|
|
|
|
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
|
|
|