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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-10395


                         Pioneer Pioneer Series Trust VII
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  October 31

Date of reporting period:  January 31, 2014

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.





       
Pioneer Emerging Markets Local Currency Debt Fund
     
       
Schedule of Investments 1/31/14 (unaudited)
     
               
 
Principal Amount ($)
Floating
Rate (b)
S&P/Moody's
Ratings
 
Value
 
       
CORPORATE BONDS - 37.4%
     
       
Transportation - 2.6%
     
       
Railroads - 2.6%
     
RUB
12,000,000
 
BBB/Baa1
Russian Railways via RZD Capital Plc, 8.3%, 4/2/19
$
327,552
 
       
Total Transportation
$
327,552
 
       
Food, Beverage & Tobacco - 1.4%
     
       
Agricultural Products - 1.4%
     
BRL
500,000
 
NR/Ba2
Cosan Luxembourg SA, 9.5%, 3/14/18
$
172,517
 
       
Total Food, Beverage & Tobacco
$
172,517
 
       
Banks - 17.3%
     
       
Diversified Banks - 17.3%
     
TRY
850,000
 
NR/Baa2
Akbank TAS, 7.5%, 2/5/18
$
314,292
 
BRL
700,000
 
BBB-/Baa3
Banco ABC Brasil SA, 8.5%, 3/28/16
 
261,833
 
BRL
300,000
 
BBB/Baa2
Banco Santander Brasil SA Cayman Islands, 8.0%, 3/18/16
 
113,768
 
CLP
50,000,000
 
A/Aa3
Banco Santander Chile, 6.5%, 9/22/20 (144A)
 
89,122
 
RUB
13,000,000
 
NR/Aa3
Export-Import Bank of Korea, 7.55%, 8/27/15
 
354,499
 
TRY
270,000
 
NR/Aa3
Export-Import Bank of Korea, 8.2%, 5/31/16
 
111,656
 
RUB
12,000,000
 
NR/Baa3
Gazprombank OJSC Via GPB Eurobond Finance Plc, 8.617%, 12/15/15
 
338,027
 
NGN
50,000,000
 
AAA/Aaa
International Bank for Reconstruction & Development, 10.0%, 10/28/15
 
296,757
 
BRL
400,000
 
NR/Baa2
Itau Unibanco Holding SA, 10.5%, 11/23/15
 
162,052
 
 
120,000
 
NR/Baa2
Standard Bank Plc, 8.125%, 12/2/19
 
133,980
 
         
$
2,175,986
 
       
Total Banks
$
2,175,986
 
       
Diversified Financials - 8.2%
     
       
Other Diversified Financial Services - 8.2%
     
BRL
700,000
 
NR/Baa2
Banco Safra SA, 10.25%, 8/8/16
$
270,101
 
ZAR
6,600,000
 
A-/NR
Development Bank of Southern Africa, Ltd., 0.0%, 12/31/27 (c)
 
160,487
 
PLN
870,000
 
AAA/Aaa
European Investment Bank, 4.25%, 10/25/22
 
277,571
 
RUB
12,000,000
 
BBB/Baa3
Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19
 
324,208
 
         
$
1,032,367
 
       
Total Diversified Financials
$
1,032,367
 
       
Telecommunication Services - 3.6%
     
       
Integrated Telecommunication Services - 0.9%
     
BRL
300,000
 
BBB-/Baa3
Oi SA, 9.75%, 9/15/16
$
109,106
 
       
Wireless Telecommunication Services - 2.7%
     
MXN
5,000,000
 
A-/A2
America Movil SAB de CV, 6.45%, 12/5/22
$
338,932
 
       
Total Telecommunication Services
$
448,038
 
       
Utilities - 3.2%
     
       
Electric Utilities - 0.9%
     
ZAR
2,000,000
 
BBB/Baa3
Eskom Holdings SOC, Ltd., 0.0%, 12/31/18 (c)
$
111,133
 
       
Independent Power Producers & Energy Traders - 2.3%
     
COP
560,000,000
 
BBB/NR
Emgesa SA ESP, 8.75%, 1/25/21
$
287,094
 
       
Total Utilities
$
398,227
 
       
Government - 1.1%
     
       
Government - 1.1%
     
IDR
1,750,000,000
 
NR/Aaa
Kommunalbanken AS, 4.25%, 9/10/14
$
139,713
 
       
Total Government
$
139,713
 
       
TOTAL CORPORATE BONDS
     
       
(Cost $5,911,761)
$
4,694,400
 
               
       
FOREIGN GOVERNMENT BONDS - 57.6%
     
BRL
250,000
 
A-/Baa2
Brazil Letras do Tesouro Nacional, 0.0%, 7/1/15 (c)
$
88,085
 
BRL
200,000
 
A-/Baa2
Brazil Letras do Tesouro Nacional, 0.0%, 7/1/16 (c)
 
61,874
 
COP
250,000,000
 
BBB/Baa3
Colombia Government International Bond, 7.75%, 4/14/21
 
133,934
 
ZAR
3,000,000
 
NR/NR
Eskom Holdings SOC, Ltd., 10.0%, 1/25/23
 
282,467
 
HUF
30,000,000
 
BB/Ba1
Hungary Government Bond, 6.75%, 2/24/17
 
137,338
 
HUF
40,000,000
 
BB/Ba1
Hungary Government Bond, 7.5%, 11/12/20
 
190,341
 
HUF
50,000,000
 
BB/Ba1
Hungary Government Bond, 7.75%, 8/24/15
 
229,102
 
IDR
2,200,000,000
 
NR/Baa3
Indonesia Treasury Bond, 10.0%, 9/15/24
 
189,640
 
IDR
1,500,000,000
 
NR/Baa3
Indonesia Treasury Bond, 10.5%, 8/15/30
 
132,064
 
IDR
2,000,000,000
 
NR/Baa3
Indonesia Treasury Bond, 11.0%, 9/15/25
 
183,047
 
IDR
2,000,000,000
 
BB+/Baa3
Indonesia Treasury Bond, 12.8%, 6/15/21
 
198,608
 
MYR
920,000
 
A/A3
Malaysia Government Bond, 3.58%, 9/28/18
 
271,952
 
MYR
800,000
 
NR/A3
Malaysia Government Bond, 3.741%, 2/27/15
 
240,850
 
MYR
900,000
 
NR/A3
Malaysia Government Bond, 4.012%, 9/15/17
 
272,523
 
MYR
670,000
 
NR/A3
Malaysia Government Bond, 4.16%, 7/15/21
 
199,363
 
MYR
670,000
 
NR/A3
Malaysia Government Bond, 4.378%, 11/29/19
 
203,706
 
MXN
2,800,000
 
A/Baa1
Mexican Bonos, 10.0%, 11/20/36
 
260,940
 
MXN
2,000,000
 
A/Baa1
Mexican Bonos, 10.0%, 12/5/24
 
188,015
 
MXN
3,700,000
 
A/Baa1
Mexican Bonos, 6.0%, 6/18/15
 
284,634
 
MXN
3,200,000
 
A/Baa1
Mexican Bonos, 8.5%, 12/13/18
 
270,997
 
PEN
330,000
 
A-/Baa2
Peru Government Bond, 7.84%, 8/12/20
 
130,118
 
PEN
400,000
 
A-/Baa2
Peru Government Bond, 8.2%, 8/12/26
 
161,034
 
PLN
897,358
 
A/A2
Poland Government Bond, 3.0%, 8/24/16
 
296,847
 
PLN
500,000
 
A/A2
Poland Government Bond, 4.0%, 10/25/23
 
149,860
 
PLN
900,000
 
A/A2
Poland Government Bond, 4.75%, 10/25/16
 
294,610
 
PLN
600,000
 
A/A2
Poland Government Bond, 4.75%, 4/25/17
 
196,007
 
PLN
300,000
 
A/A2
Poland Government Bond, 5.25%, 10/25/17
 
99,431
 
ZAR
3,605,940
 
NR/Baa1
South Africa Government Bond - CPI Linked, 2.75%, 1/31/22
 
333,538
 
ZAR
2,000,000
 
NR/Baa1
South Africa Government Bond, 6.75%, 3/31/21
 
163,237
 
THB
20,000,000
 
A-/Baa1
Thailand Government Bond, 3.625%, 6/16/23
 
590,378
 
THB
8,200,000
 
A-/Baa1
Thailand Government Bond, 5.125%, 3/13/18
 
266,653
 
TRY
347,573
 
NR/NR
Turkey Government Bond, 4.5%, 2/11/15
 
155,350
 
TRY
696,335
 
NR/NR
Turkey Government Bond, 7.0%, 10/1/14
 
312,616
 
TRY
150,000
 
NR/Baa3
Turkey Government Bond, 9.0%, 3/5/14
 
66,179
 
         
$
7,235,338
 
       
TOTAL FOREIGN GOVERNMENT BONDS
     
       
(Cost $8,378,900)
$
7,235,338
 
               
       
TEMPORARY CASH INVESTMENT - 0.8%
     
       
Repurchase Agreement - 0.8%
     
MXN
1,300,000
 
BB/NR
Consubanco SA Institucion de Banca Multiple, 0.0%, 4/16/14 (c)
$
95,911
 
       
TOTAL TEMPORARY CASH INVESTMENT
     
       
(Cost $104,617)
$
95,911
 
               
       
TOTAL INVESTMENT IN SECURITIES - 95.8%
     
       
(Cost $14,395,278) (a)
$
12,025,649
 
               
       
OTHER ASSETS & LIABILITIES - 4.2%
$
524,857
 
               
       
TOTAL NET ASSETS - 100.0%
$
12,550,506
 
               
 
NR
   
Not rated by either S&P or Moody's.
     
               
 
(144A)
   
Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At January 31, 2014, the value of these securities amounted to $89,122 or 0.7% of total net assets.
               
 
(a)
   
At January 31, 2014, the net unrealized depreciation on investments based on
     
       
cost for federal income tax purposes of $14,395,278 was as follows:
     
               
       
Aggregate gross unrealized appreciation for all investments in which
     
       
there is an excess of value over tax cost
$
38,150
 
               
       
Aggregate gross unrealized depreciation for all investments in which
     
       
there is an excess of tax cost over value
 
(2,407,779)
 
               
       
Net unrealized depreciation
$
(2,369,629)
 
               
 
(b)
   
Debt obligation with a variable interest rate.  Rate shown is rate at period end
     
               
 
(c)
   
Security issued with a zero coupon.  Income is earned through accretion of discount.
     
               
 
NOTE:
   
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
     
               
 
BRL
   
Brazilian Real
     
 
CLP
   
Chilean Peso 
     
 
COP
   
Colombian Peso
     
 
HUF
   
Hungarian Forint
     
 
IDR
   
Indonesian Rupiah
     
 
MXN
   
Mexican Peso
     
 
MYR
   
Malaysian Ringgit
     
 
NGN
   
Nigerian Naira 
     
 
PEN
   
Peruvian Nuevo Sol
     
 
PLN
   
Polish Zloty
     
 
RUB
   
Russian Ruble
     
 
THB
   
Thai Baht
     
 
TRY
   
Turkish Lira
     
 
ZAR
   
South African Rand
     
               
Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below.
 
               
Level 1 – quoted prices in active markets for identical securities
     
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  See Notes to Financial Statements — Note 1A.
Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)  See Notes to Financial Statements — Note 1A.
               
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
     
using fair value methods (other than prices supplied by independent pricing services) as Level 3.
     
               
The following is a summary of the inputs used as of January 31, 2014, in valuing the Portfolio's investments:
     
               



   
Level 1
   
Level 2
   
Level 3
   
Total
 
Corporate Bonds
  $ -     $ 4,694,400     $ -     $ 4,694,400  
Foreign Government Bonds
    -       7,235,338       -       7,235,338  
Repurchase Agreement
    -       95,911       -       95,911  
Total
  $ -     $ 12,025,649     $ -     $ 12,025,649  
                                 
During the period ended January 31, 2014, there were no transfers between Levels 1, 2 and 3.
                         





       
Pioneer Global High Yield Fund
   
       
Schedule of Investments 1/31/14 (unaudited)
   
             
 
Principal Amount ($)
Floating
Rate (b)
S&P/Moody's
Ratings
   
       
CONVERTIBLE CORPORATE BONDS - 5.2%
   
       
Energy - 0.6%
   
       
Oil & Gas Drilling - 0.1%
   
 
2,475,000
 
NR/NR
Vantage Drilling Co., 7.875%, 9/1/42
$
2,789,016
       
Oil & Gas Exploration & Production - 0.4%
   
 
7,610,000
 
NR/NR
Cobalt International Energy, Inc., 2.625%, 12/1/19
$
6,772,900
       
Coal & Consumable Fuels - 0.1%
   
 
1,075,000
 
CCC+/NR
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15
$
1,079,031
 
374,000
 
CCC/NR
James River Coal Co., 10.0%, 6/1/18 (144A)
 
111,732
         
$
1,190,763
       
Total Energy
$
10,752,679
       
Materials - 0.9%
   
       
Construction Materials - 0.9%
   
 
10,300,000
 
NR/NR
Cemex SAB de CV, 3.75%, 3/15/18
$
14,523,000
       
Total Materials
$
14,523,000
       
Capital Goods - 0.1%
   
       
Electrical Components & Equipment - 0.1%
   
 
1,250,000
 
B/B3
General Cable Corp., 4.5%, 11/15/29 (Step)
$
1,342,188
       
Total Capital Goods
$
1,342,188
       
Automobiles & Components - 0.5%
   
       
Automobile Manufacturers - 0.5%
   
 
4,894,000
 
BBB-/Baa3
Ford Motor Co., 4.25%, 11/15/16
$
8,696,026
       
Total Automobiles & Components
$
8,696,026
       
Consumer Durables & Apparel - 0.3%
   
       
Homebuilding - 0.3%
   
 
4,640,000
 
B/B2
KB Home, 1.375%, 2/1/19
$
4,811,100
       
Total Consumer Durables & Apparel
$
4,811,100
       
Food, Beverage & Tobacco - 0.1%
   
       
Distillers & Vintners - 0.1%
   
 
2,165,883
 
NR/NR
CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (PIK)
$
1,908,674
       
Tobacco - 0.0% †
   
 
775,000
 
CCC+/Caa2
Alliance One International, Inc., 5.5%, 7/15/14
$
788,562
       
Total Food, Beverage & Tobacco
$
2,697,236
       
Pharmaceuticals, Biotechnology & Life Sciences - 0.1%
   
       
Biotechnology - 0.1%
   
 
1,000,000
 
NR/NR
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A)
$
1,179,375
       
Total Pharmaceuticals, Biotechnology & Life Sciences
$
1,179,375
       
Real Estate - 0.2%
   
       
Real Estate Operating Companies - 0.2%
   
 
2,805,000
 
B+/B2
Forest City Enterprises, Inc., 4.25%, 8/15/18
$
3,076,734
       
Total Real Estate
$
3,076,734
       
Software & Services - 0.9%
   
       
Internet Software & Services - 0.5%
   
 
3,750,000
 
NR/NR
WebMD Health Corp., 1.5%, 12/1/20 (144A)
$
4,136,719
 
3,485,000
 
NR/NR
WebMD Health Corp., 2.5%, 1/31/18
 
3,646,181
         
$
7,782,900
       
Application Software - 0.4%
   
 
1,025,000
 
NR/NR
Mentor Graphics Corp., 4.0%, 4/1/31
$
1,238,328
 
6,365,000
 
BB-/NR
Nuance Communications, Inc., 2.75%, 11/1/31
 
6,309,306
         
$
7,547,634
       
Total Software & Services
$
15,330,534
       
Technology Hardware & Equipment - 0.2%
   
       
Computer Storage & Peripherals - 0.1%
   
 
1,755,000
 
BB/NR
SanDisk Corp., 0.5%, 10/15/20 (144A)
$
1,752,806
       
Electronic Components - 0.1%
   
 
1,605,000
 
BB+/NR
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)
$
1,415,409
       
Total Technology Hardware & Equipment
$
3,168,215
       
Semiconductors & Semiconductor Equipment - 1.3%
   
       
Semiconductor Equipment - 0.8%
   
 
3,400,000
 
BBB/Baa1
Lam Research Corp., 1.25%, 5/15/18
$
4,033,250
 
5,515,000
 
BBB/NR
Novellus Systems, Inc., 2.625%, 5/15/41
 
8,703,359
         
$
12,736,609
       
Semiconductors - 0.5%
   
 
10,750,000
 
NR/NR
ReneSola, Ltd., 4.125%, 3/15/18 (144A)
$
8,445,469
 
535,000
 
NR/NR
Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13 (e)
 
42,800
         
$
8,488,269
       
Total Semiconductors & Semiconductor Equipment
$
21,224,878
       
TOTAL CONVERTIBLE CORPORATE BONDS
   
       
(Cost $76,780,097)
$
86,801,965
             
       
PREFERRED STOCKS - 2.6%
   
       
Energy - 0.2%
   
       
Oil & Gas Storage & Transportation - 0.2%
   
 
131,100
7.62
B+/Ba2
NuStar Logistics LP, Floating Rate Note, 1/15/43
$
3,441,375
       
Total Energy
$
3,441,375
       
Transportation - 0.2%
   
       
Air Freight & Logistics - 0.2%
   
 
3,428
 
NR/NR
CEVA Group Plc, 12/31/14 (c)*
$
3,428,170
       
Total Transportation
$
3,428,170
       
Consumer Services - 0.1%
   
       
Hotels, Resorts & Cruise Lines - 0.1%
   
 
17,350
 
NR/NR
Perseus Holding Corp., 14.0%, 4/15/14 (144A)
$
1,422,700
       
Total Consumer Services
$
1,422,700
       
Diversified Financials - 1.0%
   
       
Other Diversified Financial Services - 0.8%
   
 
160,000
7.12
BB+/B1
Citigroup, Inc., Floating Rate Note (Perpetual)
$
4,168,000
 
355,600
8.12
B/B3
GMAC Capital Trust I, Floating Rate Note, 2/15/40
 
9,736,328
         
$
13,904,328
       
Consumer Finance - 0.2%
   
 
3,100
 
B/B3
Ally Financial, Inc., 7.0% (Perpetual) (144A)
$
3,015,816
       
Total Diversified Financials
$
16,920,144
       
Insurance - 0.8%
   
       
Reinsurance - 0.8%
   
 
3,180,000
0.00
NR/NR
Altair Re, Floating Rate Note, 6/30/16 (Cat Bond)
$
3,198,762
 
2,024,940
0.00
NR/NR
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond)
 
2,229,459
 
33,500
 
NR/NR
Lorenz Re, Ltd., (Cat Bond) (Perpetual) (c) *
 
3,772,770
 
3,550,000
 
NR/NR
Pangaea Re, 10/1/15 (Cat Bond) (c)
 
3,849,549
         
$
13,050,540
       
Total Insurance
$
13,050,540
       
Utilities - 0.3%
   
       
Electric Utilities - 0.3%
   
 
212,000
 
BB+/Ba1
PPL Capital Funding, Inc., 5.9%, 4/30/73
$
4,820,880
       
Total Utilities
$
4,820,880
       
TOTAL PREFERRED STOCKS
   
       
(Cost $39,779,835)
$
43,083,809
             
       
CONVERTIBLE PREFERRED STOCKS - 0.0% †
   
       
Banks - 0.0% †
   
       
Diversified Banks - 0.0% †
   
 
445
 
BBB+/Baa3
Wells Fargo & Co., 7.5% (Perpetual)
$
515,088
       
Total Banks
$
515,088
       
TOTAL CONVERTIBLE PREFERRED STOCKS
   
       
(Cost $467,249)
$
515,088
 
Shares
         
       
COMMON STOCKS - 0.6%
   
       
Materials - 0.3%
   
       
Diversified Metals & Mining - 0.2%
   
 
6,615,974
   
Blaze Recycling & Metals LLC (Class A) Units (d)*
$
396,958
 
95,846
   
Freeport-McMoRan Copper & Gold, Inc.
 
3,106,369
         
$
3,503,327
       
Steel - 0.1%
   
 
134,106
   
Vale SA (A.D.R.)
$
1,646,822
       
Total Materials
$
5,150,149
       
Capital Goods - 0.1%
   
       
Building Products - 0.1%
   
 
894
   
Panolam Holdings Co.* (e)
$
700,002
       
Total Capital Goods
$
700,002
       
Transportation - 0.2%
   
       
Air Freight & Logistics - 0.1%
   
 
1,584
   
CEVA Group Plc *
$
1,583,650
       
Marine - 0.1%
   
 
2,370,345
   
Horizon Lines, Inc. *
$
1,659,242
       
Total Transportation
$
3,242,892
       
Consumer Services - 0.0% †
   
       
Hotels, Resorts & Cruise Lines - 0.0% †
   
 
33,046
   
Perseus Holding Corp. *
$
82,615
       
Total Consumer Services
$
82,615
       
Consumer Durables & Apparel - 0.0% †
   
       
Leisure Products - 0.0% †
   
 
1,195,521
   
Emerald Plantation Holdings, Ltd. *
$
125,530
       
Total Consumer Durables & Apparel
$
125,530
       
Diversified Financials - 0.0% †
   
       
Other Diversified Financial Services - 0.0% †
   
 
24,638
   
BTA Bank JSC (G.D.R.) (144A) *
$
15,842
       
Total Diversified Financials
$
15,842
       
Real Estate - 0.0% †
   
       
Real Estate Development - 0.0% †
   
 
161,215
   
Newhall Land Development LLC *
$
564,252
       
Total Real Estate
$
564,252
       
TOTAL COMMON STOCKS
   
       
(Cost $21,193,199)
$
9,881,282
 
Principal Amount ($)
       
       
ASSET BACKED SECURITIES - 1.7%
   
       
Materials - 0.1%
   
       
Aluminum - 0.1%
   
 
1,500,000
6.55
B-/NR
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A)
$
1,471,238
       
Total Materials
$
1,471,238
       
Transportation - 0.1%
   
       
Airlines - 0.1%
   
 
1,213,302
 
BB+/Ba2
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17
$
1,298,234
       
Total Transportation
$
1,298,234
       
Consumer Services - 0.0% †
   
       
Hotels, Resorts & Cruise Lines - 0.0% †
   
 
538,277
 
NR/NR
Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A)
$
532,910
       
Total Consumer Services
$
532,910
       
Banks - 0.9%
   
       
Thrifts & Mortgage Finance - 0.9%
   
 
492,894
1.43
CCC/Caa3
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32
$
330,454
 
1,000,000
 
NR/NR
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A)
982,010
 
675,000
 
BB/NR
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A)
 
688,536
 
7,663,911
0.36
CCC/Caa2
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 2/25/37
 
6,886,598
 
1,523,000
 
CCC/C
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step)
 
1,387,068
 
1,673,358
1.13
CCC/Caa1
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34
 
1,392,673
 
551,870
0.29
B-/B3
GSAMP Trust 2006-HE8, Floating Rate Note, 1/25/37
 
527,299
 
671,468
 
BBB/NR
Leaf Receivables Funding 4 LLC, 5.5%, 2/20/22 (144A)
 
671,468
 
745,296
0.32
BB+/Ba1
RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36
 
716,333
 
1,000,000
 
BB/NR
United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A)
 
998,063
         
$
14,580,502
       
Total Banks
$
14,580,502
       
Diversified Financials - 0.6%
   
       
Other Diversified Financial Services - 0.2%
   
 
7,313,301
0.64
CCC/Caa3
Aircraft Finance Trust, Floating Rate Note, 5/15/24 (144A)
$
2,852,187
       
Specialized Finance - 0.4%
   
 
762,316
0.59
CCC/Caa2
Lease Investment Flight Trust, Floating Rate Note, 7/15/31
$
548,868
 
8,752,110
0.55
CCC/Caa2
Lease Investment Flight Trust, Floating Rate Note, 7/15/31
 
6,301,519
         
$
6,850,387
       
Total Diversified Financials
$
9,702,574
       
TOTAL ASSET BACKED SECURITIES
   
       
(Cost $25,884,252)
$
27,585,458
             
       
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2%
   
       
Banks - 0.7%
   
       
Thrifts & Mortgage Finance - 0.7%
   
 
168,440
6.85
B/NR
COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A)
$
165,330
 
574,537
 
NR/NR
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A)
 
576,826
 
313,280
5.66
NR/NR
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34
 
296,213
 
703,705
5.71
B/NR
GSR Mortgage Loan Trust 2004-3F, Floating Rate Note, 2/25/34
 
626,314
 
1,108,998
 
NR/NR
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)
1,084,378
 
2,100,000
5.99
B-/NR
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51
1,976,656
 
2,573,097
3.41
BB/Caa3
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35
 
2,397,779
 
4,315,000
 
BB/B1
TimberStar Trust 1, 7.5296%, 10/15/36 (144A)
 
4,408,890
 
775,000
5.97
B-/B1
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46
793,489
         
$
12,325,875
       
Total Banks
$
12,325,875
       
Diversified Financials - 0.0% †
   
       
Other Diversified Financial Services - 0.0% †
   
 
647,890
 
NR/Caa1
CSMC Mortgage-Backed Trust 2007-3, 5.0%, 4/25/37
$
644,773
       
Total Diversified Financials
$
644,773
       
Real Estate - 0.4%
   
       
Mortgage REIT - 0.4%
   
 
953,908
3.34
BB/B2
American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45
$
946,017
 
1,502,000
5.14
CCC/B3
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A)
1,338,115
 
9,000,000
7.08
D/NR
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A)
4,185,468
         
$
6,469,600
       
Total Real Estate
$
6,469,600
       
Government - 0.1%
   
       
Government - 0.1%
   
 
16,769,161
1.01
NR/Aaa
Government National Mortgage Association, Floating Rate Note, 10/16/52 (f)
$
840,202
       
Total Government
$
840,202
       
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
   
       
(Cost $25,462,684)
$
20,280,450
             
       
CORPORATE BONDS - 73.0%
   
       
Energy - 10.9%
   
       
Oil & Gas Drilling - 1.2%
   
 
4,100,000
 
NR/NR
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A)
$
4,079,500
 
8,900,000
 
CCC+/Caa3
Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A) (144A)
 
9,409,525
 
2,835,000
 
B+/B1
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A)
 
3,054,712
 
3,765,000
 
BB-/B1
Unit Corp., 6.625%, 5/15/21
 
3,953,250
         
$
20,496,987
       
Oil & Gas Equipment & Services - 0.2%
   
 
2,175,000
 
BB-/B1
Calfrac Holdings LP, 7.5%, 12/1/20 (144A)
$
2,256,562
 
1,297,000
 
B/B1
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)
 
1,355,365
 
54,000
 
NR/NR
Green Field Energy Services, Inc., 13.0%, 11/15/16 (144A)  (c) (e)
 
9,180
         
$
3,621,107
       
Integrated Oil & Gas - 0.3%
   
 
2,400,000
 
BBB+/Baa1
Petroleos Mexicanos, 6.375%, 1/23/45 (144A)
$
2,400,223
 
2,375,000
 
NR/NR
YPF SA, 8.875%, 12/19/18 (144A)
 
2,232,500
         
$
4,632,723
       
Oil & Gas Exploration & Production - 7.0%
   
 
1,270,000
 
B-/B3
Bonanza Creek Energy, Inc., 6.75%, 4/15/21
$
1,327,150
 
2,830,000
 
B-/B3
BreitBurn Energy Partners LP, 7.875%, 4/15/22
 
3,010,412
 
2,000,000
 
B-/B3
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20
 
2,180,000
 
4,240,000
 
B-/B3
Comstock Resources, Inc., 7.75%, 4/1/19
 
4,515,600
 
13,700,000
 
B/B2
EP Energy LLC, 9.375%, 5/1/20
 
15,755,000
 
2,265,482
 
B/B3
EPE Holdings LLC, 8.875%, 12/15/17 (144A) (PIK)
 
2,344,321
 
4,980,000
 
B-/Caa1
EPL Oil & Gas, Inc., 8.25%, 2/15/18
 
5,353,500
 
3,260,000
 
B/NR
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A)
 
3,357,800
 
4,990,000
 
CCC+/B3
Gulfport Energy Corp., 7.75%, 11/1/20
 
5,364,250
 
6,250,000
 
CCC+/Caa1
Halcon Resources Corp., 8.875%, 5/15/21
 
6,234,375
 
1,000,000
 
BBB-/Baa3
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A)
 
907,500
 
5,215,000
 
B/B3
Kodiak Oil & Gas Corp., 8.125%, 12/1/19
 
5,775,612
 
750,000
 
B-/Caa1
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)
 
761,250
 
3,000,000
 
B-/Caa1
Memorial Production Partners LP, 7.625%, 5/1/21 (144A)
 
3,105,000
 
2,800,000
 
B-/Caa1
Midstates Petroleum Co, Inc., 9.25%, 6/1/21
 
2,912,000
 
12,850,000
 
B+/NR
MIE Holdings Corp., 9.75%, 5/12/16 (144A)
 
13,460,375
 
2,840,000
 
B/B3
Oasis Petroleum, Inc., 6.5%, 11/1/21
 
3,024,600
 
7,570,000
 
BB+/Ba2
Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A)
 
7,607,850
 
2,450,000
 
B-/Caa1
QR Energy LP, 9.25%, 8/1/20
 
2,572,500
 
6,995,000
 
BB-/B2
Rosetta Resources, Inc., 5.875%, 6/1/22
 
6,942,538
 
1,500,000
 
CCC+/Caa1
Sanchez Energy Corp., 7.75%, 6/15/21 (144A)
 
1,548,750
 
1,650,000
 
BB-/Ba3
SM Energy Co., 6.5%, 1/1/23
 
1,716,000
 
3,800,000
 
B-/B3
Stone Energy Corp., 7.5%, 11/15/22
 
4,009,000
 
2,410,000
 
B+/B3
Swift Energy Co., 8.875%, 1/15/20
 
2,566,650
 
3,020,000
 
CCC+/Caa1
Talos Production LLC, 9.75%, 2/15/18 (144A)
 
3,103,050
CAD
2,775,000
 
B/NR
Trilogy Energy Corp., 7.25%, 12/13/19 (144A)
 
2,606,278
 
1,520,000
 
BB-/B1
Tullow Oil Plc, 6.0%, 11/1/20 (144A)
 
1,554,200
 
2,350,000
 
BB/B2
Ultra Petroleum Corp., 5.75%, 12/15/18 (144A)
 
2,432,250
 
1,245,000
 
B/B3
Vanguard Natural Resources LLC, 7.875%, 4/1/20
 
1,316,588
         
$
117,364,399
       
Oil & Gas Storage & Transportation - 0.7%
   
 
950,000
3.26
BB/Ba1
Energy Transfer Partners LP, Floating Rate Note, 11/1/66
$
864,500
NOK
12,000,000
6.84
NR/NR
Golar LNG Partners LP, Floating Rate Note, 10/12/17
 
1,983,163
 
4,000,000
 
BB+/Ba3
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 (144A)
 
3,990,000
 
5,850,000
 
BB/Ba3
Targa Resources Partners LP, 4.25%, 11/15/23 (144A)
 
5,286,938
         
$
12,124,601
       
Coal & Consumable Fuels - 1.5%
   
 
315,000
 
B-/B3
Alpha Natural Resources, Inc., 6.0%, 6/1/19
$
260,662
 
11,063,000
 
BB-/B1
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A)
 
11,643,808
 
3,750,000
 
BB-/B1
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A)
 
3,731,250
 
6,200,000
 
CC/Ca
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A)
 
4,130,750
 
1,900,000
 
NR/B1
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A)
 
1,520,000
 
4,435,000
 
CCC/Caa2
James River Coal Co., 7.875%, 4/1/19
 
1,197,450
 
950,000
 
B-/Caa2
Mongolian Mining Corp., 8.875%, 3/29/17 (144A)
 
675,688
 
1,900,000
 
B-/Caa1
Murray Energy Corp., 8.625%, 6/15/21 (144A)
 
1,990,250
EURO
1,050,000
 
CC/Ca
New World Resources NV, 7.875%, 1/15/21 (144A)
 
243,792
         
$
25,393,650
       
Total Energy
$
183,633,467
       
Materials - 10.4%
   
       
Commodity Chemicals - 1.1%
   
 
2,793,000
 
BBB/NR
Basell Finance Co BV, 8.1%, 3/15/27 (144A)
$
3,572,543
EURO
2,500,000
 
CCC/B3
KP Germany Erste GmbH, 11.625%, 7/15/17 (144A)
 
3,844,215
 
10,320,000
 
BB-/B2
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)
 
10,836,000
         
$
18,252,758
       
Diversified Chemicals - 0.6%
   
EURO
7,366,439
 
B-/Caa1
INEOS Group Holdings SA, 7.875%, 2/15/16 (144A)
$
9,941,615
       
Construction Materials - 0.2%
   
 
5,322,000
 
NR/NR
Indalex Holding Corp., 2/1/14 (c) (e)
$
39,915
 
3,700,000
 
BBB/Baa3
Votorantim Cimentos SA, 7.25%, 4/5/41 (144A)
 
3,422,500
         
$
3,462,415
       
Metal & Glass Containers - 2.6%
   
 
3,355,000
 
B-/B3
AEP Industries, Inc., 8.25%, 4/15/19
$
3,589,850
 
11,250,297
 
CCC+/Caa2
ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK)
 
12,009,692
 
423,529
 
NR/Caa1
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)
 
428,824
 
5,000,000
 
CCC+/Caa1
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A)
 
5,462,500
EURO
2,100,000
 
CCC+/Caa1
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A)
 
3,085,137
 
7,675,000
 
CCC+/Caa2
Reynolds Group Issuer, Inc., 9.875%, 8/15/19
 
8,480,875
 
2,400,000
 
CCC+/Caa2
Reynolds Group Issuer, Inc., 8.25%, 2/15/21
 
2,550,000
 
7,490,000
 
CCC+/Caa2
Reynolds Group Issuer, Inc., 8.5%, 5/15/18
 
7,864,500
         
$
43,471,378
       
Diversified Metals & Mining - 2.4%
   
 
6,210,000
 
BB/Ba3
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A)
$
5,620,050
 
10,175,000
 
CCC/Caa2
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) (e)
 
8,343,500
 
1,362,778
 
NR/NR
Mirabela Nickel, Ltd., 3.5%, 3/28/14 (144A) (PIK)
 
1,328,708
 
11,725,000
 
D/NR
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) (e)
 
2,579,500
 
4,000,000
 
BBB-/Baa2
MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A)
 
3,940,000
 
5,300,000
 
CCC+/B3
Molycorp, Inc., 10.0%, 6/1/20
 
5,339,750
 
1,560,000
 
B/Caa1
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)
 
1,751,100
 
12,660,000
 
BB/Ba3
Vedanta Resources Plc, 8.25%, 6/7/21 (144A)
 
12,660,000
         
$
41,562,608
       
Precious Metals & Minerals - 0.1%
   
 
1,825,000
 
BBB/Baa2
Fresnillo Plc, 5.5%, 11/13/23 (144A)
$
1,770,250
       
Steel - 2.4%
   
 
7,170,000
 
CCC/Caa2
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)
$
5,019,000
 
11,475,000
 
B-/Caa1
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)
 
10,505,133
 
4,340,000
 
B-/Caa1
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)
 
4,491,900
 
1,800,000
 
BB-/Ba2
Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A)
 
1,728,000
 
2,660,000
 
NR/Ba2
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A)
 
2,773,050
 
4,620,000
 
NR/Caa1
Metinvest BV, 10.25%, 5/20/15 (144A)
 
4,593,019
 
11,350,000
 
NR/Caa1
Metinvest BV, 8.75%, 2/14/18 (144A)
 
10,385,250
         
$
39,495,352
       
Paper Products - 1.0%
   
 
11,840,000
 
B+/B1
Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A)
$
11,603,200
 
5,685,000
 
BB-/Ba3
Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A)
 
5,429,175
         
$
17,032,375
       
Total Materials
$
174,988,751
       
Capital Goods - 5.3%
   
       
Aerospace & Defense - 1.0%
   
 
1,995,000
 
CCC+/Caa1
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A)
$
2,114,700
 
6,365,000
 
B-/Caa1
ADS Tactical, Inc., 11.0%, 4/1/18 (144A)
 
6,046,750
 
2,970,000
 
BB/B1
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)
 
2,918,025
 
5,408,000
 
B-/B2
DynCorp International, Inc., 10.375%, 7/1/17
 
5,563,480
         
$
16,642,955
       
Construction & Engineering - 1.5%
   
 
6,900,000
 
B/B2
Abengoa Finance SAU, 8.875%, 11/1/17 (144A)
$
7,555,500
 
2,230,000
 
BB-/Ba3
Dycom Investments, Inc., 7.125%, 1/15/21
 
2,402,825
 
7,900,000
 
B/B2
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A)
 
7,979,000
 
7,700,000
 
BB-/B1
OAS Investments GmbH, 8.25%, 10/19/19 (144A)
 
7,420,875
         
$
25,358,200
       
Electrical Components & Equipment - 0.3%
   
 
2,620,000
 
B/B2
Coleman Cable, Inc., 9.0%, 2/15/18
$
2,751,000
 
1,875,000
 
B+/B2
General Cable Corp., 6.5%, 10/1/22 (144A)
 
1,856,250
 
1,100,000
 
B-/B3
WireCo WorldGroup, Inc., 9.5%, 5/15/17
 
1,138,500
         
$
5,745,750
       
Industrial Conglomerates - 0.7%
   
 
5,075,000
 
B/B3
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)
$
4,466,000
 
2,980,000
 
B+/B2
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
 
3,203,500
 
4,100,000
 
BB/NR
Magnesita Finance, Ltd., 8.625%, 12/31/49 (Perpetual) (144A)
 
3,936,000
 
850,000
 
B-/B3
Park-Ohio Industries, Inc., 8.125%, 4/1/21
 
943,500
         
$
12,549,000
       
Construction & Farm Machinery & Heavy Trucks - 0.5%
   
 
8,405,000
 
CCC-/B3
Navistar International Corp., 8.25%, 11/1/21
$
8,657,150
       
Industrial Machinery - 0.5%
   
 
5,000,000
 
B/B3
Hyva Global BV, 8.625%, 3/24/16 (144A)
$
4,975,000
 
4,015,000
 
CCC+/NR
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A)
 
2,504,356
         
$
7,479,356
       
Trading Companies & Distributors - 0.8%
   
 
8,633,000
 
NR/Caa1
INTCOMEX, Inc., 13.25%, 12/15/14
$
8,651,993
 
4,365,000
 
B+/B1
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A)
 
4,386,825
         
$
13,038,818
       
Total Capital Goods
$
89,471,229
       
Commercial Services & Supplies - 0.3%
   
       
Environmental & Facilities Services - 0.3%
   
 
5,080,000
 
B-/Caa2
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A)
$
4,978,400
 
6,510,000
 
NR/NR
Old AII, Inc., 12/15/16 (c) (e)
 
651
         
$
4,979,051
       
Total Commercial Services & Supplies
$
4,979,051
       
Transportation - 3.0%
   
       
Air Freight & Logistics - 0.1%
   
 
2,445,000
 
CCC-/Caa2
CEVA Group Plc, 11.625%, 10/1/16 (144A)
$
2,555,025
       
Airlines - 1.0%
   
 
7,363,000
 
B-/NR
Gol Finance, 9.25%, 7/20/20 (144A)
$
6,755,552
 
2,050,000
 
BBB-/NR
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A)
 
2,119,317
 
4,250,000
 
BB-/NR
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)
 
4,393,438
 
3,500,000
 
B/B2
United Continental Holdings, Inc., 6.0%, 7/15/26
 
3,220,000
         
$
16,488,307
       
Marine - 0.3%
   
 
4,885,000
 
B+/B3
Navios South American Logistics, Inc., 9.25%, 4/15/19
$
5,233,056
       
Railroads - 0.3%
   
 
3,500,000
 
BB-/NR
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A)
$
3,123,750
 
2,606,147
 
CCC/Caa3
Florida East Coast Holdings Corp., 10.5%, 8/1/17 (PIK)
 
2,677,816
         
$
5,801,566
       
Trucking - 0.3%
   
 
6,296,393
 
NR/Caa2
Inversiones Alsacia SA, 8.0%, 8/18/18 (144A)
$
4,535,292
       
Airport Services - 0.8%
   
 
4,202,000
 
CCC+/B3
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)
$
3,970,890
 
6,600,000
 
B+/Ba3
Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 (144A)
 
5,214,000
 
3,900,000
 
B/B2
Aguila 3 SA, 7.875%, 1/31/18 (144A)
 
4,138,875
         
$
13,323,765
       
Highways & Railtracks - 0.2%
   
MXN
39,000,000
 
BBB/NR
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A)
$
2,559,206
       
Total Transportation
$
50,496,217
       
Automobiles & Components - 1.2%
   
       
Auto Parts & Equipment - 1.0%
   
 
1,250,000
 
BB-/Ba3
LKQ Corp., 4.75%, 5/15/23 (144A)
$
1,162,500
 
3,150,000
 
B-/B3
Meritor, Inc., 6.75%, 6/15/21
 
3,291,750
 
2,365,000
 
CCC-/Caa2
Stanadyne Corp., 10.0%, 8/15/14
 
2,323,612
 
13,550,000
 
CC/Ca
Stanadyne Holdings, Inc., 12.0%, 2/15/15 (Step)
 
9,501,938
         
$
16,279,800
       
Tires & Rubber - 0.2%
   
 
2,810,000
 
B+/B1
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22
$
3,055,875
             
       
Total Automobiles & Components
$
19,335,675
       
Consumer Durables & Apparel - 2.2%
   
       
Homebuilding - 1.6%
   
 
8,750,000
 
CCC/Caa2
Beazer Homes USA, Inc., 9.125%, 6/15/18
$
9,318,750
 
2,100,000
 
BB-/B2
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)
 
2,199,750
 
9,802,000
 
NR/C
Desarrolladora Homex SAB de CV, 12/11/19 (144A) (c) (e)
 
1,176,240
 
4,450,000
 
BB-/Ba3
Lennar Corp., 4.75%, 11/15/22
 
4,183,000
 
2,200,000
 
B/B2
Rialto Holdings LLC, 7.0%, 12/1/18 (144A)
 
2,222,000
 
5,810,000
 
B+/B2
Standard Pacific Corp., 6.25%, 12/15/21
 
6,100,500
 
7,500,000
 
NR/Ca
Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A) (c) (e)
 
975,000
         
$
26,175,240
       
Leisure Products - 0.6%
   
EURO
4,700,000
 
CCC+/Caa2
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)
$
6,497,844
 
5,000,000
 
CCC+/Caa1
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)
 
4,475,000
         
$
10,972,844
       
Total Consumer Durables & Apparel
$
37,148,084
       
Consumer Services - 1.8%
   
       
Casinos & Gaming - 1.3%
   
EURO
6,950,000
 
B+/B3
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A)
$
9,467,902
EURO
1,000,000
8.25
BB/Ba2
Gtech Spa, Floating Rate Note, 3/31/66 (144A)
 
1,451,713
 
2,052,000
 
B-/NR
Little Traverse Bay Bands of Odawa Indians, Inc., 9.0%, 8/31/20 (144A)
 
1,867,320
 
2,632,328
 
NR/NR
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36
 
421,172
EURO
6,335,000
 
CCC/Caa1
Peermont Global Pty, Ltd., 7.75%, 4/30/14
 
8,557,465
         
$
21,765,572
       
Hotels, Resorts & Cruise Lines - 0.2%
   
 
2,860,000
 
B+/B3
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)
$
3,238,950
       
Restaurants - 0.1%
   
BRL
4,250,000
 
NR/Ba2
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A)
$
1,611,717
       
Education Services - 0.2%
   
 
4,225,000
 
CCC/Caa1
Cambium Learning Group, Inc., 9.75%, 2/15/17
$
4,087,688
       
Total Consumer Services
$
30,703,927
       
Media - 0.7%
   
       
Broadcasting - 0.2%
   
 
1,600,000
 
B+/B1
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)
$
1,736,000
EURO
1,550,000
 
B+/B1
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)
 
2,266,254
         
$
4,002,254
       
Cable & Satellite - 0.3%
   
 
4,000,000
 
B-/Caa2
Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A)
$
4,290,000
       
Movies & Entertainment - 0.1%
   
 
1,115,000
 
B-/B3
Regal Entertainment Group, 5.75%, 2/1/25
$
1,059,250
       
Publishing - 0.1%
   
 
1,675,000
 
B-/B3
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)
$
1,775,500
       
Total Media
$
11,127,004
       
Retailing - 0.5%
   
       
Department Stores - 0.4%
   
 
5,600,000
 
B/NR
Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A)
$
5,677,000
       
Computer & Electronics Retail - 0.1%
   
 
2,310,000
 
BB-/Ba3
Rent-A-Center, Inc., 4.75%, 5/1/21
$
2,090,550
       
Total Retailing
$
7,767,550
       
Food, Beverage & Tobacco - 7.6%
   
       
Distillers & Vintners - 0.3%
   
 
4,829,992
 
NR/NR
CEDC Finance Corp International, Inc., 8.0%, 4/30/18 (Step)
$
4,508,257
       
Agricultural Products - 0.2%
   
 
4,400,000
 
B/NR
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A)
$
3,360,500
       
Packaged Foods & Meats - 6.7%
   
 
1,960,000
 
B/B2
Agrokor dd, 8.875%, 2/1/20 (144A)
$
2,107,196
EURO
3,200,000
 
B/B2
Agrokor dd, 9.875%, 5/1/19 (144A)
 
4,844,890
 
6,000,000
 
BB/Ba3
Bertin SA, 10.25%, 10/5/16 (144A)
 
6,600,000
 
4,450,000
 
B+/B1
CFG Investment SAC, 9.75%, 7/30/19 (144A)
 
4,356,550
 
2,705,000
 
B/B1
Chiquita Brands International, Inc., 7.875%, 2/1/21 (144A)
 
2,918,019
 
9,720,000
 
B+/B2
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A)
 
9,549,900
 
7,800,000
 
B/B3
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A)
 
8,229,000
 
2,969,595
 
NR/NR
Independencia International, Ltd., 12.0%, 12/30/16 (144A) (c) (e)
 
7,424
 
4,690,000
 
BB/Ba3
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A)
 
4,947,950
 
3,720,000
 
BB/NR
JBS Investments GmbH, 7.75%, 10/28/20 (144A)
 
3,813,000
 
2,800,000
 
B/B2
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A)
 
2,733,500
 
3,000,000
 
B/B2
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A)
 
2,940,000
 
20,248,000
 
B/B2
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)
 
19,235,600
 
6,300,000
 
B-/NR
MHP SA, 8.25%, 4/2/20 (144A)
 
5,198,760
 
4,755,000
 
BB-/B1
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)
 
5,278,050
 
24,000,000
 
BB-/B1
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)
 
23,340,005
 
6,500,000
 
B+/B2
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A)
 
5,906,875
 
1,287,000
 
B+/B3
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A)
 
1,315,958
         
$
113,322,677
       
Tobacco - 0.4%
   
 
7,165,000
 
B-/Caa1
Alliance One International, Inc., 9.875%, 7/15/21
$
6,896,312
       
Total Food, Beverage & Tobacco
$
128,087,746
       
Health Care Equipment & Services - 2.4%
   
       
Health Care Equipment - 0.3%
   
 
3,850,000
 
CCC+/Caa2
Accellent, Inc., 10.0%, 11/1/17
$
4,109,875
       
Health Care Supplies - 0.6%
   
 
5,750,000
 
B/B3
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)
$
6,396,875
 
3,200,000
 
B-/Caa2
Immucor, Inc., 11.125%, 8/15/19
 
3,596,000
         
$
9,992,875
       
Health Care Services - 0.3%
   
 
4,253,000
 
CCC+/Caa2
Gentiva Health Services, Inc., 11.5%, 9/1/18
$
4,476,282
       
Health Care Facilities - 0.9%
   
 
6,355,000
 
B-/B3
CHS, 6.875%, 2/1/22 (144A)
$
6,513,875
 
1,050,000
 
B-/B3
Kindred Healthcare, Inc., 8.25%, 6/1/19
 
1,126,125
 
4,300,000
 
BB-/Ba1
LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A)
 
4,375,250
 
3,945,000
 
B+/Ba3
Tenet Healthcare Corp., 4.375%, 10/1/21
 
3,782,269
         
$
15,797,519
       
Managed Health Care - 0.3%
   
 
5,120,000
 
BB/Ba2
WellCare Health Plans, Inc., 5.75%, 11/15/20
$
5,299,200
       
Total Health Care Equipment & Services
$
39,675,751
       
Pharmaceuticals, Biotechnology & Life Sciences - 1.0%
   
       
Biotechnology - 0.5%
   
 
9,652,000
 
B-/Caa2
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17
$
8,928,100
       
Pharmaceuticals - 0.5%
   
 
4,755,000
 
CCC+/Caa2
JLL, 7.5%, 2/1/22 (144A)
$
4,743,112
 
3,120,000
 
B/B1
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A)
 
3,330,600
         
$
8,073,712
       
Total Pharmaceuticals, Biotechnology & Life Sciences
$
17,001,812
       
Banks - 4.0%
   
       
Diversified Banks - 2.9%
   
TRY
4,500,000
 
NR/Baa2
Akbank TAS, 7.5%, 2/5/18 (144A)
$
1,663,899
 
6,875,000
9.75
BBB-/NR
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A)
 
7,906,250
 
6,600,000
 
CCC+/B3
Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A)
 
5,870,546
 
2,900,000
6.25
BB/NR
Banco do Brasil SA, Floating Rate Note, 12/31/49 (Perpetual) (144A)
 
2,233,000
 
5,000,000
 
NR/B1
Banco GNB Sudameris SA, 7.5%, 7/30/22 (144A)
 
5,118,750
 
3,165,000
8.50
NR/B1
Banco Internacional del Peru SAA, Floating Rate Note, 4/23/70 (144A)
 
3,291,228
 
2,870,000
9.75
NR/Caa3
Banco Macro SA, Floating Rate Note, 12/18/36
 
2,296,000
 
2,000,000
 
NR/Baa3
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A)
 
1,886,000
 
1,250,000
 
NR/Baa2
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A)
 
1,339,062
 
5,250,000
 
BB-/B1
CorpGroup Banking SA, 6.75%, 3/15/23 (144A)
 
5,191,373
 
5,550,000
 
NR/NR
Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A)
 
5,577,750
 
1,500,000
 
NR/Ba1
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A)
 
1,301,250
 
5,000,000
 
BBB-/Ba1
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A)
 
4,999,950
         
$
48,675,058
       
Regional Banks - 0.8%
   
 
13,430,000
6.75
BBB/Baa3
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)
$
14,135,075
       
Thrifts & Mortgage Finance - 0.3%
   
 
4,000,000
 
BB-/Ba3
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A)
$
4,240,000
       
Total Banks
$
67,050,133
       
Diversified Financials - 3.3%
   
       
Other Diversified Financial Services - 0.3%
   
 
2,245,000
5.35
BB+/Ba3
Citigroup, Inc., Floating Rate Note (Perpetual)
$
1,987,948
 
1,806,000
 
NR/NR
Kane SAC Ltd., 7/18/19 (c)
 
1,817,017
         
$
3,804,965
       
Specialized Finance - 1.3%
   
 
7,675,000
 
BBB-/NR
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)
$
8,058,750
 
4,565,000
 
B/B2
National Money Mart Co., 10.375%, 12/15/16
 
4,507,938
 
8,870,000
 
B+/B2
Nationstar Mortgage LLC, 6.5%, 6/1/22
 
8,226,925
 
1,350,000
 
B+/B2
Nationstar Mortgage LLC, 6.5%, 7/1/21
 
1,269,000
         
$
22,062,613
       
Consumer Finance - 0.6%
   
 
10,395,000
 
NR/NR
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)
$
10,443,854
       
Investment Banking & Brokerage - 1.0%
   
 
3,900,000
 
BBB/Baa3
Jefferies Group LLC, 6.875%, 4/15/21
$
4,516,570
 
10,650,000
 
BBB-/NR
UBS AG, 7.625%, 8/17/22
 
12,240,524
         
$
16,757,094
       
Diversified Capital Markets - 0.1%
   
 
1,200,000
7.50
BB-/NR
Credit Suisse Group AG, Floating Rate Note (Perpetual) (144A)
$
1,263,000
       
Total Diversified Financials
$
54,331,526
       
Insurance - 5.2%
   
       
Insurance Brokers - 0.9%
   
 
4,900,000
 
CCC+/Caa2
Compass Investors, Inc., 7.75%, 1/15/21 (144A)
$
5,028,625
GBP
4,840,000
 
B-/Caa2
Towergate Finance Plc, 10.5%, 2/15/19 (144A)
 
8,225,949
GBP
1,200,000
6.02
NR/B1
Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A)
 
1,986,005
         
$
15,240,579
       
Reinsurance - 4.3%
   
 
1,900,000
6.38
NR/NR
Aquarius + Investments Plc for Swiss Reinsurance Co., Ltd., Floating Rate Note, 9/1/24
$
1,985,025
 
450,000
8.12
BB-/NR
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A)
 
467,190
EURO
800,000
10.55
B-/NR
ATLAS VI Capital, Ltd., Floating Rate Note, 4/7/14 (Cat Bond) (144A)
 
1,080,766
 
725,000
4.30
BB+/NR
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A)
 
736,238
 
250,000
6.24
BB+/NR
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)
 
257,375
 
1,925,000
5.31
BB-/NR
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A)
 
1,944,635
 
500,000
6.91
NR/NR
Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)
 
514,600
 
1,250,000
17.99
NR/NR
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)
 
1,357,625
 
1,500,000
10.31
BB-/NR
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)
 
1,565,700
 
1,000,000
11.31
B+/NR
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)
 
1,043,600
 
400,000
9.06
BB/NR
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A)
 
431,720
 
1,500,000
6.66
BB/NR
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A)
 
1,549,050
 
500,000
7.30
BB-/NR
Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A)
 
515,050
 
1,950,000
5.07
BB+/NR
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A)
 
1,996,995
 
1,500,000
7.44
NR/NR
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A)
 
1,552,200
 
1,925,000
13.56
B-/NR
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)
 
2,030,490
 
1,250,000
8.41
BB-/NR
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)
 
1,290,375
 
1,450,000
4.08
BB/NR
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A)
 
1,464,790
 
2,500,000
12.06
B/NR
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)
 
2,664,500
 
800,000
8.55
B+/NR
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A)
846,160
 
650,000
11.78
B-/NR
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A)
688,805
 
2,500,000
7.56
BB-/NR
Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A)
 
2,519,750
 
2,000,000
7.56
BB-/NR
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
 
2,057,400
 
900,000
8.56
BB-/NR
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
 
934,470
 
300,000
10.60
B/NR
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
 
315,660
 
750,000
8.66
B/NR
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A)
 
783,300
 
3,450,000
12.06
B-/NR
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)
 
3,672,525
 
750,000
9.06
BB-/NR
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)
 
797,400
 
450,000
5.82
BB/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
467,865
 
1,800,000
12.82
NR/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
1,963,440
 
950,000
19.07
NR/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
1,064,760
 
550,000
8.07
BB/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
 
606,100
 
1,100,000
10.03
BB-/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
 
1,230,900
 
1,850,000
22.07
NR/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
 
2,190,770
 
750,000
9.32
B-/NR
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A)
 
777,225
 
1,600,000
4.06
BB/NR
Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A)
 
1,588,480
 
13,799
 
NR/NR
Sector Re V, Ltd., 12/1/17 (Cat Bond) (144A) (c)
 
                         -
 
2,350,000
 
NR/NR
Sector Re V, Ltd., 12/1/18 (Cat Bond) (144A) (c)
 
2,376,555
 
3,250,000
 
NR/NR
Sector Re V, Ltd., 3/1/18 (Cat Bond) (144A) (c)
 
3,849,950
 
2,000,000
 
NR/NR
Silverton Re, Ltd., 9/16/16 (Cat Bond) (144A) (c)
 
2,028,600
 
8,535,000
7.51
BB+/Ba2
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A)
 
8,861,464
 
4,000,000
13.07
NR/NR
Successor X, Ltd. Class IV-AL3, Floating Rate Note, 2/25/14 (Cat Bond) (144A)
 
4,022,400
 
875,000
16.55
NR/NR
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A)
 
930,212
 
375,000
11.32
B-/NR
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)
 
399,525
 
950,000
16.30
NR/NR
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)
 
994,175
 
900,000
8.66
B+/NR
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A)
 
970,110
 
250,000
6.25
NR/NR
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)
 
252,600
         
$
71,638,525
       
Total Insurance
$
86,879,104
       
Real Estate - 1.5%
   
       
Diversified REIT - 0.1%
   
 
2,565,000
 
NR/NR
Trust F, 5.25%, 12/15/24 (144A)
$
2,545,762
       
Diversified Real Estate Activities - 0.5%
   
 
995,000
 
NR/B1
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A)
$
985,050
 
8,000,000
 
NR/Ba1
BR Malls International Finance, Ltd., 8.5% (Perpetual) (144A)
 
7,947,304
         
$
8,932,354
       
Real Estate Operating Companies - 0.9%
   
 
6,750,000
 
CCC+/NR
Alto Palermo SA, 7.875%, 5/11/17 (144A)
$
6,505,312
 
8,405,000
 
CCC+/NR
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)
 
7,806,144
         
$
14,311,456
       
Total Real Estate
$
25,789,572
       
Software & Services - 1.2%
   
       
Internet Software & Services - 0.3%
   
 
2,910,000
 
BB/Ba3
Equinix, Inc., 5.375%, 4/1/23
$
2,851,800
 
1,700,000
 
BB+/Ba1
IAC, 4.875%, 11/30/18 (144A)
 
1,751,000
         
$
4,602,800
       
Data Processing & Outsourced Services - 0.2%
   
 
3,597,000
 
B-/Caa1
First Data Corp., 12.625%, 1/15/21
$
4,190,505
       
Systems Software - 0.6%
   
 
11,100,490
 
NR/NR
Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A) (PIK)
$
10,323,456
       
Home Entertainment Software - 0.1%
   
 
1,575,000
 
BB+/Ba2
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)
$
1,641,938
       
Total Software & Services
$
20,758,699
       
Technology Hardware & Equipment - 0.9%
   
       
Computer Storage & Peripherals - 0.4%
   
 
6,925,000
 
BBB-/Ba1
Seagate HDD Cayman, 4.75%, 6/1/23 (144A)
$
6,630,688
       
Electronic Equipment Manufacturers - 0.4%
   
 
6,150,000
 
BB-/B1
Viasystems, Inc., 7.875%, 5/1/19 (144A)
$
6,580,500
       
Electronic Components - 0.1%
   
EURO
1,800,000
 
B+/Ba2
Belden, Inc., 5.5%, 4/15/23 (144A)
$
2,391,422
       
Total Technology Hardware & Equipment
$
15,602,610
       
Semiconductors & Semiconductor Equipment - 0.0% †
   
       
Semiconductors - 0.0% †
   
CNY
14,000,000
 
BB-/NR
LDK Solar Co, Ltd., 10.0%, 2/28/14 (e)
$
640,693
       
Total Semiconductors & Semiconductor Equipment
$
640,693
       
Telecommunication Services - 6.2%
   
       
Integrated Telecommunication Services - 3.6%
   
 
4,790,000
 
B/B3
Cincinnati Bell, Inc., 8.375%, 10/15/20
$
5,167,212
 
8,378,000
 
CCC+/Caa1
Cincinnati Bell, Inc., 8.75%, 3/15/18
 
8,775,955
COP
1,626,000,000
 
NR/Ba1
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A)
 
688,817
 
5,200,000
 
BB-/Ba2
Frontier Communications Corp., 7.125%, 1/15/23
 
5,135,000
 
2,940,000
 
BB-/Ba2
Frontier Communications Corp., 8.5%, 4/15/20
 
3,292,800
 
10,345,000
 
BB-/Ba2
Frontier Communications Corp., 8.75%, 4/15/22
 
11,288,981
 
500,000
 
B+/B3
GCI, Inc., 6.75%, 6/1/21
 
485,000
EURO
1,600,000
 
B+/B1
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A)
 
2,321,956
 
1,760,000
 
B/B1
Windstream Corp., 6.375%, 8/1/23
 
1,636,800
 
6,285,000
 
B/B1
Windstream Corp., 7.5%, 6/1/22
 
6,394,988
 
2,300,000
 
B/B1
Windstream Corp., 7.75%, 10/1/21
 
2,415,000
 
6,765,000
 
B/B1
Windstream Corp., 7.75%, 10/15/20
 
7,170,900
 
5,700,000
 
B/B1
Windstream Corp., 8.125%, 9/1/18
 
6,084,750
         
$
60,858,159
       
Wireless Telecommunication Services - 2.6%
   
 
2,800,000
 
BB-/B1
Altice Financing SA, 6.5%, 1/15/22 (144A)
$
2,842,000
 
600,000
 
B-/B3
Altice Finco SA, 8.125%, 1/15/24 (144A)
 
627,000
 
1,000,000
 
NR/Caa1
Digicel Group, Ltd., 10.5%, 4/15/18 (144A)
 
1,063,000
 
3,600,000
 
NR/Caa1
Digicel Group, Ltd., 8.25%, 9/30/20 (144A)
 
3,744,000
 
6,300,000
 
B-/Caa1
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A)
 
6,504,750
 
2,300,000
 
NR/NR
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A)
 
2,437,814
 
2,880,000
 
BB/Ba3
T-Mobile USA, Inc., 6.542%, 4/28/20
 
3,049,200
 
1,940,000
 
BB/Ba3
T-Mobile USA, Inc., 6.633%, 4/28/21
 
2,041,850
 
1,300,000
 
BB/Ba3
T-Mobile USA, Inc., 6.731%, 4/28/22
 
1,365,000
 
2,750,000
 
NR/NR
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A)
 
2,646,022
 
7,800,000
 
BB/Ba3
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A)
8,404,500
 
5,375,000
 
BB/Ba3
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A)
 
5,583,281
RUB
130,000,000
 
BB/Ba3
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A)
 
3,622,405
         
$
43,930,822
       
Total Telecommunication Services
$
104,788,981
       
Utilities - 2.6%
   
       
Electric Utilities - 1.2%
   
 
9,381,000
 
CCC/NR
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A)
$
5,898,304
 
7,150,000
5.25
BBB+/A3
Electricite de France SA, Floating Rate Note (Perpetual) (144A)
 
6,908,688
 
3,806,000
 
B-/Caa3
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)
 
2,278,842
 
2,995,000
8.75
BB+/Ba1
Enel S.p.A., Floating Rate Note, 9/24/73 (144A)
 
3,249,575
 
537,568
 
B-/B1
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)
 
528,318
 
311,438
 
B-/Ba2
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A)
 
306,766
         
$
19,170,493
       
Gas Utilities - 0.6%
   
 
2,437,000
 
B-/B2
Star Gas Partners LP, 8.875%, 12/1/17
$
2,589,312
 
7,966,000
 
CCC+/B3
Transportadora de Gas del Sur SA, 7.875%, 5/14/17 (144A)
 
7,408,380
         
$
9,997,692
       
Multi-Utilities - 0.6%
   
 
5,525,000
 
NR/Caa1
DTEK Finance Plc, 7.875%, 4/4/18 (144A)
$
4,903,438
 
5,804,389
 
NR/NR
Ormat Funding Corp., 8.25%, 12/30/20
 
5,557,702
         
$
10,461,140
       
Independent Power Producers & Energy Traders - 0.2%
   
 
940,000
 
NR/Baa3
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A)
$
956,920
 
1,500,000
 
B+/B1
InterGen NV, 7.0%, 6/30/23 (144A)
 
1,545,000
 
133,950
 
NR/NR
Juniper Generation LLC, 6.79%, 12/31/14 (144A)
 
129,877
 
357,000
 
BB+/Ba1
NSG Holdings LLC, 7.75%, 12/15/25 (144A)
 
377,528
         
$
3,009,325
       
Total Utilities
$
42,638,650
       
Government - 0.7%
   
       
Government - 0.7%
   
 
5,250,000
 
BBB/NR
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A)
$
4,764,375
IDR
11,650,000,000
 
NR/Aaa
Inter-American Development Bank, 4.5%, 2/4/16
 
890,113
BRL
11,200,000
 
AAA/Aaa
International Finance Corp., 5.0%, 12/21/15
 
4,230,637
 
2,288,000
 
CCC+/NR
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A)
 
2,133,560
         
$
12,018,685
       
Total Government
$
12,018,685
       
TOTAL CORPORATE BONDS
   
       
(Cost $1,269,739,512)
$
1,224,914,917
             
       
FOREIGN GOVERNMENT BONDS - 5.8%
   
BRL
2,950,000
 
BBB/Baa2
Brazilian Government International Bond, 10.25%, 1/10/28
$
1,161,514
 
12,300,000
 
CCC+/Caa1
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A)
 
12,177,000
COP
6,986,000,000
 
BBB/Baa3
Colombia Government International Bond, 12.0%, 10/22/15
 
3,858,730
GHS
5,400,000
 
NR/NR
Ghana Government Bond, 19.24%, 5/30/16
 
2,247,829
GHS
3,660,000
 
NR/NR
Ghana Government Bond, 21.0%, 10/26/15
 
1,567,618
GHS
2,000,000
 
NR/NR
Ghana Government Bond, 26.0%, 6/5/17
 
964,933
IDR
53,000,000,000
 
NR/Baa3
Indonesia Treasury Bond, 7.0%, 5/15/22
 
3,880,590
IDR
81,459,000,000
 
NR/Baa3
Indonesia Treasury Bond, 8.25%, 6/15/32
 
5,887,598
MXN
4,800,000
 
A/Baa1
Mexican Bonos, 7.5%, 6/3/27
 
374,688
MXN
224,512,640
 
A/Baa1
Mexican Udibonos, 2.0%, 6/9/22
 
15,898,314
MXN
10,460,248
 
A/Baa1
Mexican Udibonos, 3.5%, 12/14/17
 
843,487
NGN
760,000,000
 
NR/NR
Nigeria Government Bond, 16.0%, 6/29/19
 
5,064,798
NGN
634,000,000
 
NR/NR
Nigeria Treasury Bill, 2/6/14 (c)
 
3,896,512
NGN
585,000,000
 
NR/NR
Nigeria Treasury Bill, 3/6/14 (c)
 
3,561,501
NGN
595,000,000
 
NR/NR
Nigeria Treasury Bill, 4/10/14 (c)
 
3,581,343
NGN
586,310,000
 
NR/NR
Nigeria Treasury Bill, 4/24/14 (c)
 
3,512,633
 
4,464,760
 
CCC+/NR
Province of Salta Argentina, 9.5%, 3/16/22 (144A)
 
4,196,874
 
7,425,000
 
CCC+/Caa1
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A)
 
5,531,625
 
2,125,000
 
CCC+/Caa1
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A)
 
1,870,000
RON
24,770,000
 
NR/NR
Romania Government Bond, 5.85%, 4/26/23
 
7,502,749
RUB
143,000,000
 
BBB+/Baa1
Russian Federal Bond - OFZ, 7.5%, 3/15/18
 
4,039,943
 
2,000,000
 
B/NR
Rwanda International Government Bond, 6.625%, 5/2/23 (144A)
 
1,915,000
 
575,000
 
CCC+/Caa2
Ukraine Government International Bond, 6.75%, 11/14/17 (144A)
 
496,656
 
3,500,000
 
CCC+/Caa2
Ukraine Government International Bond, 7.8%, 11/28/22 (144A)
 
2,957,500
       
TOTAL FOREIGN GOVERNMENT BONDS
   
       
(Cost $112,980,916)
$
96,989,435
             
       
MUNICIPAL BONDS - 0.1%
   
       
Municipal Development - 0.0% †
   
 
15,000
7.00
B/B2
New Jersey Economic Development Authority, Floating Rate Note, 11/15/30
$
15,000
             
       
Municipal General - 0.1%
   
 
8,875,000
0.00
NR/NR
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A) (d)
$
1,850,970
             
       
TOTAL MUNICIPAL BONDS
   
       
(Cost $8,873,847)
$
1,865,970
             
       
SENIOR FLOATING RATE LOAN INTERESTS - 6.1% **
   
       
Energy - 1.0%
   
       
Oil & Gas Equipment & Services - 0.7%
   
 
5,445,033
8.50
B-/B2
FTS International, Inc., Term Loan, 5/6/16
$
5,522,820
 
7,825,825
11.75
D/Caa3
Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16 (e)
 
6,195,447
         
$
11,718,267
       
Coal & Consumable Fuels - 0.3%
   
 
4,700,000
5.24
NR/NR
Bumi Resources Tbk PT, Term Loan, 8/15/13
$
4,700,000
 
993,485
5.24
NR/NR
Long Haul Holdings, Ltd., Term Loan 1/15/15 (e)
 
387,459
 
792,928
5.24
NR/NR
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 (e)
 
309,242
         
$
5,396,701
       
Total Energy
$
17,114,968
       
Capital Goods - 0.7%
   
       
Aerospace & Defense - 0.6%
   
 
3,808,321
6.25
B/B2
DAE Aviation Holdings, Inc., Tranche B-1 Loan, 11/2/18
$
3,844,817
 
1,726,443
6.25
B/B2
DAE Aviation Holdings, Inc., Tranche B-2 Loan, 11/2/18
 
1,742,988
 
2,955,088
5.24
BB/B1
Hunter Defense Technologies, Inc., Series 1 New Term Loan, 8/22/14
 
2,792,558
 
1,536,185
3.49
B/Caa1
Hunter Defense Technologies, Inc., Term Loan, 8/22/14
 
1,455,535
         
$
9,835,898
       
Industrial Conglomerates - 0.1%
   
 
1,459,241
4.50
B+/B2
Pro Mach, Inc., Term Loan, 7/6/17
$
1,467,449
       
Total Capital Goods
$
11,303,347
       
Commercial Services & Supplies - 0.2%
   
       
Diversified Support Services - 0.1%
   
 
3,213,462
10.00
NR/NR
IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15 (e)
$
1,040,358
       
Security & Alarm Services - 0.1%
   
 
2,274,605
4.25
B/Ba3
Monitronics International, Inc., Term B Loan, 3/23/18
$
2,294,508
       
Total Commercial Services & Supplies
$
3,334,866
       
Transportation - 0.2%
   
       
Air Freight & Logistics - 0.2%
   
 
508,620
0.15
CCC+/B2
CEVA Group Plc, Dollar Tranche B Pre-Funded Term Loan, 8/31/16
$
507,667
 
779,050
5.25
CCC+/B2
CEVA Logistics US Holdings, Inc., US Tranche B Term Loan, 8/31/16
 
777,589
 
794,899
5.24
CCC+/NR
EGL, Inc., EGL Tranche B Term Loan, 8/31/16
 
793,408
 
1,004,950
6.75
B-/B2
Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19
 
1,016,256
         
$
3,094,920
       
Total Transportation
$
3,094,920
       
Automobiles & Components - 0.2%
   
       
Auto Parts & Equipment - 0.2%
   
 
1,071
3.16
BB-/Ba3
Allison Transmission, Inc., New Term B-2 Loan, 8/7/17
$
1,075
 
3,214
3.75
B+/Ba3
Allison Transmission, Inc., Term B-3 Loan, 8/23/19
 
3,228
 
3,127,554
5.50
NR/NR
TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19
 
3,147,101
         
$
3,151,404
       
Total Automobiles & Components
$
3,151,404
       
Media - 0.8%
   
       
Advertising - 0.1%
   
 
2,198,691
6.75
B-/B1
Affinion Group, Inc., Tranche B Term Loan, 10/9/16
$
2,186,198
       
Cable & Satellite - 0.7%
   
GBP
5,600,000
4.50
BB-/Ba3
Virgin Media Investment Holdings, Ltd., C Facility, 6/8/20
$
9,273,777
 
1,677,551
4.75
B/B1
WideOpenWest Finance LLC, Term B Loan, 4/1/19
 
1,693,157
         
$
10,966,934
       
Publishing - 0.0% †
   
 
763,667
4.75
NR/WR
Cengage Learning Acquisitions, Inc., Original Term Loan, 7/3/14 (e)
$
701,300
       
Total Media
$
13,854,432
       
Retailing - 0.3%
   
       
Automotive Retail - 0.3%
   
 
6,100,000
5.75
NR/NR
CWGS GROUP LLC, Term Loan, 2/20/20
$
6,145,750
       
Total Retailing
$
6,145,750
       
Food & Staples Retailing - 0.1%
   
       
Food Distributors - 0.1%
   
 
1,376,100
5.75
B/B1
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17
$
1,380,114
       
Total Food & Staples Retailing
$
1,380,114
       
Health Care Equipment & Services - 0.8%
   
       
Health Care Services - 0.7%
   
 
1,044,751
4.25
B+/B1
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19
$
1,044,588
 
1,395,900
6.75
B+/B1
Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18
 
1,407,532
 
740,625
6.50
NR/B2
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20
 
736,922
 
1,234,375
6.50
B/B2
BioScrip, Inc., Initial Term B Loan, 7/31/20
 
1,228,203
 
1,150,000
6.50
B/B2
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19
 
1,157,906
 
1,115,878
7.50
B-/B2
inVentiv Health, Inc., Consolidated Term Loan, 8/4/16
 
1,112,043
 
1,496,250
5.75
B/B2
National Surgical Hospitals, Inc., Term Loan, 8/1/19
 
1,501,861
 
1,891,200
6.00
B/B1
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19
 
1,895,928
 
1,430,750
7.25
B+/B1
Virtual Radiologic Corp., Term Loan A, 12/22/16
 
865,604
         
$
10,950,587
       
Managed Health Care - 0.1%
   
 
1,127,795
9.75
B+/B2
MMM Holdings, Inc., Term Loan, 10/9/17
$
1,139,777
 
820,215
9.75
B+/B2
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17
 
829,442
         
$
1,969,219
       
Total Health Care Equipment & Services
$
12,919,806
       
Pharmaceuticals, Biotechnology & Life Sciences - 0.6%
   
       
Pharmaceuticals - 0.1%
   
 
982,563
5.00
B/NR
Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20
$
989,932
       
Life Sciences Tools & Services - 0.5%
   
 
9,075,000
7.25
NR/NR
JLL/Delta Patheon Holdings  Bridge loan, 12/11/14
$
9,075,000
       
Total Pharmaceuticals, Biotechnology & Life Sciences
$
10,064,932
       
Insurance - 0.1%
   
       
Multi-line Insurance - 0.1%
   
 
1,885,950
4.25
B/B1
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19
$
1,895,674
       
Total Insurance
$
1,895,674
       
Software & Services - 1.0%
   
       
Application Software - 1.0%
   
 
12,816,023
8.50
B-/Ba3
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18
$
12,749,277
 
3,500,000
9.75
CCC+/Caa1
Vertafore, Inc., Term Loan (Second Lien), 10/29/17
 
3,570,000
         
$
16,319,277
       
Total Software & Services
$
16,319,277
       
Technology Hardware & Equipment - 0.1%
   
       
Electronic Components - 0.1%
   
 
2,177,194
5.00
B/B2
Scitor Corp., Term Loan, 2/15/17
$
2,155,875
       
Total Technology Hardware & Equipment
$
2,155,875
       
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
   
       
(Cost $106,467,477)
$
102,735,365
 
Shares
         
       
RIGHTS / WARRANTS - 0.0% †
   
       
Energy - 0.0% †
   
       
Oil & Gas Equipment & Services - 0.0% †
   
 
2,275
   
Green Field Energy Services, Inc., 11/15/21 (144A)
$
2,298
       
Total Energy
$
2,298
       
Automobiles & Components - 0.0% †
   
       
Auto Parts & Equipment - 0.0% †
   
 
990
   
Lear Corp., 11/9/14
$
144,233
       
Total Automobiles & Components
$
144,233
       
Food, Beverage & Tobacco - 0.0% †
   
       
Distillers & Vintners - 0.0% †
   
 
5,578,091
   
Belvedere SA, 12/23/16
$
225,712
       
Total Food, Beverage & Tobacco
$
225,712
       
TOTAL RIGHTS / WARRANTS
   
       
(Cost $447,730)
$
372,243
             
 
Principal Amounts
 
Purchased Put Option - 0.0%  †
   
 
4,923,450
   
JPMorgan Securities LLC, USD vs TRY @ 2.154, 1/12/15
$
40,548
       
TOTAL PURCHASED PUT OPTION
   
       
(Premiums paid $81,114)
$
40,548
             
       
TOTAL INVESTMENT IN SECURITIES - 96.3%
   
       
(Cost $1,688,157,912) (a) (g)
$
1,615,066,530
             
 
Principal Amounts
     
Value
       
Written Call Option (0.0%)  †
   
 
(4,923,449)
   
JPMorgan Securities LLC, USD vs TRY @ 2.950, 1/12/15
$
(137,140)
       
TOTAL WRITTEN CALL OPTION
   
       
(Preimums received $(81,114))
$
(137,140)
       
OTHER ASSETS & LIABILITIES - 3.7%
$
62,224,025
       
TOTAL NET ASSETS - 100.0%
$
1,677,427,695
             
             
             
 
*
   
Non-income producing security.
   
             
 
NR
   
Not rated by either S&P or Moody's.
   
             
 
WR
   
Withdrawn rating.
   
             
 
   
Amount rounds to less than 0.1%.
   
             
 
(144A)
   
Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At January 31, 2014, the value of these securities amounted to $910,474,276 or 54.3% of total net assets.
             
 
REIT
   
Real Estate Investment Trust.
   
             
 
(A.D.R.)
   
American Depositary Receipts.
   
             
 
(G.D.R.)
   
Global Depositary Receipts.
   
             
 
(Perpetual)
   
Security with no stated maturity date.
   
             
 
(Cat Bond)
   
Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.
             
 
(Step)
   
Bond issued with an initial coupon rate which converts to a higher rate at a later date.
             
 
(PIK)
   
Represents pay in kind security.
   
             
 
**
   
Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end.
             
 
(a)
   
At January 31, 2014, the net unrealized depreciation on investments based on
   
       
cost for federal income tax purposes of $1,698,182,344 was as follows:
   
             
       
Aggregate gross unrealized appreciation for all investments in which
   
       
there is an excess of value over tax cost
$
64,704,800
             
       
Aggregate gross unrealized depreciation for all investments in which
   
       
there is an excess of tax cost over value
 
(147,820,614)
             
       
Net unrealized depreciation
$
(83,115,814)
             
 
(b)
   
Debt obligation with a variable interest rate. Rate shown is rate at end of period.
   
             
 
(c)
   
Security issued with a zero coupon. Income is earned through accretion of discount.
 
             
 
(d)
   
Security is valued using fair value methods (other than prices supplied by independent pricing services).
             
 
(e)
   
Security is in default and is non-income producing.
   
             
 
(f)
   
Security represents the interest only portion payments on a pool of underlying mortgages or mortgage-backed securities.
             
 
(g)
   
Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
             
       
United States
 
46.2
       
Luxembourg
 
5.8
       
Argentina
 
5.0
       
Cayman Islands
 
4.9
       
Mexico
 
4.3
       
United Kingdom
 
4.1
       
Netherlands
 
3.3
       
Ireland
 
2.6
       
Bermuda
 
2.5
       
Canada
 
1.9
       
Peru
 
1.9
       
Indonesia
 
1.8
       
Brazil
 
1.7
       
Nigeria
 
1.2
       
Australia
 
1.1
       
Other (individually less than 1%)
 
11.7
           
100.0
 
NOTE:
   
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
   
             
     
BRL
Brazilian Real
   
     
CAD
Canadian Dollar
   
     
CNY
New Chinese Yuan
   
     
COP
Columbian Peso
   
     
EURO
Euro
   
     
GBP
British Pound Sterling
   
     
GHS
Ghanaian Cedi
   
     
IDR
Indonesian Rupiah
   
     
MXN
Mexican Peso
   
     
NGN
Nigerian Naira
   
     
NOK
Norwegian Krone
   
     
RON
Romanian Leu
   
     
RUB
Russian Ruble
   
     
TRY
Turkish Lira
   
             
Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below.
             
Level 1 – quoted prices in active markets for identical securities
   
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)
   
             
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
   
using fair value methods (other than prices supplied by independent pricing services) as Level 3.
   
             
The following is a summary of the inputs used as of January 31, 2014, in valuing the Fund's investments:
   
             



   
Level 1
   
Level 2
   
Level 3
   
Total
       
Convertible Corporate Bonds
  $ -     $ 86,801,965     $ -     $ 86,801,965        
Preferred Stocks
    22,166,583       7,866,686       13,050,540       43,083,809        
Convertible Preferred Stocks
    515,088       -       -       515,088        
Common Stocks
    6,553,805       2,230,517       1,096,960       9,881,282        
Asset Backed Securities
    -       27,585,458       -       27,585,458        
Collateralized Mortgage Obligations
            20,280,450       -       20,280,450        
Corporate Bonds
    -       1,214,842,795       10,072,122       1,224,914,917        
Foreign Government Bonds
    -       96,989,435               96,989,435        
Municipal Bonds
    -       1,865,970       -       1,865,970        
Senior Floating Rate Loan Interests
    -       102,735,365       -       102,735,365        
Rights / Warrants
    369,945       2,298       -       372,243        
Purchased Put Option
    40,548       -       -       40,548        
Total
  $ 29,645,969     $ 1,561,200,939     $ 24,219,622     $ 1,615,066,530        
                      -                
Other Financial Instruments
                                     
Net unrealized depreciation on forward foreign currency contracts
  $ -     $ (102,630 )   $ -     $ (102,630 )      
Written Call Option
    (137,140 )     -       -       (137,140 )      
Total Other Financial Instruments
  $ (137,140 )   $ (102,630 )   $ -     $ (239,770 )      
                                       
During the period ended January 31, 2014, one securitiy transferred from level 3 to level 2.
                               
                                       
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
                                     
   
Common Stocks
   
Preferred Stocks
   
Corporate Bonds
   
Municipal Bonds
   
Total
 
                                       
Balance as of 10/31/13
  $ 1,442,957     $ 11,355,850     $ 6,589,185     $ 2,662,500     $ 22,050,492  
Realized gain (loss)
    -       199,503       13,799       -       213,302  
Change in unrealized appreciation (depreciation)
    (345,997 )     790,247       (400,661 )     -       43,589  
Purchases
    -       3,180,000       6,156,000       -       9,336,000  
Sales
    -       (2,475,060 )     (2,286,201 )     -       (4,761,261 )
Transfers in to Level 3
    -       -       -       -       -  
Transfers out of Level 3
    -       -       -       (2,662,500 )     (2,662,500 )
Balance as of 1/31/14
  $ 1,096,960     $ 13,050,540     $ 10,072,122     $ -     $ 24,219,622  
                                         
                                         
Net change in unrealized appreciation (depreciation) of investments
                                       
still held as of 1/31/14
    43,589                                  




       
Pioneer Global Multisector Income Fund
   
       
Schedule of Investments 1/31/14 (unaudited)
   
             
 
Principal Amount ($)
Floating
Rate (b)
S&P/Moody's
Ratings
   
       
CONVERTIBLE CORPORATE BONDS - 2.1%
   
       
Capital Goods - 0.2%
   
       
Electrical Components & Equipment - 0.2%
   
 
56,000
 
B/B3
General Cable Corp., 4.5%, 11/15/29 (Step)
$
60,130
       
Total Capital Goods
$
60,130
       
Consumer Durables & Apparel - 0.2%
   
       
Homebuilding - 0.2%
   
 
50,000
 
B/B2
KB Home, 1.375%, 2/1/19
$
51,844
       
Total Consumer Durables & Apparel
$
51,844
       
Retailing - 0.5%
   
       
Internet Retail - 0.5%
   
 
110,000
 
BBB/NR
priceline.com, Inc., 0.35%, 6/15/20 (144A)
$
125,538
       
Total Retailing
$
125,538
       
Health Care Equipment & Services - 0.6%
   
       
Health Care Equipment - 0.3%
   
 
75,000
 
B+/NR
Hologic, Inc., 2.0%, 12/15/37 (Step)
$
85,359
       
Managed Health Care - 0.3%
   
 
75,000
 
A-/NR
WellPoint, Inc., 2.75%, 10/15/42
$
97,453
       
Total Health Care Equipment & Services
$
182,812
       
Semiconductors & Semiconductor Equipment - 0.6%
   
       
Semiconductor Equipment - 0.3%
   
 
75,000
 
BBB/Baa1
Lam Research Corp., 1.25%, 5/15/18
$
88,969
       
Semiconductors - 0.3%
   
 
85,000
 
A-/NR
Intel Corp., 2.95%, 12/15/35
$
94,084
       
Total Semiconductors & Semiconductor Equipment
$
183,053
       
TOTAL CONVERTIBLE CORPORATE BONDS
   
       
(Cost $523,497)
$
603,377
             
       
PREFERRED STOCKS - 2.1%
   
       
Banks - 0.6%
   
       
Diversified Banks - 0.4%
   
 
4,350
6.00
A-/Baa1
US Bancorp, Floating Rate Note (Perpetual)
$
119,886
       
Regional Banks - 0.2%
   
 
500
6.25
A-/NR
CoBank ACB, Floating Rate Note (Perpetual) (144A)
$
48,625
       
Total Banks
$
168,511
       
Diversified Financials - 0.9%
   
       
Other Diversified Financial Services - 0.9%
   
 
6,527
7.88
BB+/Ba2
Citigroup Capital XIII, Floating Rate Note, 10/30/40
$
177,078
 
3,000
7.12
BB+/B1
Citigroup, Inc., Floating Rate Note (Perpetual)
 
78,150
 
850
8.12
B/B3
GMAC Capital Trust I, Floating Rate Note, 2/15/40
 
23,273
         
$
278,501
       
Total Diversified Financials
$
278,501
       
Insurance - 0.6%
   
       
Property & Casualty Insurance - 0.2%
   
 
2,225
5.10
BBB/Baa1
The Allstate Corp., Floating Rate Note, 1/15/53
$
54,290
       
Reinsurance - 0.4%
   
 
30,000
0.00
NR/NR
Altair Re, Floating Rate Note, 6/30/16 (Cat Bond)
$
30,177
 
22,499
0.00
NR/NR
Altair Re, Floating Rate Note, 4/30/16 (Cat Bond)
 
24,772
 
50,000
 
NR/NR
Pangaea Re, 10/1/15 (Cat Bond) (c)
 
54,219
         
$
109,168
       
Total Insurance
$
163,458
       
TOTAL PREFERRED STOCKS
   
       
(Cost $578,442)
$
610,470
             
       
CONVERTIBLE PREFERRED STOCKS - 0.5%
   
       
Banks - 0.5%
   
       
Diversified Banks - 0.5%
   
 
130
 
BBB+/Baa3
Wells Fargo & Co., 7.5% (Perpetual)
$
150,475
       
Total Banks
$
150,475
       
TOTAL CONVERTIBLE PREFERRED STOCKS
   
       
(Cost $136,282)
$
150,475
             
       
ASSET BACKED SECURITIES - 3.2%
   
 
9,798
 
NR/A1
BCMSC Trust 1998-A, 6.65%, 4/15/28
$
9,943
 
82,358
 
NR/Ba3
Bear Stearns Asset Backed Securities Trust, 8.41%, 10/25/29 (Step)
 
82,282
 
50,000
 
A/A1
Capital Auto Receivables Asset Trust/ Ally, 1.74%, 10/22/18
 
49,717
GBP
50,000
0.71
AAA/Aaa
Chester Asset Receivables Dealings 2004-1 Plc, Floating Rate Note, 4/15/16
 
82,167
 
50,639
 
BB/B2
Citicorp Residential Mortgage Trust Series 2006-1, 5.836%, 7/25/36 (Step)
 
50,444
 
43,249
 
B-/B1
Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step)
 
43,139
 
49,438
 
BBB-/NR
CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)
 
50,057
 
8,330
0.53
AA+/A1
Countrywide Asset-Backed Certificates, Floating Rate Note, 1/25/36
 
8,177
 
19,364
4.46
BB+/Ba1
Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/35
 
19,412
 
24,280
5.07
BB+/Ba3
Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/36
 
25,158
 
97,000
 
BBB+/Baa1
Domino's Pizza Master Issuer LLC, 5.216%, 1/25/42 (144A)
 
103,967
 
25,000
 
A/NR
First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A)
 
24,627
 
29,902
0.56
AA+/Aa2
First NLC Trust 2005-2, Floating Rate Note, 9/25/35
 
29,246
 
3,246
0.80
A/Baa3
GSAMP Trust 2005-HE2, Floating Rate Note, 3/25/35
 
3,216
 
13,026
 
NR/Baa1
Irwin Home Equity Loan Trust 2005-1, 5.32%, 6/25/35 (Step)
 
12,730
 
50,000
5.50
BBB/Baa1
Mastr Specialized Loan Trust, Floating Rate Note, 11/25/34 (144A)
 
48,357
 
9,559
0.86
AAA/Aaa
New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35
 
9,329
 
13,861
5.91
AA/A3
Origen Manufactured Housing Contract Trust 2004-A, Floating Rate Note, 1/15/35
 
14,728
 
30,000
 
AA/Aaa
Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17
 
31,002
 
50,000
 
A/NR
SNAAC Auto Receivables Trust, 3.11%, 6/15/17 (144A)
 
50,395
 
100,000
 
A/NR
Springleaf Funding Trust 2013-A, 2.58%, 9/15/21 (144A)
 
100,481
 
7,844
 
A+/Baa2
Structured Asset Securities Corp., 4.77%, 10/25/34 (Step)
 
8,173
 
59,298
 
AA-/A2
Terwin Mortgage Trust Series TMTS 2005-16HE, 4.441%, 9/25/36 (Step)
 
61,881
 
136
0.25
NR/Aa1
Wells Fargo Home Equity Asset-Backed Securities 2007-2 Trust, Floating Rate Note, 4/25/37
136
       
TOTAL ASSET BACKED SECURITIES
   
       
(Cost $898,474)
$
918,764
             
       
COLLATERALIZED MORTGAGE OBLIGATIONS - 12.0%
   
 
8,829
0.61
CCC/NR
Alternative Loan Trust 2003-14T1, Floating Rate Note, 8/25/18
$
8,374
 
105,000
 
BBB+/Ba3
Alternative Loan Trust 2004-12CB, 5.0%, 7/25/19
 
108,476
 
6,127
 
CCC/B2
Alternative Loan Trust 2004-28CB, 5.5%, 1/25/35
 
6,365
 
18,504
 
BB+/Ba2
Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34
 
19,018
 
12,544
0.61
NR/A3
Banc of America Alternative Loan Trust 2003-10, Floating Rate Note, 12/25/33
 
12,569
 
20,715
 
A+/Baa2
Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33
 
22,801
 
55,103
 
NR/Baa2
Banc of America Alternative Loan Trust 2003-7, 5.5%, 9/25/33
 
57,431
 
20,774
 
NR/B1
Banc of America Alternative Loan Trust 2004-10, 5.5%, 11/25/19
 
21,007
 
15,238
 
NR/Ba2
Banc of America Alternative Loan Trust 2004-2, 6.0%, 3/25/34
 
16,115
 
14,607
 
NR/Ba3
Banc of America Alternative Loan Trust 2004-6, 5.0%, 7/25/19
 
14,868
 
32,275
 
CCC/NR
Banc of America Funding 2005-8 Trust, 5.5%, 1/25/36
 
32,356
 
10,045
2.70
AA+/NR
Banc of America Mortgage 2004-E Trust, Floating Rate Note, 6/25/34
 
10,222
 
6,943
6.87
BBB+/NR
Banc of America Mortgage 2005-H Trust, Floating Rate Note, 9/25/35
 
6,957
 
15,471
 
A+/NR
Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35
 
16,271
 
13,141
 
A+/NR
Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34
 
13,912
 
82,526
 
NR/Caa2
Bayview Commercial Asset Trust, 3.855%, 9/25/37 (Step) (144A) (d)
 
4,952
 
128,674
 
NR/Caa2
Bayview Commercial Asset Trust, 4.18175%, 7/25/37 (Step) (144A) (d)
 
2,509
 
9,882
2.58
A+/Ba1
CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33
 
9,923
 
3,408
 
NR/B1
Citicorp Mortgage Securities Trust Series 2006-1, 5.0%, 2/25/36
 
3,594
 
26,686
0.33
AA/Aaa
Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A)
 
26,552
 
26,458
 
NR/Baa1
Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34
 
28,452
 
100,000
4.65
AA-/A3
City Center Trust 2011-CCHP, Floating Rate Note, 7/15/28 (144A)
 
100,829
 
100,000
 
NR/Aaa
COMM 2012-LC4 Mortgage Trust, 4.063%, 12/10/44
 
103,176
 
50,000
 
AAA/Aaa
COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46
 
47,923
 
38,770
 
NR/Baa1
Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40
 
41,362
 
3,768
1.51
AA+/A3
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/25/33
 
3,767
 
50,000
6.45
D/Caa2
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 9/15/34 (144A)
 
49,990
 
30,000
 
NR/A2
Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)
 
32,662
 
100,000
5.42
NR/Aa2
DBUBS 2011-LC3 Mortgage Trust, Floating Rate Note, 8/10/44 (144A)
 
110,413
 
9,234
 
NR/NR
Federal Home Loan Mortgage Corp. REMICS, 5.0%, 6/15/34
 
9,405
 
100,000
4.16
NR/Baa2
Federal Home Loan Mortgage Corp., Floating Rate Note, 9/25/44 (144A)
 
98,759
 
20,000
 
NR/NR
Federal National Mortgage Association REMICS, 4.5%, 6/25/29
 
21,726
 
27,029
 
NR/NR
Federal National Mortgage Association REMICS, 6.0%, 3/25/35
 
27,951
 
45,000
5.19
NR/NR
FREMF Mortgage Trust 2010-K9 REMICS, Floating Rate Note, 9/25/45 (144A)
 
48,192
 
25,000
4.35
NR/A3
FREMF Mortgage Trust 2011-K12, Floating Rate Note, 1/25/46 (144A)
 
25,434
 
25,000
4.77
NR/A3
FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A)
 
26,561
 
50,000
4.89
NR/A3
FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A)
 
53,288
 
25,000
4.29
A-/NR
FREMF Mortgage Trust Class B, Floating Rate Note, 7/25/48 (144A)
 
26,094
 
50,000
 
NR/NR
Government National Mortgage Association, 4.5%, 9/20/39
 
53,469
 
15,541
 
NR/NR
Government National Mortgage Association, 5.25%, 8/16/35
 
17,459
 
243,409
1.03
NR/NR
Government National Mortgage Association, Floating Rate Note, 2/16/53
 
19,702
 
290,388
1.08
NR/NR
Government National Mortgage Association, Floating Rate Note, 8/16/52
 
20,539
 
339,265
1.07
NR/NR
Government National Mortgage Association, Floating Rate Note, 9/16/52
 
28,360
 
50,000
 
NR/Aaa
GS Mortgage Securities Corp. II, 3.377%, 5/10/45
 
50,518
 
25,000
 
AA-/NR
GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)
 
23,828
 
50,000
 
NR/Aaa
GS Mortgage Securities Corp. II, 5.56%, 11/10/39
 
54,838
 
100,000
1.91
NR/A3
GS Mortgage Securities Corp. II, Floating Rate Note, 11/8/29 (144A)
 
100,267
 
88,524
2.33
A+/NR
GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33
 
89,394
 
100,000
2.54
A/A2
JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 10/15/25 (144A)
100,342
 
41,833
0.52
NR/Ba1
JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A)
39,646
 
35,000
 
NR/Aaa
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5, 4.1712%, 8/15/46
 
37,220
 
13,374
2.49
AA+/Baa1
JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34
 
13,474
 
124,616
2.84
A+/NR
JP Morgan Mortgage Trust 2004-A2, Floating Rate Note, 5/25/34
 
125,950
 
19,880
 
B+/Baa3
JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34
 
20,465
 
16,602
 
B-/Ba2
JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34
 
17,484
 
4,911
5.62
BBB+/NR
LB-UBS Commercial Mortgage Trust 2002-C4, Floating Rate Note, 10/15/35 (144A)
 
4,925
 
6,102
 
BB+/NR
MASTR Alternative Loan Trust 2004-10, 5.5%, 10/25/19
 
6,256
 
1,107
 
AAA/NR
MASTR Alternative Loan Trust 2004-13, 4.5%, 1/25/15
 
1,107
 
41,540
 
B-/NR
MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34
 
43,643
 
15,795
 
A+/NR
MASTR Alternative Loan Trust 2005-1, 5.5%, 2/25/35
 
16,041
 
48,276
6.60
A-/NR
MASTR Seasoned Securitization Trust 2005-1, Floating Rate Note, 9/25/32
 
50,510
CAD
250,000
4.74
NR/Aaa
Merrill Lynch Financial Assets, Inc., Floating Rate Note, 1/12/40
 
240,970
 
16,106
0.62
A+/Baa1
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A, Floating Rate Note, 4/25/29
15,301
 
75,000
5.48
NR/Ba2
ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46
 
73,910
 
100,000
 
NR/NR
Morgan Stanley Re-REMIC Trust 2010-R9, 5.0%, 11/26/36 (144A)
 
101,040
GBP
74,826
0.92
AA+/NR
Paragon Secured Finance Plc, Floating Rate Note, 11/15/35
 
120,086
EURO
100,000
1.53
AAA/Aaa
Permanent Master Issuer Plc, Floating Rate Note, 7/15/42
 
136,451
 
41,773
 
BB+/Caa1
RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32
 
42,568
 
17,261
0.71
NR/Baa3
RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17
 
16,417
 
32,583
 
BBB+/Baa2
RALI Series 2004-QS1 Trust, 4.25%, 1/25/34
 
32,926
 
6,166
0.71
BBB+/Baa2
RALI Series 2004-QS1 Trust, Floating Rate Note, 1/25/34
 
6,153
 
28,402
 
NR/B1
RALI Series 2004-QS13 Trust, 5.0%, 9/25/19
 
29,117
 
8,369
 
NR/B3
RALI Series 2004-QS16 Trust, 5.5%, 12/25/34
 
8,779
 
25,079
1.56
B-/Ba3
RESI Finance LP, Floating Rate Note, 9/10/35 (144A)
 
22,083
 
8,126
 
B-/NR
Residential Asset Securitization Trust 2004-A10, 5.5%, 2/25/35
 
8,427
 
22,954
 
B/NR
Residential Asset Securitization Trust 2004-A9, 5.75%, 12/25/34
 
24,233
 
15,351
 
CCC/NR
Residential Asset Securitization Trust 2005-A9, 5.5%, 7/25/35
 
15,287
 
43,687
 
CCC/NR
RFMSI Series 2005-S6 Trust, 5.25%, 8/25/35
 
44,530
EURO
31,742
0.72
AAA/A1
RHG Mortgage Securities Pty, Ltd., Floating Rate Note, 7/21/35
 
42,655
AUD
25,393
3.38
AAA/A1
RHG Mortgage Securities Pty, Ltd., Floating Rate Note, 7/21/35
 
21,680
 
23,848
0.38
BBB+/Ba1
Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35
 
21,994
 
40,499
2.67
A+/Baa3
Structured Asset Securities Corp. Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33
41,324
 
50,000
 
AAA/Aa1
TimberStar Trust 1, 5.668%, 10/15/36 (144A)
 
54,561
 
57,507
2.40
BBB+/NR
WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/35
 
57,098
 
78,726
 
NR/Aaa
Wells Fargo Commercial Mortgage Trust, 3.349%, 11/15/43 (144A)
 
82,499
 
20,078
5.24
BB/B3
Wells Fargo Mortgage Backed Securities 2005-AR13 Trust, Floating Rate Note, 5/25/35
 
20,624
 
7,181
 
AA+/Baa1
Wells Fargo Mortgage Backed Securities 2006-16 Trust, 5.0%, 11/25/36
 
7,477
       
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
   
       
(Cost $3,426,965)
$
3,493,883
             
       
CORPORATE BONDS - 32.6%
   
       
Energy - 4.1%
   
       
Oil & Gas Drilling - 0.5%
   
 
25,000
 
BBB+/Baa1
Pride International, Inc., 6.875%, 8/15/20
$
30,232
 
100,000
 
BBB-/Baa3
Rowan Companies, Inc., 4.75%, 1/15/24
 
101,276
         
$
131,508
       
Oil & Gas Equipment & Services - 0.2%
   
 
25,000
 
BBB-/Baa2
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42
$
25,602
 
25,000
 
BBB-/Baa2
Weatherford International, Ltd. Bermuda, 9.625%, 3/1/19
 
32,455
         
$
58,057
       
Integrated Oil & Gas - 0.2%
   
 
50,000
 
BBB+/Baa1
Petroleos Mexicanos, 6.375%, 1/23/45 (144A)
$
50,005
       
Oil & Gas Exploration & Production - 1.6%
   
 
50,000
 
B-/B3
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18
$
54,000
 
50,000
 
B/B2
EP Energy LLC, 9.375%, 5/1/20
 
57,500
 
90,000
 
B+/B1
Linn Energy LLC, 7.0%, 11/1/19 (144A)
 
91,350
 
51,000
 
B+/B1
Linn Energy LLC, 8.625%, 4/15/20
 
55,080
 
23,000
 
BBB/Baa1
Marathon Oil Corp., 5.9%, 3/15/18
 
26,467
 
70,000
 
BBB/Baa3
Plains Exploration & Production Co., 6.75%, 2/1/22
 
76,738
 
100,000
 
BB/Ba2
Range Resources Corp., 5.0%, 3/15/23
 
98,875
         
$
460,010
       
Oil & Gas Refining & Marketing - 0.3%
   
 
40,000
 
BBB+/A2
Motiva Enterprises LLC, 5.75%, 1/15/20 (144A)
$
45,912
 
25,000
 
BBB-/Baa2
Spectra Energy Capital LLC, 6.2%, 4/15/18
 
28,600
 
21,000
 
BBB/Baa2
Valero Energy Corp., 9.375%, 3/15/19
 
27,606
         
$
102,118
       
Oil & Gas Storage & Transportation - 1.1%
   
 
25,000
 
BBB-/Baa3
Buckeye Partners LP, 6.05%, 1/15/18
$
28,077
 
25,000
 
BBB-/Baa2
DCP Midstream LLC, 9.75%, 3/15/19 (144A)
 
31,800
 
50,000
5.85
BB/Baa3
DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A)
 
46,250
 
70,000
 
BBB/Baa2
Kinder Morgan Energy Partners LP, 4.15%, 3/1/22
 
70,930
 
10,000
 
BBB/Baa2
Kinder Morgan Energy Partners LP, 5.95%, 2/15/18
 
11,456
 
25,000
 
BBB/Baa2
Plains All American Pipeline LP, 6.125%, 1/15/17
 
28,388
 
10,000
 
A/A3
Questar Pipeline Co., 5.83%, 2/1/18
 
11,488
 
10,000
 
BBB-/Baa2
Spectra Energy Capital LLC, 6.75%, 7/15/18
 
11,551
 
60,000
 
BBB-/Baa3
Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42
 
63,651
 
13,000
 
BBB-/Baa3
The Williams Companies, Inc., 7.75%, 6/15/31
 
14,142
         
$
317,733
       
Coal & Consumable Fuels - 0.2%
   
 
45,000
 
B-/B3
Alpha Natural Resources, Inc., 6.0%, 6/1/19
$
37,238
 
25,000
 
BB-/B1
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A)
 
24,875
         
$
62,113
       
Total Energy
$
1,181,544
       
Materials - 1.7%
   
       
Diversified Chemicals - 0.1%
   
 
20,000
 
BBB/Baa2
Eastman Chemical Co., 4.8%, 9/1/42
$
19,412
       
Construction Materials - 0.6%
   
 
150,000
 
B+/NR
Cemex SAB de CV, 5.875%, 3/25/19 (144A)
$
150,000
 
30,000
 
BBB/Baa2
Holcim US Finance Sarl & Cie SCS, 6.0%, 12/30/19 (144A)
 
34,630
         
$
184,630
       
Diversified Metals & Mining - 0.4%
   
 
50,000
 
BB+/Baa3
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22
$
43,077
 
35,000
 
BB+/Baa3
AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20
 
32,462
 
35,000
 
BBB/Baa3
Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23
 
33,515
         
$
109,054
       
Gold - 0.1%
   
 
35,000
 
BBB+/Baa2
Goldcorp, Inc., 3.7%, 3/15/23
$
32,268
       
Steel - 0.5%
   
 
30,000
 
BB+/Ba1
ArcelorMittal, 6.125%, 6/1/18
$
32,625
 
25,000
 
BBB/Baa2
Glencore Funding LLC, 4.125%, 5/30/23 (144A)
 
23,392
 
100,000
 
NR/Caa1
Metinvest BV, 10.25%, 5/20/15 (144A)
 
99,416
         
$
155,433
       
Total Materials
$
500,797
       
Capital Goods - 1.7%
   
       
Aerospace & Defense - 0.2%
   
 
50,000
 
BB/Ba2
Bombardier, Inc., 4.25%, 1/15/16 (144A)
$
51,750
       
Building Products - 0.6%
   
 
25,000
 
BBB-/Ba3
Masco Corp., 5.95%, 3/15/22
$
26,562
 
85,000
 
BBB-/Ba3
Masco Corp., 7.125%, 3/15/20
 
96,688
 
50,000
5.75
BBB+/Baa2
Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53
 
53,125
         
$
176,375
       
Electrical Components & Equipment - 0.1%
   
 
25,000
 
B-/B3
WireCo WorldGroup, Inc., 9.5%, 5/15/17
$
25,875
       
Construction & Farm Machinery & Heavy Trucks - 0.3%
   
 
25,000
 
A/A2
Caterpillar Financial Services Corp., 7.05%, 10/1/18
$
30,626
 
60,000
 
A/A3
Cummins, Inc., 5.65%, 3/1/98
 
61,023
 
10,000
 
A/A3
Cummins, Inc., 6.75%, 2/15/27
 
12,072
         
$
103,721
       
Industrial Machinery - 0.1%
   
 
20,000
 
BBB/Baa2
Valmont Industries, Inc., 6.625%, 4/20/20
$
23,233
       
Trading Companies & Distributors - 0.4%
   
 
55,000
 
BB+/NR
Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)
$
60,332
 
40,000
 
BBB/Baa2
GATX Corp., 6.0%, 2/15/18
 
45,190
         
$
105,522
       
Total Capital Goods
$
486,476
       
Transportation - 1.9%
   
       
Air Freight & Logistics - 0.3%
   
 
75,000
 
CCC+/B2
CEVA Group Plc, 8.375%, 12/1/17 (144A)
$
78,281
       
Airlines - 1.0%
   
 
100,000
 
A-/Baa2
Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A)
$
97,500
 
11,614
 
A+/Baa1
Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 11/23/19
 
12,601
 
75,000
 
BB+/NR
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21
 
76,875
 
100,000
 
A-/Baa1
US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27
 
99,500
         
$
286,476
       
Railroads - 0.1%
   
 
25,000
 
BBB+/A3
Burlington Northern Santa Fe LLC, 5.75%, 3/15/18
$
28,835
       
Airport Services - 0.5%
   
 
150,000
 
B/B2
Aguila 3 SA, 7.875%, 1/31/18 (144A)
$
159,188
       
Total Transportation
$
552,780
       
Consumer Durables & Apparel - 0.1%
   
       
Home Furnishings - 0.1%
   
 
25,000
 
BBB/Baa3
Mohawk Industries, Inc., 3.85%, 2/1/23
$
24,469
       
Total Consumer Durables & Apparel
$
24,469
       
Consumer Services - 0.7%
   
       
Casinos & Gaming - 0.3%
   
 
50,000
 
BBB-/Ba1
GLP Capital LP, 4.375%, 11/1/18 (144A)
$
51,250
 
25,000
 
BBB/Baa2
International Game Technology, 7.5%, 6/15/19
 
29,664
         
$
80,914
       
Education Services - 0.4%
   
 
25,000
 
NR/Aa2
Bowdoin College, 4.693%, 7/1/12
$
22,345
 
75,000
 
AA-/Aa2
Tufts University, 5.017%, 4/15/12
 
71,360
 
25,000
 
AAA/Aaa
Yale University, 2.9%, 10/15/14
 
25,466
         
$
119,171
       
Total Consumer Services
$
200,085
       
Media - 0.2%
   
       
Cable & Satellite - 0.2%
   
 
25,000
 
BBB+/Baa1
British Sky Broadcasting Group Plc, 6.1%, 2/15/18 (144A)
$
28,669
 
10,000
 
BBB/Baa2
Time Warner Cable, Inc., 8.25%, 4/1/19
 
11,825
 
5,000
 
BBB/Baa2
Time Warner Cable, Inc., 8.75%, 2/14/19
 
6,012
         
$
46,506
       
Total Media
$
46,506
       
Retailing - 0.4%
   
       
Internet Retail - 0.2%
   
 
50,000
 
BBB-/Ba1
Expedia, Inc., 5.95%, 8/15/20
$
54,840
       
Department Stores - 0.2%
   
 
50,000
 
CCC+/Caa2
Neiman Marcus Group, Ltd., Inc., 8.0%, 10/15/21 (144A)
$
52,375
       
Total Retailing
$
107,215
       
Food & Staples Retailing - 0.1%
   
       
Drug Retail - 0.1%
   
 
13,891
 
BBB+/Baa1
CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)
$
15,232
       
Total Food & Staples Retailing
$
15,232
       
Food, Beverage & Tobacco - 1.4%
   
       
Brewers - 0.1%
   
 
20,000
 
A/A3
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19
$
25,102
       
Agricultural Products - 0.2%
   
 
50,000
 
BBB/Baa2
Viterra, Inc., 5.95%, 8/1/20 (144A)
$
54,677
       
Packaged Foods & Meats - 1.1%
   
 
50,000
 
BB-/B1
B&G Foods, Inc., 4.625%, 6/1/21
$
48,438
 
70,000
 
BBB/Baa2
Kraft Foods Group, Inc., 3.5%, 6/6/22
 
70,069
 
32,000
 
BBB-/Baa1
Mondelez International, Inc., 6.5%, 2/9/40
 
39,460
 
150,000
 
B/B1
Post Holdings, Inc., 7.375%, 2/15/22
 
159,562
         
$
317,529
       
Tobacco - 0.0% †
   
 
20,000
 
BBB-/Baa2
Lorillard Tobacco Co., 3.75%, 5/20/23
$
18,920
       
Total Food, Beverage & Tobacco
$
416,228
       
Health Care Equipment & Services - 0.4%
   
       
Health Care Services - 0.1%
   
 
50,000
 
A+/A1
Catholic Health Initiatives, 4.35%, 11/1/42
$
45,264
       
Health Care Technology - 0.3%
   
 
75,000
 
B/B3
MedAssets, Inc., 8.0%, 11/15/18
$
80,812
       
Total Health Care Equipment & Services
$
126,076
       
Banks - 4.2%
   
       
Diversified Banks - 2.9%
   
NOK
250,000
 
AAA/Aaa
Asian Development Bank, 3.375%, 5/20/14
$
39,995
EURO
50,000
 
NR/Aaa
AXA Bank Europe SCF, 3.5%, 11/5/20
 
75,561
AUD
100,000
 
AA-/Aa2
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Australia, 6.0%, 10/29/15
 
91,011
 
75,000
 
AA-/Aa2
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22
 
76,394
NOK
1,500,000
 
AAA/Aaa
International Bank for Reconstruction & Development, 3.25%, 4/14/14
 
239,504
AUD
185,000
 
AAA/Aaa
International Bank for Reconstruction & Development, 5.75%, 10/21/19
 
175,967
 
100,000
 
BBB/Baa2
Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)
 
111,840
 
50,000
4.50
NR/Baa3
Scotiabank Peru SA, Floating Rate Note, 12/13/27 (144A)
 
43,750
         
$
854,022
       
Regional Banks - 1.1%
   
 
25,000
 
A/A2
Mellon Funding Corp., 5.5%, 11/15/18
$
28,409
 
75,000
 
BBB/Baa1
SunTrust Banks, Inc., 3.5%, 1/20/17
 
79,548
 
65,000
4.46
BBB/Baa3
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)
 
65,081
 
115,000
6.75
BBB/Baa3
The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)
 
121,038
 
20,000
 
A+/A1
Wachovia Bank NA, 6.0%, 11/15/17
 
23,157
         
$
317,233
       
Thrifts & Mortgage Finance - 0.2%
   
 
50,000
 
BBB-/Baa2
Astoria Financial Corp., 5.0%, 6/19/17
$
53,709
       
Total Banks
$
1,224,964
       
Diversified Financials - 3.6%
   
       
Other Diversified Financial Services - 1.6%
   
 
25,000
 
A-/NR
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)
$
25,618
 
100,000
7.12
AA-/Baa1
General Electric Capital Corp., Floating Rate Note (Perpetual)
 
112,375
NZD
100,000
 
A/A3
JPMorgan Chase & Co., 4.25%, 11/2/18
 
77,197
 
25,000
 
A/A3
JPMorgan Chase & Co., 6.0%, 1/15/18
 
28,809
 
125,000
5.15
BBB/Ba1
JPMorgan Chase & Co., Floating Rate Note, 12/31/49 (Perpetual)
 
113,594
 
100,000
 
A/NR
KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)
 
101,972
         
$
459,565
       
Specialized Finance - 0.4%
   
 
91,000
 
BBB-/NR
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)
$
95,550
 
10,000
 
A+/A1
National Rural Utilities Cooperative Finance Corp., 5.45%, 2/1/18
 
11,446
         
$
106,996
       
Asset Management & Custody Banks - 0.1%
   
 
5,000
 
A-/A3
Eaton Vance Corp., 6.5%, 10/2/17
$
5,753
 
36,000
 
BBB/NR
Prospect Capital Corp., 5.875%, 3/15/23
 
35,827
         
$
41,580
       
Investment Banking & Brokerage - 1.5%
   
 
50,000
 
BBB/Baa3
Jefferies Group LLC, 6.875%, 4/15/21
$
57,905
 
10,000
 
BBB/A3
Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)
 
11,174
 
100,000
 
BBB+/Baa3
Merrill Lynch & Co., Inc., 7.75%, 5/14/38
 
129,387
 
75,000
 
BBB+/Baa3
Morgan Stanley, 4.1%, 5/22/23
 
73,039
 
50,000
 
BBB+/Baa3
Morgan Stanley, 4.875%, 11/1/22
 
51,941
 
10,000
 
A-/Baa2
Morgan Stanley, 5.5%, 1/26/20
 
11,290
 
25,000
 
BBB/Baa2
Raymond James Financial, Inc., 4.25%, 4/15/16
 
26,615
 
90,000
 
NR/Baa3
Scottrade Financial Services, Inc., 6.125%, 7/11/21 (144A)
 
90,683
         
$
452,034
       
Total Diversified Financials
$
1,060,175
       
Insurance - 2.6%
   
       
Life & Health Insurance - 0.9%
   
 
35,000
 
BBB+/NR
Delphi Financial Group, Inc., 7.875%, 1/31/20
$
41,165
 
15,000
 
A-/Baa1
Lincoln National Corp., 8.75%, 7/1/19
 
19,459
 
6,000
6.05
BBB/Baa3
Lincoln National Corp., Floating Rate Note, 4/20/67
 
5,910
 
35,000
 
BBB/Baa2
MetLife, Inc., 10.75%, 8/1/69
 
51,800
 
45,000
 
A-/Baa2
Protective Life Corp., 7.375%, 10/15/19
 
55,004
 
100,000
5.88
BBB+/Baa2
Prudential Financial, Inc., Floating Rate Note, 9/15/42
 
102,500
         
$
275,838
       
Multi-line Insurance - 0.3%
   
 
60,000
 
BBB/A3
AXA SA, 8.6%, 12/15/30
$
75,183
       
Property & Casualty Insurance - 0.7%
   
 
20,000
 
BBB-/Baa2
OneBeacon US Holdings, Inc., 4.6%, 11/9/22
$
19,976
 
110,000
6.50
BBB/Baa1
The Allstate Corp., Floating Rate Note, 5/15/57
 
114,675
 
50,000
 
BBB-/Baa3
The Hanover Insurance Group, Inc., 7.5%, 3/1/20
 
60,287
         
$
194,938
       
Reinsurance - 0.7%
   
 
50,000
 
BBB/NR
Montpelier Re Holdings, Ltd., 4.7%, 10/15/22
$
50,403
 
40,000
 
BBB/NR
Platinum Underwriters Finance, Inc., 7.5%, 6/1/17
 
45,581
 
95,000
7.51
BB+/Ba2
Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A)
 
98,634
 
25,000
5.88
NR/NR
Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)
 
24,812
         
$
219,430
       
Total Insurance
$
765,389
       
Real Estate - 1.5%
   
       
Diversified REIT- 0.1%
   
 
20,000
 
BBB/Baa2
Digital Realty Trust LP, 4.5%, 7/15/15
$
20,798
 
10,000
 
BBB/Baa2
Digital Realty Trust LP, 5.875%, 2/1/20
 
10,997
         
$
31,795
       
Office REIT- 0.8%
   
 
40,000
 
BBB-/Baa2
Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22
$
41,105
 
25,000
 
BBB-/Baa3
Corporate Office Properties LP, 3.6%, 5/15/23
 
23,171
 
50,000
 
BB/Ba1
DuPont Fabros Technology LP, 5.875%, 9/15/21
 
51,875
 
35,000
 
BBB/Baa2
Highwoods Realty LP, 3.625%, 1/15/23
 
32,898
 
25,000
 
BBB/Baa2
Mack-Cali Realty LP, 5.125%, 2/15/14
 
25,027
 
50,000
 
BBB/Baa2
Piedmont Operating Partnership LP, 3.4%, 6/1/23
 
46,187
         
$
220,263
       
Retail REIT- 0.1%
   
 
35,000
 
BBB-/Baa2
DDR Corp., 7.5%, 4/1/17
$
40,728
       
Specialized REIT- 0.5%
   
 
25,000
 
BBB-/Baa3
Healthcare Realty Trust, Inc., 6.5%, 1/17/17
$
28,084
 
40,000
 
BBB-/Baa2
Hospitality Properties Trust, 5.0%, 8/15/22
 
41,428
 
25,000
 
BBB-/Baa2
Hospitality Properties Trust, 7.875%, 8/15/14
 
25,050
 
45,000
 
BBB-/Baa3
Senior Housing Properties Trust, 6.75%, 4/15/20
 
51,031
         
$
145,593
       
Total Real Estate
$
438,379
       
Software & Services - 0.7%
   
       
Internet Software & Services - 0.3%
   
 
100,000
 
BB-/B2
Bankrate, Inc., 6.125%, 8/15/18 (144A)
$
104,750
       
Data Processing & Outsourced Services - 0.2%
   
 
50,000
 
BB-/Ba2
Audatex North America, Inc., 6.0%, 6/15/21 (144A)
$
52,125
       
Home Entertainment Software - 0.2%
   
 
50,000
 
BB+/Ba2
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)
$
52,125
       
Total Software & Services
$
209,000
       
Semiconductors & Semiconductor Equipment - 0.1%
   
       
Semiconductor Equipment - 0.1%
   
 
25,000
 
BBB/Baa1
KLA-Tencor Corp., 6.9%, 5/1/18
$
29,577
       
Total Semiconductors & Semiconductor Equipment
$
29,577
       
Telecommunication Services - 2.7%
   
       
Integrated Telecommunication Services - 1.9%
   
CHF
40,000
 
BBB+/Baa1
Deutsche Telekom AG, 3.75%, 4/22/14
$
44,428
COP
124,000,000
 
NR/Ba1
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A)
 
52,530
 
30,000
 
BB-/Ba2
Frontier Communications Corp., 8.5%, 4/15/20
 
33,600
 
50,000
 
B+/B3
GCI, Inc., 6.75%, 6/1/21
 
48,500
 
45,000
 
NR/A2
GTP Acquisition Partners I LLC, 4.347%, 6/15/16 (144A)
 
47,346
 
45,000
 
NR/A2
GTP Towers Issuer LLC, 4.436%, 2/15/15 (144A)
 
46,185
 
20,000
 
A/A2
Qtel International Finance, Ltd., 6.5%, 6/10/14 (144A)
 
20,340
EURO
50,000
 
BBB/Baa2
Telefonica Emisiones SAU, 5.496%, 4/1/16
 
73,388
 
75,000
 
BBB/Baa2
Telefonica Emisiones SAU, 6.221%, 7/3/17
 
85,573
 
25,000
 
NR/NR
Unison Ground Lease Funding LLC, 2.981%, 3/15/20 (144A)
 
24,060
 
70,000
 
BBB+/Baa1
Verizon Communications, Inc., 6.55%, 9/15/43
 
84,024
         
$
559,974
       
Wireless Telecommunication Services - 0.8%
   
 
75,000
 
BB/Ba3
MetroPCS Wireless, Inc., 6.625%, 11/15/20
$
79,312
RUB
5,000,000
 
BB/Ba3
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A)
 
139,323
         
$
218,635
       
Total Telecommunication Services
$
778,609
       
Utilities - 2.3%
   
       
Electric Utilities - 2.1%
   
 
10,000
 
A-/A2
Commonwealth Edison Co., 6.15%, 9/15/17
$
11,598
 
25,000
 
BBB/Baa1
Commonwealth Edison Co., 6.95%, 7/15/18
 
29,725
 
100,000
5.25
BBB+/A3
Electricite de France SA, Floating Rate Note (Perpetual) (144A)
 
96,625
 
100,000
 
A+/Aa3
Electricite de France, 6.0%, 1/22/14 (144A)
 
100,430
 
200,000
8.75
BB+/Ba1
Enel S.p.A., Floating Rate Note, 9/24/73 (144A)
 
217,000
 
70,000
 
BBB/Baa2
Public Service Co. of New Mexico, 7.95%, 5/15/18
 
83,726
 
50,000
6.25
BBB-/Baa1
Southern California Edison Co., Floating Rate Note (Perpetual)
 
51,875
 
10,000
 
BBB+/A3
West Penn Power Co., 5.95%, 12/15/17 (144A)
 
11,509
         
$
602,488
       
Multi-Utilities - 0.1%
   
 
25,000
 
BBB+/A3
New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A)
$
27,772
       
Independent Power Producers & Energy Traders - 0.1%
   
 
35,813
 
BBB-/Baa3
Panoche Energy Center LLC, 6.885%, 7/31/29 (144A)
$
38,326
       
Total Utilities
$
668,586
       
Government - 2.2%
   
       
Government - 2.2%
   
 
200,000
 
BBB/NR
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A)
$
181,500
TRY
65,000
 
AAA/Aaa
European Investment Bank, 3/2/15 (c)
 
25,593
IDR
850,000,000
 
NR/Aaa
Inter-American Development Bank, 4.5%, 2/4/16
 
64,944
BRL
400,000
 
AAA/Aaa
International Finance Corp., 5.0%, 12/21/15
 
151,094
AUD
100,000
 
AA+/Aa1
Queensland Treasury Corp., 5.75%, 7/22/24
 
95,326
AUD
120,000
 
AA+/Aa1
Queensland Treasury Corp., 6.0%, 7/21/22
 
116,729
         
$
635,186
       
Total Government
$
635,186
       
TOTAL CORPORATE BONDS
   
       
(Cost $9,229,567)
$
9,467,273
             
       
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.0%
   
 
237,639
 
AAA/Aaa
Fannie Mae, 3.5%, 9/1/42
$
241,402
 
37,037
 
AAA/Aaa
Fannie Mae, 4.5%, 4/1/41
 
39,754
 
39,348
 
AAA/Aaa
Fannie Mae, 5.0%, 6/1/40
 
43,120
 
283,297
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 4.0%, 1/1/44
 
296,184
 
87,169
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 5.0%, 10/1/38
 
94,643
 
74,664
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 5.0%, 9/1/38
 
81,087
 
54,597
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 6.0%, 8/1/37
 
60,944
 
28,257
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 6.5%, 1/1/38
 
31,494
 
104,289
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 6.5%, 4/1/38
 
116,333
 
62,488
 
AAA/Aaa
Government National Mortgage Association I, 4.5%, 1/15/40
 
68,344
 
63,773
 
AAA/Aaa
Government National Mortgage Association I, 4.5%, 7/15/41
 
70,104
 
67,173
 
AAA/Aaa
Government National Mortgage Association I, 4.5%, 9/15/40
 
73,422
 
87,986
 
AAA/Aaa
Government National Mortgage Association II, 4.5%, 9/20/41
 
95,632
 
60,000
 
AA+/Aaa
U.S. Treasury Bonds, 4.5%, 2/15/36
 
69,881
 
60,000
 
AA+/Aaa
U.S. Treasury Bonds, 4.5%, 8/15/39
 
69,938
       
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
   
       
(Cost $1,409,288)
$
1,452,282
             
       
FOREIGN GOVERNMENT BONDS - 30.4%
   
AUD
100,000
 
NR/Aaa
Australia Government Bond, 5.75%, 5/15/21
$
98,958
EURO
50,000
 
AA+/Aaa
Austria Government Bond, 4.15%, 3/15/37 (144A) (144A)
 
83,961
EURO
50,000
 
AA+/Aaa
Austria Government Bond, 4.35%, 3/15/19 (144A) (144A)
 
78,974
EURO
25,000
 
NR/Aa3
Belgium Government Bond, 5.5%, 3/28/28
 
44,757
 
200,000
 
NR/NR
Commonwealth of the Bahamas, 5.75%, 1/16/24 (144A)
 
198,000
 
200,000
 
BB/Ba1
Croatia Government International Bond, 5.5%, 4/4/23 (144A)
 
190,500
DKK
250,000
 
AAA/Aaa
Denmark Government Bond, 4.5%, 11/15/39
 
62,777
EURO
300,000
 
AAA/Aaa
Finland Government Bond, 4.375%, 7/4/19 (144A)
 
477,597
GHS
10,000
 
NR/NR
Ghana Government Bond, 16.9%, 3/7/16
 
4,006
GHS
100,000
 
NR/NR
Ghana Government Bond, 19.24%, 5/30/16
 
41,626
GHS
380,000
 
NR/NR
Ghana Government Bond, 21.0%, 10/26/15
 
162,758
GHS
25,000
 
NR/NR
Ghana Government Bond, 26.0%, 6/5/17
 
12,062
IDR
222,000,000
 
NR/Baa3
Indonesia Treasury Bond, 6.125%, 5/15/28
 
13,636
IDR
200,000,000
 
NR/Baa3
Indonesia Treasury Bond, 7.0%, 5/15/27
 
13,366
IDR
2,500,000,000
 
NR/Baa3
Indonesia Treasury Bond, 7.375%, 9/15/16
 
201,065
IDR
1,210,000,000
 
NR/Baa3
Indonesia Treasury Bond, 8.25%, 6/15/32
 
87,455
EURO
35,000
 
BBB+/Baa3
Ireland Government Bond, 5.0%, 10/18/20
 
54,580
EURO
50,000
 
NR/Baa2
Italy Buoni Poliennali Del Tesoro, 3.75%, 8/1/16
 
71,386
EURO
100,000
 
NR/Baa2
Italy Buoni Poliennali Del Tesoro, 4.75%, 8/1/23 (144A)
 
147,062
EURO
25,000
 
NR/Baa2
Italy Buoni Poliennali Del Tesoro, 6.5%, 11/1/27
 
42,014
JPY
46,500,000
 
NR/Aa3
Japan Government Ten Year Bond, 1.0%, 12/20/21
 
473,505
JPY
30,000,000
 
NR/Aa3
Japan Government Ten Year Bond, 1.7%, 9/20/16
 
305,472
JPY
5,000,000
 
NR/Aa3
Japan Government Thirty Year Bond, 2.3%, 12/20/36
 
55,810
JPY
27,000,000
 
NR/Aa3
Japan Government Twenty Year Bond, 1.5%, 3/20/19
 
281,231
MYR
507,000
 
NR/NR
Malaysia Government Bond, 3.418%, 8/15/22
 
142,002
MXN
1,050,000
 
A/Baa1
Mexican Bonos, 6.5%, 6/9/22
 
78,963
MXN
100,000
 
A/Baa1
Mexican Bonos, 7.5%, 6/3/27
 
7,806
MXN
3,460,556
 
A/Baa1
Mexican Udibonos, 2.0%, 6/9/22
 
245,051
MXN
6,123,072
 
A/Baa1
Mexican Udibonos, 3.5%, 12/14/17
 
493,748
EURO
91,000
 
NR/Aaa
Netherlands Government Bond, 5.5%, 1/15/28 (144A)
 
169,384
NGN
20,000,000
 
NR/NR
Nigeria Government Bond, 16.0%, 6/29/19
 
133,284
NGN
7,000,000
 
NR/NR
Nigeria Treasury Bill, 2/6/14 (c)
 
43,021
NGN
15,000,000
 
NR/NR
Nigeria Treasury Bill, 3/6/14 (c)
 
91,321
NGN
27,000,000
 
NR/NR
Nigeria Treasury Bill, 4/10/14 (c)
 
162,515
NGN
15,000,000
 
NR/NR
Nigeria Treasury Bill, 4/24/14 (c)
 
89,866
NOK
1,800,000
 
AAA/Aaa
Norway Government Bond, 2.0%, 5/24/23
 
269,522
NOK
965,000
 
AAA/Aaa
Norway Government Bond, 4.25%, 5/19/17
 
166,366
NOK
1,490,000
 
AAA/Aaa
Norway Government Bond, 4.5%, 5/22/19
 
265,705
NOK
2,065,000
 
AAA/Aaa
Norway Government Bond, 5.0%, 5/15/15
 
343,901
PHP
2,970,000
 
NR/Baa3
Philippine Government Bond, 7.625%, 9/29/36
 
82,103
PLN
1,400,000
 
A/A2
Poland Government Bond, 5.25%, 10/25/17
 
464,010
PLN
1,650,000
 
A/A2
Poland Government Bond, 5.5%, 4/25/15
 
539,540
 
100,000
 
A-/A2
Poland Government International Bond, 4.0%, 1/22/24
 
98,000
NZD
250,000
 
AA-/Aa2
Province of Ontario Canada, 6.25%, 6/16/15
 
208,117
RON
770,000
 
NR/NR
Romania Government Bond, 5.85%, 4/26/23
 
233,230
RON
200,000
 
NR/NR
Romania Government Bond, 5.9%, 7/26/17
 
63,039
RUB
4,200,000
 
BBB+/Baa1
Russian Federal Bond - OFZ, 7.5%, 3/15/18
 
118,656
RUB
9,000,000
 
BBB+/Baa1
Russian Federal Bond - OFZ, 8.15%, 2/3/27
 
254,109
 
200,000
 
B/NR
Rwanda International Government Bond, 6.625%, 5/2/23 (144A)
 
191,500
EURO
100,000
 
BBB-/Baa3
Spain Government Bond, 4.1%, 7/30/18
 
146,055
TRY
180,928
 
NR/NR
Turkey Government Bond, 10.5%, 1/15/20
 
80,947
 
200,000
 
CCC+/Caa2
Ukraine Government International Bond, 7.5%, 4/17/23 (144A)
 
169,500
GBP
70,000
 
NR/Aa1
United Kingdom Gilt, 4.25%, 9/7/39
 
130,528
GBP
75,000
 
NR/Aa1
United Kingdom Gilt, 8.75%, 8/25/17
 
155,333
       
TOTAL FOREIGN GOVERNMENT BONDS
   
       
(Cost $9,401,332)
$
8,839,680
             
       
MUNICIPAL BONDS - 3.4%
   
       
Education Services - 0.1%
   
 
25,000
 
AAA/Aaa
Massachusetts Institute of Technology, 5.6%, 7/1/11
$
30,520
             
       
Municipal Airport - 0.1%
   
 
20,000
 
BBB/Baa1
Indianapolis Airport Authority, 5.1%, 1/15/17
$
22,080
             
       
Municipal Development - 0.2%
   
 
50,000
 
AA-/Aa3
California Statewide Communities Development Authority, 6.0%, 8/15/42
$
57,472
             
       
Municipal General - 0.3%
   
 
70,000
 
AA/A2
JobsOhio Beverage System, 3.985%, 1/1/29
$
66,317
 
20,000
 
AA/A2
JobsOhio Beverage System, 4.532%, 1/1/35
 
19,142
         
$
85,459
       
Municipal Higher Education - 1.7%
   
 
25,000
 
A+/NR
Baylor University, 4.313%, 3/1/42
$
23,333
 
50,000
 
AAA/Aaa
Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/40
 
54,410
 
25,000
 
AAA/Aaa
Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/42
 
26,453
 
30,000
 
AAA/Aaa
Health & Educational Facilities Authority of the State of Missouri, 5.0%, 11/15/39
 
32,417
 
50,000
 
AAA/Aaa
Houston Higher Education Finance Corp., 4.5%, 11/15/37
 
50,712
 
25,000
 
AA/Aa1
Illinois Finance Authority, 5.0%, 10/1/51
 
25,472
 
70,000
 
AAA/Aaa
Massachusetts Health & Educational Facilities Authority, 5.5%, 11/15/36
 
78,466
 
25,000
 
AAA/Aaa
Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/32
 
31,784
 
10,000
 
AAA/Aaa
Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/36
 
11,130
 
50,000
 
AA/Aa1
New York State Dormitory Authority Series A, 5.0%, 7/1/40
 
54,001
 
50,000
 
AAA/Aaa
New York State Dormitory Authority, 5.0%, 7/1/38
 
54,778
 
20,000
 
AAA/Aaa
Permanent University Fund, 5.0%, 7/1/30
 
23,150
 
50,000
 
AA/Aa1
University of California, 3.38%, 5/15/28
 
46,545
         
$
512,651
       
Municipal Medical - 0.1%
   
 
25,000
 
AA-/A1
Massachusetts Development Finance Agency, 5.25%, 4/1/37
$
26,402
             
       
Municipal Power - 0.1%
   
 
25,000
 
AA-/A1
South Carolina State Public Service Authority, 5.0%, 12/1/43
$
25,614
             
       
Municipal Transportation - 0.2%
   
 
50,000
 
AA+/Aa2
Metropolitan Transit Authority of Harris County, 5.0%, 11/1/41
$
53,027
             
       
Municipal Water - 0.4%
   
 
45,000
 
AAA/Aa1
City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/41
$
47,974
 
20,000
 
AAA/Aa2
Hampton Roads Sanitation District, 5.0%, 4/1/38
 
21,279
 
45,000
 
AAA/NR
Tarrant Regional Water District, 5.0%, 3/1/52
 
46,958
         
$
116,211
       
Municipal Obligation - 0.2%
   
 
50,000
 
AA+/Aa1
State of Washington, 5.0%, 8/1/39
$
53,246
             
       
TOTAL MUNICIPAL BONDS
   
       
(Cost $950,254)
$
982,682
             
       
SENIOR FLOATING RATE LOAN INTERESTS - 0.7% **
   
       
Commercial Services & Supplies - 0.2%
   
       
Office Services & Supplies - 0.2%
   
 
48,902
0.00
NR/NR
West Corp., B-10 Term Loan (First Lien), 6/30/18
$
49,075
       
Total Commercial Services & Supplies
$
49,075
       
Pharmaceuticals, Biotechnology & Life Sciences - 0.5%
   
       
Life Sciences Tools & Services - 0.5%
   
 
150,000
7.25
NR/NR
JLL/Delta Patheon Holdings  Bridge loan, 12/11/14
$
150,000
       
Total Pharmaceuticals, Biotechnology & Life Sciences
$
150,000
       
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
   
       
(Cost $199,814)
$
199,075
             
 
Principal Amounts
Purchased Put Option - 0.0%  †
   
 
84,202
   
JPMorgan Securities LLC, USD vs TRY @ 2.154, 1/12/15
$
693
       
TOTAL PURCHASED PUT OPTION
   
       
(Cost $1,387)
$
693
             
       
TOTAL INVESTMENT IN SECURITIES - 92.0%
   
       
(Cost $26,755,304) (a)
$
26,718,654
       
OTHER ASSETS & LIABILITIES - 8.0%
$
2,324,789
       
TOTAL NET ASSETS - 100.0%
$
29,043,443
             
 
Principal Amounts
   
Value
       
Written Call Option
   
 
(84,202)
   
JPMorgan Securities LLC, USD vs TRY @ 2.950, 1/12/15
$
(2,345)
       
TOTAL WRITTEN CALL OPTION
   
       
(Cost $(1,387))
 
(2,345)
             
 
   
Amount rounds to less than 0.1%.
   
             
 
NR
   
Not rated by either S&P or Moody's.
   
             
 
(Step)
   
Bond issued with an initial coupon rate which converts to a higher rate at a later date.
   
             
 
REIT
   
Real Estate Investment Trust.
   
             
 
(Perpetual)
 
Security with no stated maturity date.
   
             
 
**
   
Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end.
             
 
(144A)
   
Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At January 31, 2014, the value of these securities amounted to $6,456,814 or 22.2% of total net assets.
             
 
(a)
   
At January 31, 2014, the net unrealized depreciation on investments based on
   
       
cost for federal income tax purposes of $26,761,260 was as follows:
   
             
       
Aggregate gross unrealized appreciation for all investments in which
   
       
there is an excess of value over tax cost
$
1,277,784
             
       
Aggregate gross unrealized depreciation for all investments in which
   
       
there is an excess of tax cost over value
 
(1,320,390)
             
       
Net unrealized depreciation
$
(42,606)
             
 
(b)
   
Debt obligation with a variable interest rate. Rate shown is rate at end of period.
   
             
 
(c)
   
Security issued with a zero coupon. Income is earned through accretion of discount.
   
             
 
(d)
   
Security represents the interest only portion payments on a pool of underlying mortgages or mortgage-backed securities.
             
       
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
   
             
     
AUD
Australian Dollar
   
     
BRL
Brazilian Real
   
     
CAD
Canadian Dollar
   
     
CHF
Swiss Franc
   
     
COP
Colombian Peso
   
     
DKK
Danish Kroner
   
     
EURO
Euro
   
     
GBP
British Pound Sterling
   
     
GHS
Ghanian Cedi
   
     
IDR
Indonesian Rupiah
   
     
JPY
Japanese Yen
   
     
MXN
Mexican Peso
   
     
MYR
Malaysian Ringgit
   
     
NGN
Nigerian Naira
   
     
NOK
Norwegian Krone
   
     
NZD
New Zealand Dollar
   
     
PHP
Philippine Peso
   
     
PLN
New Polish Zloty
   
     
RON
Romanian New Leu
   
     
RUB
Russian Ruble
   
     
TRY
Turkish Lira
   
             
Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below.
             
Level 1 – quoted prices in active markets for identical securities
   
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)
   
             
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
   
using fair value methods (other than prices supplied by independent pricing services) as Level 3.
   
             
The following is a summary of the inputs used as of January 31, 2014, in valuing the Fund's investments:
   
             



         
Level 1
   
Level 2
   
Level 3
   
Total
 
     
Convertible Corporate Bonds
  $ -     $ 603,377     $ -     $ 603,377  
     
Preferred Stocks
    452,677       48,625       109,168       610,470  
     
Convertible Preferred Stocks
    150,475       -       -       150,475  
     
Asset Backed Securities
    -       918,764       -       918,764  
     
Collateralized Mortgage Obligations
    -       3,493,883       -       3,493,883  
     
Corporate Bonds
    -       9,467,273       -       9,467,273  
     
U.S. Government And Agency Obligations
    -       1,452,282       -       1,452,282  
     
Foreign Government Bonds
    -       8,839,680       -       8,839,680  
     
Municipal Bonds
    -       982,682       -       982,682  
     
Senior Floating Rate Loan Interests
    -       199,075       -       199,075  
     
Purchased Put Option
    693       -       -       693  
     
Total
  $ 603,845     $ 26,005,641     $ 109,168     $ 26,718,654  
                                       
     
Other Financial Instruments
                               
     
Net unrealized depreciation on forward foreign currency contracts
  $ -     $ 26,636     $ -     $ 26,636  
     
Futures Contracts
    (4,453 )     -       -       (4,453 )
     
Written Call Option
    (2,345 )     -       -       (2,345 )
     
Total Other Financial Instruments
  $ (6,798 )   $ 26,636     $ -     $ 19,838  
                                       
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
                               
         
Preferred
Stocks
                 
                                       
     
Balance as of 10/31/13
  $ 105,090                          
     
Realized gain (loss)1
    2,216                          
     
Change in unrealized appreciation (depreciation)2
    (637 )                        
     
Purchases
    30,000                          
     
Sales
    (27,501 )                        
     
Transfers in to Level 3*
    -                          
     
Transfers out of Level 3*
    -                          
     
Balance as of 1/31/14
  $ 109,168                          
                                       
    1  
Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.
         
                                         
    2  
Unrealized appreciation (depreciation) on these securities is included in the change in unrealized gain (loss) on investments in the Statement of Operations.
 
                                         
    *  
Transfers are calculated on the beginning of period values.
                               
                                         
       
During the period ended January 31, 2014, there were no transfers between Levels 1, 2 and 3.
                         
                                         
       
Net change in unrealized appreciation (depreciation) of investments
                               
       
still held as of 1/31/14
    (637 )                        




ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Pioneer Series Trust VII By (Signature and Title)* /s/ Daniel K. Kingsbury ----------------------- Daniel K. Kingsbury, President Date April 1, 2014 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Daniel K. Kingsbury ----------------------- Daniel K. Kingsbury, President Date April 1, 2014 By (Signature and Title)* /s/ Mark Bradley ----------------- Mark Bradley, Treasurer Date April 1, 2014 * Print the name and title of each signing officer under his or her signature.
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