|
|
|
|
Pioneer High Yield Fund
|
|
|
|
|
|
|
Schedule of Investments 1/31/14 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Principal Amount ($)
|
Floating
Rate (d)
|
S&P/Moody's
Ratings
|
|
Value
|
|
|
|
|
CONVERTIBLE CORPORATE BONDS - 16.3%
|
|
|
|
|
|
|
Energy - 1.0%
|
|
|
|
|
|
|
Oil & Gas Equipment & Services - 0.1%
|
|
|
|
2,170,000
|
|
NR/NR
|
SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A)
|
$
|
2,088,625
|
|
|
|
|
Oil & Gas Exploration & Production - 0.5%
|
|
|
|
11,795,000
|
|
NR/NR
|
Cobalt International Energy, Inc., 2.625%, 12/1/19
|
$
|
10,497,550
|
|
|
|
|
Coal & Consumable Fuels - 0.4%
|
|
|
|
1,895,000
|
|
CCC+/NR
|
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15
|
$
|
1,902,106
|
|
4,705,000
|
|
B-/NR
|
Alpha Natural Resources, Inc., 3.75%, 12/15/17
|
|
4,475,631
|
|
1,807,000
|
|
CCC/NR
|
James River Coal Co., 10.0%, 6/1/18 (144A)
|
|
539,841
|
|
|
|
|
|
$
|
6,917,578
|
|
|
|
|
Total Energy
|
$
|
19,503,753
|
|
|
|
|
Materials - 0.6%
|
|
|
|
|
|
|
Diversified Metals & Mining - 0.2%
|
|
|
|
3,805,000
|
|
NR/NR
|
RTI International Metals, Inc., 1.625%, 10/15/19
|
$
|
3,878,722
|
|
|
|
|
Steel - 0.4%
|
|
|
|
4,830,000
|
|
BB+/NR
|
Steel Dynamics, Inc., 5.125%, 6/15/14
|
$
|
5,134,894
|
|
2,475,000
|
|
BB-/B1
|
United States Steel Corp., 2.75%, 4/1/19
|
|
3,093,750
|
|
|
|
|
|
$
|
8,228,644
|
|
|
|
|
Total Materials
|
$
|
12,107,366
|
|
|
|
|
Capital Goods - 0.6%
|
|
|
|
|
|
|
Electrical Components & Equipment - 0.6%
|
|
|
|
10,874,000
|
|
B/B3
|
General Cable Corp., 4.5%, 11/15/29 (Step)
|
$
|
11,675,958
|
|
|
|
|
Total Capital Goods
|
$
|
11,675,958
|
|
|
|
|
Transportation - 0.4%
|
|
|
|
|
|
|
Airlines - 0.3%
|
|
|
|
2,575,000
|
|
B/B2
|
United Airlines, Inc., 4.5%, 1/15/15
|
$
|
6,292,656
|
|
|
|
|
Marine - 0.1%
|
|
|
|
2,529,000
|
|
NR/NR
|
DryShips, Inc., 5.0%, 12/1/14
|
$
|
2,500,549
|
|
|
|
|
Total Transportation
|
$
|
8,793,205
|
|
|
|
|
Automobiles & Components - 0.8%
|
|
|
|
|
|
|
Automobile Manufacturers - 0.8%
|
|
|
|
9,341,000
|
|
BBB-/Baa3
|
Ford Motor Co., 4.25%, 11/15/16
|
$
|
16,597,789
|
|
|
|
|
Total Automobiles & Components
|
$
|
16,597,789
|
|
|
|
|
Consumer Durables & Apparel - 1.0%
|
|
|
|
|
|
|
Homebuilding - 1.0%
|
|
|
|
11,400,000
|
|
B/B2
|
KB Home, 1.375%, 2/1/19
|
$
|
11,820,375
|
|
3,015,000
|
|
BB-/Ba3
|
Lennar Corp., 2.75%, 12/15/20 (144A)
|
|
5,607,900
|
|
2,870,000
|
|
BB-/B1
|
The Ryland Group, Inc., 0.25%, 6/1/19
|
|
2,737,262
|
|
|
|
|
|
$
|
20,165,537
|
|
|
|
|
Total Consumer Durables & Apparel
|
$
|
20,165,537
|
|
|
|
|
Consumer Services - 0.1%
|
|
|
|
|
|
|
Specialized Consumer Services - 0.1%
|
|
|
|
2,710,000
|
|
NR/NR
|
Ascent Capital Group, Inc., 4.0%, 7/15/20
|
$
|
2,667,656
|
|
|
|
|
Total Consumer Services
|
$
|
2,667,656
|
|
|
|
|
Media - 0.2%
|
|
|
|
|
|
|
Broadcasting - 0.2%
|
|
|
|
4,425,000
|
|
NR/NR
|
Liberty Media Corp., 1.375%, 10/15/23 (144A)
|
$
|
4,109,719
|
|
|
|
|
Total Media
|
$
|
4,109,719
|
|
|
|
|
Retailing - 0.4%
|
|
|
|
|
|
|
Internet Retail - 0.4%
|
|
|
|
7,455,000
|
|
NR/NR
|
Shutterfly, Inc., 0.25%, 5/15/18 (144A)
|
$
|
7,753,200
|
|
|
|
|
Total Retailing
|
$
|
7,753,200
|
|
|
|
|
Food, Beverage & Tobacco - 0.2%
|
|
|
|
|
|
|
Tobacco - 0.2%
|
|
|
|
3,821,000
|
|
CCC+/Caa2
|
Alliance One International, Inc., 5.5%, 7/15/14
|
$
|
3,887,868
|
|
|
|
|
Total Food, Beverage & Tobacco
|
$
|
3,887,868
|
|
|
|
|
Health Care Equipment & Services - 1.2%
|
|
|
|
|
|
|
Health Care Equipment - 0.4%
|
|
|
|
2,505,000
|
|
B+/NR
|
Hologic, Inc., 2.0%, 12/15/37 (Step)
|
$
|
2,851,003
|
|
3,450,000
|
|
B+/NR
|
Hologic, Inc., 2.0%, 3/1/42 (Step)
|
|
3,495,281
|
|
459,000
|
|
NR/NR
|
NuVasive, Inc., 2.75%, 7/1/17
|
|
537,604
|
|
|
|
|
|
$
|
6,883,888
|
|
|
|
|
Health Care Supplies - 0.6%
|
|
|
|
9,460,000
|
|
CCC+/NR
|
Alere, Inc., 3.0%, 5/15/16
|
$
|
10,666,150
|
|
2,190,000
|
|
NR/NR
|
Endologix, Inc., 2.25%, 12/15/18
|
|
2,181,788
|
|
|
|
|
|
$
|
12,847,938
|
|
|
|
|
Managed Health Care - 0.2%
|
|
|
|
4,225,000
|
|
NR/NR
|
Molina Healthcare, Inc., 1.125%, 1/15/20 (144A)
|
$
|
4,570,922
|
|
|
|
|
Total Health Care Equipment & Services
|
$
|
24,302,748
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences - 3.3%
|
|
|
|
|
|
|
Biotechnology - 2.1%
|
|
|
|
1,920,000
|
|
NR/NR
|
BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18
|
$
|
2,048,400
|
|
1,920,000
|
|
NR/NR
|
BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20
|
|
2,083,200
|
|
4,815,000
|
|
NR/NR
|
Corsicanto, Ltd., 3.5%, 1/15/32
|
|
3,256,144
|
|
4,900,000
|
|
NR/NR
|
Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A)
|
|
5,778,938
|
|
6,805,000
|
|
NR/NR
|
Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A)
|
|
8,042,659
|
|
3,480,000
|
|
NR/NR
|
Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A)
|
|
3,623,550
|
|
1,735,000
|
|
NR/NR
|
Incyte Corp, Ltd., 1.25%, 11/15/20 (144A)
|
|
2,511,412
|
|
1,115,000
|
|
NR/NR
|
PDL BioPharma, Inc., 3.75%, 5/1/15
|
|
1,588,875
|
|
9,215,000
|
|
NR/NR
|
Theravance, Inc., 2.125%, 1/15/23
|
|
13,960,725
|
|
|
|
|
|
$
|
42,893,903
|
|
|
|
|
Pharmaceuticals - 1.1%
|
|
|
|
9,520,000
|
|
NR/NR
|
Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18
|
$
|
11,888,100
|
|
770,000
|
|
NR/NR
|
Pacira Pharmaceuticals, Inc. Delaware, 3.25%, 2/1/19
|
|
2,173,325
|
|
5,270,000
|
|
NR/NR
|
Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19
|
|
8,445,175
|
|
|
|
|
|
$
|
22,506,600
|
|
|
|
|
Life Sciences Tools & Services - 0.1%
|
|
|
|
2,510,000
|
|
NR/NR
|
Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A)
|
$
|
2,409,600
|
|
|
|
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
67,810,103
|
|
|
|
|
Diversified Financials - 0.2%
|
|
|
|
|
|
|
Consumer Finance - 0.2%
|
|
|
|
4,150,000
|
|
NR/NR
|
DFC Global Corp., 2.875%, 6/30/27
|
$
|
3,996,969
|
|
1,200,000
|
|
B/NR
|
DFC Global Corp., 3.25%, 4/15/17
|
|
928,500
|
|
|
|
|
|
$
|
4,925,469
|
|
|
|
|
Total Diversified Financials
|
$
|
4,925,469
|
|
|
|
|
Real Estate - 0.4%
|
|
|
|
|
|
|
Specialized REIT's - 0.2%
|
|
|
|
2,835,000
|
|
BBB/NR
|
Host Hotels & Resorts LP, 2.5%, 10/15/29 (144A)
|
$
|
4,069,997
|
|
|
|
|
Real Estate Operating Companies - 0.2%
|
|
|
|
4,885,000
|
|
NR/NR
|
Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A)
|
$
|
4,930,797
|
|
|
|
|
Total Real Estate
|
$
|
9,000,794
|
|
|
|
|
Software & Services - 2.5%
|
|
|
|
|
|
|
Internet Software & Services - 0.6%
|
|
|
|
5,145,000
|
|
NR/NR
|
WebMD Health Corp., 1.5%, 12/1/20 (144A)
|
$
|
5,675,578
|
|
6,420,000
|
|
NR/NR
|
WebMD Health Corp., 2.5%, 1/31/18
|
|
6,716,925
|
|
|
|
|
|
$
|
12,392,503
|
|
|
|
|
Data Processing & Outsourced Services - 0.2%
|
|
|
|
3,045,000
|
|
NR/NR
|
Cardtronics, Inc., 1.0%, 12/1/20 (144A)
|
$
|
2,909,878
|
|
|
|
|
Application Software - 1.5%
|
|
|
|
5,815,000
|
|
NR/NR
|
Mentor Graphics Corp., 4.0%, 4/1/31
|
$
|
7,025,247
|
|
19,972,000
|
|
BB-/NR
|
Nuance Communications, Inc., 2.75%, 11/1/31
|
|
19,797,245
|
|
3,900,000
|
|
NR/NR
|
TIBCO Software, Inc., 2.25%, 5/1/32
|
|
3,892,688
|
|
|
|
|
|
$
|
30,715,180
|
|
|
|
|
Systems Software - 0.2%
|
|
|
|
4,335,000
|
|
NR/NR
|
ServiceNow, Inc., 0.0%, 11/1/18 (144A)
|
$
|
4,698,056
|
|
|
|
|
Total Software & Services
|
$
|
50,715,617
|
|
|
|
|
Technology Hardware & Equipment - 0.7%
|
|
|
|
|
|
|
Communications Equipment - 0.2%
|
|
|
|
3,310,000
|
|
NR/NR
|
Finisar Corp., 0.5%, 12/55/33 (144A)
|
$
|
3,496,188
|
|
|
|
|
Computer Storage & Peripherals - 0.3%
|
|
|
|
6,535,000
|
|
BB/NR
|
SanDisk Corp., 0.5%, 10/15/20 (144A)
|
$
|
6,526,831
|
|
|
|
|
Electronic Components - 0.2%
|
|
|
|
3,755,000
|
|
BB+/NR
|
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)
|
$
|
3,311,441
|
|
|
|
|
Total Technology Hardware & Equipment
|
$
|
13,334,460
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 2.3%
|
|
|
|
|
|
|
Semiconductor Equipment - 1.3%
|
|
|
|
5,491,000
|
|
BBB/Baa1
|
Lam Research Corp., 1.25%, 5/15/18
|
$
|
6,513,699
|
|
12,760,000
|
|
BBB/NR
|
Novellus Systems, Inc., 2.625%, 5/15/41
|
|
20,136,875
|
|
|
|
|
|
$
|
26,650,574
|
|
|
|
|
Semiconductors - 1.0%
|
|
|
|
16,914,000
|
|
BB+/NR
|
ON Semiconductor Corp., 2.625%, 12/15/26
|
$
|
19,028,250
|
|
813,000
|
|
BBB/NR
|
Xilinx, Inc., 3.125%, 3/15/37
|
|
1,305,881
|
|
|
|
|
|
$
|
20,334,131
|
|
|
|
|
Total Semiconductors & Semiconductor Equipment
|
$
|
46,984,705
|
|
|
|
|
Telecommunication Services - 0.4%
|
|
|
|
|
|
|
Integrated Telecommunication Services - 0.4%
|
|
|
|
9,000,000
|
|
B/NR
|
Ciena Corp., 0.875%, 6/15/17
|
$
|
9,191,250
|
|
|
|
|
Total Telecommunication Services
|
$
|
9,191,250
|
|
|
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
|
|
|
|
|
|
|
(Cost $287,253,075)
|
$
|
333,527,197
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS - 3.3%
|
|
|
|
|
|
|
Energy - 0.2%
|
|
|
|
|
|
|
Oil & Gas Storage & Transportation - 0.2%
|
|
|
|
130,000
|
7.62
|
B+/Ba2
|
NuStar Logistics LP, Floating Rate Note, 1/15/43
|
$
|
3,412,500
|
|
|
|
|
Total Energy
|
$
|
3,412,500
|
|
|
|
|
Transportation - 0.2%
|
|
|
|
|
|
|
Air Freight & Logistics - 0.2%
|
|
|
|
4,940
|
|
NR/NR
|
CEVA GROUP Plc, 0.0%, 12/31/14 *
|
$
|
4,940,050
|
|
|
|
|
Total Transportation
|
$
|
4,940,050
|
|
|
|
|
Banks - 0.2%
|
|
|
|
|
|
|
Regional Banks - 0.2%
|
|
|
|
151,950
|
6.62
|
BBB-/Ba1
|
Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual)
|
$
|
3,874,725
|
|
|
|
|
Total Banks
|
$
|
3,874,725
|
|
|
|
|
Diversified Financials - 1.6%
|
|
|
|
|
|
|
Other Diversified Financial Services - 1.0%
|
|
|
|
411,000
|
7.12
|
BB+/B1
|
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual)
|
$
|
10,706,550
|
|
358,975
|
8.12
|
B/B3
|
GMAC Capital Trust I, Floating Rate Note, 2/15/40
|
|
9,828,736
|
|
|
|
|
|
$
|
20,535,286
|
|
|
|
|
Consumer Finance - 0.3%
|
|
|
|
6,450
|
|
B/B3
|
Ally Financial, Inc., 7.0% (Perpetual) (144A)
|
$
|
6,274,843
|
|
|
|
|
Investment Banking & Brokerage - 0.3%
|
|
|
|
189,000
|
7.12
|
BB+/Ba3
|
Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual)
|
$
|
4,925,340
|
|
|
|
|
Total Diversified Financials
|
$
|
31,735,469
|
|
|
|
|
Insurance - 0.9%
|
|
|
|
|
|
|
Reinsurance - 0.9%
|
|
|
|
3,900,000
|
|
NR/NR
|
Altair Re II Ltd., 6/30/16
|
$
|
3,923,010
|
|
2,024,940
|
0.00
|
NR/NR
|
Altair Re Ltd., Floating Rate Note, 4/30/16
|
|
2,229,459
|
|
4,010,500
|
0.00
|
NR/NR
|
Kane SAC Ltd., Series B, Floating Rate Note, 7/18/16
|
|
4,035,365
|
|
33,500
|
|
NR/NR
|
Lorenz Re, Ltd., 0.0%, 12/31/49 (Perpetual) *
|
|
3,772,770
|
|
3,650,000
|
|
NR/NR
|
Pangaea Re, 0.0%, 10/1/15
|
|
3,957,987
|
|
|
|
|
|
$
|
17,918,591
|
|
|
|
|
Total Insurance
|
$
|
17,918,591
|
|
|
|
|
Utilities - 0.2%
|
|
|
|
|
|
|
Electric Utilities - 0.2%
|
|
|
|
214,000
|
|
BB+/Ba1
|
PPL Capital Funding, Inc., 5.9%, 4/30/73
|
$
|
4,866,360
|
|
|
|
|
Total Utilities
|
$
|
4,866,360
|
|
|
|
|
TOTAL PREFERRED STOCKS
|
|
|
|
|
|
|
(Cost $60,177,655)
|
$
|
66,747,695
|
|
|
|
|
|
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCKS - 2.7%
|
|
|
|
|
|
|
Energy - 0.3%
|
|
|
|
|
|
|
Oil & Gas Exploration & Production - 0.3%
|
|
|
|
715
|
|
NR/NR
|
Halcon Resources Corp., 5.75%, 12/31/49 (Perpetual)
|
$
|
506,488
|
|
59,180
|
|
NR/NR
|
PetroQuest Energy, Inc., 6.875% (Perpetual)
|
|
1,768,002
|
|
33,162
|
|
CCC/NR
|
SandRidge Energy, Inc., 7.0% (Perpetual)
|
|
3,305,837
|
|
|
|
|
|
$
|
5,580,327
|
|
|
|
|
Total Energy
|
$
|
5,580,327
|
|
|
|
|
Consumer Durables & Apparel - 0.5%
|
|
|
|
|
|
|
Home Furnishings - 0.5%
|
|
|
|
143,000
|
|
NR/NR
|
Sealy Corp., 8.0%, 7/15/16 (PIK)
|
$
|
11,332,750
|
|
|
|
|
Total Consumer Durables & Apparel
|
$
|
11,332,750
|
|
|
|
|
Food, Beverage & Tobacco - 0.4%
|
|
|
|
|
|
|
Packaged Foods & Meats - 0.4%
|
|
|
|
73,300
|
|
NR/NR
|
Post Holdings, Inc., 2.5%, 12/31/49 (Perpetual) (144A)
|
$
|
7,806,450
|
|
|
|
|
Total Food, Beverage & Tobacco
|
$
|
7,806,450
|
|
|
|
|
Health Care Equipment & Services - 1.3%
|
|
|
|
|
|
|
Health Care Supplies - 1.3%
|
|
|
|
89,308
|
|
CCC/NR
|
Alere, Inc., 3.0%, 12/31/49 (Perpetual)
|
$
|
26,303,884
|
|
|
|
|
Total Health Care Equipment & Services
|
$
|
26,303,884
|
|
|
|
|
Banks - 0.1%
|
|
|
|
|
|
|
Diversified Banks - 0.1%
|
|
|
|
2,000
|
|
BBB+/Baa3
|
Wells Fargo & Co., 7.5% (Perpetual)
|
$
|
2,315,000
|
|
|
|
|
Total Banks
|
$
|
2,315,000
|
|
|
|
|
Diversified Financials - 0.1%
|
|
|
|
|
|
|
Asset Management & Custody Banks - 0.1%
|
|
|
|
48,000
|
|
BB+/NR
|
AMG Capital Trust II, 5.15%, 10/15/37
|
$
|
2,907,000
|
|
|
|
|
Total Diversified Financials
|
$
|
2,907,000
|
|
|
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
|
|
|
|
|
|
|
(Cost $50,373,475)
|
$
|
56,245,411
|
|
Shares
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 9.0%
|
|
|
|
|
|
|
Energy - 0.6%
|
|
|
|
|
|
|
Oil & Gas Drilling - 0.0%
|
|
|
|
127,237
|
|
|
Hercules Offshore, Inc. *
|
$
|
633,640
|
|
|
|
|
Oil & Gas Exploration & Production - 0.3%
|
|
|
|
2,465
|
|
|
Halcon Resources Corp. *
|
$
|
8,307
|
|
147,800
|
|
|
Marathon Oil Corp.
|
|
4,846,362
|
|
|
|
|
|
$
|
4,854,669
|
|
|
|
|
Oil & Gas Refining & Marketing - 0.3%
|
|
|
|
73,900
|
|
|
Marathon Petroleum Corp. *
|
$
|
6,432,995
|
|
|
|
|
Total Energy
|
$
|
11,921,304
|
|
|
|
|
Materials - 1.8%
|
|
|
|
|
|
|
Commodity Chemicals - 0.9%
|
|
|
|
186,606
|
|
|
Axiall Corp.
|
$
|
7,445,579
|
|
140,765
|
|
|
LyondellBasell Industries NV
|
|
11,086,651
|
|
|
|
|
|
$
|
18,532,230
|
|
|
|
|
Diversified Metals & Mining - 0.9%
|
|
|
|
4,128,459
|
|
|
Blaze Recycling & Metals LLC *
|
$
|
247,708
|
|
483,460
|
|
|
Freeport-McMoRan Copper & Gold, Inc.
|
|
15,668,939
|
|
2,380,800
|
|
|
Polymet Mining Corp. *
|
|
2,571,264
|
|
|
|
|
|
$
|
18,487,911
|
|
|
|
|
Total Materials
|
$
|
37,020,141
|
|
|
|
|
Capital Goods - 2.1%
|
|
|
|
|
|
|
Aerospace & Defense - 0.3%
|
|
|
|
221,555
|
|
|
Orbital Sciences Corp. *
|
$
|
5,417,020
|
|
|
|
|
Electrical Components & Equipment - 0.9%
|
|
|
|
667,230
|
|
|
General Cable Corp.
|
$
|
19,036,072
|
|
|
|
|
Construction & Farm Machinery & Heavy Trucks - 0.5%
|
|
|
|
565,602
|
|
|
Commercial Vehicle Group, Inc. *
|
$
|
4,524,816
|
|
109,200
|
|
|
Joy Global, Inc.
|
|
5,764,668
|
|
|
|
|
|
$
|
10,289,484
|
|
|
|
|
Industrial Machinery - 0.4%
|
|
|
|
62,422
|
|
|
ESCO Technologies, Inc.
|
$
|
2,178,528
|
|
139,920
|
|
|
Kennametal, Inc.
|
|
6,064,133
|
|
|
|
|
|
$
|
8,242,661
|
|
|
|
|
Total Capital Goods
|
$
|
42,985,237
|
|
|
|
|
Transportation - 0.2%
|
|
|
|
|
|
|
Air Freight & Logistics - 0.1%
|
|
|
|
2,282
|
|
|
CEVA GROUP Plc *
|
$
|
2,282,060
|
|
|
|
|
Marine - 0.1%
|
|
|
|
4,099,666
|
|
|
Horizon Lines, Inc. *
|
$
|
2,869,766
|
|
|
|
|
Total Transportation
|
$
|
5,151,826
|
|
|
|
|
Consumer Services - 0.2%
|
|
|
|
|
|
|
Restaurants - 0.2%
|
|
|
|
59,425
|
|
|
Starbucks Corp.
|
$
|
4,226,306
|
|
|
|
|
Total Consumer Services
|
$
|
4,226,306
|
|
|
|
|
Health Care Equipment & Services - 0.8%
|
|
|
|
|
|
|
Health Care Services - 0.1%
|
|
|
|
255,259
|
|
|
BioScrip, Inc. *
|
$
|
2,172,254
|
|
|
|
|
Managed Health Care - 0.7%
|
|
|
|
108,880
|
|
|
Aetna, Inc.
|
$
|
7,439,770
|
|
67,800
|
|
|
Cigna Corp.
|
|
5,851,818
|
|
|
|
|
|
$
|
13,291,588
|
|
|
|
|
Total Health Care Equipment & Services
|
$
|
15,463,842
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences - 1.7%
|
|
|
|
|
|
|
Biotechnology - 0.5%
|
|
|
|
127,372
|
|
|
Cubist Pharmaceuticals, Inc. *
|
$
|
9,309,619
|
|
14,545
|
|
|
Vertex Pharmaceuticals, Inc. *
|
|
1,149,637
|
|
|
|
|
|
$
|
10,459,256
|
|
|
|
|
Life Sciences Tools & Services - 1.2%
|
|
|
|
53,001
|
|
|
Bio-Rad Laboratories, Inc. *
|
$
|
6,737,487
|
|
115,847
|
|
|
Thermo Fisher Scientific, Inc.
|
|
13,338,624
|
|
35,092
|
|
|
Waters Corp. *
|
|
3,799,411
|
|
|
|
|
|
$
|
23,875,522
|
|
|
|
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
34,334,778
|
|
|
|
|
Real Estate - 0.6%
|
|
|
|
|
|
|
Real Estate Operating Companies - 0.6%
|
|
|
|
657,433
|
|
|
Forest City Enterprises, Inc. *
|
$
|
11,958,706
|
|
|
|
|
Total Real Estate
|
$
|
11,958,706
|
|
|
|
|
Technology Hardware & Equipment - 0.8%
|
|
|
|
|
|
|
Computer Storage & Peripherals - 0.2%
|
|
|
|
103,800
|
|
|
EMC Corp.
|
$
|
2,516,112
|
|
|
|
|
Electronic Equipment Manufacturers - 0.4%
|
|
|
|
213,222
|
|
|
Itron, Inc. *
|
$
|
8,609,904
|
|
|
|
|
Electronic Manufacturing Services - 0.2%
|
|
|
|
80,483
|
|
|
TE Connectivity, Ltd.
|
$
|
4,548,094
|
|
|
|
|
Technology Distributors - 0.0%
|
|
|
|
7,618
|
|
|
Arrow Electronics, Inc. *
|
$
|
391,413
|
|
|
|
|
Total Technology Hardware & Equipment
|
$
|
16,065,523
|
|
|
|
|
Telecommunication Services - 0.2%
|
|
|
|
|
|
|
Integrated Telecommunication Services - 0.2%
|
|
|
|
585,800
|
|
|
Windstream Holdings, Inc.
|
$
|
4,381,784
|
|
|
|
|
Total Telecommunication Services
|
$
|
4,381,784
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
|
|
|
(Cost $136,568,067)
|
$
|
183,509,447
|
|
Principal Amount ($)
|
|
|
|
|
|
|
|
ASSET BACKED SECURITIES - 0.3%
|
|
|
|
|
|
|
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 - 0.3%
|
|
|
|
|
|
|
Thrifts & Mortgage Finance - 0.3%
|
|
|
|
1,000,000
|
|
NR/NR
|
Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A)
|
$
|
982,010
|
|
1,560,000
|
|
CCC/C
|
Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step)
|
1,420,765
|
|
2,513,900
|
5.00
|
NR/NR
|
GMAT 2013-1 Trust, Floating Rate Note, 8/25/53
|
|
2,417,056
|
|
|
|
|
|
$
|
4,819,831
|
|
|
|
|
Total Banks
|
$
|
4,819,831
|
|
|
|
|
TOTAL ASSET BACKED SECURITIES
|
|
|
|
|
|
|
(Cost $5,360,281)
|
$
|
5,352,741
|
|
|
|
|
|
|
|
|
|
|
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.2%
|
|
|
|
|
|
|
Banks - 0.2%
|
|
|
|
|
|
|
Thrifts & Mortgage Finance - 0.2%
|
|
|
|
642,130
|
|
NR/NR
|
Extended Stay America Trust 2013-ESH MZ, 7.625%, 12/5/19 (144A)
|
$
|
644,688
|
|
1,079,351
|
|
BBB+/Ba3
|
Global Mortgage Securitization, Ltd., 5.25%, 11/25/32
|
|
1,036,559
|
|
1,000,000
|
5.82
|
BB+/Ba2
|
GS Mortgage Securities Corp. II Commercial Mortgage Pass Through Certificates Series 2004-GG2, Floating Rate Note, 8/10/38
|
996,323
|
|
1,194,305
|
|
NR/NR
|
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)
|
1,167,792
|
|
400,000
|
5.58
|
BB/NR
|
Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A)
|
|
397,944
|
|
|
|
|
|
$
|
4,243,306
|
|
|
|
|
Total Banks
|
$
|
4,243,306
|
|
|
|
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
|
|
|
|
|
|
(Cost $4,231,777)
|
$
|
4,243,306
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS - 57.6%
|
|
|
|
|
|
|
Energy - 16.1%
|
|
|
|
|
|
|
Oil & Gas Drilling - 1.8%
|
|
|
|
5,000,000
|
|
NR/NR
|
North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A)
|
$
|
4,975,000
|
|
4,000,000
|
|
B-/B3
|
Offshore Group Investment, Ltd., 7.125%, 4/1/23
|
|
4,000,000
|
|
3,650,000
|
|
B-/B3
|
Offshore Group Investment, Ltd., 7.5%, 11/1/19
|
|
3,923,750
|
|
3,450,000
|
|
B+/B1
|
Pacific Drilling SA, 5.375%, 6/1/20 (144A)
|
|
3,441,375
|
|
2,995,000
|
|
B+/B1
|
Parker Drilling Co., 7.5%, 8/1/20 (144A)
|
|
3,144,750
|
|
6,400,000
|
|
B+/B2
|
Pioneer Energy Services Corp., 9.875%, 3/15/18
|
|
6,776,000
|
|
6,910,000
|
|
B+/B1
|
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A)
|
|
7,445,525
|
|
3,425,000
|
|
BB-/B1
|
Unit Corp., 6.625%, 5/15/21
|
|
3,596,250
|
|
|
|
|
|
$
|
37,302,650
|
|
|
|
|
Oil & Gas Equipment & Services - 1.3%
|
|
|
|
9,355,000
|
|
B+/B2
|
Basic Energy Services, Inc., 7.75%, 10/15/22
|
$
|
9,799,362
|
|
4,245,000
|
|
BB-/Ba3
|
Bristow Group, Inc., 6.25%, 10/15/22
|
|
4,478,475
|
|
2,435,000
|
|
BB-/B1
|
Calfrac Holdings LP, 7.5%, 12/1/20 (144A)
|
|
2,526,312
|
|
1,725,000
|
|
BB/Ba3
|
Exterran Holdings, Inc., 7.25%, 12/1/18
|
|
1,822,031
|
|
2,750,000
|
|
B-/NR
|
Exterran Partners LP, 6.0%, 4/1/21
|
|
2,729,375
|
|
54,000
|
|
NR/NR
|
Green Field Energy Services, Inc., 0.0%, 11/15/16 (144A) (e)
|
|
9,180
|
|
2,555,000
|
|
BB-/B1
|
Key Energy Services, Inc., 6.75%, 3/1/21
|
|
2,625,262
|
|
2,955,000
|
|
B/B3
|
Seitel, Inc., 9.5%, 4/15/19
|
|
2,999,325
|
|
|
|
|
|
$
|
26,989,322
|
|
|
|
|
Oil & Gas Exploration & Production - 11.4%
|
|
|
|
2,500,000
|
|
BB-/B1
|
Antero Resources Finance Corp., 5.375%, 11/1/21 (144A)
|
$
|
2,518,750
|
|
3,360,000
|
|
BB-/B1
|
Antero Resources Finance Corp., 6.0%, 12/1/20
|
|
3,540,600
|
|
4,105,000
|
|
B-/B3
|
Approach Resources, Inc., 7.0%, 6/15/21
|
|
4,146,050
|
|
2,150,000
|
|
B-/B3
|
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20
|
|
2,343,500
|
|
10,236,000
|
|
B-/B3
|
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18
|
|
11,054,880
|
|
3,310,000
|
|
B-/B3
|
Chaparral Energy, Inc., 8.25%, 9/1/21
|
|
3,607,900
|
|
8,435,000
|
|
BB-/Ba3
|
Chesapeake Energy Corp., 5.375%, 6/15/21
|
|
8,772,400
|
|
3,110,000
|
|
BB+/Ba1
|
Cimarex Energy Co., 5.875%, 5/1/22
|
|
3,312,150
|
|
3,832,000
|
|
B-/B3
|
Comstock Resources, Inc., 7.75%, 4/1/19
|
|
4,081,080
|
|
3,675,000
|
|
BB+/Ba3
|
Concho Resources, Inc., 5.5%, 4/1/23
|
|
3,711,750
|
|
2,925,000
|
|
BB+/Ba3
|
Concho Resources, Inc., 6.5%, 1/15/22
|
|
3,151,688
|
|
5,520,000
|
|
BB/B1
|
Denbury Resources, Inc., 4.625%, 7/15/23
|
|
5,092,200
|
|
3,865,000
|
|
B+/B3
|
Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A)
|
|
4,009,938
|
|
13,000,000
|
|
B/B2
|
EP Energy LLC, 9.375%, 5/1/20
|
|
14,950,000
|
|
2,309,049
|
|
B/B3
|
EPE Holdings LLC, 8.875%, 12/15/17 (144A) (PIK)
|
|
2,389,404
|
|
5,205,000
|
|
B-/Caa1
|
EPL Oil & Gas, Inc., 8.25%, 2/15/18
|
|
5,595,375
|
|
7,615,000
|
|
CCC+/B3
|
Gulfport Energy Corp., 7.75%, 11/1/20
|
|
8,186,125
|
|
7,255,000
|
|
CCC+/Caa1
|
Halcon Resources Corp., 8.875%, 5/15/21
|
|
7,236,862
|
|
3,225,000
|
|
CCC+/Caa1
|
Halcon Resources Corp., 9.25%, 2/15/22 (144A)
|
|
3,249,188
|
|
1,400,000
|
|
B/B3
|
Kodiak Oil & Gas Corp., 5.5%, 1/15/21
|
|
1,393,000
|
|
3,000,000
|
|
B/B3
|
Kodiak Oil & Gas Corp., 5.5%, 2/1/22
|
|
2,962,500
|
|
5,200,000
|
|
B/B3
|
Kodiak Oil & Gas Corp., 8.125%, 12/1/19
|
|
5,759,000
|
|
3,350,000
|
|
B-/Caa1
|
Legacy Reserves LP, 6.625%, 12/1/21 (144A)
|
|
3,274,625
|
|
3,860,000
|
|
B-/Caa1
|
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)
|
|
3,917,900
|
|
16,435,000
|
|
B+/B1
|
Linn Energy LLC, 7.0%, 11/1/19 (144A)
|
|
16,681,525
|
|
3,350,000
|
|
B-/Caa1
|
Memorial Production Partners LP, 7.625%, 5/1/21 (144A)
|
|
3,467,250
|
|
4,155,000
|
|
B-/Caa1
|
Midstates Petroleum Co, Inc., 10.75%, 10/1/20
|
|
4,497,788
|
|
2,800,000
|
|
B-/Caa1
|
Midstates Petroleum Co, Inc., 9.25%, 6/1/21
|
|
2,912,000
|
|
4,125,000
|
|
B-/Caa1
|
Northern Oil and Gas, Inc., 8.0%, 6/1/20
|
|
4,351,875
|
|
2,820,000
|
|
B/B3
|
Oasis Petroleum, Inc., 6.5%, 11/1/21
|
|
3,003,300
|
|
4,960,000
|
|
B-/B3
|
PDC Energy, Inc., 7.75%, 10/15/22
|
|
5,344,400
|
|
5,845,000
|
|
B-/Caa1
|
Penn Virginia Corp., 7.25%, 4/15/19
|
|
6,020,350
|
|
4,995,000
|
|
B-/Caa1
|
Penn Virginia Corp., 8.5%, 5/1/20
|
|
5,444,550
|
|
3,075,000
|
|
B-/Caa1
|
QR Energy LP, 9.25%, 8/1/20
|
|
3,228,750
|
|
5,000,000
|
|
BB/Ba2
|
Range Resources Corp., 5.0%, 3/15/23
|
|
4,943,750
|
|
7,285,000
|
|
B-/B3
|
RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A)
|
|
7,722,100
|
|
8,170,000
|
|
BB-/B2
|
Rosetta Resources, Inc., 5.875%, 6/1/22
|
|
8,108,725
|
|
5,075,000
|
|
CCC+/Caa1
|
Sanchez Energy Corp., 7.75%, 6/15/21 (144A)
|
|
5,239,938
|
|
3,085,000
|
|
BB-/Ba3
|
SM Energy Co., 6.5%, 11/15/21
|
|
3,285,525
|
|
1,945,000
|
|
B-/B3
|
Stone Energy Corp., 7.5%, 11/15/22
|
|
2,051,975
|
|
18,220,000
|
|
B+/B3
|
Swift Energy Co., 7.875%, 3/1/22
|
|
18,584,400
|
|
3,000,000
|
|
CCC+/Caa1
|
Talos Production LLC, 9.75%, 2/15/18 (144A)
|
|
3,082,500
|
|
4,700,000
|
|
B/B3
|
Vanguard Natural Resources LLC, 7.875%, 4/1/20
|
|
4,970,250
|
|
|
|
|
|
$
|
231,197,816
|
|
|
|
|
Oil & Gas Refining & Marketing - 0.3%
|
|
|
|
5,445,000
|
|
BB+/Ba2
|
Tesoro Corp., 5.375%, 10/1/22
|
$
|
5,553,900
|
|
|
|
|
Oil & Gas Storage & Transportation - 1.0%
|
|
|
|
4,810,000
|
|
BB/B1
|
Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A)
|
$
|
4,906,200
|
|
9,380,000
|
|
BB+/Ba3
|
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 (144A)
|
|
9,356,550
|
|
5,985,000
|
|
BB/Ba3
|
Targa Resources Partners LP, 4.25%, 11/15/23 (144A)
|
|
5,408,944
|
|
|
|
|
|
$
|
19,671,694
|
|
|
|
|
Coal & Consumable Fuels - 0.3%
|
|
|
|
4,170,000
|
|
CCC/Caa2
|
James River Coal Co., 7.875%, 4/1/19
|
$
|
1,125,900
|
|
1,900,000
|
|
B-/Caa1
|
Murray Energy Corp., 8.625%, 6/15/21 (144A)
|
|
1,990,250
|
|
3,000,000
|
|
BB-/B1
|
SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A)
|
|
3,180,000
|
|
|
|
|
|
$
|
6,296,150
|
|
|
|
|
Total Energy
|
$
|
327,011,532
|
|
|
|
|
Materials - 5.0%
|
|
|
|
|
|
|
Commodity Chemicals - 0.7%
|
|
|
|
2,756,000
|
|
CCC+/B3
|
Hexion US Finance Corp., 8.875%, 2/1/18
|
$
|
2,866,240
|
|
2,445,000
|
|
CCC+/NR
|
Hexion US Finance Corp., 9.0%, 11/15/20
|
|
2,451,112
|
|
2,250,000
|
|
BB-/B2
|
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)
|
|
2,362,500
|
|
5,195,000
|
|
BB-/B2
|
Tronox Finance LLC, 6.375%, 8/15/20
|
|
5,259,938
|
|
|
|
|
|
$
|
12,939,790
|
|
|
|
|
Specialty Chemicals - 0.1%
|
|
|
|
2,725,000
|
|
BB-/B1
|
Chemtura Corp., 5.75%, 7/15/21
|
$
|
2,779,500
|
|
|
|
|
|
|
|
|
|
|
|
Construction Materials - 0.1%
|
|
|
|
2,300,000
|
|
B-/Caa2
|
Texas Industries, Inc., 9.25%, 8/15/20
|
$
|
2,668,000
|
|
|
|
|
Metal & Glass Containers - 2.0%
|
|
|
|
5,000,000
|
|
CCC+/NR
|
Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A)
|
$
|
5,037,500
|
|
758,824
|
|
NR/Caa1
|
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)
|
|
768,309
|
|
13,120,000
|
|
BB-/Ba3
|
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26
|
|
14,497,600
|
|
800,000
|
|
CCC+/Caa2
|
Reynolds Group Issuer, Inc., 9.0%, 4/15/19
|
|
853,000
|
|
5,675,000
|
|
CCC+/Caa2
|
Reynolds Group Issuer, Inc., 9.875%, 8/15/19
|
|
6,270,875
|
|
6,700,000
|
|
CCC+/Caa2
|
Reynolds Group Issuer, Inc., 8.25%, 2/15/21
|
|
7,118,750
|
|
7,495,000
|
|
CCC+/Caa2
|
Reynolds Group Issuer, Inc., 8.5%, 5/15/18
|
|
7,869,750
|
|
|
|
|
|
$
|
42,415,784
|
|
|
|
|
Paper Packaging - 0.2%
|
|
|
|
2,915,000
|
|
B/B3
|
Packaging Dynamics Corp., 8.75%, 2/1/16 (144A)
|
$
|
2,991,519
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Metals & Mining - 0.4%
|
|
|
|
8,775,000
|
|
CCC/Caa2
|
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)
|
$
|
7,195,500
|
|
1,595,000
|
|
B/Caa1
|
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)
|
|
1,790,388
|
|
|
|
|
|
$
|
8,985,888
|
|
|
|
|
Gold - 0.3%
|
|
|
|
6,445,000
|
|
BB-/B1
|
IAMGOLD Corp., 6.75%, 10/1/20 (144A)
|
$
|
5,526,588
|
|
|
|
|
Steel - 0.8%
|
|
|
|
2,615,000
|
|
B+/B3
|
APERAM, 7.375%, 4/1/16 (144A)
|
$
|
2,713,062
|
|
2,520,000
|
|
B/Caa1
|
Atkore International, Inc., 9.875%, 1/1/18
|
|
2,715,300
|
|
9,255,000
|
|
CCC/Caa2
|
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)
|
|
6,478,500
|
|
3,280,000
|
|
B-/Caa1
|
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)
|
|
3,394,800
|
|
|
|
|
|
$
|
15,301,662
|
|
|
|
|
Paper Products - 0.4%
|
|
|
|
2,050,000
|
|
BB/Ba2
|
Clearwater Paper Corp., 4.5%, 2/1/23
|
$
|
1,865,500
|
|
6,020,000
|
|
BB-/Ba3
|
Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A)
|
|
5,749,100
|
|
|
|
|
|
$
|
7,614,600
|
|
|
|
|
Total Materials
|
$
|
101,223,331
|
|
|
|
|
Capital Goods - 3.8%
|
|
|
|
|
|
|
Aerospace & Defense - 1.0%
|
|
|
|
4,550,000
|
|
CCC+/Caa1
|
Accudyne Industries Borrower, 7.75%, 12/15/20 (144A)
|
$
|
4,823,000
|
|
5,855,000
|
|
B-/Caa1
|
ADS Tactical, Inc., 11.0%, 4/1/18 (144A)
|
|
5,562,250
|
|
1,750,000
|
|
B+/Ba3
|
Alliant Techsystems, Inc., 5.25%, 10/1/21 (144A)
|
|
1,763,125
|
|
4,350,000
|
|
BB/B1
|
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)
|
|
4,273,875
|
|
3,953,000
|
|
B-/B2
|
DynCorp International, Inc., 10.375%, 7/1/17
|
|
4,066,649
|
|
|
|
|
|
$
|
20,488,899
|
|
|
|
|
Building Products - 0.1%
|
|
|
|
2,750,000
|
|
BB-/NR
|
Gibraltar Industries, Inc., 6.25%, 2/1/21
|
$
|
2,849,688
|
|
|
|
|
Construction & Engineering - 0.2%
|
|
|
|
3,000,000
|
|
BB-/Ba3
|
Dycom Investments, Inc., 7.125%, 1/15/21
|
$
|
3,232,500
|
|
|
|
|
Electrical Components & Equipment - 0.1%
|
|
|
|
2,079,000
|
|
B/B2
|
Coleman Cable, Inc., 9.0%, 2/15/18
|
$
|
2,182,950
|
|
|
|
|
Industrial Conglomerates - 0.4%
|
|
|
|
4,030,000
|
|
B+/B2
|
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
|
$
|
4,332,250
|
|
4,025,000
|
|
B-/B3
|
Park-Ohio Industries, Inc., 8.125%, 4/1/21
|
|
4,467,750
|
|
|
|
|
|
$
|
8,800,000
|
|
|
|
|
Construction & Farm Machinery & Heavy Trucks - 0.4%
|
|
|
|
6,850,000
|
|
CCC-/B3
|
Navistar International Corp., 8.25%, 11/1/21
|
$
|
7,055,500
|
|
|
|
|
Industrial Machinery - 1.1%
|
|
|
|
3,901,000
|
|
B-/B3
|
BC Mountain LLC, 7.0%, 2/1/21 (144A)
|
$
|
3,998,525
|
|
2,755,000
|
|
BB-/B1
|
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)
|
|
2,878,975
|
|
6,265,000
|
|
B-/Caa1
|
Gardner Denver, Inc., 6.875%, 8/15/21 (144A)
|
|
6,280,662
|
|
7,076,000
|
|
B/Caa1
|
Mueller Water Products, Inc., 7.375%, 6/1/17
|
|
7,270,590
|
|
2,660,000
|
|
B/B3
|
Xerium Technologies, Inc., 8.875%, 6/15/18
|
|
2,819,600
|
|
|
|
|
|
$
|
23,248,352
|
|
|
|
|
Trading Companies & Distributors - 0.5%
|
|
|
|
5,200,000
|
|
BB/Ba3
|
Rexel SA, 5.25%, 6/15/20 (144A)
|
$
|
5,226,000
|
|
5,145,000
|
|
B+/B1
|
WESCO Distribution, Inc., 5.375%, 12/15/21 (144A)
|
|
5,170,725
|
|
|
|
|
|
$
|
10,396,725
|
|
|
|
|
Total Capital Goods
|
$
|
78,254,614
|
|
|
|
|
Commercial Services & Supplies - 0.6%
|
|
|
|
|
|
|
Environmental & Facilities Services - 0.2%
|
|
|
|
2,400,000
|
|
B-/Caa2
|
Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A)
|
$
|
2,352,000
|
|
2,000,000
|
|
B/B3
|
Safway Group Holding LLC, 7.0%, 5/15/18 (144A)
|
|
2,110,000
|
|
|
|
|
|
$
|
4,462,000
|
|
|
|
|
Diversified Support Services - 0.4%
|
|
|
|
4,725,000
|
|
BB-/Ba1
|
Iron Mountain, Inc., 6.0%, 8/15/23
|
$
|
4,860,844
|
|
2,165,000
|
|
B-/B3
|
TMS International Corp., 7.625%, 10/15/21 (144A)
|
|
2,300,312
|
|
|
|
|
|
$
|
7,161,156
|
|
|
|
|
Total Commercial Services & Supplies
|
$
|
11,623,156
|
|
|
|
|
Transportation - 1.2%
|
|
|
|
|
|
|
Air Freight & Logistics - 0.2%
|
|
|
|
3,205,000
|
|
CCC-/Caa2
|
CEVA Group Plc, 11.625%, 10/1/16 (144A)
|
$
|
3,349,225
|
|
|
|
|
Airlines - 0.6%
|
|
|
|
2,037,841
|
|
A-/NR
|
American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 7/15/24 (144A)
|
$
|
2,170,300
|
|
2,950,000
|
|
NR/NR
|
Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A)
|
|
3,001,625
|
|
2,525,000
|
|
BB+/NR
|
United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21
|
|
2,588,125
|
|
2,690,000
|
|
B/B2
|
United Continental Holdings, Inc., 6.0%, 12/1/20
|
|
2,703,450
|
|
3,200,000
|
|
B/B2
|
United Continental Holdings, Inc., 6.0%, 7/15/26
|
|
2,944,000
|
|
|
|
|
|
$
|
13,407,500
|
|
|
|
|
Trucking - 0.3%
|
|
|
|
1,990,000
|
|
B-/B2
|
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A)
|
$
|
2,174,075
|
|
3,500,000
|
|
CCC+/Caa1
|
syncreon Group BV, 8.625%, 11/1/21 (144A)
|
|
3,622,500
|
|
|
|
|
|
$
|
5,796,575
|
|
|
|
|
Airport Services - 0.1%
|
|
|
|
1,700,000
|
|
B/B2
|
Aguila 3 SA, 7.875%, 1/31/18 (144A)
|
$
|
1,804,125
|
|
|
|
|
Total Transportation
|
$
|
24,357,425
|
|
|
|
|
Automobiles & Components - 1.3%
|
|
|
|
|
|
|
Auto Parts & Equipment - 0.7%
|
|
|
|
4,650,000
|
|
BB/B2
|
Dana Holding Corp., 6.0%, 9/15/23
|
$
|
4,661,625
|
|
1,300,000
|
|
BB-/Ba3
|
LKQ Corp., 4.75%, 5/15/23 (144A)
|
|
1,209,000
|
|
3,240,000
|
|
B-/B3
|
Meritor, Inc., 6.75%, 6/15/21
|
|
3,385,800
|
|
2,400,000
|
|
B/B3
|
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A)
|
|
2,592,000
|
|
2,690,000
|
|
B/B1
|
Schaeffler Holding Finance BV, 6.875%, 8/15/18 (144A) (PIK)
|
|
2,851,400
|
|
|
|
|
|
$
|
14,699,825
|
|
|
|
|
Tires & Rubber - 0.2%
|
|
|
|
2,765,000
|
|
B+/B1
|
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22
|
$
|
3,006,938
|
|
|
|
|
Automobile Manufacturers - 0.4%
|
|
|
|
7,905,000
|
|
B/B1
|
Chrysler Group LLC, 8.25%, 6/15/21
|
$
|
8,863,481
|
|
|
|
|
Total Automobiles & Components
|
$
|
26,570,244
|
|
|
|
|
Consumer Durables & Apparel - 2.4%
|
|
|
|
|
|
|
Homebuilding - 2.4%
|
|
|
|
11,595,000
|
|
CCC/Caa2
|
Beazer Homes USA, Inc., 9.125%, 6/15/18
|
$
|
12,348,675
|
|
2,100,000
|
|
BB-/B2
|
Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)
|
|
2,199,750
|
|
5,045,000
|
|
BB/Ba2
|
DR Horton, Inc., 5.75%, 8/15/23
|
|
5,196,350
|
|
7,400,000
|
|
B/B2
|
KB Home, 7.0%, 12/15/21
|
|
7,844,000
|
|
8,730,000
|
|
BB-/Ba3
|
Lennar Corp., 4.75%, 11/15/22
|
|
8,206,200
|
|
3,660,000
|
|
B+/B1
|
Meritage Homes Corp., 7.0%, 4/1/22
|
|
3,916,200
|
|
6,975,000
|
|
B+/B2
|
Standard Pacific Corp., 6.25%, 12/15/21
|
|
7,323,750
|
|
2,540,000
|
|
BB-/B1
|
The Ryland Group, Inc., 5.375%, 10/1/22
|
|
2,438,400
|
|
|
|
|
|
$
|
49,473,325
|
|
|
|
|
Total Consumer Durables & Apparel
|
$
|
49,473,325
|
|
|
|
|
Consumer Services - 1.7%
|
|
|
|
|
|
|
Casinos & Gaming - 0.9%
|
|
|
|
3,075,000
|
|
BBB-/Ba1
|
GLP Capital LP, 4.375%, 11/1/18 (144A)
|
$
|
3,151,875
|
|
5,750,000
|
|
BBB-/Ba1
|
GLP Capital LP, 4.875%, 11/1/20 (144A)
|
|
5,821,875
|
|
14,887,110
|
|
NR/NR
|
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36
|
|
2,381,938
|
|
3,000,000
|
|
B+/B3
|
MGM Resorts International, 6.75%, 10/1/20
|
|
3,232,500
|
|
3,218,000
|
|
B/B2
|
Scientific Games International, Inc., 9.25%, 6/15/19
|
|
3,419,125
|
|
|
|
|
|
$
|
18,007,313
|
|
|
|
|
Hotels, Resorts & Cruise Lines - 0.5%
|
|
|
|
4,815,000
|
|
B-/B3
|
MISA Investments, Ltd., 8.625%, 8/15/18 (144A) (PIK)
|
$
|
4,977,506
|
|
4,290,000
|
|
B+/B3
|
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)
|
|
4,858,425
|
|
|
|
|
|
$
|
9,835,931
|
|
|
|
|
Restaurants - 0.2%
|
|
|
|
4,090,000
|
|
B-/Caa1
|
Burger King Capital Holdings LLC, 0.0%, 4/15/19 (Step) (144A)
|
$
|
3,681,000
|
|
|
|
|
Education Services - 0.1%
|
|
|
|
3,695,000
|
|
CCC/Caa1
|
Cambium Learning Group, Inc., 9.75%, 2/15/17
|
$
|
3,574,912
|
|
|
|
|
Total Consumer Services
|
$
|
35,099,156
|
|
|
|
|
Media - 2.7%
|
|
|
|
|
|
|
Advertising - 0.2%
|
|
|
|
4,235,000
|
|
B-/B3
|
MDC Partners, Inc., 6.75%, 4/1/20 (144A)
|
$
|
4,467,925
|
|
|
|
|
Broadcasting - 1.2%
|
|
|
|
9,250,000
|
|
BB-/B1
|
CCO Holdings LLC, 6.5%, 4/30/21
|
$
|
9,666,250
|
|
5,975,000
|
|
B+/B2
|
Quebecor Media, Inc., 5.75%, 1/15/23
|
|
5,810,688
|
|
9,280,000
|
|
B+/B2
|
Univision Communications, Inc., 6.875%, 5/15/19 (144A)
|
|
9,952,800
|
|
|
|
|
|
$
|
25,429,738
|
|
|
|
|
Cable & Satellite - 0.3%
|
|
|
|
1,150,000
|
|
B-/Caa1
|
Intelsat Jackson Holdings SA, 6.625%, 12/15/22 (144A)
|
$
|
1,187,375
|
|
3,900,000
|
|
B-/Caa2
|
Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A)
|
|
4,182,750
|
|
|
|
|
|
$
|
5,370,125
|
|
|
|
|
Movies & Entertainment - 0.5%
|
|
|
|
5,300,000
|
|
B+/B3
|
Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A)
|
$
|
5,750,500
|
|
4,895,000
|
|
B-/B3
|
Regal Entertainment Group, 5.75%, 2/1/25
|
|
4,650,250
|
|
|
|
|
|
$
|
10,400,750
|
|
|
|
|
Publishing - 0.5%
|
|
|
|
7,170,000
|
|
BB/Ba1
|
Gannett Co, Inc., 6.375%, 10/15/23 (144A)
|
$
|
7,349,250
|
|
1,675,000
|
|
B-/B3
|
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)
|
|
1,775,500
|
|
|
|
|
|
$
|
9,124,750
|
|
|
|
|
Total Media
|
$
|
54,793,288
|
|
|
|
|
Retailing - 1.0%
|
|
|
|
|
|
|
Department Stores - 0.6%
|
|
|
|
10,990,000
|
|
CCC+/Caa2
|
Neiman Marcus Group, Ltd., Inc., 8.0%, 10/15/21 (144A)
|
$
|
11,512,025
|
|
|
|
|
Apparel Retail - 0.1%
|
|
|
|
2,350,000
|
|
B+/B3
|
Brown Shoe Co., Inc., 7.125%, 5/15/19
|
$
|
2,493,938
|
|
|
|
|
Computer & Electronics Retail - 0.1%
|
|
|
|
2,590,000
|
|
BB-/Ba3
|
Rent-A-Center, Inc., 4.75%, 5/1/21
|
$
|
2,343,950
|
|
|
|
|
Specialty Stores - 0.2%
|
|
|
|
3,230,000
|
|
CCC+/Caa2
|
PC Nextco Holdings LLC, 8.75%, 8/15/19 (144A) (PIK)
|
$
|
3,326,900
|
|
|
|
|
Total Retailing
|
$
|
19,676,813
|
|
|
|
|
Food & Staples Retailing - 0.2%
|
|
|
|
|
|
|
Food Distributors - 0.2%
|
|
|
|
4,085,000
|
|
B/B3
|
KeHE Distributors LLC, 7.625%, 8/15/21 (144A)
|
$
|
4,330,100
|
|
|
|
|
Total Food & Staples Retailing
|
$
|
4,330,100
|
|
|
|
|
Food, Beverage & Tobacco - 1.1%
|
|
|
|
|
|
|
Distillers & Vintners - 0.3%
|
|
|
|
4,100,000
|
|
BB+/Ba1
|
Constellation Brands, Inc., 3.75%, 5/1/21
|
$
|
3,920,625
|
|
3,235,000
|
|
BB+/Ba1
|
Constellation Brands, Inc., 4.25%, 5/1/23
|
|
3,057,075
|
|
|
|
|
|
$
|
6,977,700
|
|
|
|
|
Agricultural Products - 0.2%
|
|
|
|
4,460,000
|
|
B/B2
|
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)
|
$
|
4,393,100
|
|
|
|
|
Packaged Foods & Meats - 0.1%
|
|
|
|
1,460,000
|
|
BB-/B2
|
Smithfield Foods, Inc., 5.875%, 8/1/21 (144A)
|
$
|
1,481,900
|
|
|
|
|
Tobacco - 0.5%
|
|
|
|
10,105,000
|
|
B-/Caa1
|
Alliance One International, Inc., 9.875%, 7/15/21
|
$
|
9,726,062
|
|
|
|
|
Total Food, Beverage & Tobacco
|
$
|
22,578,762
|
|
|
|
|
Household & Personal Products - 0.3%
|
|
|
|
|
|
|
Personal Products - 0.3%
|
|
|
|
2,400,000
|
|
CCC+/Caa1
|
Monitronics International, Inc., 9.125%, 4/1/20
|
$
|
2,556,000
|
|
2,495,000
|
|
B/B2
|
Revlon Consumer Products Corp., 5.75%, 2/15/21
|
|
2,470,050
|
|
|
|
|
|
$
|
5,026,050
|
|
|
|
|
Total Household & Personal Products
|
$
|
5,026,050
|
|
|
|
|
Health Care Equipment & Services - 2.4%
|
|
|
|
|
|
|
Health Care Equipment - 0.2%
|
|
|
|
3,875,000
|
|
CCC+/Caa2
|
Accellent, Inc., 10.0%, 11/1/17
|
$
|
4,136,562
|
|
|
|
|
Health Care Services - 0.2%
|
|
|
|
3,429,000
|
|
CCC+/Caa2
|
Gentiva Health Services, Inc., 11.5%, 9/1/18
|
$
|
3,609,022
|
|
|
|
|
Health Care Facilities - 1.5%
|
|
|
|
1,270,000
|
|
B-/B3
|
CHS, 6.875%, 2/1/22 (144A)
|
$
|
1,301,750
|
|
16,400,000
|
|
B-/B3
|
CHS, 8.0%, 11/15/19
|
|
17,999,000
|
|
5,700,000
|
|
B-/B3
|
Kindred Healthcare, Inc., 8.25%, 6/1/19
|
|
6,113,250
|
|
2,850,000
|
|
B+/Ba3
|
Tenet Healthcare Corp., 4.375%, 10/1/21
|
|
2,732,438
|
|
1,265,000
|
|
B+/B3
|
Universal Hospital Services, Inc., 7.625%, 8/15/20
|
|
1,337,738
|
|
|
|
|
|
$
|
29,484,176
|
|
|
|
|
Managed Health Care - 0.3%
|
|
|
|
5,970,000
|
|
BB/Ba2
|
WellCare Health Plans, Inc., 5.75%, 11/15/20
|
$
|
6,178,950
|
|
|
|
|
Health Care Technology - 0.2%
|
|
|
|
3,315,000
|
|
CCC+/Caa1
|
Emdeon, Inc., 11.0%, 12/31/19
|
$
|
3,816,394
|
|
1,400,000
|
|
B/B3
|
MedAssets, Inc., 8.0%, 11/15/18
|
|
1,508,500
|
|
|
|
|
|
$
|
5,324,894
|
|
|
|
|
Total Health Care Equipment & Services
|
$
|
48,733,604
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences - 1.2%
|
|
|
|
|
|
|
Biotechnology - 0.4%
|
|
|
|
9,859,000
|
|
B-/Caa2
|
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17
|
$
|
9,119,575
|
|
|
|
|
Pharmaceuticals - 0.8%
|
|
|
|
3,625,000
|
|
BB+/Ba1
|
Forest Laboratories, Inc., 4.375%, 2/1/19 (144A)
|
$
|
3,638,594
|
|
5,610,000
|
|
CCC+/Caa2
|
JLL, 7.5%, 2/1/22 (144A)
|
|
5,595,975
|
|
6,090,000
|
|
B/B1
|
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A)
|
|
6,501,075
|
|
|
|
|
|
$
|
15,735,644
|
|
|
|
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
24,855,219
|
|
|
|
|
Diversified Financials - 2.0%
|
|
|
|
|
|
|
Other Diversified Financial Services - 0.3%
|
|
|
|
2,490,000
|
5.35
|
BB+/Ba3
|
Citigroup, Inc., Floating Rate Note (Perpetual)
|
$
|
2,204,895
|
|
4,200,000
|
5.65
|
BB/Ba1
|
ING US, Inc., Floating Rate Note, 5/15/53
|
|
4,032,000
|
|
5,295,000
|
|
NR/NR
|
JPMorgan Chase & Co., 5.0%, 12/20/15
|
|
291,869
|
|
|
|
|
|
$
|
6,528,764
|
|
|
|
|
Specialized Finance - 1.3%
|
|
|
|
12,630,000
|
|
B/B2
|
National Money Mart Co., 10.375%, 12/15/16
|
$
|
12,472,125
|
|
5,015,000
|
|
B+/B2
|
Nationstar Mortgage LLC, 6.5%, 6/1/22
|
|
4,651,412
|
|
5,275,000
|
|
B+/B2
|
Nationstar Mortgage LLC, 6.5%, 7/1/21
|
|
4,958,500
|
|
1,820,000
|
|
B+/B2
|
Nationstar Mortgage LLC, 6.5%, 8/1/18
|
|
1,838,200
|
|
3,100,000
|
|
B/B1
|
Oxford Finance LLC, 7.25%, 1/15/18 (144A)
|
|
3,286,000
|
|
|
|
|
|
$
|
27,206,237
|
|
|
|
|
Consumer Finance - 0.4%
|
|
|
|
3,990,000
|
|
B+/B1
|
Jefferies Finance LLC, 7.375%, 4/1/20 (144A)
|
$
|
4,179,525
|
|
3,765,000
|
|
B+/B3
|
TMX Finance LLC, 8.5%, 9/15/18 (144A)
|
|
4,028,550
|
|
|
|
|
|
$
|
8,208,075
|
|
|
|
|
Total Diversified Financials
|
$
|
41,943,076
|
|
|
|
|
Insurance - 3.8%
|
|
|
|
|
|
|
Insurance Brokers - 0.2%
|
|
|
|
4,900,000
|
|
CCC+/Caa2
|
Compass Investors, Inc., 7.75%, 1/15/21 (144A)
|
$
|
5,028,625
|
|
|
|
|
Life & Health Insurance - 0.3%
|
|
|
|
5,400,000
|
|
BB-/B1
|
Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A)
|
$
|
5,683,500
|
|
|
|
|
Reinsurance - 3.3%
|
|
|
|
450,000
|
8.12
|
BB-/NR
|
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A)
|
$
|
467,190
|
|
1,500,000
|
4.30
|
BB+/NR
|
Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A)
|
|
1,523,250
|
|
250,000
|
6.24
|
BB+/NR
|
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)
|
|
257,375
|
|
1,325,000
|
5.31
|
BB-/NR
|
Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A)
|
|
1,338,515
|
|
1,500,000
|
6.91
|
NR/NR
|
Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)
|
|
1,543,800
|
|
1,250,000
|
17.99
|
NR/NR
|
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)
|
|
1,357,625
|
|
1,400,000
|
10.31
|
BB-/NR
|
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)
|
|
1,461,320
|
|
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
|
|
1,500,000
|
5.07
|
BB+/NR
|
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A)
|
|
1,536,150
|
|
1,800,000
|
7.44
|
NR/NR
|
Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A)
|
|
1,862,640
|
|
1,500,000
|
13.56
|
B-/NR
|
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)
|
|
1,582,200
|
|
1,200,000
|
8.41
|
BB-/NR
|
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)
|
|
1,238,760
|
|
1,255,400
|
4.84
|
NR/NR
|
Kane SAC Ltd., PI-3, Series A-2014, Floating Rate Note, 4/7/15
|
|
1,245,482
|
|
1,500,000
|
4.08
|
BB/NR
|
Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A)
|
|
1,515,300
|
|
2,750,000
|
12.06
|
B/NR
|
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)
|
|
2,930,950
|
|
1,325,000
|
8.55
|
B+/NR
|
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A)
|
1,401,452
|
|
675,000
|
11.78
|
B-/NR
|
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A)
|
715,298
|
|
500,000
|
8.00
|
NR/NR
|
Mythen Re, Ltd. Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A)
|
522,200
|
|
1,450,000
|
11.24
|
NR/B2
|
Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A)
|
|
1,562,375
|
|
2,000,000
|
7.56
|
BB-/NR
|
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
|
2,057,400
|
|
1,150,000
|
8.56
|
BB-/NR
|
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
|
|
1,194,045
|
|
250,000
|
10.60
|
B/NR
|
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
|
263,050
|
|
1,450,000
|
8.66
|
B/NR
|
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A)
|
1,514,380
|
|
2,000,000
|
13.30
|
NR/NR
|
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A)
|
2,131,600
|
|
800,000
|
8.80
|
B+/NR
|
Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
|
852,400
|
|
3,450,000
|
12.06
|
B-/NR
|
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)
|
3,672,525
|
|
1,750,000
|
8.96
|
NR/NR
|
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A)
|
1,849,225
|
|
950,000
|
19.07
|
NR/NR
|
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
|
1,064,760
|
|
2,100,000
|
12.82
|
NR/NR
|
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
|
2,290,680
|
|
250,000
|
5.82
|
BB/NR
|
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
|
259,925
|
|
500,000
|
8.07
|
BB/NR
|
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
|
551,000
|
|
1,750,000
|
22.07
|
NR/NR
|
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
|
2,072,350
|
|
1,100,000
|
10.03
|
BB-/NR
|
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
|
1,230,900
|
|
250,000
|
N/A
|
NR/NR
|
Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A)
|
252,125
|
|
800,000
|
9.32
|
B-/NR
|
Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A)
|
829,040
|
|
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., 0.0%, 12/1/17 (Cat Bond) (144A)
|
|
-
|
|
2,150,000
|
|
NR/NR
|
Sector Re V, Ltd., 0.0%, 12/1/18 (Cat Bond) (144A)
|
|
2,174,295
|
|
3,300,000
|
|
NR/NR
|
Sector Re V, Ltd., 0.0%, 3/1/18 (Cat Bond) (144A)
|
|
3,909,180
|
|
2,000,000
|
|
NR/NR
|
Silverton RE, Ltd., 0.0%, 9/16/16 (Cat Bond) (144A)
|
|
2,028,600
|
|
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
|
|
1,200,000
|
16.30
|
NR/NR
|
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)
|
|
1,255,800
|
|
375,000
|
11.32
|
B-/NR
|
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)
|
|
399,525
|
|
1,000,000
|
8.66
|
B+/NR
|
Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A)
|
|
1,077,900
|
|
250,000
|
6.25
|
NR/NR
|
Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)
|
|
252,600
|
|
|
|
|
|
$
|
66,282,099
|
|
|
|
|
Total Insurance
|
$
|
76,994,224
|
|
|
|
|
Real Estate - 0.7%
|
|
|
|
|
|
|
Diversified REIT's - 0.5%
|
|
|
|
9,550,000
|
|
B/Ba3
|
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19
|
$
|
9,908,125
|
|
|
|
|
Office REIT's - 0.1%
|
|
|
|
1,000,000
|
|
BB/Ba1
|
DuPont Fabros Technology LP, 5.875%, 9/15/21
|
$
|
1,037,500
|
|
|
|
|
Real Estate Development - 0.1%
|
|
|
|
2,840,000
|
|
B/Ba3
|
The Howard Hughes Corp., 6.875%, 10/1/21 (144A)
|
$
|
2,960,700
|
|
|
|
|
Specialized REIT - 0.1%
|
|
|
|
2,675,000
|
|
BB/Ba3
|
Aviv Healthcare Properties LP, 7.75%, 2/15/19
|
$
|
2,875,625
|
|
|
|
|
Total Real Estate
|
$
|
16,781,950
|
|
|
|
|
Software & Services - 2.1%
|
|
|
|
|
|
|
Internet Software & Services - 0.9%
|
|
|
|
4,400,000
|
|
BB-/B2
|
Bankrate, Inc., 6.125%, 8/15/18 (144A)
|
$
|
4,609,000
|
|
5,465,000
|
|
BB/Ba3
|
Equinix, Inc., 5.375%, 4/1/23
|
|
5,355,700
|
|
1,990,000
|
|
BB+/Ba1
|
IAC, 4.875%, 11/30/18 (144A)
|
|
2,049,700
|
|
6,085,000
|
|
BB/B1
|
j2 Global, Inc., 8.0%, 8/1/20
|
|
6,541,375
|
|
|
|
|
|
$
|
18,555,775
|
|
|
|
|
Data Processing & Outsourced Services - 1.1%
|
|
|
|
2,350,000
|
|
BB-/Ba2
|
Audatex North America, Inc., 6.0%, 6/15/21 (144A)
|
$
|
2,449,875
|
|
1,000,000
|
|
BB-/Ba2
|
Audatex North America, Inc., 6.125%, 11/1/23 (144A)
|
|
1,035,000
|
|
6,047,000
|
|
B-/Caa1
|
First Data Corp., 12.625%, 1/15/21
|
|
7,044,755
|
|
615,000
|
|
B+/B1
|
First Data Corp., 7.375%, 6/15/19 (144A)
|
|
656,512
|
|
4,722,000
|
|
B-/Caa1
|
First Data Corp., 8.25%, 1/15/21 (144A)
|
|
5,005,320
|
|
2,900,000
|
|
BB-/Ba3
|
NeuStar, Inc., 4.5%, 1/15/23
|
|
2,486,750
|
|
2,950,000
|
|
BB/Ba3
|
WEX, Inc., 4.75%, 2/1/23 (144A)
|
|
2,702,938
|
|
|
|
|
|
$
|
21,381,150
|
|
|
|
|
Home Entertainment Software - 0.1%
|
|
|
|
1,725,000
|
|
BB+/Ba2
|
Activision Blizzard, Inc., 5.625%, 9/15/21 (144A)
|
$
|
1,785,375
|
|
1,185,000
|
|
BB+/Ba2
|
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)
|
|
1,235,362
|
|
|
|
|
|
$
|
3,020,737
|
|
|
|
|
Total Software & Services
|
$
|
42,957,662
|
|
|
|
|
Technology Hardware & Equipment - 1.7%
|
|
|
|
|
|
|
Communications Equipment - 0.5%
|
|
|
|
3,865,000
|
|
BB+/Ba3
|
Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A)
|
$
|
3,575,125
|
|
3,295,000
|
|
NR/NR
|
Emulex Corp., 1.75%, 11/15/18 (144A)
|
|
3,321,772
|
|
3,000,000
|
|
B-/B2
|
ViaSat, Inc., 6.875%, 6/15/20
|
|
3,150,000
|
|
|
|
|
|
$
|
10,046,897
|
|
|
|
|
Computer Storage & Peripherals - 0.7%
|
|
|
|
4,300,000
|
|
BBB-/Ba1
|
Seagate HDD Cayman, 4.75%, 6/1/23 (144A)
|
$
|
4,117,250
|
|
10,100,000
|
|
BBB-/Ba1
|
Seagate HDD Cayman, 7.0%, 11/1/21
|
|
11,173,125
|
|
|
|
|
|
$
|
15,290,375
|
|
|
|
|
Electronic Equipment Manufacturers - 0.3%
|
|
|
|
5,300,000
|
|
BB-/B1
|
Viasystems, Inc., 7.875%, 5/1/19 (144A)
|
$
|
5,671,000
|
|
|
|
|
Electronic Manufacturing Services - 0.2%
|
|
|
|
1,380,000
|
|
BB+/Ba1
|
Flextronics International, Ltd., 4.625%, 2/15/20
|
$
|
1,355,850
|
|
2,295,000
|
|
BB+/Ba1
|
Flextronics International, Ltd., 5.0%, 2/15/23
|
|
2,226,150
|
|
|
|
|
|
$
|
3,582,000
|
|
|
|
|
Total Technology Hardware & Equipment
|
$
|
34,590,272
|
|
|
|
|
Telecommunication Services - 4.4%
|
|
|
|
|
|
|
Integrated Telecommunication Services - 3.4%
|
|
|
|
3,625,000
|
|
BB/Ba2
|
CenturyLink, Inc., 5.8%, 3/15/22
|
$
|
3,570,625
|
|
3,300,000
|
|
BB/Ba2
|
CenturyLink, Inc., 6.45%, 6/15/21
|
|
3,436,125
|
|
13,358,000
|
|
B/B3
|
Cincinnati Bell, Inc., 8.375%, 10/15/20
|
|
14,409,942
|
|
4,750,000
|
|
BB-/Ba2
|
Frontier Communications Corp., 7.125%, 1/15/23
|
|
4,690,625
|
|
9,705,000
|
|
BB-/Ba2
|
Frontier Communications Corp., 8.5%, 4/15/20
|
|
10,869,600
|
|
3,100,000
|
|
BB-/Ba2
|
Frontier Communications Corp., 8.75%, 4/15/22
|
|
3,382,875
|
|
1,250,000
|
|
B+/B3
|
GCI, Inc., 6.75%, 6/1/21
|
|
1,212,500
|
|
2,840,000
|
|
BB-/B1
|
tw telecom holdings inc, 5.375%, 10/1/22
|
|
2,811,600
|
|
5,275,000
|
|
B/B1
|
Windstream Corp., 6.375%, 8/1/23
|
|
4,905,750
|
|
11,030,000
|
|
B/B1
|
Windstream Corp., 7.5%, 6/1/22
|
|
11,223,025
|
|
8,460,000
|
|
B/B1
|
Windstream Corp., 7.75%, 10/15/20
|
|
8,967,600
|
|
|
|
|
|
$
|
69,480,267
|
|
|
|
|
Wireless Telecommunication Services - 1.0%
|
|
|
|
2,300,000
|
|
NR/NR
|
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A)
|
$
|
2,437,814
|
|
2,490,000
|
|
BB-/B1
|
Sprint Corp., 7.25%, 9/15/21 (144A)
|
|
2,682,975
|
|
965,000
|
|
BB/Ba3
|
T-Mobile USA, Inc., 6.125%, 1/15/22
|
|
986,712
|
|
1,200,000
|
|
BB/Ba3
|
T-Mobile USA, Inc., 6.5%, 1/15/24
|
|
1,225,500
|
|
4,300,000
|
|
BB/Ba3
|
T-Mobile USA, Inc., 6.542%, 4/28/20
|
|
4,552,625
|
|
2,865,000
|
|
BB/Ba3
|
T-Mobile USA, Inc., 6.633%, 4/28/21
|
|
3,015,412
|
|
2,000,000
|
|
BB/Ba3
|
T-Mobile USA, Inc., 6.731%, 4/28/22
|
|
2,100,000
|
|
3,350,000
|
|
NR/NR
|
WCP ISSUER LLC, 6.657%, 8/15/20 (144A)
|
|
3,476,404
|
|
|
|
|
|
$
|
20,477,442
|
|
|
|
|
Total Telecommunication Services
|
$
|
89,957,709
|
|
|
|
|
Utilities - 1.8%
|
|
|
|
|
|
|
Gas Utilities - 0.7%
|
|
|
|
8,600,000
|
|
NR/Ba2
|
AmeriGas Finance LLC, 7.0%, 5/20/22
|
$
|
9,352,500
|
|
2,750,000
|
|
B/B2
|
Ferrellgas LP, 6.5%, 5/1/21
|
|
2,832,500
|
|
1,320,000
|
|
B/B2
|
Ferrellgas LP, 6.75%, 1/15/22 (144A)
|
|
1,359,600
|
|
|
|
|
|
$
|
13,544,600
|
|
|
|
|
Independent Power Producers & Energy Traders - 1.1%
|
|
|
|
2,030,000
|
|
BB-/B1
|
Calpine Corp., 5.875%, 1/15/24 (144A)
|
$
|
2,014,775
|
|
2,360,000
|
|
BB-/B1
|
Calpine Corp., 6.0%, 1/15/22 (144A)
|
|
2,442,600
|
|
4,700,000
|
|
BB-/B1
|
NRG Energy, Inc., 7.625%, 1/15/18
|
|
5,287,500
|
|
4,700,000
|
|
BB-/B1
|
NRG Energy, Inc., 7.875%, 5/15/21
|
|
5,134,750
|
|
7,850,000
|
|
BB-/B1
|
NRG Energy, Inc., 8.25%, 9/1/20
|
|
8,576,125
|
|
|
|
|
|
$
|
23,455,750
|
|
|
|
|
Total Utilities
|
$
|
37,000,350
|
|
|
|
|
TOTAL CORPORATE BONDS
|
|
|
|
|
|
|
(Cost $1,141,103,438)
|
$
|
1,173,831,862
|
|
|
|
|
|
|
|
|
|
|
|
SENIOR FLOATING RATE LOAN INTERESTS - 6.7% **
|
|
|
|
|
|
|
Energy - 1.0%
|
|
|
|
|
|
|
Oil & Gas Drilling - 0.1%
|
|
|
|
2,332,375
|
5.75
|
B-/B3
|
Offshore Group Investment, Ltd., Term Loan, 3/28/19
|
$
|
2,373,192
|
|
|
|
|
Oil & Gas Equipment & Services - 0.7%
|
|
|
|
7,538,153
|
8.50
|
B-/B2
|
FTS International, Inc., Term Loan, 5/6/16
|
$
|
7,645,843
|
|
7,426,900
|
11.75
|
D/Caa3
|
Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16 (e)
|
|
5,879,632
|
|
|
|
|
|
$
|
13,525,475
|
|
|
|
|
Oil & Gas Exploration & Production - 0.2%
|
|
|
|
3,570,000
|
8.38
|
B-/B2
|
Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20
|
$
|
3,674,551
|
|
|
|
|
Total Energy
|
$
|
19,573,218
|
|
|
|
|
Materials - 0.2%
|
|
|
|
|
|
|
Diversified Chemicals - 0.2%
|
|
|
|
2,084,250
|
4.75
|
B+/B1
|
Axalta Coating Systems US Holdings, Inc., 2/1/20
|
$
|
2,103,529
|
|
1,980,201
|
4.00
|
BB-/B1
|
Ineos Group Holdings, Ltd., Cash Dollar Term Loan, 5/4/18
|
|
1,993,460
|
|
|
|
|
|
$
|
4,096,989
|
|
|
|
|
Total Materials
|
$
|
4,096,989
|
|
|
|
|
Capital Goods - 0.4%
|
|
|
|
|
|
|
Aerospace & Defense - 0.2%
|
|
|
|
1,947,812
|
6.25
|
B/B2
|
DAE Aviation Holdings, Inc., Tranche B-1 Loan, 11/2/18
|
$
|
1,966,478
|
|
883,010
|
6.25
|
B/B2
|
DAE Aviation Holdings, Inc., Tranche B-2 Loan, 11/2/18
|
|
891,472
|
|
1,759,457
|
3.49
|
B/Caa1
|
Hunter Defense Technologies, Inc., Term Loan, 8/22/14
|
|
1,667,085
|
|
|
|
|
|
$
|
4,525,035
|
|
|
|
|
Construction & Engineering - 0.2%
|
|
|
|
3,025,000
|
6.75
|
B+/B2
|
International Equipment Solutions LLC, Initial Loan, 8/16/19
|
$
|
3,038,234
|
|
|
|
|
Total Capital Goods
|
$
|
7,563,269
|
|
|
|
|
Commercial Services & Supplies - 0.4%
|
|
|
|
|
|
|
Environmental & Facilities Services - 0.0%
|
|
|
|
623,888
|
4.00
|
B+/B1
|
WCA Waste Corp., Term Loan, 3/23/18
|
$
|
626,130
|
|
|
|
|
Diversified Support Services - 0.1%
|
|
|
|
2,707,367
|
10.00
|
NR/NR
|
IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15 (e)
|
$
|
876,510
|
|
|
|
|
Security & Alarm Services - 0.3%
|
|
|
|
6,008,364
|
4.25
|
B/Ba3
|
Monitronics International, Inc., Term B Loan, 3/23/18
|
$
|
6,060,937
|
|
|
|
|
Total Commercial Services & Supplies
|
$
|
7,563,577
|
|
|
|
|
Transportation - 0.3%
|
|
|
|
|
|
|
Air Freight & Logistics - 0.3%
|
|
|
|
1,365,849
|
0.15
|
CCC+/B2
|
CEVA Group Plc, Dollar Tranche B Pre-Funded Term Loan, 8/31/16
|
$
|
1,363,288
|
|
1,971,385
|
5.25
|
CCC+/B2
|
CEVA Logistics US Holdings, Inc., US Tranche B Term Loan, 8/31/16
|
|
1,967,689
|
|
3,702,650
|
5.24
|
CCC+/NR
|
EGL, Inc., EGL Tranche B Term Loan, 8/31/16
|
|
3,695,708
|
|
|
|
|
|
$
|
7,026,685
|
|
|
|
|
Total Transportation
|
$
|
7,026,685
|
|
|
|
|
Automobiles & Components - 0.6%
|
|
|
|
|
|
|
Auto Parts & Equipment - 0.6%
|
|
|
|
2,498
|
3.16
|
BB-/Ba3
|
Allison Transmission, Inc., New Term B-2 Loan, 8/7/17
|
$
|
2,508
|
|
7,499
|
3.75
|
B+/Ba3
|
Allison Transmission, Inc., Term B-3 Loan, 8/23/19
|
|
7,532
|
|
3,033,973
|
5.50
|
NR/NR
|
TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19
|
|
3,052,936
|
|
8,555,458
|
4.75
|
B+/B1
|
Tower Automotive Holdings USA LLC, Refinancing Term Loan (First Lien), 4/23/20
|
8,628,461
|
|
|
|
|
|
$
|
11,691,437
|
|
|
|
|
Total Automobiles & Components
|
$
|
11,691,437
|
|
|
|
|
Media - 0.6%
|
|
|
|
|
|
|
Advertising - 0.1%
|
|
|
|
2,003,252
|
6.75
|
B-/B1
|
Affinion Group, Inc., Tranche B Term Loan, 10/9/16
|
$
|
1,991,869
|
|
|
|
|
Broadcasting - 0.0%
|
|
|
|
1,428,224
|
4.50
|
B+/B2
|
Univision Communications, Inc., 3/1/20
|
$
|
1,437,783
|
|
|
|
|
Cable & Satellite - 0.4%
|
|
|
|
7,575,000
|
3.50
|
NR/Ba3
|
Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20
|
$
|
7,601,990
|
|
|
|
|
Movies & Entertainment - 0.1%
|
|
|
|
1,456,526
|
3.75
|
NR/Baa3
|
Cinedigm Digital Funding I LLC, Term Loan, 2/28/18
|
$
|
1,461,987
|
|
|
|
|
Publishing - 0.0%
|
|
|
|
928,000
|
4.75
|
NR/WR
|
Cengage Learning Acquisitions, Inc., Original Term Loan, 7/3/14 (e)
|
$
|
852,213
|
|
|
|
|
Total Media
|
$
|
13,345,842
|
|
|
|
|
Retailing - 0.4%
|
|
|
|
|
|
|
Department Stores - 0.1%
|
|
|
|
1,630,913
|
5.00
|
B/B2
|
Neiman Marcus Group, Ltd., Inc., Term Loan, 10/18/20
|
$
|
1,652,087
|
|
|
|
|
Automotive Retail - 0.3%
|
|
|
|
7,195,000
|
5.75
|
NR/NR
|
CWGS GROUP LLC, Term Loan, 2/20/20
|
$
|
7,248,962
|
|
|
|
|
|
$
|
7,248,962
|
|
|
|
|
Total Retailing
|
$
|
8,901,049
|
|
|
|
|
Food & Staples Retailing - 0.1%
|
|
|
|
|
|
|
Food Distributors - 0.1%
|
|
|
|
1,301,850
|
5.75
|
B/B1
|
AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17
|
$
|
1,305,648
|
|
|
|
|
Total Food & Staples Retailing
|
$
|
1,305,648
|
|
|
|
|
Health Care Equipment & Services - 1.3%
|
|
|
|
|
|
|
Health Care Equipment - 0.1%
|
|
|
|
2,415,982
|
0.00
|
NR/NR
|
Kinetic Concepts, Inc., Term Loan, 5/4/18
|
$
|
2,440,998
|
|
|
|
|
Health Care Services - 1.1%
|
|
|
|
1,194,001
|
4.25
|
B+/B1
|
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19
|
$
|
1,193,815
|
|
2,119,842
|
6.75
|
B+/B1
|
Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18
|
|
2,137,506
|
|
2,184,844
|
6.50
|
NR/B2
|
BioScrip, Inc., Delayed Draw Term Loan, 7/31/20
|
|
2,173,920
|
|
3,641,406
|
6.50
|
B/B2
|
BioScrip, Inc., Initial Term B Loan, 7/31/20
|
|
3,623,199
|
|
8,280,000
|
6.50
|
B/B2
|
Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19
|
|
8,336,925
|
|
1,521,188
|
5.75
|
B/B2
|
National Surgical Hospitals, Inc., Term Loan, 8/1/19
|
|
1,526,892
|
|
1,935,525
|
6.00
|
B/B1
|
Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19
|
|
1,940,364
|
|
1,479,250
|
7.25
|
B+/B1
|
Virtual Radiologic Corp., Term Loan A, 12/22/16
|
|
894,946
|
|
|
|
|
|
$
|
21,827,567
|
|
|
|
|
Managed Health Care - 0.1%
|
|
|
|
1,076,531
|
9.75
|
B+/B2
|
MMM Holdings, Inc., Term Loan, 10/9/17
|
$
|
1,087,969
|
|
782,932
|
9.75
|
B+/B2
|
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17
|
|
791,740
|
|
|
|
|
|
$
|
1,879,709
|
|
|
|
|
Total Health Care Equipment & Services
|
$
|
26,148,274
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences - 0.5%
|
|
|
|
|
|
|
Life Sciences Tools & Services - 0.5%
|
|
|
|
10,700,000
|
7.25
|
NR/NR
|
JLL/Delta Patheon Holdings Bridge loan, 12/11/14
|
$
|
10,700,000
|
|
|
|
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
10,700,000
|
|
|
|
|
Diversified Financials - 0.1%
|
|
|
|
|
|
|
Other Diversified Financial Services - 0.1%
|
|
|
|
2,469,527
|
5.25
|
BB/Ba3
|
WorldPay, Facility B2A Term Loan, 8/6/17
|
$
|
2,493,452
|
|
|
|
|
Total Diversified Financials
|
$
|
2,493,452
|
|
|
|
|
Insurance - 0.1%
|
|
|
|
|
|
|
Multi-line Insurance - 0.1%
|
|
|
|
1,262,250
|
4.25
|
B/B1
|
Alliant Holdings I, Inc., Initial Term Loan, 12/20/19
|
$
|
1,268,758
|
|
|
|
|
Total Insurance
|
$
|
1,268,758
|
|
|
|
|
Software & Services - 0.7%
|
|
|
|
|
|
|
Application Software - 0.7%
|
|
|
|
14,106,537
|
8.50
|
B-/Ba3
|
Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18
|
$
|
14,033,071
|
|
673,163
|
4.25
|
B+/B1
|
Vertafore, Inc., Term Loan (2013), 10/3/19
|
|
679,264
|
|
|
|
|
|
$
|
14,712,335
|
|
|
|
|
Total Software & Services
|
$
|
14,712,335
|
|
|
|
|
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
|
|
|
|
|
|
|
(Cost $138,441,351)
|
$
|
136,390,533
|
|
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%
|
|
|
|
2,230
|
|
|
Lear Corp., 11/9/14
|
$
|
324,889
|
|
|
|
|
Total Automobiles & Components
|
$
|
324,889
|
|
|
|
|
TOTAL RIGHTS / WARRANTS
|
|
|
|
|
|
|
(Cost $211,433)
|
$
|
327,187
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 96.1%
|
|
|
|
|
|
|
(Cost $1,823,720,552) (a)
|
$
|
1,960,175,379
|
|
|
|
|
OTHER ASSETS & LIABILITIES - 3.9%
|
$
|
78,606,279
|
|
|
|
|
TOTAL NET ASSETS - 100.0%
|
$
|
2,038,781,658
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT DEFAULT
|
|
|
|
|
|
|
SWAP AGREEMENTS
|
|
|
|
5,295,000
|
|
|
JPMorgan Chase & Co., Advanced Micro
|
|
|
|
|
|
|
Devices, Inc., 5.0%, 12/20/15
|
$
|
22,498
|
|
|
|
|
TOTAL CREDIT DEFAULT
|
|
|
|
|
|
|
SWAP AGREEMENTS
|
|
|
|
|
|
|
(Premiums received $269,370)
|
$
|
22,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
|
Non-income producing security.
|
|
|
|
|
|
|
|
|
|
|
NR
|
|
|
Not rated by either S&P or Moody's.
|
|
|
|
|
|
|
|
|
|
|
WR
|
|
|
Withdrawn rating.
|
|
|
|
|
|
|
|
|
|
|
PIK
|
|
|
Represents a pay-in-kind security.
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
(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 $564,524,849 or 27.7% of total net assets.
|
|
|
|
|
|
|
|
|
**
|
|
|
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 appreciation on investments based on
|
|
|
|
|
cost for federal income tax purposes of $1,829,237,153 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized appreciation for all investments in which
|
|
|
|
|
|
|
there is an excess of value over tax cost
|
$
|
179,497,918
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate gross unrealized depreciation for all investments in which
|
|
|
|
|
|
|
there is an excess of tax cost over value
|
|
(48,559,692)
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
$
|
130,938,226
|
|
|
|
|
|
|
|
|
(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 recognized through accretion of discount.
|
|
|
|
|
|
|
|
|
(d)
|
|
|
Security is in default and is non-income producing.
|
|
|