 1,005,000 $675,025
Northern Oil and Gas, Inc., 8.0%, 6/1/20 2,240,000 $1,504,533
NRG Energy, Inc., 6.25%, 5/1/24 2,850,000 $2,424,258
NRG Energy, Inc., 7.625%, 1/15/18 4,700,000 $5,065,001
Nuan 1% 15dec35 144a 817,000 $786,397
Nuance Communications, Inc., 1.5%, 11/1/35 1,909,000 $2,053,368
Numericable-SFR SAS, 6.0%, 5/15/22 (144A) 1,575,000 $1,563,450
NuVasive, Inc., 2.75%, 7/1/17 1,466,000 $2,024,096
Offshore Group Investment, Ltd., 3/28/19 0 $0
ONEOK, Inc., 7.5%, 9/1/23 3,800,000 $3,266,417
ON Semiconductor Corp., 1.0%, 12/1/20 (144A) 4,480,000 $4,175,733
Orbital ATK, Inc. 14,495 $1,294,983
Outerwall, Inc., 5.875%, 6/15/21 4,010,000 $3,298,671
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 3,100,000 $3,203,635
Pangaea Zero% 01jul18 5,120,000 $92,160
PDC Energy, Inc., 7.75%, 10/15/22 4,860,000 $4,745,115
PDL BioPharma, Inc., 4.0%, 2/1/18 4,538,000 $3,708,870
Penn Virginia Corp., 7.25%, 4/15/19 2,860,000 $429,874
Penn Virginia Corp., 8.5%, 5/1/20 4,480,000 $769,067
Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 2,425,000 $2,399,369
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 7,600,000 $7,468,267
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,775,000 $1,820,484
Post Holdings, Inc., 7.75%, 3/15/24 (144A) 750,000 $807,099
Post Holdings, Inc., 8.0%, 7/15/25 (144A) 1,940,000 $2,113,738
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,595,000 $1,156,552
Quebecor Media, Inc., 5.75%, 1/15/23 2,050,000 $2,070,614
Quicken Loans, Inc., 5.75%, 5/1/25 (144A) 3,740,000 $3,598,192
Quidel Corp., 3.25%, 12/15/20 935,000 $907,716
Quintiles Transnational Corp., 4.875%, 5/15/23 (144A) 3,055,000 $3,089,305
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 1,750,000 $1,512,292
Regal Entertainment Group, 5.75%, 2/1/25 2,895,000 $2,863,034
Regal Entertainment Group, 5.75%, 3/15/22 425,000 $432,195
Rent-A-Center, Inc., 6.625%, 11/15/20 2,590,000 $2,216,950
Resolute Forest Products, Inc., 5.875%, 5/15/23 2,845,000 $2,091,095
Revlon Consumer Products Corp., 5.75%, 2/15/21 1,245,000 $1,231,582
Rexel SA, 5.25%, 6/15/20 (144A) 5,200,000 $5,368,133
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,495,000 $7,492,085
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 4,565,000 $4,769,537
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,800,000 $1,837,500
Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual) 6,000,000 $6,466,333
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 6,775,000 $6,391,789
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 2,000,000 $2,012,889
Sanchez Energy Corp., 6.125%, 1/15/23 800,000 $454,594
Sanchez Energy Corp., 7.75%, 6/15/21 2,375,000 $1,456,931
SandRidge Energy, Inc. 62,696 $12,539
SandRidge Energy, Inc., 7.0% (Perpetual) 33,162 $82,905
Scientific Games International, Inc., 10.0%, 12/1/22 14,265,000 $10,247,025
Scientific Games International, Inc., 6.25%, 9/1/20 700,000 $343,583
SEACOR Holdings, Inc., 3.0%, 11/15/28 2,170,000 $1,728,043
Sealy Corp., 8.0%, 7/15/16 (PIK) 143,000 $12,627,872
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 12,321 $53,398
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 8,310 $266,803
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 2,152 $22,050
Sector Zero% 01dec20 144a 1,550,000 $1,557,285
Shea Homes LP, 5.875%, 4/1/23 (144A) 900,000 $935,719
Shutterfly, Inc., 0.25%, 5/15/18 4,455,000 $4,294,929
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $18,800
Silvre Zero% 18sep18 144a 2,700,000 $2,700,000
SolarCity Corp., 1.625%, 11/1/19 3,725,000 $3,018,026
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 4,460,000 $4,026,389
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 400,000 $402,630
Springs Industries, Inc., 6.25%, 6/1/21 2,920,000 $2,906,008
Sprint Corp., 7.25%, 9/15/21 20,345,000 $15,788,681
Starbucks Corp. 58,543 $3,514,336
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 2,250,000 $1,464,141
Swift Energy Co., 7.875%, 3/1/22 5,170,000 $549,313
Synchronoss Technologies, Inc., 0.75%, 8/15/19 1,665,000 $1,678,043
syncreon Group BV, 8.625%, 11/1/21 (144A) 3,500,000 $2,797,813
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A) 7,360,000 $5,676,962
Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 3,975,000 $2,645,031
Targa Resources Partners LP, 4.25%, 11/15/23 2,900,000 $2,248,749
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 3,195,000 $3,194,689
TE Connectivity, Ltd. 54,309 $3,508,904
TEGNA, Inc., 6.375%, 10/15/23 6,170,000 $6,592,388
TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A) 1,265,000 $1,077,754
Tesoro Corp., 5.375%, 10/1/22 4,695,000 $4,769,827
The GEO Group, Inc., 5.875%, 10/15/24 3,695,000 $3,629,978
The KEYW Holding Corp., 2.5%, 7/15/19 1,150,000 $866,413
The Medicines Co., 2.5%, 1/15/22 (144A) 2,455,000 $3,140,013
Theravance, Inc., 2.125%, 1/15/23 7,215,000 $5,468,419
Thermo Fisher Scientific, Inc. 48,587 $6,892,066
TI Group Automotive Systems LLC, Initial US Term Loan, 6/25/22 1,935,499 $1,896,789
T-Mobile USA, Inc., 6.5%, 1/15/26 1,210,000 $1,233,717
T-Mobile USA, Inc., 6.542%, 4/28/20 4,300,000 $4,602,305
T-Mobile USA, Inc., 6.633%, 4/28/21 1,635,000 $1,742,404
T-Mobile USA, Inc., 6.731%, 4/28/22 2,000,000 $2,142,214
TMS International Corp., 7.625%, 10/15/21 (144A) 2,165,000 $1,707,313
TMX Finance LLC, 8.5%, 9/15/18 (144A) 3,265,000 $2,514,141
Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20 7,930,434 $7,613,217
Trader Corp., 9.875%, 8/15/18 (144A) 1,675,000 $1,804,487
Tronox Finance LLC, 6.375%, 8/15/20 5,195,000 $3,251,464
Tronox Finance LLC, 7.5%, 3/15/22 (144A) 4,560,000 $2,745,500
Twitter, Inc., 0.25%, 9/15/19 2,055,000 $1,746,978
U.S. Treasury Floating Rate Note, 0.28511691%, 7/31/16 5,000,000 $5,003,392
United Continental Holdings, Inc. 71,207 $4,080,161
United Rentals North America, Inc., 5.75%, 11/15/24 2,000,000 $1,994,694
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/16 5,000,000 $5,002,196
United States Treasury Floating Rate Note, Floating Rate Note, 10/31/16 5,000,000 $5,001,271
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 5,000,000 $5,003,344
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,265,000 $1,223,958
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 1,398,991 $1,372,469
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 10,760,000 $9,684,075
Vanguard Natural Resources LLC, 7.875%, 4/1/20 3,200,000 $911,000
Vers 2015-A Zero% 31dec17 4,400,000 $5,139,200
Vertafore, Inc., Term Loan (2013), 10/3/19 668,841 $664,063
Videotron, Ltd., 5.375%, 6/15/24 (144A) 9,050,000 $9,116,869
Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 1,680,000 $1,391,017
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,290,000 $4,141,757
Virgin Media 1st Lien Tl-F L + 2.75% 30jun23 5,100,408 $5,000,527
VOLT XXV LLC, 4.5%, 6/26/45 (Step) (144A) 1,000,000 $965,092
Voya Financial, Inc., Floating Rate Note, 5/15/53 4,200,000 $4,167,322
WCA Waste Corp., Term Loan, 3/23/18 611,188 $605,076
WCP ISSUER LLC, 6.657%, 8/15/43 (144A) 3,350,000 $3,449,223
WebMD Health Corp., 1.5%, 12/1/20 4,645,000 $5,193,691
WebMD Health Corp., 2.5%, 1/31/18 5,995,000 $6,230,220
WellCare Health Plans, Inc., 5.75%, 11/15/20 6,965,000 $7,225,123
Wells Fargo & Co., 7.5% (Perpetual) 2,000 $2,325,970
Wells Fargo & Co., Floating Rate Note (Perpetual) 3,675,000 $3,877,533
WESCO Distribution, Inc., 5.375%, 12/15/21 2,695,000 $2,593,638
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $224,013
Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 3,120,000 $2,131,350
Windstream Holdings, Inc. 87,633 $564,357
Windstream Services LLC, 6.375%, 8/1/23 2,975,000 $2,221,023
Windstream Services LLC, 7.5%, 6/1/22 7,030,000 $5,439,463
Windstream Services LLC, 7.75%, 10/15/20 3,460,000 $2,971,659
WPX Energy, Inc., 7.5%, 8/1/20 1,850,000 $1,559,781
WPX Energy, Inc., 8.25%, 8/1/23 1,995,000 $1,668,693
Wright Medical Group, Inc., 2.0%, 2/15/20 (144A) 2,610,000 $2,719,439
Xerium Technologies, Inc., 8.875%, 6/15/18 945,000 $929,946
Zero% 30nov19 5,800,000 $6,145,680
Zero% 31aug16 1,000,000 $1,088,800

The portfolio is actively managed, and current holdings may be different.

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