Pioneer High Yield Fund

Top 10 Portfolio Holdings as of 5/29/2015
Default: sorted by market value

Security Name Par / Shares Market Value
14112z Zero% 01feb19 4,500,000 $4,755,150
17079z Zero% 31mar18 2,600,000 $2,629,380
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (PIK) 3,152,378 $2,993,708
Acacn 5% 15mar20 144a 1,920,000 $1,941,461
Acgl Zero% 01jul16 1,500,000 $1,527,450
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A) 3,285,000 $3,663,630
Advanced Micro Devices, Inc., 6.75%, 3/1/19 2,495,000 $2,265,304
Advanced Micro Devices, Inc., 7.0%, 7/1/24 2,270,000 $1,972,567
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17 8,476 $8,546
AECOM, 5.75%, 10/15/22 (144A) 1,385,000 $1,443,430
AECOM, 5.875%, 10/15/24 (144A) 1,390,000 $1,455,808
AES Corp. Virginia, 5.5%, 3/15/24 1,650,000 $1,677,156
Aetna, Inc. 36,962 $4,360,407
Affinion Group, Inc., Tranche B Term Loan, 4/30/18 1,978,077 $1,914,201
Aguila 3 SA, 7.875%, 1/31/18 (144A) 1,700,000 $1,753,125
Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A) 500,000 $500,050
Alere, Inc., 3.0%, 5/15/16 3,700,000 $4,537,125
Alere, Inc., 3.0% (Perpetual) 6,508 $2,264,328
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19 1,165,792 $1,163,971
Alliance One International, Inc., 9.875%, 7/15/21 8,460,000 $7,673,484
Alliant Holdings I LLC, Initial Term Loan, 12/20/19 1,233,320 $1,241,285
Allison Transmission, Inc., Term B-3 Loan, 8/23/19 7,405 $7,453
Ally Financial, Inc., 4.625%, 3/30/25 2,000,000 $1,975,417
Ally Financial, Inc., 4.625%, 5/19/22 1,250,000 $1,251,766
Ally Financial, Inc., 7.0% (Perpetual) (144A) 3,225 $3,273,375
Alpha Natural Resources, Inc., 3.75%, 12/15/17 4,705,000 $951,292
Altice Financing SA, 6.625%, 2/15/23 (144A) 1,840,000 $1,945,979
Altrl Zero% 30jun16 4,064,365 $2,358,957
Altrl Zero% 30jun17 2,800,000 $2,869,160
American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK) 3,365,000 $1,644,317
AMG Capital Trust II, 5.15%, 10/15/37 48,000 $2,958,000
Amsted Industries, Inc., 5.0%, 3/15/22 (144A) 5,795,000 $5,942,290
Antero Resources Corp., 6.0%, 12/1/20 3,360,000 $3,544,240
Apex Tool Group LLC, 7.0%, 2/1/21 (144A) 6,901,000 $6,439,591
Ardagh Finance Holdings SA, 8.625%, 6/15/19 (144A) (PIK) 3,653,453 $4,039,920
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A) 3,350,000 $3,525,875
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A) 4,300,000 $780,007
Ardent Medical Services, Inc., Term Loan (First Lien), 7/2/18 1,945,403 $1,954,319
Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A) 2,710,000 $2,918,726
Arlington Flt% 01aug15 1,200,000 $1,366,200
Ascent Capital Group, Inc., 4.0%, 7/15/20 2,710,000 $2,261,156
A Schulman Inc Bridge L + 0% 27mar16 5,100,000 $5,100,000
Audatex North America, Inc., 6.0%, 6/15/21 (144A) 2,350,000 $2,516,944
Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20 1,489,426 $1,491,287
Axiall Corp. 127,734 $4,816,849
Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51 2,000,000 $2,088,956
Bank of America Corp., Floating Rate Note, 10/23/49 475,000 $505,486
Bank of America Corp., Floating Rate Note, 9/29/49 4,125,000 $4,263,216
Bank of America Corp., Floating Rate Note (Perpetual) 3,175,000 $3,249,992
Bankrate, Inc., 6.125%, 8/15/18 (144A) 3,400,000 $3,392,740
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18 1,920,000 $2,821,800
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20 1,920,000 $2,888,400
Bio-Rad Laboratories, Inc. 23,196 $3,348,807
BioScrip, Inc. 255,259 $906,169
BioScrip, Inc., 8.875%, 2/15/21 (144A) 3,675,000 $3,255,629
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20 1,232,125 $1,224,425
BioScrip, Inc., Initial Term B Loan, 7/31/20 2,053,542 $2,040,708
Bombardier, Inc., 6.0%, 10/15/22 (144A) 2,250,000 $2,055,938
Brocade Communications Systems, Inc., 1.375%, 1/1/20 (144A) 2,595,000 $2,765,801
Brookfield Residential Properties, Inc., 6.375%, 5/15/25 (144A) 2,375,000 $2,373,664
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A) 2,100,000 $2,220,313
Builders Firstsource Inc Bridge L + 7.5% 13apr16 7,410,000 $7,410,000
Caleres, Inc., 7.125%, 5/15/19 2,350,000 $2,445,102
Calfrac Holdings LP, 7.5%, 12/1/20 (144A) 2,080,000 $2,022,367
Calumet Specialty Products Partners LP, 6.5%, 4/15/21 6,525,000 $6,586,172
Cambium Learning Group, Inc., 9.75%, 2/15/17 3,695,000 $3,850,883
CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A) 575,000 $403,390
Capital One Financial Corp., Floating Rate Note (Perpetual) 3,875,000 $3,889,402
Cardtronics, Inc., 1.0%, 12/1/20 6,345,000 $6,297,236
Carriage Services, Inc., 2.75%, 3/15/21 2,195,000 $2,718,081
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20 2,150,000 $2,309,906
CCO Holdings LLC, 6.5%, 4/30/21 9,250,000 $9,779,948
Cengage Learning Holdings II LP 13,966 $391,048
CenturyLink, Inc., 5.625%, 4/1/25 (144A) 2,765,000 $2,702,355
CenturyLink, Inc., 5.8%, 3/15/22 3,625,000 $3,759,427
CenturyLink, Inc., 6.45%, 6/15/21 3,300,000 $3,616,181
Cepheid, 1.25%, 2/1/21 3,380,000 $3,710,841
CEVA GROUP Plc 2,282 $1,654,494
CEVA GROUP Plc, 0.0%, 12/31/14 4,940 $3,581,536
Chaparral Energy, Inc., 8.25%, 9/1/21 3,310,000 $2,748,610
Chesapeake Energy Corp., 5.375%, 6/15/21 8,435,000 $8,516,275
CHS, 8.0%, 11/15/19 11,400,000 $12,150,500
Cigna Corp. 33,734 $4,750,759
Cimpress NV, 7.0%, 3/24/22 (144A) 4,475,000 $4,722,617
Cincinnati Bell, Inc., 8.375%, 10/15/20 9,858,000 $10,540,358
Cinedigm Digital Funding I LLC, Term Loan, 2/28/18 846,519 $847,577
Citigroup, Inc., Floating Rate Note (Perpetual) 411,000 $11,508,000
Citigroup, Inc., Floating Rate Note (Perpetual) 2,375,000 $2,412,901
Citrix Systems, Inc., 0.5%, 4/15/19 2,470,000 $2,607,394
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A) 3,375,000 $3,303,281
Cme: (Cdx.Na.Hy.23.V3) Usd 20dec19 Z91mw60e6 27,913,851 $2,595,637
CNO Financial Group, Inc., 4.5%, 5/30/20 2,310,000 $2,391,023
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 1,935,000 $1,827,246
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46 595,000 $527,499
Cobalt International Energy, Inc., 2.625%, 12/1/19 7,525,000 $5,944,201
COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27 (144A) 2,650,000 $2,649,897
Commercial Vehicle Group, Inc. 482,433 $3,058,625
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A) 1,890,000 $1,913,625
Communications Sales & Leasing, Inc. 117,160 $3,052,018
Compass Re II, Ltd., Floating Rate Note, 12/8/15 (Cat Bond) (144A) 550,000 $522,500
Comstock Resources, Inc., 9.5%, 6/15/20 3,580,000 $1,892,179
Concho Resources, Inc., 5.5%, 4/1/23 3,675,000 $3,763,251
Concho Resources, Inc., 6.5%, 1/15/22 2,925,000 $3,142,547
Constellation Brands, Inc., 3.75%, 5/1/21 4,100,000 $4,138,010
Constellis Holdings LLC, 9.75%, 5/15/20 (144A) 3,675,000 $3,661,755
Corsicanto, Ltd., 3.5%, 1/15/32 2,615,000 $2,768,631
Crestwood Midstream Partners LP, 6.125%, 3/1/22 4,810,000 $5,093,272
Crown Cork & Seal Co, Inc., 7.375%, 12/15/26 13,120,000 $15,531,483
CWGS Group LLC, Term Loan, 2/20/20 6,925,188 $6,982,106
Denbury Resources, Inc., 5.5%, 5/1/22 4,670,000 $4,477,622
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A) 4,350,000 $4,426,361
DISH DBS Corp., 5.875%, 11/15/24 3,080,000 $3,095,240
DPx Holdings BV, 7.5%, 2/1/22 (144A) 5,610,000 $6,008,544
DR Horton, Inc., 5.75%, 8/15/23 5,045,000 $5,444,921
Dycom Investments, Inc., 7.125%, 1/15/21 3,000,000 $3,237,656
DynCorp International, Inc., 10.375%, 7/1/17 2,853,000 $2,376,381
E*TRADE Financial Corp., 4.625%, 9/15/23 1,600,000 $1,625,472
EMC Corp./MA 103,800 $2,734,092
Emergent Biosolutions, Inc., 2.875%, 1/15/21 6,697,000 $8,292,770
Emulex Corp., 1.75%, 11/15/18 3,295,000 $3,350,024
Endologix, Inc., 2.25%, 12/15/18 3,015,000 $3,029,133
Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A) 4,155,000 $2,246,239
Energy Transfer Equity LP, 5.875%, 1/15/24 3,520,000 $3,817,550
Energy XXI, Ltd., 3.0%, 12/15/18 475,000 $163,281
Entegris, Inc., 6.0%, 4/1/22 (144A) 5,100,000 $5,379,650
EP Energy LLC, 9.375%, 5/1/20 13,000,000 $14,219,427
EPL Oil & Gas, Inc., 8.25%, 2/15/18 5,205,000 $3,768,745
Equinix, Inc., 5.375%, 4/1/23 5,465,000 $5,677,091
Evergreen Skills Lux Sarl, Initial Term Loan (First Lien), 4/23/21 1,985,000 $1,960,188
Evolution Escrow Issuer LLC, 7.5%, 3/15/22 (144A) 4,560,000 $4,604,650
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18 4,813,691 $4,825,725
Exterran Partners LP, 6.0%, 10/1/22 5,175,000 $5,122,388
Exterran Partners LP, 6.0%, 4/1/21 2,750,000 $2,715,167
Family Tree Escrow LLC, 5.75%, 3/1/23 (144A) 2,910,000 $3,115,135
Ferrellgas LP, 6.5%, 5/1/21 1,850,000 $1,882,812
Ferrellgas LP, 6.75%, 1/15/22 3,585,000 $3,756,408
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A) 5,400,000 $5,685,919
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20 5,168,665 $4,302,914
Fifth Third Bancorp, Floating Rate Note (Perpetual) 60,650 $1,726,099
FireEye, Inc., 1.0%, 6/1/35 (144A) 595,000 $622,983
FireEye, Inc., 1.625%, 6/1/35 (144A) 595,000 $623,578
Flextronics International, Ltd., 4.625%, 2/15/20 1,380,000 $1,467,616
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A) 4,250,000 $4,262,484
Flt% 15jun16 500,000 $482,450
Fly Leasing, Ltd., 6.375%, 10/15/21 5,825,000 $5,929,668
Ford Motor Co. 704,311 $10,684,398
Forest City Enterprises, Inc. 399,971 $9,223,331
Freeport-McMoRan, Inc. 264,669 $5,200,746
Frontier Communications Corp., 7.125%, 1/15/23 4,750,000 $4,675,039
Frontier Communications Corp., 8.5%, 4/15/20 9,705,000 $10,487,466
Frontier Communications Corp., 8.75%, 4/15/22 3,100,000 $3,269,531
Gannett Co, Inc., 6.375%, 10/15/23 6,170,000 $6,620,217
General Cable Corp. 171,775 $3,244,830
General Cable Corp., 4.5%, 11/15/29 (Step) 10,874,000 $8,794,348
Gibraltar Industries, Inc., 6.25%, 2/1/21 2,750,000 $2,896,189
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32 (144A) 3,319,000 $733,708
GLP Capital LP, 4.375%, 11/1/18 2,075,000 $2,154,938
GLP Capital LP, 4.875%, 11/1/20 3,250,000 $3,376,513
GMAC Capital Trust I, Floating Rate Note, 2/15/40 358,975 $9,354,889
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53 2,513,900 $2,404,850
GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39 2,000,000 $1,975,051
Gulfport Energy Corp., 7.75%, 11/1/20 7,615,000 $8,100,403
Halcon Resources Corp. 3,094,691 $3,249,426
Halcon Resources Corp., 0.0% (Perpetual) 715 $147,648
Halcon Resources Corp., 8.875%, 5/15/21 5,265,000 $3,718,132
HCA, Inc., 5.375%, 2/1/25 13,850,000 $14,542,596
Hexion, Inc., 6.625%, 4/15/20 1,220,000 $1,159,953
Hexion, Inc., 8.875%, 2/1/18 2,756,000 $2,609,482
Hexion, Inc., 9.0%, 11/15/20 2,445,000 $1,965,169
Hilcorp Energy I LP, 5.75%, 10/1/25 (144A) 3,470,000 $3,467,831
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A) 1,400,000 $927,379
Horizon Lines, Inc. 4,099,666 $2,943,560
IAMGOLD Corp., 6.75%, 10/1/20 (144A) 6,445,000 $5,485,098
Iap Worldwide Services Inc 53 $41,087
Iap Worldwide Services Inc 1st Lien Tl L + 6.5% 18jul19 420,939 $391,473
Immunomedics, Inc., 4.75%, 2/15/20 (144A) 1,420,000 $1,480,182
Insulet Corp., 2.0%, 6/15/19 5,985,000 $5,748,094
International Equipment Solutions LLC, Initial Loan, 8/16/19 587,246 $589,081
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A) 2,950,000 $2,839,529
j2 Global, Inc., 8.0%, 8/1/20 6,085,000 $6,717,502
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A) 1,990,000 $1,845,158
James River Coal Co., 7.875%, 4/1/19 4,170,000 $556,825
Jarden Corp., 1.125%, 3/15/34 5,470,000 $6,491,352
Jazz Investments I, Ltd., 1.875%, 8/15/21 (144A) 2,050,000 $2,454,555
JB Poindexter & Co, Inc., 9.0%, 4/1/22 (144A) 4,030,000 $4,411,843
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A) 2,855,000 $2,632,845
Jonah Energy Llc 2nd Lien Tl L + 6.5% 08may21 3,863,910 $3,673,933
Joy Global, Inc. 68,197 $2,655,591
JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A) 4,270,000 $4,273,012
Kane Flt% 12jun15 3,040,000 $3,037,872
Kane Flt% 14jul15 1,018,720 $1,011,283
Kane Ilw Zero% 02feb16 1,500,000 $1,423,350
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,467,400 $1,474,297
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,514,150 $1,519,298
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 1,261,500 $1,270,457
Kane Sac, Ltd., 0.0%, 1/7/16 (Cat Bond) 3,014,550 $3,035,049
Kane Zero% 15jan16 506,000 $509,846
Kane Zero% 19feb16 3,600,000 $3,827,880
Kane Zero% 22jan16 1,000,000 $1,020,700
Kane Zero% 22jan16 3,000,000 $3,052,200
Kane Zero% 29apr16 6,200,000 $6,465,360
KB Home, 1.375%, 2/1/19 11,400,000 $11,010,065
KB Home, 7.0%, 12/15/21 8,375,000 $8,978,698
KeHE Distributors LLC, 7.625%, 8/15/21 (144A) 3,635,000 $3,961,203
Kennametal, Inc. 131,756 $4,751,121
Kennedy-Wilson, Inc., 5.875%, 4/1/24 1,480,000 $1,520,150
Key Energy Services, Inc., 6.75%, 3/1/21 1,545,000 $1,026,170
Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A) 1,000,000 $994,642
Kinetic Concepts, Inc., Dollar Term E-1 Loan, 5/4/18 2,385,783 $2,406,162
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17 7,459,000 $7,528,164
Legacy Reserves LP, 6.625%, 12/1/21 4,975,000 $4,318,006
Lennar Corp., 2.75%, 12/15/20 (144A) 3,015,000 $6,377,039
Lennar Corp., 4.5%, 6/15/19 4,150,000 $4,339,344
Lennar Corp., 4.75%, 11/15/22 8,730,000 $8,670,891
Level 3 Financing Inc 1st Lien Tl-B2 L + 2.75% 31may22 5,000,000 $4,988,750
Liberty Media Corp., 1.375%, 10/15/23 4,425,000 $4,393,887
Liberty Tire Recycling Llc 73,714 $737
Liberty Tire Recycling LLC, 11.0%, 3/31/21 (144A) (PIK) 1,886,000 $1,853,990
Linn Energy LLC, 6.25%, 11/1/19 12,635,000 $10,866,539
LORENZO RE, Ltd., 0.0%, 12/31/49 (Cat Bond) (Perpetual) 33,500 $83,750
LyondellBasell Industries NV 62,082 $6,276,490
Marathon Oil Corp. 137,800 $3,746,782
Marathon Petroleum Corp. 34,292 $3,547,850
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK) 443,160 $9,233
MDC Partners, Inc., 6.75%, 4/1/20 (144A) 5,360,000 $5,379,095
MedAssets, Inc., 8.0%, 11/15/18 1,400,000 $1,453,667
Memorial Production Partners LP, 7.625%, 5/1/21 4,480,000 $4,417,918
Mentor Graphics Corp., 4.0%, 4/1/31 5,815,000 $7,819,317
Meritage Homes Corp., 7.0%, 4/1/22 3,660,000 $3,976,488
Micron Technology, Inc., 5.25%, 8/1/23 (144A) 2,680,000 $2,725,728
Micron Technology, Inc., 5.5%, 2/1/25 (144A) 1,535,000 $1,551,241
Micron Technology, Inc., 5.875%, 2/15/22 1,825,000 $1,929,272
Midstates Petroleum Co, Inc., 9.25%, 6/1/21 2,190,000 $1,105,387
Mj Acquisition Corp 2nd Lien L + 8% 08apr23 3,430,000 $3,472,875
MMM Holdings, Inc., MMM Term Loan, 12/12/17 744,966 $614,597
Monitronics International, Inc., 9.125%, 4/1/20 2,400,000 $2,393,892
Monitronics International, Inc., Term B Loan (2013), 3/23/18 2,673,469 $2,681,824
Morgan Stanley, Floating Rate Note (Perpetual) 4,325,000 $4,388,559
Morgan Stanley, Floating Rate Note (Perpetual) 189,000 $5,344,920
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A) 1,675,000 $1,819,556
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 541,593 $446,814
NANA Development Corp., 9.5%, 3/15/19 (144A) 1,800,000 $1,745,625
National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21 2,564,100 $2,575,959
National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19 1,502,211 $1,511,600
National Surgical Hospitals Inc 1st Lien Tl-B L + 3.5% 15may22 1,355,556 $1,356,369
Nationstar Mortgage LLC, 6.5%, 6/1/22 1,515,000 $1,476,851
Nationstar Mortgage LLC, 6.5%, 7/1/21 10,350,000 $10,227,381
Nationstar Mortgage LLC, 6.5%, 8/1/18 1,820,000 $1,872,755
Navistar International Corp., 8.25%, 11/1/21 4,850,000 $4,882,232
NCL Corp, Ltd., 5.25%, 11/15/19 (144A) 2,750,000 $2,848,691
NCR Corp. 171,011 $5,138,881
NeuStar, Inc., 4.5%, 1/15/23 5,048,000 $4,527,425
Northern Oil and Gas, Inc., 8.0%, 6/1/20 1,430,000 $1,408,232
Northern Oil and Gas, Inc., 8.0%, 6/1/20 (144A) 2,240,000 $2,122,773
NRG Energy, Inc., 6.25%, 5/1/24 1,450,000 $1,489,925
NRG Energy, Inc., 7.625%, 1/15/18 4,700,000 $5,372,541
Nuance Communications, Inc., 2.75%, 11/1/31 9,057,000 $9,099,706
Numericable-SFR SAS, 6.0%, 5/15/22 (144A) 1,575,000 $1,616,344
NuStar Logistics LP, Floating Rate Note, 1/15/43 12,332 $329,634
NuVasive, Inc., 2.75%, 7/1/17 2,355,000 $3,154,539
Oasis Petroleum, Inc., 6.5%, 11/1/21 2,820,000 $2,855,916
Offshore Group Investment, Ltd., 7.5%, 11/1/19 1,690,000 $1,231,235
Offshore Group Investment, Ltd., Second Term Loan, 3/28/19 2,303,000 $1,649,524
ON Semiconductor Corp., 2.625%, 12/15/26 4,239,000 $5,781,599
Orbital ATK, Inc. 42,036 $3,215,754
Outerwall, Inc., 5.875%, 6/15/21 (144A) 4,010,000 $3,867,353
Oxford Finance LLC, 7.25%, 1/15/18 (144A) 3,100,000 $3,285,031
Pangaea Zero% 01jul18 5,120,000 $5,668,864
Parker Drilling Co., 7.5%, 8/1/20 2,995,000 $2,829,651
PDC Energy, Inc., 7.75%, 10/15/22 4,860,000 $5,247,281
PDL BioPharma, Inc., 4.0%, 2/1/18 4,538,000 $4,430,664
Penn Virginia Corp., 6.0% (Perpetual) (144A) 20,400 $1,066,308
Penn Virginia Corp., 7.25%, 4/15/19 2,860,000 $2,585,619
Penn Virginia Corp., 8.5%, 5/1/20 4,480,000 $4,264,276
PetroQuest Energy, Inc., 6.875% (Perpetual) 59,180 $1,264,973
Pilgrim's Pride Corp., 5.75%, 3/15/25 (144A) 2,425,000 $2,491,974
Pinnacle Entertainment, Inc. 31,839 $1,177,088
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 1,440,000 $1,520,400
Plantronics, Inc., 5.5%, 5/31/23 (144A) 1,595,000 $1,619,656
Polymet Mining Corp. 233,628 $254,655
Post Holdings, Inc., 2.5% (Perpetual) (144A) 73,300 $6,413,750
Post Holdings, Inc., 6.0%, 12/15/22 (144A) 2,300,000 $2,213,750
Post Holdings, Inc., 6.75%, 12/1/21 (144A) 1,775,000 $1,816,823
PPL Capital Funding, Inc., 5.9%, 4/30/73 214,000 $5,506,220
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A) 1,595,000 $1,611,282
Quebecor Media, Inc., 5.75%, 1/15/23 5,975,000 $6,356,529
Quicken Loans, Inc., 5.75%, 5/1/25 (144A) 5,490,000 $5,517,907
Quintiles Transnational Corp., 4.875%, 5/15/23 (144A) 3,055,000 $3,108,272
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A) 1,750,000 $1,784,611
Regal Entertainment Group, 5.75%, 2/1/25 4,895,000 $5,012,514
Regal Entertainment Group, 5.75%, 3/15/22 425,000 $442,841
Rent-A-Center, Inc., 6.625%, 11/15/20 2,590,000 $2,571,249
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A) 800,000 $816,208
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A) 1,750,000 $2,028,503
Resolute Forest Products, Inc., 5.875%, 5/15/23 3,845,000 $3,556,425
Revlon Consumer Products Corp., 5.75%, 2/15/21 2,495,000 $2,543,081
Rexel SA, 5.25%, 6/15/20 (144A) 5,200,000 $5,559,125
Reynolds Group Issuer, Inc., 8.25%, 2/15/21 3,700,000 $3,987,906
Reynolds Group Issuer, Inc., 8.5%, 5/15/18 7,495,000 $7,671,445
Reynolds Group Issuer, Inc., 9.875%, 8/15/19 4,565,000 $4,970,382
Rialto Holdings LLC, 7.0%, 12/1/18 (144A) 1,800,000 $1,948,150
Rite Aid Corporation 1st Lien Bridge L + 6% 10feb16 7,530,000 $7,530,000
Rosetta Resources, Inc., 5.875%, 6/1/22 8,170,000 $8,960,135
RTI International Metals, Inc., 1.625%, 10/15/19 3,805,000 $4,366,832
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 6,775,000 $7,121,160
Safway Group Holding LLC, 7.0%, 5/15/18 (144A) 2,000,000 $2,055,833
Sanchez Energy Corp., 6.125%, 1/15/23 1,300,000 $1,264,859
Sanchez Energy Corp., 7.75%, 6/15/21 3,775,000 $3,984,591
SandRidge Energy, Inc. 62,696 $76,489
SandRidge Energy, Inc., 7.0% (Perpetual) 33,162 $837,341
Scientific Games International, Inc., 10.0%, 12/1/22 12,050,000 $12,291,000
Scientific Games International, Inc., 6.25%, 9/1/20 700,000 $546,316
SEACOR Holdings, Inc., 3.0%, 11/15/28 2,170,000 $1,953,490
Seagate HDD Cayman, 4.75%, 1/1/25 (144A) 5,900,000 $6,158,731
Seagate HDD Cayman, 4.75%, 6/1/23 4,300,000 $4,572,070
Sealy Corp., 8.0%, 7/15/16 (PIK) 143,000 $12,143,560
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A) 12,321 $87,941
Sector Re V, Ltd., 0.0%, 12/1/19 (Cat Bond) (144A) 1,100,000 $1,156,210
Sector Re V, Ltd., 0.0%, 3/30/19 (Cat Bond) (144A) 2,152 $292,097
Sector Re V, Ltd., 3/1/20 (Cat Bond) (144A) 1,000,000 $1,004,900
Sector Re V, Ltd., 3/1/20 (Cat Bond) (144A) 1,300,000 $1,303,510
Shea Homes LP, 5.875%, 4/1/23 (144A) 1,500,000 $1,561,401
Ship Midco, Ltd., Facility B2A-II, 11/29/19 1,965,497 $1,980,238
Shutterfly, Inc., 0.25%, 5/15/18 7,455,000 $7,451,117
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A) 2,000,000 $78,000
Silverton RE, Ltd., 0.0%, 9/18/17 (Cat Bond) (144A) 2,000,000 $2,179,400
SolarCity Corp., 1.625%, 11/1/19 (144A) 4,825,000 $4,737,832
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A) 4,460,000 $4,322,483
Springleaf Mortgage Loan Trust 2013-1, Floating Rate Note, 6/25/58 (144A) 400,000 $414,262
Springs Industries, Inc., 6.25%, 6/1/21 2,920,000 $2,966,943
Sprint Corp., 7.25%, 9/15/21 14,235,000 $14,538,977
Standard Pacific Corp., 6.25%, 12/15/21 6,975,000 $7,628,180
Starbucks Corp. 97,944 $5,089,170
Sterigenics-Nordion Holdings LLC, 6.5%, 5/15/23 (144A) 2,210,000 $2,232,560
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A) 2,250,000 $2,361,102
SunEdison, Inc., 2.625%, 6/1/23 (144A) 2,605,000 $2,689,973
SunEdison, Inc., 3.375%, 6/1/25 (144A) 2,400,000 $2,531,106
Swift Energy Co., 7.875%, 3/1/22 8,170,000 $3,753,860
syncreon Group BV, 8.625%, 11/1/21 (144A) 3,500,000 $2,824,318
Talen Energy Supply LLC, 5.125%, 7/15/19 (144A) 7,360,000 $7,446,250
Talen Energy Supply LLC, 6.5%, 6/1/25 (144A) 2,250,000 $2,300,389
Talos Production LLC, 9.75%, 2/15/18 (144A) 833,000 $772,846
Targa Resources Partners LP, 4.25%, 11/15/23 4,685,000 $4,517,609
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 3,195,000 $3,261,873
TE Connectivity, Ltd. 54,309 $3,747,321
Tenet Healthcare Corporation 1st Lien Bridge L + 0% 01apr16 3,110,000 $3,110,000
Tenet Healthcare Corporation 1st Lien Bridge L + 4.25% 01apr16 1,035,000 $1,035,000
Tesoro Corp., 5.375%, 10/1/22 4,695,000 $4,947,633
The GEO Group, Inc., 5.875%, 10/15/24 3,695,000 $3,953,073
The Goldman Sachs Group, Inc., Floating Rate Note (Perpetual) 3,975,000 $3,987,022
The KEYW Holding Corp., 2.5%, 7/15/19 2,150,000 $1,706,563
The Medicines Co., 2.5%, 1/15/22 (144A) 2,625,000 $2,918,249
Theravance, Inc., 2.125%, 1/15/23 7,215,000 $6,591,579
Thermo Fisher Scientific, Inc. 63,010 $8,167,986
The Ryland Group, Inc., 5.375%, 10/1/22 2,540,000 $2,600,475
TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21 2,996,049 $3,005,411
T-Mobile USA, Inc., 6.5%, 1/15/24 1,200,000 $1,295,250
T-Mobile USA, Inc., 6.542%, 4/28/20 4,300,000 $4,642,581
T-Mobile USA, Inc., 6.625%, 4/1/23 3,180,000 $3,381,477
T-Mobile USA, Inc., 6.633%, 4/28/21 2,865,000 $3,119,350
T-Mobile USA, Inc., 6.731%, 4/28/22 2,000,000 $2,175,621
TMS International Corp., 7.625%, 10/15/21 (144A) 2,165,000 $2,174,810
TMX Finance LLC, 8.5%, 9/15/18 (144A) 3,265,000 $2,833,068
Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20 7,973,211 $8,003,111
Tronox Finance LLC, 6.375%, 8/15/20 5,195,000 $5,083,795
Twitter, Inc., 0.25%, 9/15/19 (144A) 2,055,000 $1,867,267
U.S. Treasury Floating Rate Note, 0.085000569%, 7/31/16 5,000,000 $5,000,728
United Continental Holdings, Inc. 103,547 $5,652,631
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/16 5,000,000 $4,999,959
United States Treasury Floating Rate Note, Floating Rate Note, 10/31/16 5,000,000 $4,999,337
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/16 5,000,000 $5,000,949
Universal Hospital Services, Inc., 7.625%, 8/15/20 1,265,000 $1,207,746
Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20 1,410,104 $1,409,475
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A) 5,700,000 $5,965,228
Vanguard Natural Resources LLC, 7.875%, 4/1/20 3,200,000 $3,177,300
Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 4.0%, 4/27/54 (Step) (144A) 1,000,000 $994,072
VeriSign, Inc., 5.25%, 4/1/25 (144A) 1,770,000 $1,821,662
Vers 2015-A Zero% 31dec17 4,400,000 $4,562,360
Vertafore, Inc., Term Loan (2013), 10/3/19 668,841 $671,683
ViaSat, Inc., 6.875%, 6/15/20 3,000,000 $3,274,531
Viasystems, Inc., 7.875%, 5/1/19 (144A) 5,300,000 $5,651,622
Videotron, Ltd., 5.375%, 6/15/24 (144A) 9,050,000 $9,612,326
Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) 1,680,000 $1,690,617
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A) 4,290,000 $4,850,381
Virgin Media Investment Holdings, Ltd., B Facility, 6/8/20 5,100,408 $5,097,618
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A) 3,755,000 $3,082,620
Voya Financial, Inc., Floating Rate Note, 5/15/53 4,200,000 $4,367,388
WCA Waste Corp., Term Loan, 3/23/18 615,950 $613,833
WCP ISSUER LLC, 6.657%, 8/15/43 (144A) 3,350,000 $3,567,126
WebMD Health Corp., 1.5%, 12/1/20 5,145,000 $5,722,672
WebMD Health Corp., 2.5%, 1/31/18 6,420,000 $6,646,038
WellCare Health Plans, Inc., 5.75%, 11/15/20 6,965,000 $7,343,251
Wells Fargo & Co., 7.5% (Perpetual) 2,000 $2,417,660
Wells Fargo & Co., Floating Rate Note (Perpetual) 3,675,000 $3,939,511
WESCO Distribution, Inc., 5.375%, 12/15/21 5,145,000 $5,374,649
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A) 700,000 $310,287
Whiting Canadian Holding Co ULC, 8.125%, 12/1/19 5,200,000 $5,722,076
Whiting Petroleum Corp., 1.25%, 4/1/20 (144A) 3,120,000 $3,423,225
Windstream Holdings, Inc. 87,633 $712,894
Windstream Services LLC, 6.375%, 8/1/23 4,975,000 $4,283,838
Windstream Services LLC, 7.5%, 6/1/22 8,830,000 $8,386,660
Windstream Services LLC, 7.75%, 10/15/20 3,460,000 $3,549,744
WMG Acquisition Corp., 6.75%, 4/15/22 (144A) 2,665,000 $2,610,867
Wright Medical Group, Inc., 2.0%, 2/15/20 (144A) 2,610,000 $2,855,521
Xerium Technologies, Inc., 8.875%, 6/15/18 2,660,000 $2,867,951
ZF North America Capital, Inc., 4.5%, 4/29/22 (144A) 825,000 $842,634
ZF North America Capital, Inc., 4.75%, 4/29/25 (144A) 2,050,000 $2,058,385

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

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