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

                                   FORM N-Q

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                        MANAGEMENT INVESTMENT COMPANIES



  Investment Company Act file number 811-10395


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


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


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


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


Date of fiscal year end:  October 31

Date of reporting period:  January 31, 2013

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

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


<PAGE>
ITEM 1. Schedule of Investments.




       
Pioneer Global Aggregate Bond Fund
   
       
Schedule of Investments 1/31/13 (unaudited)
   
             
 
Principal
Amount ($)
Floating
Rate (d)
S&P/Moody's
Ratings
 
Value
       
CONVERTIBLE CORPORATE BONDS - 2.1%
   
       
Energy - 0.0%
   
       
Coal & Consumable Fuels - 0.0%
   
 
20,000
 
B+/NR
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15
$
19,200
       
Total Energy
$
19,200
       
Capital Goods - 0.5%
   
       
Electrical Components & Equipment - 0.2%
   
 
56,000
 
B/B2
General Cable Corp., 4.5%, 11/15/29 (Step)
$
65,835
       
Construction & Farm Machinery & Heavy Trucks - 0.3%
   
 
75,000
 
CCC+/NR
Navistar International Corp., 3.0%, 10/15/14
$
70,969
       
Total Capital Goods
$
136,804
       
Consumer Durables & Apparel - 0.2%
   
       
Homebuilding - 0.2%
   
 
50,000
 
B/B2
KB Home, 1.375%, 2/1/19
$
50,969
       
Total Consumer Durables & Apparel
$
50,969
       
Health Care Equipment & Services - 0.8%
   
       
Health Care Equipment - 0.3%
   
 
75,000
 
B+/NR
Hologic, Inc., 2.0%, 12/15/37 (Step)
$
92,719
       
Managed Health Care - 0.5%
   
 
125,000
 
A-/NR
WellPoint, Inc., 2.75%, 10/15/42 (144A)
$
136,719
       
Total Health Care Equipment & Services
$
229,438
       
Semiconductors & Semiconductor Equipment - 0.6%
   
       
Semiconductor Equipment - 0.3%
   
 
75,000
 
BBB-/Baa1
Lam Research Corp., 1.25%, 5/15/18
$
77,953
       
Semiconductors - 0.3%
   
 
85,000
 
A-/NR
Intel Corp., 2.95%, 12/15/35
$
89,144
       
Total Semiconductors & Semiconductor Equipment
$
167,097
       
TOTAL CONVERTIBLE CORPORATE BONDS
   
       
(Cost $566,107)
$
603,508
 
Shares
         
       
PREFERRED STOCKS - 1.5%
   
       
Banks - 0.6%
   
       
Diversified Banks - 0.4%
   
 
4,000
6.00
A-/Baa1
US Bancorp, Floating Rate Note (Perpetual)
$
107,600
       
Regional Banks - 0.2%
   
 
500
6.25
A-/NR
CoBank ACB, Floating Rate Note (Perpetual) (144A)
$
53,469
       
Total Banks
$
161,069
       
Diversified Financials - 0.7%
   
       
Other Diversified Financial Services - 0.7%
   
 
6,527
7.88
BB/Ba2
Citigroup Capital XIII, Floating Rate Note, 10/30/40
$
181,842
 
850
8.12
CCC+/B3
GMAC Capital Trust I, Floating Rate Note, 2/15/40
 
22,670
         
$
204,512
       
Total Diversified Financials
$
204,512
       
Insurance - 0.2%
   
       
Property & Casualty Insurance - 0.2%
   
 
2,225
5.10
BBB/Baa1
The Allstate Corp., Floating Rate Note, 1/15/53
$
56,804
       
Total Insurance
$
56,804
       
TOTAL PREFERRED STOCKS
   
       
(Cost $391,575)
$
422,385
             
       
CONVERTIBLE PREFERRED STOCK - 0.6%
   
       
Banks - 0.6%
   
       
Diversified Banks - 0.6%
   
 
130
 
BBB+/Ba1
Wells Fargo & Co., 7.5%, 12/31/99 (Perpetual)
$
167,817
       
TOTAL CONVERTIBLE PREFERRED STOCK
   
       
(Cost $136,282)
$
167,817
 
Principal
Amount ($)
       
       
ASSET BACKED SECURITIES - 3.9%
   
 
18,463
 
NR/A1
BCMSC Trust 1998-A, 6.65%, 4/15/28
$
19,250
 
92,775
 
NR/Ba3
Bear Stearns Asset Backed Securities Trust, 8.41%, 10/25/29 (Step)
 
91,610
 
50,000
 
A/A1
Capital Auto Receivables Asset Trust 2013-1, 1.74%, 10/22/18
 
49,785
 
50,000
0.71
AAA/Aaa
Chester Asset Receivables Dealings 2004-1 Plc, Floating Rate Note, 4/15/16
 
79,176
 
72,372
 
BB/B2
Citicorp Residential Mortgage Trust Series 2006-1, 5.836%, 7/25/36 (Step)
 
72,102
 
55,998
 
B-/B1
Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step)
 
55,858
 
176
0.30
BBB/A3
Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 1/25/37
 
176
 
11,466
0.57
AA+/A2
Countrywide Asset-Backed Certificates, Floating Rate Note, 1/25/36
 
11,423
GBP
24,601
4.46
BB+/Ba1
Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/35
 
24,699
CAD
24,280
5.07
BB+/B2
Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/36
 
24,587
CAD
16,672
0.31
BBB-/Ba3
Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/37
 
16,612
 
98,500
 
BBB+/Baa1
Domino's Pizza Master Issuer LLC, 5.216%, 1/25/42 (144A)
 
111,172
EURO
22,721
1.36
AAA/Aaa
E-CARAT SA, Floating Rate Note, 10/18/18
 
30,936
 
25,000
 
A/NR
First Investors Auto Owner Trust, 2.02%, 1/15/19 (144A)
 
24,991
 
46,677
0.60
AA+/Aa2
First NLC Trust 2005-2, Floating Rate Note, 9/25/35
 
45,434
 
91,454
 
AAA/NR
Ford Auto Securitization Trust Series 2011-R1 Asset-Backed Notes, 2.431%, 11/15/14 (144A)
92,985
 
100,000
 
NR/NR
Ford Auto Securitization Trust, 1.485%, 12/15/14 (144A)
 
100,261
 
4,968
0.85
A/A2
GSAMP Trust 2005-HE2, Floating Rate Note, 3/25/35
 
4,862
 
2,291
0.58
AA+/Aa1
GSAMP Trust 2005-WMC1, Floating Rate Note, 9/25/35
 
2,289
 
20,228
 
NR/Baa1
Irwin Home Equity Loan Trust 2005-1, 5.32%, 6/25/35 (Step)
 
19,687
 
2,801
0.26
CCC/Ca
Morgan Stanley ABS Capital I Inc Trust 2007-HE3, Floating Rate Note, 12/25/36
 
1,359
 
9,559
0.55
AAA/Aaa
New Century Home Equity Loan Trust Series 2005-1, Floating Rate Note, 3/25/35
 
9,283
 
27,044
0.46
AA+/Aa3
Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4, Floating Rate Note, 11/25/35
26,597
 
16,193
5.91
AA/A3
Origen Manufactured Housing Contract Trust 2004-A, Floating Rate Note, 1/15/35
 
17,429
 
13,796
0.64
AA+/A1
RASC Series 2005-KS7 Trust, Floating Rate Note, 8/25/35
 
13,419
 
20,000
 
NR/Aaa
Santander Drive Auto Receivables Trust 2011-2, 2.66%, 1/15/16
 
20,393
 
30,000
 
A/A1
Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17
 
31,598
 
50,000
 
A/NR
SNAAC Auto Receivables Trust, 3.11%, 6/15/17 (144A)
 
50,204
 
16,633
 
AA+/Baa2
Structured Asset Securities Corp., 4.77%, 10/25/34 (Step)
 
16,603
 
65,767
 
AA-/A2
Terwin Mortgage Trust Series TMTS 2005-16HE, 4.38%, 9/25/36 (Step)
 
67,502
 
7,080
0.29
NR/Aa1
Wells Fargo Home Equity Asset-Backed Securities 2007-2 Trust, Floating Rate Note, 4/25/37
6,958
         
$
1,139,240
       
TOTAL ASSET BACKED SECURITIES
   
       
(Cost $1,116,705)
$
1,139,240
             
       
COLLATERALIZED MORTGAGE OBLIGATIONS - 15.4%
   
 
13,704
0.65
CCC/NR
Alternative Loan Trust 2003-14T1, Floating Rate Note, 8/25/18
$
12,856
 
105,000
 
AAA/Ba3
Alternative Loan Trust 2004-12CB, 5.0%, 7/25/19
 
109,648
 
17,922
 
B-/NR
Alternative Loan Trust 2004-14T2, 5.5%, 8/25/34
 
17,729
 
9,391
 
CCC/B2
Alternative Loan Trust 2004-28CB, 5.5%, 1/25/35
 
9,564
 
33,876
 
BB+/Ba2
Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34
 
34,107
 
18,735
0.65
NR/A1
Banc of America Alternative Loan Trust 2003-10, Floating Rate Note, 12/25/33
 
18,003
 
26,497
 
A+/Baa2
Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33
 
28,752
 
64,957
 
NR/Baa2
Banc of America Alternative Loan Trust 2003-7, 5.5%, 9/25/33
 
66,110
 
28,592
 
NR/B1
Banc of America Alternative Loan Trust 2004-10, 5.5%, 11/25/19
 
28,964
 
18,058
 
NR/Ba2
Banc of America Alternative Loan Trust 2004-2, 6.0%, 3/25/34
 
18,626
 
19,408
 
NR/Ba3
Banc of America Alternative Loan Trust 2004-6, 5.0%, 7/25/19
 
19,815
 
37,331
 
CCC/NR
Banc of America Funding 2005-8 Trust, 5.5%, 1/25/36
 
37,801
 
12,299
3.00
AA+/NR
Banc of America Mortgage 2004-E Trust, Floating Rate Note, 6/25/34
 
12,283
 
8,466
5.08
BBB+/NR
Banc of America Mortgage 2005-H Trust, Floating Rate Note, 9/25/35
 
8,498
 
24,864
 
A+/NR
Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35
 
25,492
 
15,864
 
A+/NR
Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34
 
16,562
 
95,130
 
NR/Caa2
Bayview Commercial Asset Trust, 3.89%, 9/25/37 (Step) (144A)
 
8,923
 
147,994
4.28
NR/Caa2
Bayview Commercial Asset Trust, Floating Rate Note, 7/25/37 (144A)
 
8,258
 
18,255
4.80
A+/Ba1
CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33
 
18,247
 
4,707
 
NR/B1
Citicorp Mortgage Securities Trust Series 2006-1, 5.0%, 2/25/36
 
4,984
 
100,000
5.03
NR/Aaa
Citigroup Commercial Mortgage Trust 2005-EMG, Floating Rate Note, 9/20/51 (144A)
 
102,087
 
50,000
0.38
BBB+/Aaa
Citigroup Commercial Mortgage Trust 2007-FL3A, Floating Rate Note, 4/15/22 (144A)
 
48,394
 
30,904
 
NR/Baa1
Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34
 
32,914
 
100,000
4.65
AA-/A1
City Center Trust 2011-CCHP, Floating Rate Note, 7/15/28 (144A)
 
100,831
 
1,138
 
AAA/NR
COBALT CMBS Commercial Mortgage Trust 2006-C1, 5.174%, 8/15/48
 
1,141
 
100,000
 
NR/Aaa
COMM 2012-LC4 Mortgage Trust, 4.063%, 12/10/44
 
109,336
 
50,000
 
AAA/NR
Commercial Mortgage Pass Through Certificates, 2.941%, 1/10/46
 
51,496
 
10,798
1.55
AA+/A3
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/25/33
 
10,341
 
50,000
6.45
D/Caa2
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 9/15/34 (144A)
 
23,780
 
100,000
5.42
NR/Aa2
DBUBS 2011-LC3 Mortgage Trust, Floating Rate Note, 8/10/44 (144A)
 
116,716
 
47,006
0.75
A+/Aaa
Epic Ayton plc, Floating Rate Note, 10/28/16
 
73,988
 
20,000
 
NR/NR
Fannie Mae REMICS, 4.5%, 6/25/29
 
22,182
 
80,459
 
NR/NR
Fannie Mae REMICS, 6.0%, 3/25/35
 
84,979
 
4,622
 
CCC/NR
First Horizon Mortgage Pass-Through Trust 2006-1, 6.0%, 5/25/36
 
4,630
 
36,611
 
NR/NR
Freddie Mac REMICS, 5.0%, 6/15/34
 
37,741
 
12,259
 
NR/NR
Freddie Mac REMICS, 5.5%, 2/15/33
 
12,350
 
25,000
4.29
A-/NR
FREMF Mortgage Trust Class B, Floating Rate Note, 7/25/48 (144A)
 
26,616
 
25,000
4.35
NR/A3
FREMF Mortgage Trust, Floating Rate Note, 1/25/46 (144A)
 
25,881
 
25,000
4.77
NR/A3
FREMF Mortgage Trust, Floating Rate Note, 4/25/44 (144A)
 
27,237
 
50,000
4.89
NR/A3
FREMF Mortgage Trust, Floating Rate Note, 7/25/44 (144A)
 
54,749
 
75,000
4.16
NR/Baa2
FREMF Mortgage Trust, Floating Rate Note, 9/25/44 (144A)
 
76,211
 
45,000
5.16
NR/NR
FREMF Mortgage Trust, Floating Rate Note, 9/25/45 (144A)
 
49,224
GBP
50,000
 
NR/NR
Government National Mortgage Association, 4.5%, 9/20/39
 
56,481
 
14,748
 
NR/NR
Government National Mortgage Association, 5.25%, 8/16/35
 
17,267
EURO
674,408
0.65
NR/NR
Government National Mortgage Association, Floating Rate Note, 11/16/51
 
26,563
AUD
247,486
1.03
NR/NR
Government National Mortgage Association, Floating Rate Note, 2/16/53
 
21,685
 
296,280
1.10
NR/NR
Government National Mortgage Association, Floating Rate Note, 8/16/52
 
23,600
 
346,536
1.07
NR/NR
Government National Mortgage Association, Floating Rate Note, 9/16/52
 
31,459
 
25,000
 
NR/NR
GS Mortgage Securities Corp II, 3.676%, 2/10/46
 
25,485
 
50,000
 
NR/Aaa
GS Mortgage Securities Corp. II, 3.377%, 5/10/45
 
53,315
 
50,000
 
NR/Aaa
GS Mortgage Securities Corp. II, 5.56%, 11/10/39
 
56,995
 
94,395
2.61
AAA/NR
GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33
 
95,253
 
100,000
2.57
A/A2
JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 10/15/25 (144A)
101,432
 
48,296
0.57
NR/Ba1
JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A)
40,833
 
35,000
 
NR/Aaa
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5, 4.171%, 8/15/46
 
39,603
 
17,897
4.89
AA+/Baa1
JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34
 
18,213
 
160,948
3.06
A+/NR
JP Morgan Mortgage Trust 2004-A2, Floating Rate Note, 5/25/34
 
162,940
 
19,531
 
B-/Ba2
JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34
 
20,042
 
34,000
5.62
BBB+/NR
LB-UBS Commercial Mortgage Trust 2002-C4, Floating Rate Note, 10/15/35 (144A)
 
33,928
 
3,582
5.41
AAA/Aaa
Lehman Brothers Small Balance Commercial Mortgage Trust 2006-3, Floating Rate Note, 12/25/36 (144A)
3,547
 
8,372
 
B+/NR
MASTR Alternative Loan Trust 2004-10, 5.5%, 10/25/19
 
8,610
 
5,263
 
A-/NR
MASTR Alternative Loan Trust 2004-13, 4.5%, 1/25/15
 
5,275
 
51,204
 
B/NR
MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34
 
52,220
 
19,553
 
A+/NR
MASTR Alternative Loan Trust 2005-1, 5.5%, 2/25/35
 
19,518
 
62,729
6.62
A-/NR
MASTR Seasoned Securitization Trust 2005-1, Floating Rate Note, 9/25/32
 
65,772
 
250,000
4.74
NR/Aaa
Merrill Lynch Financial Assets, Inc., Floating Rate Note, 1/12/40
 
269,441
 
59,414
4.71
AAA/Aaa
Merrill Lynch Financial Assets, Inc., Floating Rate Note, 3/12/49
 
60,268
GBP
18,746
0.66
A+/A3
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A, Floating Rate Note, 4/25/29
18,332
 
29,192
0.66
AA+/Baa2
Merrill Lynch Mortgage Investors Trust Series MLCC 2005-A, Floating Rate Note, 3/25/30
29,163
 
100,000
 
NR/NR
Morgan Stanley Re-REMIC Trust 2010-R9, 5.0%, 11/26/36 (144A)
 
101,228
 
103,504
0.92
AA+/NR
Paragon Secured Finance Plc, Floating Rate Note, 11/15/35
 
160,845
 
100,000
1.44
AAA/Aaa
Permanent Master Issuer Plc, Floating Rate Note, 7/15/42
 
138,669
 
6,210
 
BB+/B2
RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32
 
6,333
 
25,581
0.75
NR/Baa3
RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17
 
24,167
 
85,279
 
BBB+/Ba1
RALI Series 2004-QS1 Trust, 4.25%, 1/25/34
 
86,368
 
14,826
0.75
BBB+/Ba1
RALI Series 2004-QS1 Trust, Floating Rate Note, 1/25/34
 
14,235
CAD
37,318
 
NR/B1
RALI Series 2004-QS13 Trust, 5.0%, 9/25/19
 
38,388
CAD
12,411
 
NR/B3
RALI Series 2004-QS16 Trust, 5.5%, 12/25/34
 
12,229
EURO
134,168
 
BBB+/NR
RALI Series 2004-QS4 Trust, 4.0%, 3/25/34
 
136,951
 
46,580
 
AAA/NR
RALI Series 2005-QR1 Trust, 6.0%, 10/25/34
 
47,472
 
70,168
0.62
AAA/A1
Rams Mortgage Securities Pty, Ltd., Floating Rate Note, 7/21/35
 
91,473
 
56,134
3.78
AAA/A1
Rams Mortgage Securities Pty, Ltd., Floating Rate Note, 7/21/35
 
57,821
 
15,687
 
B-/NR
Residential Asset Securitization Trust 2004-A10, 5.5%, 2/25/35
 
16,019
 
29,900
 
B/NR
Residential Asset Securitization Trust 2004-A9, 5.75%, 12/25/34
 
30,610
 
19,644
 
CCC/NR
Residential Asset Securitization Trust 2005-A9, 5.5%, 7/25/35
 
19,671
 
72,508
 
BB/NR
RFMSI Series 2005-S6 Trust, 5.25%, 8/25/35
 
74,957
 
25,546
0.42
BBB+/Ba3
Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35
 
23,792
 
56,958
2.90
A+/Baa3
Structured Asset Securities Corp Mor Cer Ser 2003-31A, Floating Rate Note, 10/25/33
 
57,331
 
50,000
 
AAA/Aa1
Timberstar Trust, 5.668%, 10/15/36 (144A)
 
57,185
 
5,178,003
0.01
AAA/Aaa
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Floating Rate Note, 6/15/45
 
1,279
 
83,922
2.45
BBB+/NR
WaMu Mortgage Pass Through Certificates, Floating Rate Note, 1/25/35
 
84,307
 
85,895
 
NR/Aaa
Wells Fargo Commercial Mortgage Trust, 3.349%, 11/15/43 (144A)
 
92,449
 
9,602
 
AA+/Baa3
Wells Fargo Mortgage Backed Securities 2003-15 Trust, 4.75%, 12/25/18
 
9,886
 
18,113
 
BB+/B1
Wells Fargo Mortgage Backed Securities 2005-9 Trust, 5.5%, 10/25/35
 
18,682
 
13,709
 
AA+/A1
Wells Fargo Mortgage Backed Securities 2006-16 Trust, 5.0%, 11/25/36
 
14,214
 
42,359
 
NR/Caa1
Wells Fargo Mortgage Backed Securities 2006-2 Trust, 5.75%, 3/25/36
 
42,520
 
50,000
 
AA-/NR
WFDB Commercial Mortgage Trust, 5.914%, 7/5/24 (144A)
 
51,227
         
$
4,465,594
       
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
   
       
(Cost $4,345,038)
$
4,465,594
             
       
CORPORATE BONDS - 30.7%
   
       
Energy - 3.8%
   
       
Oil & Gas Drilling - 0.1%
   
 
25,000
 
BBB+/Baa1
Pride International, Inc., 6.875%, 8/15/20
$
31,207
       
Oil & Gas Equipment & Services - 0.2%
   
 
25,000
 
BBB-/Baa2
Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42
$
25,540
 
25,000
 
BBB-/Baa2
Weatherford International, Ltd. Bermuda, 9.625%, 3/1/19
 
32,589
         
$
58,129
       
Oil & Gas Exploration & Production - 1.3%
   
 
10,000
 
BBB+/Baa1
Canadian Natural Resources, Ltd., 5.9%, 2/1/18
$
11,952
 
50,000
 
B-/B3
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18
 
53,875
 
50,000
 
B/NR
EP Energy LLC, 9.375%, 5/1/20
 
56,000
 
90,000
 
B/B2
Linn Energy LLC, 6.25%, 11/1/19 (144A)
 
89,775
 
51,000
 
B/B2
Linn Energy LLC, 8.625%, 4/15/20
 
56,228
 
23,000
 
BBB/Baa2
Marathon Oil Corp., 5.9%, 3/15/18
 
27,657
 
70,000
 
B/B1
Plains Exploration & Production Co., 6.75%, 2/1/22
 
78,838
         
$
374,325
       
Oil & Gas Refining & Marketing - 0.4%
   
 
40,000
 
A/A2
Motiva Enterprises LLC, 5.75%, 1/15/20 (144A)
$
47,843
 
25,000
 
BBB/Baa2
Spectra Energy Capital LLC, 6.2%, 4/15/18
 
30,359
 
21,000
 
BBB/Baa2
Valero Energy Corp., 9.375%, 3/15/19
 
28,759
         
$
106,961
       
Oil & Gas Storage & Transportation - 1.3%
   
 
25,000
 
BBB-/Baa3
Buckeye Partners LP, 6.05%, 1/15/18
$
28,342
 
25,000
 
BBB/Baa2
DCP Midstream LLC, 9.75%, 3/15/19 (144A)
 
32,727
 
65,000
7.00
BB+/Baa3
Enterprise Products Operating LLC, Floating Rate Note, 6/1/67
 
69,875
 
70,000
 
BBB/Baa2
Kinder Morgan Energy Partners LP, 4.15%, 3/1/22
 
74,602
 
10,000
 
BBB/Baa2
Kinder Morgan Energy Partners LP, 5.95%, 2/15/18
 
11,869
 
25,000
 
BBB/Baa2
Plains All American Pipeline LP, 6.125%, 1/15/17
 
29,222
 
10,000
 
A/A3
Questar Pipeline Co., 5.83%, 2/1/18
 
11,649
 
20,000
 
BB/Ba2
Rockies Express Pipeline LLC, 5.625%, 4/15/20 (144A)
 
18,800
 
10,000
 
BBB/Baa2
Spectra Energy Capital LLC, 6.75%, 7/15/18
 
11,765
 
60,000
 
BBB-/Baa3
Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42
 
67,516
 
13,000
 
BBB-/Baa3
The Williams Companies, Inc., 7.75%, 6/15/31
 
16,242
         
$
372,609
       
Coal & Consumable Fuels - 0.5%
   
 
45,000
 
B+/B2
Alpha Natural Resources, Inc., 6.0%, 6/1/19
$
40,500
 
25,000
 
BB-/B1
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A)
 
24,625
 
75,000
 
B/B2
Penn Virginia Resource Partners LP, 8.375%, 6/1/20 (144A)
 
80,438
         
$
145,563
       
Total Energy
$
1,088,794
       
Materials - 1.3%
   
       
Diversified Chemicals - 0.1%
   
 
20,000
 
BBB/Baa2
Eastman Chemical Co., 4.8%, 9/1/42
$
20,591
       
Specialty Chemicals - 0.1%
   
 
25,000
 
BBB/Baa2
Cytec Industries, Inc., 8.95%, 7/1/17
$
31,092
       
Construction Materials - 0.1%
   
 
30,000
 
BBB/Baa2
Holcim US Finance Sarl & Cie SCS, 6.0%, 12/30/19 (144A)
$
33,853
       
Aluminum - 0.1%
   
 
25,000
 
BBB-/Baa3
Alcoa, Inc., 6.15%, 8/15/20
$
27,383
       
Diversified Metals & Mining - 0.3%
   
 
50,000
 
BBB-/Baa2
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22
$
50,713
 
35,000
 
BBB-/Baa2
AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20
 
36,667
         
$
87,380
       
Steel - 0.6%
   
 
30,000
 
BB+/Ba1
ArcelorMittal, 6.125%, 6/1/18
$
32,031
 
25,000
 
BB+/Ba2
Commercial Metals Co., 7.35%, 8/15/18
 
27,562
 
100,000
 
NR/B3
Metinvest BV, 10.25%, 5/20/15 (144A)
 
105,750
         
$
165,343
       
Total Materials
$
365,642
       
Capital Goods - 1.3%
   
       
Aerospace & Defense - 0.3%
   
 
50,000
 
BB/Ba2
Bombardier, Inc., 4.25%, 1/15/16 (144A)
$
51,500
 
30,000
 
BB/Ba2
Esterline Technologies Corp., 6.625%, 3/1/17
 
30,675
         
$
82,175
       
Building Products - 0.4%
   
 
25,000
 
BBB-/Ba3
Masco Corp., 5.95%, 3/15/22
$
27,674
 
85,000
 
BBB-/Ba3
Masco Corp., 7.125%, 3/15/20
 
98,451
         
$
126,125
       
Electrical Components & Equipment - 0.1%
   
 
25,000
 
B/B3
WireCo WorldGroup, Inc., 9.5%, 5/15/17
$
26,250
       
Construction & Farm Machinery & Heavy Trucks - 0.0%
   
 
10,000
 
A/Baa1
Cummins, Inc., 6.75%, 2/15/27
$
12,165
       
Industrial Machinery - 0.1%
   
 
15,000
 
BBB+/Baa1
Ingersoll-Rand Global Holding Co., Ltd., 9.5%, 4/15/14
$
16,451
 
20,000
 
BBB-/Baa3
Valmont Industries, Inc., 6.625%, 4/20/20
 
23,650
         
$
40,101
       
Trading Companies & Distributors - 0.4%
   
 
55,000
 
BB+/NR
Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)
$
59,734
 
40,000
 
BBB/Baa2
GATX Corp., 6.0%, 2/15/18
 
44,355
         
$
104,089
       
Total Capital Goods
$
390,905
       
Transportation - 0.4%
   
       
Air Freight & Logistics - 0.3%
   
 
75,000
 
B-/B1
CEVA Group Plc, 8.375%, 12/1/17 (144A)
$
76,688
       
Airlines - 0.0%
   
 
13,040
 
A-/Baa2
Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19
$
14,148
       
Railroads - 0.1%
   
 
25,000
 
BBB+/A3
Burlington Northern Santa Fe LLC, 5.75%, 3/15/18
$
30,001
       
Total Transportation
$
120,837
       
Automobiles & Components - 0.9%
   
       
Auto Parts & Equipment - 0.5%
   
 
100,000
 
B+/B2
Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A)
$
97,500
 
50,000
 
B+/B1
Tower Automotive Holdings USA LLC, 10.625%, 9/1/17 (144A)
 
55,500
         
$
153,000
       
Automobile Manufacturers - 0.4%
   
AUD
100,000
 
A/A2
BMW Australia Finance, Ltd., 6.5%, 2/28/14
$
107,471
 
10,000
 
BBB+/A3
Nissan Motor Acceptance Corp., 4.5%, 1/30/15 (144A)
 
10,689
         
$
118,160
       
Total Automobiles & Components
$
271,160
       
Consumer Durables & Apparel - 0.3%
   
       
Home Furnishings - 0.1%
   
 
25,000
 
BBB-/Ba1
Mohawk Industries, Inc., 3.85%, 2/1/23
$
24,997
       
Homebuilding - 0.1%
   
 
50,000
 
NR/Ba3
Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A)
$
51,500
       
Household Appliances - 0.1%
   
 
25,000
 
BBB-/Baa3
Whirlpool Corp., 5.5%, 3/1/13
$
25,090
       
Total Consumer Durables & Apparel
$
101,587
       
Consumer Services - 0.9%
   
       
Casinos & Gaming - 0.1%
   
 
25,000
 
BBB/Baa2
International Game Technology, 7.5%, 6/15/19
$
29,774
       
Education Services - 0.8%
   
 
25,000
 
NR/Aa2
Bowdoin College, 4.693%, 7/1/12
$
22,720
 
25,000
 
AAA/Aaa
Massachusetts Institute of Technology, 5.6%, 7/1/11
 
33,471
 
30,000
 
AAA/Aaa
The Board of Trustees of The Leland Stanford Junior University, 4.75%, 5/1/19
 
34,714
 
75,000
 
AA-/Aa2
Tufts University, 5.017%, 4/15/12
 
79,768
 
50,000
 
AAA/Aaa
Yale University, 2.9%, 10/15/14
 
52,071
         
$
222,744
       
Total Consumer Services
$
252,518
       
Media - 0.4%
   
       
Broadcasting - 0.2%
   
 
50,000
 
B-/B3
Telesat Canada, 12.5%, 11/1/17
$
54,375
       
Cable & Satellite - 0.2%
   
 
25,000
 
BBB+/Baa1
British Sky Broadcasting Group Plc, 6.1%, 2/15/18 (144A)
$
29,732
 
10,000
 
BBB/Baa2
Time Warner Cable, Inc., 8.25%, 4/1/19
 
13,220
 
5,000
 
BBB/Baa2
Time Warner Cable, Inc., 8.75%, 2/14/19
 
6,678
         
$
49,630
       
Total Media
$
104,005
       
Retailing - 0.2%
   
       
Internet Retail - 0.2%
   
 
50,000
 
BBB-/Ba1
Expedia, Inc., 5.95%, 8/15/20
$
55,105
       
Total Retailing
$
55,105
       
Food & Staples Retailing - 0.1%
   
       
Drug Retail - 0.1%
   
 
14,282
 
BBB+/Baa2
CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)
$
16,552
       
Total Food & Staples Retailing
$
16,552
       
Food, Beverage & Tobacco - 1.3%
   
       
Brewers - 0.1%
   
 
20,000
 
A/A3
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19
$
26,399
       
Agricultural Products - 0.2%
   
 
50,000
 
BBB-/Baa2
Viterra, Inc., 5.95%, 8/1/20 (144A)
$
53,306
       
Packaged Foods & Meats - 1.0%
   
 
70,000
 
BBB/Baa2
Kraft Foods Group, Inc., 3.5%, 6/6/22
$
73,207
 
45,000
 
BBB-/Baa2
Mondelez International, Inc., 6.5%, 2/9/40
 
58,447
 
150,000
 
B+/B1
Post Holdings, Inc., 7.375%, 2/15/22
 
166,500
         
$
298,154
       
Total Food, Beverage & Tobacco
$
377,859
       
Health Care Equipment & Services - 0.8%
   
       
Health Care Equipment - 0.4%
   
 
100,000
 
BB/B2
Hologic, Inc., 6.25%, 8/1/20 (144A)
$
107,500
       
Health Care Services - 0.1%
   
 
50,000
 
AA-/Aa3
Catholic Health Initiatives, 4.35%, 11/1/42
$
49,538
       
Health Care Technology - 0.3%
   
 
75,000
 
B-/B3
MedAssets, Inc., 8.0%, 11/15/18
$
81,562
       
Total Health Care Equipment & Services
$
238,600
       
Pharmaceuticals, Biotechnology & Life Sciences - 0.1%
   
       
Biotechnology - 0.1%
   
 
25,000
 
BBB+/Baa2
Biogen Idec, Inc., 6.0%, 3/1/13
$
25,099
       
Total Pharmaceuticals, Biotechnology & Life Sciences
$
25,099
       
Banks - 6.5%
   
       
Diversified Banks - 5.2%
   
NOK
250,000
 
AAA/Aaa
Asian Development Bank, 3.375%, 5/20/14
$
46,592
EURO
50,000
 
NR/Aaa
AXA Bank Europe SCF, 3.5%, 11/5/20
 
74,449
AUD
100,000
 
AA-/Aa2
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Australia, 6.0%, 10/29/15
 
109,665
 
75,000
 
AA-/Aa2
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22
 
79,326
TRY
40,000
 
AA-/Aa2
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3/3/15
 
20,300
EURO
50,000
 
NR/Aaa
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 6.875%, 3/19/20
 
75,780
IDR
850,000,000
 
NR/NR
Inter-American Development Bank, 4.5%, 2/4/16
 
87,445
AUD
50,000
 
AAA/Aaa
Inter-American Development Bank, 6.5%, 8/20/19
 
60,129
NOK
1,500,000
 
AAA/Aaa
International Bank for Reconstruction & Development, 3.25%, 4/14/14
 
278,566
AUD
185,000
 
AAA/Aaa
International Bank for Reconstruction & Development, 5.75%, 10/21/19
 
214,368
BRL
400,000
 
AAA/Aaa
International Finance Corp. United States, 5.0%, 12/21/15
 
195,695
BRL
200,000
 
NR/NR
International Finance Corp. United States, 7.45%, 8/14/14
 
102,716
 
100,000
 
BBB+/Baa2
Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)
 
107,069
 
50,000
4.50
NR/Baa3
Scotiabank Peru SA, Floating Rate Note, 12/13/27 (144A)
 
49,375
         
$
1,501,475
       
Regional Banks - 1.1%
   
 
25,000
 
A/A1
Mellon Funding Corp., 5.5%, 11/15/18
$
29,434
 
65,000
8.25
BBB/Baa3
PNC Financial Services Group, Inc., Floating Rate Note, 5/29/49 (Perpetual)
 
65,784
 
115,000
6.75
BBB/Baa3
PNC Financial Services Group, Inc., Floating Rate Note, 7/29/49 (Perpetual)
 
131,952
 
75,000
 
BBB/Baa1
SunTrust Banks, Inc., 3.5%, 1/20/17
 
80,111
 
20,000
 
A+/A1
Wachovia Bank NA, 6.0%, 11/15/17
 
23,948
         
$
331,229
       
Thrifts & Mortgage Finance - 0.2%
   
 
50,000
 
BBB-/Baa2
Astoria Financial Corp., 5.0%, 6/19/17
$
52,836
       
Total Banks
$
1,885,540
       
Diversified Financials - 4.5%
   
       
Other Diversified Financial Services - 1.5%
   
 
25,000
 
A-/NR
Carlyle Holdings Finance LLC, 3.875%, 2/1/23 (144A)
$
25,020
TRY
65,000
 
AAA/Aaa
European Investment Bank, 3/2/15
 
33,457
 
100,000
7.12
AA-/Baa1
General Electric Capital Corp., Floating Rate Note, 12/29/49 (Perpetual)
 
114,675
 
25,000
 
A/A2
JPMorgan Chase & Co., 6.0%, 1/15/18
 
29,696
 
100,000
7.90
BBB/Ba1
JPMorgan Chase & Co., Floating Rate Note (Perpetual)
 
115,040
 
100,000
 
A-/NR
KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)
 
100,986
         
$
418,874
       
Specialized Finance - 0.4%
   
 
91,000
 
BBB-/WR
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)
$
93,767
 
10,000
 
A+/A1
National Rural Utilities Cooperative Finance Corp., 5.45%, 2/1/18
 
11,891
         
$
105,658
       
Consumer Finance - 0.3%
   
 
35,000
 
A+/A1
American Honda Finance Corp., 6.7%, 10/1/13 (144A)
$
36,394
 
25,000
 
A/A2
Caterpillar Financial Services Corp., 7.05%, 10/1/18
 
32,055
 
30,000
 
CCC/Caa1
Springleaf Finance Corp., 6.9%, 12/15/17
 
28,582
         
$
97,031
       
Asset Management & Custody Banks - 0.1%
   
 
25,000
 
A-/A3
Eaton Vance Corp., 6.5%, 10/2/17
$
29,915
       
Investment Banking & Brokerage - 2.2%
   
 
110,000
4.00
BB+/Ba2
Goldman Sachs Capital II, Floating Rate Note, 6/1/43
$
89,650
 
35,000
 
BBB/Baa3
Jefferies Group, Inc., 5.125%, 4/13/18
 
37,275
 
50,000
 
BBB/Baa3
Jefferies Group, Inc., 6.875%, 4/15/21
 
57,000
 
25,000
 
BBB/Baa3
Jefferies Group, Inc., 8.5%, 7/15/19
 
31,074
 
10,000
 
BBB/A3
Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)
 
10,876
 
50,000
 
A-/Baa2
Merrill Lynch & Co., Inc., 5.45%, 2/5/13
 
50,000
 
100,000
 
BBB+/Baa3
Merrill Lynch & Co., Inc., 7.75%, 5/14/38
 
133,823
 
50,000
 
BBB+/Baa2
Morgan Stanley, 4.875%, 11/1/22
 
51,243
 
10,000
 
A-/Baa1
Morgan Stanley, 5.5%, 1/26/20
 
11,168
 
45,000
 
A-/Baa1
Morgan Stanley, 6.625%, 4/1/18
 
53,014
 
25,000
 
BBB/Baa2
Raymond James Financial, Inc., 4.25%, 4/15/16
 
26,137
 
90,000
 
NR/Baa3
Scottrade Financial Services, Inc., 6.125%, 7/11/21 (144A)
 
92,924
         
$
644,184
       
Total Diversified Financials
$
1,295,662
       
Insurance - 3.1%
   
       
Life & Health Insurance - 1.0%
   
 
35,000
 
BBB/Baa2
Delphi Financial Group, Inc., 7.875%, 1/31/20
$
42,753
 
15,000
 
A-/Baa2
Lincoln National Corp., 8.75%, 7/1/19
 
20,031
 
25,000
6.05
BBB/Ba1
Lincoln National Corp., Floating Rate Note, 4/20/67
 
25,062
 
35,000
 
BBB/Baa2
MetLife, Inc., 10.75%, 8/1/39
 
53,725
 
45,000
 
A-/Baa2
Protective Life Corp., 7.375%, 10/15/19
 
54,539
 
100,000
5.88
BBB+/Baa3
Prudential Financial, Inc., Floating Rate Note, 9/15/42
 
104,875
         
$
300,985
       
Multi-line Insurance - 0.4%
   
 
60,000
 
BBB/A3
AXA SA, 8.6%, 12/15/30
$
76,994
 
40,000
 
BBB-/Baa3
Genworth Financial, Inc., 7.2%, 2/15/21
 
47,064
         
$
124,058
       
Property & Casualty Insurance - 1.2%
   
 
20,000
 
BBB-/Baa2
OneBeacon US Holdings, Inc., 4.6%, 11/9/22
$
20,529
 
95,000
7.51
BB+/Ba2
Sirius International Group, Ltd., Floating Rate Note, 5/29/49 (Perpetual) (144A)
 
100,720
 
110,000
6.50
BBB/Baa1
The Allstate Corp., Floating Rate Note, 5/15/57
 
118,536
 
50,000
 
BBB-/Baa3
The Hanover Insurance Group, Inc., 7.5%, 3/1/20
 
58,618
 
50,000
 
BBB-/Baa3
The Hanover Insurance Group, Inc., 7.625%, 10/15/25
 
56,878
         
$
355,281
       
Reinsurance - 0.5%
   
 
50,000
 
BBB/NR
Montpelier Re Holdings, Ltd., 4.7%, 10/15/22
$
50,248
 
40,000
 
BBB/NR
Platinum Underwriters Finance, Inc., 7.5%, 6/1/17
 
44,476
 
35,000
6.75
BBB-/Baa3
Reinsurance Group of America, Inc., Floating Rate Note, 12/15/65
 
35,700
         
$
130,424
       
Total Insurance
$
910,748
       
Real Estate - 1.3%
   
       
Diversified REIT - 0.1%
   
 
20,000
 
BBB/Baa2
Digital Realty Trust LP, 4.5%, 7/15/15
$
21,305
 
10,000
 
BBB/Baa2
Digital Realty Trust LP, 5.875%, 2/1/20
 
11,405
         
$
32,710
       
Office REIT - 0.4%
   
 
40,000
 
BBB-/Baa2
Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22
$
42,757
 
35,000
 
BBB-/Baa3
Highwoods Realty LP, 3.625%, 1/15/23
 
33,748
 
25,000
 
BBB/Baa2
Mack-Cali Realty LP, 5.125%, 2/15/14
 
25,959
         
$
102,464
       
Retail REIT - 0.1%
   
 
35,000
 
BBB-/Baa3
DDR Corp., 7.5%, 4/1/17
$
41,816
       
Specialized REIT - 0.6%
   
 
10,000
 
BBB-/Baa2
Health Care Real Estate Investment Trust, Inc., 6.2%, 6/1/16
$
11,428
 
25,000
 
BBB-/Baa3
Healthcare Realty Trust, Inc., 6.5%, 1/17/17
 
28,524
 
40,000
 
BBB-/Baa2
Hospitality Properties Trust, 5.0%, 8/15/22
 
42,430
 
25,000
 
BBB-/Baa2
Hospitality Properties Trust, 7.875%, 8/15/14
 
26,617
 
45,000
 
BBB-/Baa3
Senior Housing Properties Trust, 6.75%, 4/15/20
 
51,353
         
$
160,352
       
Diversified Real Estate Activities - 0.1%
   
 
35,000
 
A-/A2
WEA Finance LLC, 7.125%, 4/15/18 (144A)
$
43,006
       
Total Real Estate
$
380,348
       
Semiconductors & Semiconductor Equipment - 0.1%
   
       
Semiconductor Equipment - 0.1%
   
 
25,000
 
BBB/Baa1
KLA-Tencor Corp., 6.9%, 5/1/18
$
29,810
       
Total Semiconductors & Semiconductor Equipment
$
29,810
       
Telecommunication Services - 1.7%
   
       
Integrated Telecommunication Services - 1.2%
   
CHF
40,000
 
BBB+/Baa1
Deutsche Telekom AG, 3.75%, 4/22/14
$
45,729
 
30,000
 
BB-/Ba2
Frontier Communications Corp., 8.5%, 4/15/20
 
34,650
 
45,000
 
NR/A2
GTP Acquisition Partners I LLC, 4.347%, 6/15/16 (144A)
 
47,489
 
45,000
 
NR/A2
GTP Towers Issuer LLC, 4.436%, 2/15/15 (144A)
 
46,750
 
20,000
 
A/A2
Qtel International Finance, Ltd., 6.5%, 6/10/14 (144A)
 
21,310
EURO
50,000
 
BBB/Baa2
Telefonica Emisiones SAU, 5.496%, 4/1/16
 
72,661
 
75,000
 
BBB/Baa2
Telefonica Emisiones SAU, 6.221%, 7/3/17
 
83,883
         
$
352,472
       
Wireless Telecommunication Services - 0.5%
   
 
35,000
 
B+/Ba2
Cricket Communications, Inc., 7.75%, 5/15/16
$
36,838
 
30,000
 
NR/A2
Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)
 
34,051
 
75,000
 
B/B2
MetroPCS Wireless, Inc., 6.625%, 11/15/20
 
79,500
         
$
150,389
       
Total Telecommunication Services
$
502,861
       
Utilities - 1.3%
   
       
Electric Utilities - 1.1%
   
 
10,000
 
A-/A3
Commonwealth Edison Co., 6.15%, 9/15/17
$
12,014
 
25,000
 
BBB/Baa2
Commonwealth Edison Co., 6.95%, 7/15/18
 
30,399
 
100,000
5.25
BBB+/NR
Electricite de France SA, Floating Rate Note, 12/29/49 (Perpetual) (144A)
 
97,621
 
10,000
6.70
BB+/Ba1
PPL Capital Funding, Inc., Floating Rate Note, 3/30/67
 
10,650
 
70,000
 
BBB-/Baa3
Public Service Co. of New Mexico, 7.95%, 5/15/18
 
84,280
 
50,000
6.25
BBB-/Baa2
Southern California Edison Co., Floating Rate Note, 8/1/49 (Perpetual)
 
55,242
 
10,000
 
BBB+/A3
West Penn Power Co., 5.95%, 12/15/17 (144A)
 
11,764
         
$
301,970
       
Multi-Utilities - 0.1%
   
 
25,000
 
BBB+/Baa1
New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A)
$
27,922
       
Independent Power Producers & Energy Traders - 0.1%
   
 
37,115
 
BBB-/Baa3
Panoche Energy Center LLC, 6.885%, 7/31/29 (144A)
$
39,621
       
Total Utilities
$
369,513
       
Government - 0.4%
   
TRY
50,000
 
AAA/NR
European Bank for Reconstruction & Development, 0.5%, 2/26/15
$
25,801
GBP
50,000
 
AAA/NR
European Bank for Reconstruction & Development, 1.875%, 12/10/13
 
80,161
         
$
105,962
       
Total Government
$
105,962
       
TOTAL CORPORATE BONDS
   
       
(Cost $8,075,295)
$
8,889,107
             
       
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 4.2%
   
 
52,149
 
AAA/Aaa
Fannie Mae, 4.5%, 4/1/41
$
56,139
 
52,916
 
AAA/Aaa
Fannie Mae, 5.0%, 6/1/40
 
57,655
 
161,413
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 5.0%, 10/1/38
 
173,745
 
138,572
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 5.0%, 9/1/38
 
149,159
 
84,730
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 6.0%, 8/1/37
 
93,685
 
45,630
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 6.5%, 1/1/38
 
51,826
 
149,150
 
AAA/Aaa
Federal Home Loan Mortgage Corp., 6.5%, 4/1/38
 
169,492
 
116,486
 
AAA/Aaa
Government National Mortgage Association II, 4.5%, 9/20/41
 
127,547
 
30,000
 
AA+/Aaa
U.S. Treasury Bonds, 4.25%, 5/15/39
 
36,731
 
60,000
 
AA+/Aaa
U.S. Treasury Bonds, 4.5%, 2/15/36
 
75,956
 
10,000
 
AA+/Aaa
U.S. Treasury Bonds, 4.5%, 5/15/38
 
12,695
 
60,000
 
AA+/Aaa
U.S. Treasury Bonds, 4.5%, 8/15/39
 
76,350
 
100,000
 
AA+/Aaa
U.S. Treasury Bonds, 4.75%, 2/15/41
 
132,203
         
$
1,213,183
       
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
   
       
(Cost $1,110,327)
$
1,213,183
             
       
FOREIGN GOVERNMENT BONDS - 32.6%
   
AUD
100,000
 
NR/Aaa
Australia Government Bond, 5.75%, 5/15/21
$
122,729
AUD
200,000
 
NR/Aaa
Australia Government Bond, 6.5%, 5/15/13
 
210,850
EURO
50,000
 
AA+/Aaa
Austria Government Bond, 4.15%, 3/15/37 (144A)
 
85,404
EURO
50,000
 
AA+/Aaa
Austria Government Bond, 4.35%, 3/15/19 (144A)
 
79,913
EURO
25,000
 
NR/Aa3
Belgium Government Bond, 5.5%, 3/28/28
 
45,047
EURO
100,000
 
NR/Aaa
Bundesrepublik Deutschland, 3.25%, 1/4/20
 
154,888
EURO
125,000
 
NR/Aaa
Bundesrepublik Deutschland, 6.5%, 7/4/27
 
264,947
CAD
10,000
 
AAA/Aaa
Canada Housing Trust No 1, 3.35%, 12/15/20 (144A)
 
10,812
CAD
100,000
 
AAA/Aaa
Canada Housing Trust No 1, 3.8%, 6/15/21 (144A)
 
111,357
CAD
60,000
 
AAA/Aaa
Canadian Government Bond, 1.5%, 3/1/17
 
60,227
CZK
500,000
 
AA/A1
Czech Republic Government Bond, 3.7%, 6/16/13
 
26,791
DKK
250,000
 
AAA/Aaa
Denmark Government Bond, 4.5%, 11/15/39
 
66,044
COP
124,000,000
 
NR/Ba1
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A)
 
72,637
EURO
300,000
 
AAA/Aaa
Finland Government Bond, 4.375%, 7/4/19
 
485,341
EURO
200,000
 
NR/Aa1
France Government Bond OAT, 3.25%, 10/25/21
 
297,613
EURO
117,000
 
NR/Aa1
France Government Bond OAT, 3.75%, 4/25/21
 
180,801
EURO
25,000
 
NR/Aa1
France Government Bond OAT, 4.0%, 10/25/38
 
39,230
HUF
5,000,000
 
BB/Ba1
Hungary Government Bond, 6.75%, 2/12/13
 
23,205
IDR
200,000,000
 
BB+/NR
Indonesia Recapitalization Bond, 14.25%, 6/15/13
 
21,360
IDR
100,000,000
 
BB+/NR
Indonesia Recapitalization Bond, 14.275%, 12/15/13
 
11,155
IDR
50,000,000
 
BB+/Baa3
Indonesia Treasury Bond, 12.5%, 3/15/13
 
5,203
IDR
222,000,000
 
NR/Baa3
Indonesia Treasury Bond, 6.125%, 5/15/28
 
23,223
IDR
200,000,000
 
NR/Baa3
Indonesia Treasury Bond, 7.0%, 5/15/27
 
22,201
IDR
5,000,000,000
 
NR/Baa3
Indonesia Treasury Bond, 7.375%, 9/15/16
 
560,928
IDR
1,210,000,000
 
NR/Baa3
Indonesia Treasury Bond, 8.25%, 6/15/32
 
148,576
IDR
25,000,000
 
NR/Baa3
Indonesia Treasury Bond, 9.0%, 9/15/13
 
2,649
EURO
90,000
 
BBB+/Ba1
Ireland Government Bond, 4.5%, 4/18/20
 
125,709
EURO
45,000
 
BBB+/Ba1
Ireland Government Bond, 5.0%, 10/18/20
 
64,600
EURO
50,000
 
BBB+/Ba1
Ireland Government Bond, 5.9%, 10/18/19
 
75,920
EURO
75,000
 
NR/Baa2
Italy Buoni Poliennali Del Tesoro, 2.25%, 11/1/13
 
102,735
EURO
50,000
 
NR/Baa2
Italy Buoni Poliennali Del Tesoro, 3.75%, 8/1/16
 
70,664
EURO
110,000
 
NR/Baa2
Italy Buoni Poliennali Del Tesoro, 4.75%, 2/1/13
 
149,320
EURO
25,000
 
NR/Baa2
Italy Buoni Poliennali Del Tesoro, 6.5%, 11/1/27
 
40,384
JPY
46,500,000
 
NR/Aa3
Japan Government Ten Year Bond, 1.0%, 12/20/21
 
524,828
JPY
30,000,000
 
NR/Aa3
Japan Government Ten Year Bond, 1.7%, 9/20/16
 
347,277
JPY
5,000,000
 
NR/Aa3
Japan Government Thirty Year Bond, 2.3%, 12/20/36
 
59,208
JPY
27,000,000
 
NR/Aa3
Japan Government Twenty Year Bond, 1.5%, 3/20/19
 
317,640
JPY
35,000,000
 
NR/Aa3
Japan Government Two Year Bond, 0.2%, 8/15/13
 
383,171
MYR
435,000
 
NR/NR
Malaysia Government Bond, 3.418%, 8/15/22
 
138,946
MXN
1,290,000
 
A-/Baa1
Mexican Bonos, 6.5%, 6/9/22
 
112,332
MXN
100,000
 
A-/Baa1
Mexican Bonos, 7.5%, 6/3/27
 
9,362
MXN
1,690,000
 
A-/Baa1
Mexican Bonos, 7.75%, 11/13/42
 
161,507
MXN
250,000
 
A-/Baa1
Mexican Bonos, 9.5%, 12/18/14
 
21,406
EURO
150,000
 
NR/Aaa
Netherlands Government Bond, 4.0%, 7/15/16 (144A)
 
226,981
EURO
91,000
 
NR/Aaa
Netherlands Government Bond, 5.5%, 1/15/28 (144A)
 
173,319
NOK
150,000
 
AAA/Aaa
Norway Government Bond, 4.25%, 5/19/17
 
29,962
NOK
240,000
 
AAA/Aaa
Norway Government Bond, 4.5%, 5/22/19
 
49,789
NOK
775,000
 
AAA/Aaa
Norway Government Bond, 5.0%, 5/15/15
 
151,967
PHP
6,480,000
 
NR/Ba1
Philippine Government Bond, 5.875%, 3/1/32
 
175,998
PHP
150,000
 
NR/Ba1
Philippine Government Bond, 6.125%, 10/24/37
 
4,158
PHP
3,570,000
 
NR/Ba1
Philippine Government Bond, 7.625%, 9/29/36
 
117,237
PHP
800,000
 
NR/Ba1
Philippine Government Bond, 8.0%, 7/19/31
 
26,613
PLN
250,000
 
A/A2
Poland Government Bond, 5.0%, 4/25/16
 
84,983
PLN
1,400,000
 
A/A2
Poland Government Bond, 5.25%, 10/25/17
 
489,343
PLN
70,000
 
A/A2
Poland Government Bond, 5.25%, 4/25/13
 
22,730
NZD
250,000
 
AA-/Aa2
Province of Ontario Canada, 6.25%, 6/16/15
 
222,665
AUD
120,000
 
AA+/Aa1
Queensland Treasury Corp., 6.0%, 7/21/22
 
140,367
RON
300,000
 
NR/NR
Romania Government Bond, 5.85%, 4/26/23
 
92,704
RON
200,000
 
NR/NR
Romania Government Bond, 5.9%, 7/26/17
 
62,366
 
200,000
 
BBB/Baa1
Russian Foreign Bond - Eurobond, 4.5%, 4/4/22 (144A)
 
220,968
ZAR
1,500,000
 
NR/Baa1
South Africa Government Bond, 6.75%, 3/31/21
 
170,594
ZAR
250,000
 
A-/Baa1
South Africa Government Bond, 7.5%, 1/15/14
 
28,607
ZAR
300,000
 
A-/Baa1
South Africa Government Bond, 8.0%, 12/21/18
 
36,805
EURO
100,000
 
BBB-/Baa3
Spain Government Bond, 4.1%, 7/30/18
 
136,638
SEK
500,000
 
AAA/Aaa
Sweden Government Bond, 3.5%, 3/30/39
 
90,020
SEK
55,000
 
AAA/Aaa
Sweden Government Bond, 3.75%, 8/12/17
 
9,541
SEK
1,000,000
 
AAA/Aaa
Sweden Government Bond, 4.25%, 3/12/19
 
181,038
SEK
55,000
 
AAA/Aaa
Sweden Government Bond, 6.75%, 5/5/14
 
9,293
TRY
230,000
 
BBB-/NR
Turkey Government Bond, 10.5%, 1/15/20
 
158,963
GBP
50,000
 
NR/Aaa
United Kingdom Gilt, 4.0%, 9/7/16
 
88,687
GBP
60,000
 
NR/Aaa
United Kingdom Gilt, 4.25%, 12/7/27
 
113,951
GBP
70,000
 
NR/Aaa
United Kingdom Gilt, 4.25%, 9/7/39
 
130,121
GBP
75,000
 
NR/Aaa
United Kingdom Gilt, 8.75%, 8/25/17
 
160,578
         
$
9,445,126
       
TOTAL FOREIGN GOVERNMENT BONDS
   
       
(Cost $9,108,809)
$
9,445,126
             
       
MUNICIPAL BONDS - 3.4%
   
       
Municipal Airport - 0.1%
   
 
20,000
 
BBB/Baa1
Indianapolis Airport Authority, 5.1%, 1/15/17
$
22,402
             
       
Municipal Development - 0.2%
   
 
50,000
 
AA-/Aa3
California Statewide Communities Development Authority, 6.0%, 8/15/42
$
59,189
             
       
Municipal General - 0.3%
   
 
70,000
 
AA/A2
JobsOhio Beverage System, 3.985%, 1/1/29
$
71,137
 
20,000
 
AA/A2
JobsOhio Beverage System, 4.532%, 1/1/35
 
20,313
         
$
91,450
       
Higher Municipal Education - 1.8%
   
 
25,000
 
A+/NR
Baylor University, 4.313%, 3/1/42
$
25,620
 
50,000
 
AAA/Aaa
Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/40
 
58,418
 
25,000
 
AAA/Aaa
Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/42
 
27,966
 
50,000
 
AAA/Aaa
Houston Higher Education Finance Corp., 4.5%, 11/15/37
 
54,156
 
25,000
 
AA/Aa1
Illinois Finance Authority, 5.0%, 10/1/51
 
27,821
 
70,000
 
AAA/Aaa
Massachusetts Health & Educational Facilities Authority, 5.5%, 11/15/36
 
84,133
 
25,000
 
AAA/Aaa
Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/32
 
36,190
 
10,000
 
AAA/Aaa
Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/36
 
11,913
 
20,000
 
AAA/Aaa
Massachusetts Health & Educational Facilities Authority, 6.0%, 7/1/36
 
24,339
 
30,000
 
AAA/Aaa
Missouri State Health & Educational Facilities Authority, 5.0%, 11/15/39
 
35,740
 
50,000
 
AA/Aa1
New York State Dormitory Authority Series A, 5.0%, 7/1/40
 
57,900
 
50,000
 
AAA/Aaa
New York State Dormitory Authority, 5.0%, 7/1/38
 
57,858
 
20,000
 
AAA/Aaa
Permanent University Fund, 5.0%, 7/1/30
 
25,114
         
$
527,168
       
Municipal Medical - 0.1%
   
 
25,000
 
AA-/A1
Massachusetts Development Finance Agency, 5.25%, 4/1/37
$
28,445
             
       
Municipal Utility District - 0.1%
   
 
25,000
 
AA-/Aa3
South Carolina State Public Service Authority, 5.0%, 12/1/43
$
28,111
             
       
Municipal Transportation - 0.2%
   
 
50,000
 
AA/Aa2
Harris County Metropolitan Transit Authority, 5.0%, 11/1/41
$
57,270
             
       
Municipal Water - 0.4%
   
 
45,000
 
AAA/Aa1
City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/41
$
51,641
 
20,000
 
AAA/Aa2
Hampton Roads Sanitation District, 5.0%, 4/1/38
 
22,699
 
45,000
 
AAA/NR
Tarrant Regional Water District, 5.0%, 3/1/52
 
50,923
         
$
125,263
       
Municipal Obligation - 0.2%
   
 
50,000
 
AA+/Aa1
State of Washington, 5.0%, 8/1/39
$
57,292
             
       
TOTAL MUNICIPAL BONDS
   
       
(Cost $900,125)
$
996,590
             
       
SENIOR FLOATING RATE LOAN INTEREST - 0.2%
   
       
Telecommunication Services - 0.2%
   
       
Integrated Telecommunication Services - 0.2%
   
 
50,000
0.00
B+/Ba3
West Corp., Term B-6 Loan, 6/30/18
$
50,812
       
TOTAL SENIOR FLOATING RATE LOAN INTEREST
   
       
(Cost $50,926)
$
50,812
             
       
TEMPORARY CASH INVESTMENT - 2.8%
   
       
Repurchase Agreement - 2.8%
   
 
795,000
   
Deutsche Bank AG, 0.15%, dated 1/31/13, repurchase price of $795,000
   
       
plus accrued interest on 2/1/13 collateralized by the following:
   
       
$47,561 U.S. Treasury Bond, 0-8.875%, 2/14/13-2/15/41
   
       
$91,156 U.S. Treasury Bill, 0.0%, 2/14/13-10/17/13
   
       
$200,306 U.S. Treasury Notes, 0.25-4.75%, 2/15/13-8/15/22
   
       
$471,898 U.S. Treasury Strip, 0.0-4.375%, 2/15/13-8/15/42
$
795,000
       
TOTAL TEMPORARY CASH INVESTMENT
   
       
(Cost $795,000)
$
795,000
             
       
TOTAL INVESTMENT IN SECURITIES - 97.4%
   
       
(Cost $26,596,188) (a)
$
28,188,362
             
       
OTHER ASSETS & LIABILITIES - 2.6%
$
743,733
             
       
TOTAL NET ASSETS - 100.0%
$
28,932,095
             
 
*
   
Non-income producing security.
   
             
 
NR
   
Not rated by either S&P or Moody's.
   
             
 
WR
   
Rating withdrawn by either S&P or Moody's.
   
             
 
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.
   
             
 
(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, 2013, the value of these securities amounted to $4,732,595 or 16.4% of total net assets.
             
 
(a)
   
At January 31, 2013, the net unrealized gain on investments based on
   
       
cost for federal income tax purposes of $26,596,188 was as follows:
   
             
       
Aggregate gross unrealized gain for all investments in which
   
       
there is an excess of value over tax cost
$
1,989,834
             
       
Aggregate gross unrealized loss for all investments in which
   
       
there is an excess of tax cost over value
 
(397,660)
             
       
Net unrealized gain
$
1,592,174
             
 
(b)
   
Debt obligation with a variable interest rate.  Rate shown is rate at end of period.
   
             
       
Principal amounts are denominated in U.S. Dollars unless otherwise denoted:
   
             
 
AUD
   
Austrialian Dollar
   
 
BRL
   
Brazilian Real
   
 
CAD
   
Canadian Dollar
   
 
CHF
   
Swiss Franc
   
 
COP
   
Colombian Peso
   
 
CZK
   
Czech Krona
   
 
DKK
   
Danish Kroner
   
 
EURO
   
Euro
   
 
GBP
   
British Pound Sterling
   
 
HUF
   
Hungarian Forint
   
 
IDR
   
Indonesian Rupiah
   
 
JPY
   
Japanese Yen
   
 
MXN
   
Mexican Peso
   
 
MYR
   
Malaysian Ringgit
   
 
NOK
   
Norwegian Krone
   
 
NZD
   
New Zealand Dollar
   
 
PHP
   
Philippine Peso
   
 
PLN
   
New Polish Zloty
   
 
RON
   
Romanian Leu
   
 
SEK
   
Swedish Krone
   
 
TRY
   
Turkish Lira
   
 
ZAR
   
South African Rand
   
             
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
             
Level 1 – quoted prices in active markets for identical securities
   
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)
   
             
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
   
using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3.
   
See Notes to Financial Statements - Note 1A.
   
             
The following is a summary of the inputs used as of January 31, 2013, in valuing the Fund’s assets:
   
             



   
Level 1
   
Level 2
   
Level 3
   
Total
 
Convertible Corporate Bonds
  $ -     $ 603,508     $ -     $ 603,508  
Preferred Stocks
    368,916       53,469       -       422,385  
Convertible Preferred Stocks
    167,817       -       -       167,817  
Asset Backed Securities
    -       1,139,240       -       1,139,240  
Collateralized Mortgage Obligations
    -       4,465,594       -       4,465,594  
Corporate Bonds
    -       8,889,107       -       8,889,107  
U.S. Government Agency Obligations
    -       1,213,183       -       1,213,183  
Foreign Government Bonds
    -       9,445,126       -       9,445,126  
Municipal Bonds
    -       996,590       -       996,590  
Senior Floating Rate Interest
    -       50,812       -       50,812  
Temporary Cash Investments
    -       795,000       -       795,000  
Total
  $ 536,733     $ 27,651,629     $ -     $ 28,188,362  
                                 
Other Financial Instruments*
  $ -     $ 10,854     $ -     $ 10,854  
                                 
* Other financial instruments Include the unrealized gain (loss) on foreign exchange contracts.
                               



       
Pioneer Global High Yield Fund
   
       
Schedule of Investments 1/31/13 (unaudited)
   
             
 
Principal
Amount ($)
Floating
Rate (b)
S&P/Moody's
Ratings
 
Value
             
       
CONVERTIBLE CORPORATE BONDS - 6.5%
   
       
Energy - 1.6%
   
       
Oil & Gas Drilling - 0.1%
   
 
2,475,000
 
NR/NR
Vantage Drilling Co., 7.875%, 9/1/42
$
2,908,125
       
Oil & Gas Exploration & Production - 0.6%
   
 
4,130,000
 
BB-/Ba3
Chesapeake Energy Corp., 2.5%, 5/15/37
$
3,936,406
 
9,000,000
 
NR/NR
Cobalt International Energy, Inc., 2.625%, 12/1/19
 
9,180,000
         
$
13,116,406
       
Coal & Consumable Fuels - 0.9%
   
 
18,440,000
 
B+/NR
Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15
$
17,702,400
 
1,305,000
 
CC/B2
James River Coal Co., 3.125%, 3/15/18
 
384,975
         
$
18,087,375
       
Total Energy
$
34,111,906
       
Materials - 0.8%
   
       
Construction Materials - 0.6%
   
 
10,300,000
 
NR/NR
Cemex SAB de CV, 3.75%, 3/15/18
$
12,585,312
       
Forest Products - 0.2%
   
 
14,559,000
 
NR/NR
Sino-Forest Corp., 4.25%, 12/15/16 (144A) (e)
$
2,029,161
 
12,150,000
 
NR/WR
Sino-Forest Corp., 5.0%, 8/1/13 (e)
 
1,693,406
         
$
3,722,567
       
Total Materials
$
16,307,879
       
Capital Goods - 0.5%
   
       
Electrical Components & Equipment - 0.1%
   
 
1,250,000
 
B/B2
General Cable Corp., 4.5%, 11/15/29 (Step)
$
1,469,531
       
Construction & Farm Machinery & Heavy Trucks - 0.2%
   
 
5,475,000
 
CCC+/NR
Navistar International Corp., 3.0%, 10/15/14
$
5,180,719
       
Trading Companies & Distributors - 0.2%
   
 
1,938,000
 
B/NR
WESCO International, Inc., 6.0%, 9/15/29
$
5,149,024
       
Total Capital Goods
$
11,799,274
       
Automobiles & Components - 0.9%
   
       
Automobile Manufacturers - 0.9%
   
 
12,029,000
 
BB+/Baa3
Ford Motor Co., 4.25%, 11/15/16
$
19,223,846
       
Total Automobiles & Components
$
19,223,846
       
Consumer Durables & Apparel - 0.2%
   
       
Homebuilding - 0.2%
   
 
4,640,000
 
B/B2
KB Home, 1.375%, 2/1/19
$
4,729,900
       
Total Consumer Durables & Apparel
$
4,729,900
       
Food, Beverage & Tobacco - 0.1%
   
       
Tobacco - 0.1%
   
 
1,635,000
 
CCC+/Caa2
Alliance One International, Inc., 5.5%, 7/15/14
$
1,628,869
       
Total Food, Beverage & Tobacco
$
1,628,869
       
Health Care Equipment & Services - 0.1%
   
       
Health Care Technology - 0.1%
   
 
3,485,000
 
NR/NR
WebMD Health Corp., 2.5%, 1/31/18
$
3,077,691
       
Total Health Care Equipment & Services
$
3,077,691
       
Real Estate - 0.1%
   
       
Real Estate Operating Companies - 0.1%
   
 
2,805,000
 
B/B3
Forest City Enterprises, Inc., 4.25%, 8/15/18
$
3,034,659
       
Total Real Estate
$
3,034,659
       
Software & Services - 0.4%
   
       
Application Software - 0.4%
   
 
1,025,000
 
NR/NR
Mentor Graphics Corp., 4.0%, 4/1/31
$
1,185,797
 
6,365,000
 
BB-/NR
Nuance Communications, Inc., 2.75%, 11/1/31
 
7,100,953
         
$
8,286,750
       
Total Software & Services
$
8,286,750
       
Technology Hardware & Equipment - 0.4%
   
       
Computer Storage & Peripherals - 0.4%
   
 
6,435,000
 
BB/NR
SanDisk Corp., 1.5%, 8/15/17
$
8,015,597
       
Electronic Components - 0.0%
   
 
1,605,000
 
BB+/NR
Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)
$
1,282,997
       
Total Technology Hardware & Equipment
$
9,298,594
       
Semiconductors & Semiconductor Equipment - 1.4%
   
       
Semiconductor Equipment - 0.5%
   
 
3,400,000
 
BBB-/Baa1
Lam Research Corp., 1.25%, 5/15/18
$
3,533,875
 
5,515,000
 
BBB-/NR
Novellus Systems, Inc., 2.625%, 5/15/41
 
7,686,531
         
$
11,220,406
       
Semiconductors - 0.9%
   
 
4,650,000
 
NR/NR
JA Solar Holdings Co., Ltd., 4.5%, 5/15/13
$
4,417,500
 
10,750,000
 
NR/NR
ReneSola, Ltd., 4.125%, 3/15/18 (144A)
 
5,684,062
 
2,182,000
 
NR/NR
SunPower Corp., 4.75%, 4/15/14
 
2,108,358
 
11,919,000
 
NR/NR
Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13
 
5,780,715
         
$
17,990,635
       
Total Semiconductors & Semiconductor Equipment
$
29,211,041
       
TOTAL CONVERTIBLE CORPORATE BONDS
   
       
(Cost $159,628,744)
$
140,710,409
 
Shares
         
       
PREFERRED STOCKS - 0.8%
   
       
Energy - 0.1%
   
       
Oil & Gas Storage & Transportation - 0.1%
   
 
131,100
7.62
B+/Ba2
NuStar Logistics LP, Floating Rate Note, 1/15/43
$
3,397,129
       
Total Energy
$
3,397,129
       
Consumer Services - 0.1%
   
       
Hotels, Resorts & Cruise Lines - 0.1%
   
 
17,350
 
NR/NR
Perseus Holding Corp., 14.0%, 4/15/14 (144A)
$
1,344,625
       
Total Consumer Services
$
1,344,625
       
Diversified Financials - 0.6%
   
       
Other Diversified Financial Services - 0.4%
   
 
355,600
8.12
CCC+/B3
GMAC Capital Trust I, Floating Rate Note, 2/15/40
$
9,483,852
       
Consumer Finance - 0.2%
   
 
3,100
 
CCC+/B3
Ally Financial, Inc., 7.0%, 12/31/99 (Perpetual) (144A)
$
3,025,697
       
Total Diversified Financials
$
12,509,549
       
TOTAL PREFERRED STOCKS
   
       
(Cost $14,957,855)
$
17,251,303
             
       
CONVERTIBLE PREFERRED STOCK - 0.0%
   
       
Banks - 0.0%
   
       
Diversified Banks - 0.0%
   
 
445
 
BBB+/Ba1
Wells Fargo & Co., 7.5%, 12/31/99 (Perpetual)
$
574,450
       
TOTAL CONVERTIBLE PREFERRED STOCK
   
       
(Cost $467,249)
$
574,450
             
       
COMMON STOCKS - 0.8%
   
       
Energy - 0.1%
   
       
Oil & Gas Drilling - 0.1%
   
 
46,147
   
Rowan Companies Plc *
$
1,591,149
       
Oil & Gas Equipment & Services - 0.0%
   
 
105,907
   
Sevan Marine ASA *
$
410,849
       
Oil & Gas Exploration & Production - 0.0%
   
 
1
   
Norse Energy Corp ASA *
$
0
       
Total Energy
$
2,001,998
       
Materials - 0.3%
   
       
Diversified Metals & Mining - 0.2%
   
 
6,615,974
   
Blaze Recycling & Metals LLC *
$
727,757
 
95,846
   
Freeport-McMoRan Copper & Gold, Inc.
 
3,378,572
         
$
4,106,329
       
Steel - 0.1%
   
 
134,106
   
Vale SA (A.D.R.)
$
2,581,540
       
Forest Products - 0.0%
   
 
244,090
   
Ainsworth Lumber Co, Ltd. *
$
661,985
       
Total Materials
$
7,349,854
       
Capital Goods - 0.0%
   
       
Building Products - 0.0%
   
 
894
   
Panolam Holdings Co. *
$
522,096
       
Total Capital Goods
$
522,096
       
Transportation - 0.2%
   
       
Marine - 0.2%
   
 
2,370,345
   
Horizon Lines, Inc. *
$
3,531,814
       
Total Transportation
$
3,531,814
       
Automobiles & Components - 0.2%
   
       
Auto Parts & Equipment - 0.2%
   
 
63,064
   
Lear Corp.
$
3,090,136
       
Total Automobiles & Components
$
3,090,136
       
Diversified Financials - 0.0%
   
       
Other Diversified Financial Services - 0.0%
   
 
24,638
   
BTA Bank JSC (G.D.R.) (144A) *
$
24,493
       
Total Diversified Financials
$
24,493
       
Real Estate - 0.0%
   
       
Real Estate Development - 0.0%
   
 
159,647
   
Newhall Land Development LLC *
$
239,470
       
Total Real Estate
$
239,470
       
Software & Services - 0.0%
   
       
Data Processing & Outsourced Services - 0.0%
   
 
33,046
   
Perseus Holdings, Ltd. *
$
82,615
       
Total Software & Services
$
82,615
       
TOTAL COMMON STOCKS
   
       
(Cost $24,724,284)
$
16,842,476
 
Principal
Amount ($)
     
       
ASSET BACKED SECURITIES - 1.9%
   
       
Materials - 0.1%
   
       
Aluminum - 0.1%
   
 
1,500,000
6.55
CCC/B3
Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A)
$
1,468,353
       
Steel - 0.0%
   
 
454,772
0.29
CCC/Caa3
ACE Securities Corp Home Equity Loan Trust Series 2007-HE1, Floating Rate Note, 1/25/37
$
150,181
 
1,350,000
1.25
AA+/A2
Bear Stearns Asset Backed Securities I Trust 2004-BO1, Floating Rate Note, 10/25/34
 
1,197,058
         
$
1,347,239
       
Total Materials
$
2,815,592
       
Banks - 1.0%
   
       
Thrifts & Mortgage Finance - 1.0%
   
 
976,332
1.48
CCC/Caa3
Amortizing Residential Collateral Trust 2002-BC1, Floating Rate Note, 1/25/32
$
546,220
 
1,480,000
0.65
CCC/Caa3
Bear Stearns Asset Backed Securities Trust 2007-2, Floating Rate Note, 1/25/47
 
710,132
 
675,000
 
BB/NR
CarNow Auto Receivables Trust 2012-1, 6.9%, 11/15/16 (144A)
 
676,499
 
8,090,000
0.40
CCC/Caa2
Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 2/25/37
 
6,561,354
 
2,567,504
0.26
CCC/Caa1
Citigroup Mortgage Loan Trust 2007-AHL3, Floating Rate Note, 7/25/45
 
1,886,643
 
1,700,000
1.18
BB/Caa1
Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34
 
1,379,978
 
8,998,701
0.65
D/NR
Countrywide Asset-Backed Certificates, Floating Rate Note, 3/25/47 (144A)
 
5,015,804
 
848,272
0.33
B-/B3
GSAMP Trust 2006-HE8, Floating Rate Note, 1/25/37
 
802,492
 
4,000,000
 
BBB/NR
Leaf Receivables Funding 4 LLC, 5.5%, 2/20/22 (144A)
 
3,698,400
 
988,712
0.36
BB+/Ba1
RAMP Series 2006-RZ3 Trust, Floating Rate Note, 8/25/36
 
928,942
         
$
22,206,464
       
Total Banks
$
22,206,464
       
Diversified Financials - 0.6%
   
       
Other Diversified Financial Services - 0.2%
   
 
8,264,173
0.69
CCC/Caa1
Aircraft Finance Trust, Floating Rate Note, 5/15/24 (144A)
$
3,718,878
 
469,923
 
BB/NR
Sierra Timeshare 2011-3 Receivables Funding LLC, 9.31%, 7/20/28 (144A)
 
484,316
         
$
4,203,194
       
Specialized Finance - 0.4%
   
 
10,295,566
0.60
CCC+/Caa2
Lease Investment Flight Trust, Floating Rate Note, 7/15/31
$
7,129,679
 
896,753
0.64
CCC+/Caa2
Lease Investment Flight Trust, Floating Rate Note, 7/15/31
 
621,001
         
$
7,750,680
       
Total Diversified Financials
$
11,953,874
       
Commercial Services - 0.2%
   
       
Airlines - 0.2%
   
 
1,635,019
 
BB+/Ba2
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17
$
1,718,896
 
2,125,000
 
BBB-/Ba2
Continental Airlines 2012-1 Class B Pass Through Trust, 6.25%, 4/11/20
 
2,263,125
         
$
3,982,021
       
TOTAL ASSET BACKED SECURITIES
   
       
(Cost $33,948,163)
$
40,957,951
             
       
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.3%
   
       
Banks - 0.3%
   
       
Thrifts & Mortgage Finance - 0.3%
   
 
13,351,367
2.93
AAA/Caa1
Bayview Commercial Asset Trust, Floating Rate Note, 4/25/36 (144A)
$
469,650
 
213,914
6.85
CCC+/NR
COMM 2000-C1 Mortgage Trust, Floating Rate Note, 8/15/33 (144A)
 
211,330
 
1,700,000
 
NR/NR
Extended Stay America Trust, 7.625%, 12/5/19 (144A)
 
1,776,500
 
412,130
5.67
NR/NR
First Horizon Mortgage Pass-Through Trust 2004-6, Floating Rate Note, 11/25/34
 
363,278
 
757,263
5.73
B/NR
GSR Mortgage Loan Trust 2004-3F, Floating Rate Note, 2/25/34
 
756,030
 
2,855,038
4.68
BB/Caa3
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35
 
2,369,399
         
$
5,946,187
       
Total Banks
$
5,946,187
       
Diversified Financials - 0.5%
   
       
Other Diversified Financial Services - 0.4%
   
 
869,844
 
NR/Caa1
CSMC Mortgage-Backed Trust 2007-3, 5.0%, 4/25/37
$
866,307
 
2,500,000
0.91
BBB+/A3
Morgan Stanley Capital I, Inc. Class C, Floating Rate Note, 12/15/20 (144A)
 
2,328,072
 
4,315,000
 
BB/B1
Timberstar Trust, 7.53%, 10/15/36 (144A)
 
4,449,352
 
700,000
8.11
NR/NR
Vericrest Opportunity Loan Trust 2012-NPL1, Floating Rate Note, 3/25/49 (144A)
 
706,441
         
$
8,350,172
       
Investment Banking & Brokerage - 0.1%
   
 
3,450,000
6.94
BBB-/NR
Bear Stearns Commercial Mortgage Sec Inc Series 2001-top2, Floating Rate Note, 2/15/35 (144A)
$
3,449,910
       
Total Diversified Financials
$
11,800,082
       
Real Estate - 0.4%
   
       
Mortgage REIT's - 0.4%
   
 
1,051,414
2.48
AAA/B2
American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45
$
994,441
 
9,000,000
7.08
D/NR
Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A)
 
8,207,811
         
$
9,202,252
       
Total Real Estate
$
9,202,252
       
Government - 0.1%
   
 
19,853,782
1.28
NR/Aaa
Government National Mortgage Association, Floating Rate Note, 10/16/52
$
1,198,176
       
Total Government
$
1,198,176
       
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
   
       
(Cost $29,274,533)
$
28,146,697
             
       
CORPORATE BONDS - 72.2%
   
       
Energy - 9.3%
   
       
Oil & Gas Drilling - 1.1%
   
 
1,250,000
 
B/Caa1
Hercules Offshore, Inc., 10.5%, 10/15/17 (144A)
$
1,356,250
 
8,900,000
 
CCC+/Caa1
Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A)
 
9,256,000
 
6,395,000
 
B+/B2
Pioneer Energy Services Corp., 9.875%, 3/15/18
 
6,938,575
 
2,835,000
 
B/B1
Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A)
 
2,990,925
 
3,765,000
 
BB-/B2
Unit Corp., 6.625%, 5/15/21
 
3,906,188
         
$
24,447,938
       
Oil & Gas Equipment & Services - 0.7%
   
 
1,297,000
 
B/B3
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)
$
1,368,335
 
54,000
 
NR/NR
Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A)
 
54,000
 
2,275,000
 
CCC/Caa2
Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A)
 
2,275,000
 
4,400,000
 
NR/NR
OSX 3 Leasing BV, 9.25%, 3/20/15 (144A)
 
4,543,000
NOK
23,000,000
 
NR/NR
Transocean Norway Drilling AS, 11.0%, 2/24/16
 
4,419,151
NOK
16,000,000
8.96
NR/NR
Transocean Norway Drilling AS, Floating Rate Note, 2/24/16
 
3,066,873
         
$
15,726,359
       
Oil & Gas Exploration & Production - 5.2%
   
 
2,000,000
 
B-/B3
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20
$
2,080,000
 
2,870,000
 
B-/B3
Carrizo Oil & Gas, Inc., 8.625%, 10/15/18
 
3,092,425
 
4,740,000
 
B-/B3
Comstock Resources, Inc., 7.75%, 4/1/19
 
4,894,050
 
750,000
 
BB+/Ba2
Continental Resources, Inc., 5.0%, 9/15/22
 
798,750
 
13,700,000
 
B/NR
EP Energy LLC, 9.375%, 5/1/20
 
15,344,000
 
2,080,000
 
B/B3
EPE Holdings LLC, 8.125%, 12/15/17 (144A) (PIK)
 
2,100,800
 
4,980,000
 
B-/Caa1
EPL Oil & Gas, Inc., 8.25%, 2/15/18 (144A)
 
5,241,450
 
5,035,000
 
CCC/Caa1
Goodrich Petroleum Corp., 8.875%, 3/15/19
 
4,934,300
 
4,990,000
 
CCC+/B3
Gulfport Energy Corp., 7.75%, 11/1/20 (144A)
 
5,264,450
 
6,250,000
 
CCC+/B3
Halcon Resources Corp., 8.875%, 5/15/21 (144A)
 
6,671,875
 
5,215,000
 
B-/B3
Kodiak Oil & Gas Corp., 8.125%, 12/1/19
 
5,814,725
 
5,800,000
 
B/B2
Linn Energy LLC, 6.25%, 11/1/19 (144A)
 
5,785,500
 
12,850,000
 
B+/NR
MIE Holdings Corp., 9.75%, 5/12/16 (144A)
 
13,878,000
NOK
12,000,000
 
NR/NR
Norwegian Energy Co AS, 10.25%, 4/27/16
 
2,229,602
NOK
45,000,000
 
NR/NR
Norwegian Energy Co AS, 12.9%, 11/20/14
 
8,455,127
 
2,840,000
 
B/B3
Oasis Petroleum, Inc., 6.5%, 11/1/21
 
3,038,800
 
2,580,000
 
CCC/Caa1
Quicksilver Resources, Inc., 7.125%, 4/1/16
 
2,154,300
 
3,370,000
 
CCC+/B3
Quicksilver Resources, Inc., 9.125%, 8/15/19
 
3,117,250
 
1,920,000
 
B-/B3
Samson Investment Co., 9.75%, 2/15/20 (144A)
 
2,042,400
 
2,105,000
 
B/B2
SandRidge Energy, Inc., 8.0%, 6/1/18 (144A)
 
2,210,250
 
3,800,000
 
B-/B3
Stone Energy Corp., 7.5%, 11/15/22
 
4,104,000
 
2,919,000
 
B-/B3
Stone Energy Corp., 8.625%, 2/1/17
 
3,152,520
CAD
2,775,000
 
B/NR
Trilogy Energy Corp., 7.25%, 12/13/19 (144A)
 
2,872,656
 
2,275,000
 
CCC+/Caa1
Venoco, Inc., 8.875%, 2/15/19
 
2,212,438
         
$
111,489,668
       
Oil & Gas Storage & Transportation - 0.5%
   
 
2,030,000
7.00
BB+/Baa3
Enterprise Products Operating LLC, Floating Rate Note, 6/1/67
$
2,182,250
NOK
12,000,000
7.07
NR/NR
Golar LNG Partners LP, Floating Rate Note, 10/12/17
 
2,223,080
 
6,220,000
 
BB+/Ba3
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 (144A)
 
6,243,325
 
950,000
3.33
BB/Ba1
Southern Union Co., Floating Rate Note, 11/1/66
 
819,375
         
$
11,468,030
       
Coal & Consumable Fuels - 1.8%
   
 
815,000
 
B+/B2
Alpha Natural Resources, Inc., 6.0%, 6/1/19
$
733,500
 
11,063,000
 
BB-/B1
Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A)
 
11,892,725
 
3,750,000
 
BB-/B1
Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A)
 
3,693,750
 
12,200,000
 
B/B1
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A)
 
11,254,500
 
1,900,000
 
NR/B1
Indo Energy Finance II BV, 6.375%, 1/24/23 (144A)
 
1,938,000
 
4,435,000
 
CCC+/B3
James River Coal Co., 7.875%, 4/1/19
 
2,328,375
 
2,706,000
 
B/B3
Murray Energy Corp., 10.25%, 10/15/15 (144A)
 
2,706,000
EURO
1,650,000
 
B/NR
New World Resources NV, 7.875%, 1/15/21 (144A)
 
2,116,604
 
2,070,000
 
B/B2
Penn Virginia Resource Partners LP, 8.25%, 4/15/18
 
2,204,550
         
$
38,868,004
       
Total Energy
$
201,999,999
       
Materials - 10.2%
   
       
Commodity Chemicals - 1.8%
   
 
11,343,000
 
BB+/WR
Basell Finance Co BV, 8.1%, 3/15/27 (144A)
$
14,972,760
 
5,715,000
 
B-/NR
Hexion US Finance Corp., 6.625%, 4/15/20 (144A)
 
5,629,275
EURO
2,500,000
 
CCC/Caa1
Kloeckner Pentaplast GmbH & Co KG, 11.625%, 7/15/17 (144A)
 
3,818,507
 
2,259,000
 
BB+/Ba2
NOVA Chemicals Corp., 7.875%, 9/15/25
 
2,278,766
 
11,320,000
 
BB-/B1
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)
 
11,829,400
 
1,115,000
 
B-/Caa1
US Coatings Acquisition, Inc., 7.375%, 5/1/21 (144A)
 
1,148,450
         
$
39,677,158
       
Diversified Chemicals - 1.3%
   
EURO
10,935,000
 
CCC+/Caa1
INEOS Group Holdings SA, 7.875%, 2/15/16 (144A)
$
14,880,825
 
800,000
 
CCC+/Caa1
INEOS Group Holdings SA, 8.5%, 2/15/16 (144A)
 
806,000
 
5,540,000
 
BB+/Baa3
LyondellBasell Industries NV, 5.0%, 4/15/19
 
6,107,850
EURO
4,390,000
 
B+/B2
Styrolution Group GmbH, 7.625%, 5/15/16 (144A)
 
6,078,390
         
$
27,873,065
       
Fertilizers & Agricultural Chemicals - 0.1%
   
 
1,100,000
 
BB/NR
EuroChem Mineral & Chemical Co OJSC via EuroChem GI, Ltd., 5.125%, 12/12/17 (144A)
$
1,130,250
       
Construction Materials - 1.1%
   
 
12,050,000
 
C/Caa3
AGY Holding Corp., 11.0%, 11/15/14
$
5,994,875
 
4,275,000
 
B/NR
Cemex Espana Luxembourg, 9.875%, 4/30/19 (144A)
 
4,798,688
 
9,006,000
 
B/NR
Cemex Finance LLC, 9.5%, 12/14/16 (144A)
 
9,613,905
 
3,750,000
 
B/NR
Cemex SAB de CV, 9.0%, 1/11/18 (144A)
 
4,050,000
         
$
24,457,468
       
Metal & Glass Containers - 1.2%
   
 
4,105,000
 
B-/B3
AEP Industries, Inc., 8.25%, 4/15/19
$
4,433,400
 
10,095,892
 
CCC+/Caa1
ARD Finance SA, 11.125%, 6/1/18 (144A) (PIK)
 
10,878,324
 
3,200,000
 
CCC+/B3
Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)
 
3,224,000
 
5,000,000
 
CCC+/B3
Ardagh Packaging Finance Plc, 9.125%, 10/15/20 (144A)
 
5,487,500
EURO
2,100,000
 
CCC+/B3
Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A)
 
3,065,013
         
$
27,088,237
       
Aluminum - 0.0%
   
 
306
 
CCC+/Caa1
Noranda Aluminum Acquisition Corp., 4.524%, 5/15/15 (PIK)
$
291
       
Diversified Metals & Mining - 2.0%
   
 
10,175,000
 
CCC+/Caa2
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)
$
6,562,875
 
11,725,000
 
CCC+/Caa1
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A)
 
11,138,750
 
5,300,000
 
CCC+/B3
Molycorp, Inc., 10.0%, 6/1/20 (144A)
 
5,300,000
 
1,700,000
 
B+/B1
Mongolian Mining Corp., 8.875%, 3/29/17 (144A)
 
1,742,500
 
1,560,000
 
B/Caa1
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)
 
1,688,700
 
12,660,000
 
BB/Ba3
Vedanta Resources Plc, 8.25%, 6/7/21 (144A)
 
14,559,000
 
1,080,000
 
BB/Ba3
Vedanta Resources Plc, 9.5%, 7/18/18 (144A)
 
1,277,100
         
$
42,268,925
       
Steel - 2.1%
   
 
9,410,000
 
CCC/Caa2
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)
$
7,339,800
 
11,975,000
 
B/Caa1
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)
 
12,064,812
 
4,340,000
 
B/B3
JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)
 
4,622,100
 
7,620,000
 
NR/B3
Metinvest BV, 10.25%, 5/20/15 (144A)
 
8,058,150
 
11,550,000
 
NR/B3
Metinvest BV, 8.75%, 2/14/18 (144A)
 
11,718,052
EURO
2,505,000
 
CCC/Caa2
Zlomrex International Finance SA, 8.5%, 2/1/14 (144A)
 
2,550,309
         
$
46,353,223
       
Paper Products - 0.6%
   
 
13,490,000
 
B+/B1
Grupo Papelero Scribe SA de CV, 8.875%, 4/7/20 (144A)
$
13,085,300
       
Total Materials
$
221,933,917
       
Capital Goods - 5.7%
   
       
Aerospace & Defense - 0.6%
   
 
3,180,000
 
BB/Ba2
Bombardier, Inc., 6.125%, 1/15/23 (144A)
$
3,235,650
 
3,120,000
 
BB/B1
DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)
 
3,112,200
 
5,408,000
 
B-/B2
DynCorp International, Inc., 10.375%, 7/1/17
 
5,272,800
 
1,995,000
 
CCC+/Caa1
Silver II Borrower, 7.75%, 12/15/20 (144A)
 
2,089,762
         
$
13,710,412
       
Building Products - 0.6%
   
 
6,800,000
 
NR/Ba2
China Liansu Group Holdings, Ltd., 7.875%, 5/13/16 (144A)
$
7,004,000
 
3,739,472
 
NR/NR
Industrias Unidas SA de CV, 11.5%, 11/15/16
 
2,398,101
 
4,100,000
 
BB/NR
Magnesita Finance, Ltd., 8.625%, 4/29/49 (Perpetual) (144A)
 
4,366,540
         
$
13,768,641
       
Construction & Engineering - 1.4%
   
 
6,900,000
 
B+/B1
Abengoa Finance SAU, 8.875%, 11/1/17 (144A)
$
6,796,500
 
2,980,000
 
BB-/Ba3
Dycom Investments, Inc., 7.125%, 1/15/21
 
3,188,600
 
7,900,000
 
B+/B1
Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A)
 
8,295,000
 
9,175,000
 
C/Caa3
New Enterprise Stone & Lime Co., Inc., 11.0%, 9/1/18
 
6,973,000
 
4,400,000
 
BB-/NR
OAS Investments GmbH, 8.25%, 10/19/19 (144A)
 
4,614,500
         
$
29,867,600
       
Electrical Components & Equipment - 0.3%
   
 
4,120,000
 
B/B3
Coleman Cable, Inc., 9.0%, 2/15/18
$
4,470,200
 
1,540,000
 
B/B3
WireCo WorldGroup, Inc., 9.5%, 5/15/17
 
1,617,000
         
$
6,087,200
       
Industrial Conglomerates - 0.8%
   
 
1,600,000
 
BB/NR
Grupo KUO SAB De CV, 6.25%, 12/4/22 (144A)
$
1,732,000
 
2,980,000
 
B+/B2
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
 
3,106,650
EURO
1,800,000
 
BB-/Ba3
Mark IV Europe Lux SCA, 8.875%, 12/15/17 (144A)
 
2,632,774
 
1,200,000
 
CCC+/B3
Park-Ohio Industries, Inc., 8.125%, 4/1/21
 
1,284,000
 
7,800,000
 
BBB/Baa3
Votorantim Cimentos SA, 7.25%, 4/5/41 (144A)
 
8,892,000
         
$
17,647,424
       
Construction & Farm Machinery & Heavy Trucks - 0.4%
   
 
8,405,000
 
CCC+/B3
Navistar International Corp., 8.25%, 11/1/21
$
8,257,912
         
$
8,257,912
       
Industrial Machinery - 1.1%
   
 
5,075,000
 
B/B2
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)
$
5,328,750
 
5,322,000
 
NR/WR
Indalex Holding Corp., 11.5%, 2/1/14 (e)
 
39,915
 
5,080,000
 
B/Caa2
Liberty Tire Recycling, 11.0%, 10/1/16 (144A)
 
4,826,000
 
14,600,000
 
B+/NR
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A)
 
13,432,000
         
$
23,626,665
       
Trading Companies & Distributors - 0.5%
   
 
9,497,000
 
B-/B3
INTCOMEX, Inc., 13.25%, 12/15/14
$
9,805,652
       
Total Capital Goods
$
122,771,506
       
Commercial Services & Supplies - 0.5%
   
       
Environmental & Facilities Services - 0.2%
   
 
6,510,000
 
NR/WR
Old AII, Inc., 10.0%, 12/15/16 (e)
$
65
EURO
3,022,531
 
D/Caa2
The New Reclamation Group Pty, Ltd., 8.125%, 2/1/13 (144A)
 
4,102,934
         
$
4,102,999
       
Diversified Support Services - 0.3%
   
 
6,365,000
 
B/B3
ADS Tactical, Inc., 11.0%, 4/1/18 (144A)
$
6,524,125
       
Total Commercial Services & Supplies
$
10,627,124
       
Transportation - 2.5%
   
       
Air Freight & Logistics - 0.7%
   
 
7,061,000
 
CCC+/Caa2
CEVA Group Plc, 11.5%, 4/1/18 (144A)
$
6,213,680
 
2,445,000
 
CCC+/Caa1
CEVA Group Plc, 11.625%, 10/1/16 (144A)
 
2,530,575
 
6,125,000
 
B/B3
Syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A)
 
6,431,250
         
$
15,175,505
       
Airlines - 0.5%
   
 
7,363,000
 
B-/NR
Gol Finance, 9.25%, 7/20/20 (144A)
 
7,215,740
 
4,250,000
 
BB-/NR
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)
 
4,696,250
         
$
11,911,990
       
Marine - 0.1%
   
 
1,345,000
 
B+/B3
Navios South American Logistics, Inc., 9.25%, 4/15/19
$
1,345,000
       
Railroads - 0.1%
   
 
2,467,359
 
CCC/Caa3
Florida East Coast Holdings Corp., 10.5%, 8/1/17 (PIK)
$
2,535,211
       
Bus Lines - 0.3%
   
 
7,418,993
 
NR/Ba2
Inversiones Alsacia SA, 8.0%, 8/18/18 (144A)
 
7,456,088
         
$
7,456,088
       
Airports - 0.6%
   
 
4,393,000
 
B-/B3
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)
$
4,129,420
 
3,500,000
 
BB-/Ba3
Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19
$
3,727,500
 
3,900,000
 
B/B2
Aguila 3 SA, 7.875%, 1/31/18 (144A)
 
4,134,000
         
$
11,990,920
       
Total Transportation
$
50,414,714
       
Automobiles & Components - 2.1%
   
       
Auto Parts & Equipment - 1.7%
   
 
5,000,000
 
B/B2
Hyva Global BV, 8.625%, 3/24/16 (144A)
$
4,850,000
 
1,200,000
 
BB/Ba2
Lear Corp., 4.75%, 1/15/23 (144A)
 
1,194,000
 
4,800,000
 
B+/B2
Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A)
 
4,680,000
 
4,365,000
 
CCC/Caa1
Stanadyne Corp., 10.0%, 8/15/14
 
4,244,962
 
16,550,000
 
CCC-/Caa3
Stanadyne Holdings, Inc., 12.0%, 2/15/15 (Step)
 
12,081,500
 
11,854,000
 
B+/B1
Tower Automotive Holdings USA LLC, 10.625%, 9/1/17 (144A)
 
13,157,940
         
$
40,208,402
       
Tires & Rubber - 0.1%
   
 
2,810,000
 
B+/B1
The Goodyear Tire & Rubber Co., 7.0%, 5/15/22
$
3,013,725
       
Automobile Manufacturers - 0.3%
   
 
1,605,000
 
B/B2
Chrysler Group LLC, 8.0%, 6/15/19
$
1,757,475
       
Total Automobiles & Components
$
44,979,602
       
Consumer Durables & Apparel - 4.1%
   
       
Home Furnishings - 0.2%
   
 
4,705,000
 
B+/B3
Tempur-Pedic International, Inc., 6.875%, 12/15/20 (144A)
$
4,999,062
       
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)
 
2,215,500
 
2,050,000
 
BB-/Ba3
Corp GEO SAB de CV, 8.875%, 3/27/22 (144A)
 
2,098,175
 
10,272,000
 
NR/Ba3
Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A)
 
10,580,160
 
4,450,000
 
BB-/Ba3
Lennar Corp., 4.75%, 11/15/22 (144A)
 
4,361,000
 
7,500,000
 
NR/Ba3
Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A)
 
6,243,750
         
$
34,817,335
       
Housewares & Specialties - 1.8%
   
 
2,400,000
 
CCC+/Caa2
Reynolds Group Issuer, Inc., 8.25%, 2/15/21
$
2,514,000
 
7,490,000
 
CCC+/Caa2
Reynolds Group Issuer, Inc., 8.5%, 5/15/18
 
7,864,500
 
3,235,000
 
CCC+/Caa2
Reynolds Group Issuer, Inc., 9.0%, 4/15/19
 
3,412,925
 
7,675,000
 
CCC+/Caa2
Reynolds Group Issuer, Inc., 9.875%, 8/15/19
 
8,384,938
 
11,165,000
 
CCC+/B3
Yankee Candle Co., Inc., 9.75%, 2/15/17
 
11,583,799
 
5,775,000
 
CCC+/Caa1
YCC Holdings LLC, 10.25%, 2/15/16 (PIK)
 
5,948,308
         
$
39,708,470
       
Leisure Products - 0.5%
   
EURO
4,700,000
 
CCC/Caa2
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)
$
5,646,313
 
5,000,000
 
B-/B2
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)
 
4,000,000
         
$
9,646,313
       
Total Consumer Durables & Apparel
$
89,171,180
       
Consumer Services - 2.0%
   
       
Casinos & Gaming - 1.4%
   
 
10,750,000
 
NR/WR
Buffalo Thunder Development Authority, 9.375%, 12/15/14 (144A) (e)
$
3,601,250
EURO
2,200,000
 
B+/B3
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A)
 
2,949,060
EURO
4,750,000
 
NR/NR
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A)
 
6,431,768
 
4,395,000
 
CCC/Caa2
Codere Finance Luxembourg SA, 9.25%, 2/15/19 (144A)
 
3,318,225
 
2,052,000
 
B-/NR
Little Traverse Bay Bands of Odawa Indians, 9.0%, 8/31/20 (144A)
 
1,969,920
EURO
1,000,000
8.25
BB/Ba2
Lottomatica Group S.p.A., Floating Rate Note, 3/31/66 (144A)
 
1,403,793
 
5,965,000
 
NR/WR
Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A) (e)
 
477,200
EURO
6,335,000
 
CCC+/Caa1
Peermont Global Pty, Ltd., 7.75%, 4/30/14 (144A)
 
8,298,465
 
1,725,000
 
CCC/Caa2
Shingle Springs Tribal Gaming Authority, 9.375%, 6/15/15 (144A)
 
1,720,688
         
$
30,170,369
       
Hotels, Resorts & Cruise Lines - 0.3%
   
 
3,800,000
 
NR/B3
Good Sam Enterprises LLC, 11.5%, 12/1/16
$
4,037,500
 
2,860,000
 
B+/B3
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)
 
3,153,150
         
$
7,190,650
       
Restaurants - 0.1%
   
BRL
4,250,000
 
NR/Ba2
Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A)
$
2,246,842
       
Education Services - 0.2%
   
 
4,225,000
 
CCC-/B3
Cambium Learning Group, Inc., 9.75%, 2/15/17
$
3,485,625
       
Total Consumer Services
$
43,093,486
       
Media - 3.1%
   
       
Advertising - 0.4%
   
 
5,549,000
 
B/B3
MDC Partners, Inc., 11.0%, 11/1/16
$
6,103,900
 
2,115,000
 
B/B3
MDC Partners, Inc., 11.0%, 11/1/16 (144A)
 
2,326,500
         
$
8,430,400
       
Broadcasting - 2.4%
   
 
2,514,281
 
CCC+/Caa3
Intelsat Luxembourg SA, 11.5%, 2/4/17
$
2,665,138
 
15,840,000
 
CCC+/Caa3
Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A) (PIK)
 
16,790,400
 
4,300,000
 
B+/B1
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)
 
4,386,000
EURO
10,950,000
 
B+/B1
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)
 
15,243,111
EURO
1,925,000
 
B-/Caa1
Ono Finance II Plc, 11.125%, 7/15/19 (144A)
 
2,684,951
CAD
7,500,000
 
B+/B2
Quebecor Media, Inc., 6.625%, 1/15/23 (144A)
 
7,782,735
 
1,755,000
 
B-/B3
Telesat Canada, 12.5%, 11/1/17
 
1,908,562
         
$
51,460,897
       
Buisness Services - 0.2%
   
 
5,820,000
 
B-/Caa2
Sitel LLC, 11.5%, 4/1/18
 
4,074,000
             
       
Movies & Entertainment - 0.0%
   
 
1,560,000
 
B-/B3
Regal Entertainment Group, 5.75%, 2/1/25
$
1,544,400
       
Publishing - 0.1%
   
 
1,675,000
 
B-/B3
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)
$
1,637,312
       
Total Media
$
67,147,009
       
Retailing - 0.5%
   
       
Department Stores - 0.5%
   
 
10,855,000
 
B/NR
Grupo Famsa SAB de CV, 11.0%, 7/20/15 (144A)
$
11,723,400
       
Total Retailing
$
11,723,400
       
Food, Beverage & Tobacco - 7.0%
   
       
Distillers & Vintners - 0.3%
   
EURO
4,171,607
 
NR/NR
Belvedere SA, 7.692%, 11/10/19
$
957,004
EURO
320,792
7.69
NR/NR
Belvedere SA, Floating Rate Note, 11/10/19
 
3,919
 
7,512,000
 
CCC/Caa2
CEDC Finance Corp International, Inc., 9.125%, 12/1/16 (144A)
 
4,657,440
         
$
5,618,363
       
Agricultural Products - 0.2%
   
 
4,400,000
 
B/NR
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A)
$
4,367,000
       
Packaged Foods & Meats - 5.8%
   
 
1,960,000
 
B/NR
Agrokor DD, 8.875%, 2/1/20 (144A)
$
2,202,550
EURO
3,200,000
 
B/B2
Agrokor DD, 9.875%, 5/1/19 (144A)
 
4,893,553
 
6,000,000
 
BB/B1
Bertin SA, 10.25%, 10/5/16 (144A)
 
6,720,000
 
4,450,000
 
B+/B1
CFG Investment SAC, 9.75%, 7/30/19 (144A)
 
3,715,750
 
2,770,000
 
B/B1
Chiquita Brands International, Inc., 7.875%, 2/1/21 (144A)
 
2,794,238
 
9,720,000
 
B+/B2
Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A)
 
10,254,600
 
9,600,000
 
B/B3
FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A)
 
10,440,000
 
2,969,595
 
NR/NR
Independencia International, Ltd., 12.0%, 12/30/16 (144A) (e)
 
7,424
 
8,690,000
 
BB/B1
JBS Finance II, Ltd., 8.25%, 1/29/18 (144A)
 
9,385,200
 
3,000,000
 
B+/B2
Marfrig Holding Europe BV, 9.875%, 7/24/17 (144A)
 
2,955,000
 
20,248,000
 
B+/B2
Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)
 
19,286,220
 
3,783,000
 
B+/B2
Marfrig Overseas, Ltd., 9.625%, 11/16/16 (144A)
 
3,820,830
 
4,755,000
 
B+/B1
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)
 
5,801,100
 
24,000,000
 
B+/B1
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)
 
24,600,011
 
6,500,000
 
B+/B2
Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A)
 
6,370,000
 
10,905,000
 
B-/Caa1
Pilgrim's Pride Corp., 7.875%, 12/15/18
 
11,273,044
 
1,430,000
 
B+/B2
Wells Enterprises, Inc., 6.75%, 2/1/20 (144A)
 
1,483,625
         
$
126,003,145
       
Tobacco - 0.7%
   
 
14,855,000
 
B-/B3
Alliance One International, Inc., 10.0%, 7/15/16
$
15,783,438
       
Total Food, Beverage & Tobacco
$
151,771,946
       
Health Care Equipment & Services - 1.7%
   
       
Health Care Equipment - 0.3%
   
 
8,850,000
 
CCC+/Caa2
Accellent, Inc., 10.0%, 11/1/17
$
7,788,000
       
Health Care Supplies - 0.5%
   
 
5,750,000
 
B/Caa1
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)
$
6,382,500
 
3,200,000
 
B-/Caa1
Immucor, Inc., 11.125%, 8/15/19
 
3,584,000
         
$
9,966,500
       
Health Care Services - 0.8%
   
 
4,253,000
 
CCC/Caa2
Gentiva Health Services, Inc., 11.5%, 9/1/18
$
4,178,572
 
10,302,000
 
B+/Caa2
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17
$
9,606,615
 
2,975,000
 
CCC+/Caa1
Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A)
 
3,112,594
         
$
16,897,781
       
Health Care Facilities - 0.1%
   
 
1,550,000
 
B-/B3
Kindred Healthcare, Inc., 8.25%, 6/1/19
$
1,526,750
 
172,000
 
CCC+/Caa1
Vanguard Health Systems, Inc., 0.0%, 2/1/16
 
131,580
         
$
1,658,330
       
Total Health Care Equipment & Services
$
36,310,611
       
Pharmaceuticals, Biotechnology & Life Sciences - 0.5%
   
       
Pharmaceuticals - 0.5%
   
 
2,305,000
 
BB-/B1
Valeant Pharmaceuticals International, 6.375%, 10/15/20 (144A)
$
2,379,912
 
7,820,000
 
BB-/B1
VPI Escrow Corp., 6.375%, 10/15/20 (144A)
 
8,113,250
           
10,493,162
       
Total Pharmaceuticals, Biotechnology & Life Sciences
$
10,493,162
       
Banks - 4.5%
   
       
Diversified Banks - 2.9%
   
TRY
4,500,000
 
NR/NR
Akbank TAS, 7.5%, 2/5/18 (144A)
$
2,557,690
 
6,875,000
9.75
BB+/NR
Banco de Credito del Peru Panama, Floating Rate Note, 11/6/69 (144A)
 
8,404,688
 
6,600,000
 
B-/B3
Banco de Galicia y Buenos Aires, 8.75%, 5/4/18 (144A)
 
5,461,500
 
2,900,000
6.25
BB/NR
Banco do Brasil SA, Floating Rate Note, 12/29/49 (Perpetual) (144A)
 
2,878,250
 
1,750,000
 
NR/Ba1
Banco do Estado do Rio Grande do Sul SA, 7.375%, 2/2/22 (144A)
 
1,925,000
 
5,000,000
 
NR/Ba2
Banco GNB Sudameris SA, 7.5%, 7/30/22 (144A)
 
5,612,960
 
2,870,000
9.75
NR/Caa3
Banco Macro SA, Floating Rate Note, 12/18/36
 
2,037,700
 
3,880,000
 
NR/B2
Bank CenterCredit, 8.625%, 1/30/14 (144A)
 
4,006,100
 
5,100,000
 
NR/A3
BBVA Bancomer SA Texas, 6.5%, 3/10/21 (144A)
 
5,839,500
 
1,250,000
 
NR/A3
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A)
 
1,456,250
EURO
2,600,000
 
NR/Aaa
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 6.875%, 3/19/20
 
3,940,542
 
5,250,000
 
BB/Ba3
CorpGroup Banking SA, 6.75%, 3/15/23 (144A)
 
5,335,312
IDR
11,650,000,000
 
NR/NR
Inter-American Development Bank, 4.5%, 2/4/16
 
1,198,517
BRL
11,200,000
 
AAA/Aaa
International Finance Corp. United States, 5.0%, 12/21/15
 
5,479,469
 
1,500,000
 
NR/Ba2
Turkiye Is Bankasi, 6.0%, 10/24/22 (144A)
 
1,575,000
 
5,000,000
 
BBB-/Baa2
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A)
 
5,290,000
         
$
62,998,478
       
Regional Banks - 1.4%
   
 
3,165,000
8.50
NR/Ba3
Banco Internacional del Peru SAA, Floating Rate Note, 4/23/70 (144A)
$
3,489,412
 
13,430,000
6.75
BBB/Baa3
PNC Financial Services Group, Inc., Floating Rate Note, 7/29/49 (Perpetual)
 
15,409,716
 
10,650,000
 
BBB-/NR
UBS AG, 7.625%, 8/17/22
 
11,701,592
         
$
30,600,720
       
Thrifts & Mortgage Finance - 0.2%
   
 
4,000,000
 
BB-/Ba2
Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A)
$
4,340,000
       
Total Banks
$
97,939,198
       
Diversified Financials - 3.5%
   
       
Other Diversified Financial Services - 0.5%
   
TRY
12,410,000
 
AAA/Aaa
European Investment Bank, 3/2/15
 
6,387,687
TRY
800,000
 
A/A2
JPMorgan Chase & Co., 10/4/17 (144A)
 
326,884
 
4,565,000
 
B+/B2
National Money Mart Co., 10.375%, 12/15/16
 
5,038,619
         
$
11,753,190
       
Specialized Finance - 1.2%
   
 
6,210,000
 
BB/Ba3
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A)
$
6,178,950
 
7,675,000
 
BBB-/WR
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)
 
7,908,343
 
10,460,000
 
NR/Ba3
Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A)
 
11,003,920
 
1,700,000
 
B/B1
Oxford Finance LLC, 7.25%, 1/15/18 (144A)
 
1,742,500
         
$
26,833,713
       
Consumer Finance - 0.4%
   
 
10,395,000
 
NR/NR
Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)
$
9,251,550
       
Investment Banking & Brokerage - 1.4%
   
 
20,515,000
4.00
BB+/Ba2
Goldman Sachs Capital II, Floating Rate Note, 6/1/43
$
16,719,725
 
10,600,000
 
BBB/Baa3
Jefferies Group, Inc., 6.875%, 4/15/21
 
12,084,000
         
$
28,803,725
       
Total Diversified Financials
$
76,642,178
       
Insurance - 5.4%
   
       
Insurance Brokers - 1.3%
   
 
14,000,000
 
CCC+/Caa2
Hub International, Ltd., 8.125%, 10/15/18 (144A)
$
14,490,000
 
4,900,000
 
CCC/Caa2
Onex USI Acquisition Corp., 7.75%, 1/15/21 (144A)
 
4,802,000
GBP
4,840,000
 
B-/Caa1
Towergate Finance Plc, 10.5%, 2/15/19 (144A)
 
8,059,544
         
$
27,351,544
       
Multi-line Insurance - 0.4%
   
 
800,000
6.46
BBB-/Baa1
AXA SA, Floating Rate Note, 12/29/49 (Perpetual) (144A)
$
792,000
 
5,170,000
10.75
BB/Baa3
Liberty Mutual Group, Inc., Floating Rate Note, 6/15/58 (144A)
 
7,858,400
         
$
8,650,400
       
Property & Casualty Insurance - 0.4%
   
 
8,535,000
7.51
BB+/Ba2
Sirius International Group, Ltd., Floating Rate Note, 5/29/49 (Perpetual) (144A)
$
9,048,892
       
Reinsurance - 3.3%
   
 
450,000
8.18
BB-/NR
Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A)
$
447,120
EURO
800,000
10.50
B-/NR
ATLAS VI Capital, Ltd., Floating Rate Note, 4/7/14 (Cat Bond) (144A)
 
1,121,362
 
1,000,000
5.25
BB+/NR
Kibou, Ltd., Floating Rate Note, 2/16/15 (Cat Bond) (144A)
 
1,029,300
 
250,000
6.30
BB+/NR
Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)
 
258,225
 
250,000
14.00
B-/NR
Blue Fin, Ltd., Floating Rate Note, 5/28/13 (Cat Bond) (144A)
 
250,225
 
2,000,000
6.50
BB+/NR
Caelus Re II, Ltd., Floating Rate Note, 5/24/13 (Cat Bond) (144A)
 
2,014,000
 
1,250,000
17.75
NR/NR
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)
 
1,339,750
 
750,000
10.00
NR/B1
Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)
 
805,050
 
1,500,000
10.25
BB-/NR
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)
 
1,528,950
 
1,000,000
11.25
B+/NR
Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)
 
1,005,300
 
400,000
9.00
BB/NR
East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A)
 
429,240
 
1,500,000
6.65
BB/NR
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A)
 
1,511,400
 
1,950,000
5.00
BB+/NR
Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond)
 
1,964,235
 
2,000,000
5.75
BB/NR
Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond) (144A)
 
2,002,200
 
1,250,000
8.35
BB-/NR
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)
 
1,282,500
 
1,925,000
13.50
B-/NR
Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)
 
1,917,300
 
1,000,000
6.20
BB-/NR
Ibis Re, Ltd., Floating Rate Note, 5/3/13 (Cat Bond) (144A)
 
1,007,600
 
500,000
6.00
BB/NR
Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A)
 
500,550
 
4,250,000
7.25
BB/NR
Lodestone Re, Ltd., Floating Rate Note, 1/8/14 (Cat Bond) (144A)
 
4,282,725
 
350,000
6.25
BB/NR
Lodestone Re, Ltd., Floating Rate Note, 5/17/13 (Cat Bond) (144A)
 
351,855
 
4,000,000
8.25
BB-/NR
Lodestone Re, Ltd., Floating Rate Note, 5/17/13 (Cat Bond) (144A)
 
4,038,800
 
2,500,000
12.00
B/NR
Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)
 
2,529,500
 
800,000
8.71
B+/NR
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A)
 
802,560
 
650,000
11.94
B-/NR
Mythen Re, Ltd. Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A)
 
643,110
 
2,800,000
11.22
NR/B2
Mythen, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A)
 
2,840,320
 
750,000
13.75
NR/NR
Pelican Re, Ltd., Floating Rate Note, 4/13/15 (Cat Bond) (144A)
 
796,650
 
2,500,000
7.50
BB-/NR
Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A)
 
2,513,750
 
2,000,000
7.50
BB-/NR
Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
 
1,999,200
 
900,000
8.50
B+/NR
Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
 
914,940
 
300,000
10.35
B/NR
Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)
 
310,350
 
750,000
8.60
B/NR
Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A)
 
749,700
 
250,000
13.00
B-/NR
Residential Reinsurance 2010, Ltd., Floating Rate Note, 6/6/13 (Cat Bond) (144A)
 
255,650
 
1,750,000
7.25
NR/NR
Residential Reinsurance 2010, Ltd., Floating Rate Note, 6/6/13 (Cat Bond) (144A)
 
1,770,300
 
1,500,000
0.00
BB/NR
Residential Reinsurance 2010, Ltd., Floating Rate Note, 6/6/13 (Cat Bond) (144A)
 
1,515,600
 
3,450,000
12.00
B-/NR
Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)
 
3,507,615
 
1,800,000
0.00
NR/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
 
1,795,140
 
450,000
0.00
BB/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
 
450,450
 
950,000
0.00
NR/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)
 
943,350
 
1,100,000
10.00
BB-/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
 
1,189,980
 
1,000,000
8.00
BB/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
 
1,036,400
 
1,850,000
22.00
NR/NR
Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)
 
1,772,855
 
2,300,000
 
NR/NR
Sector Re V, Ltd., 12/1/17 (Cat Bond) (144A)
 
2,353,820
 
1,125,000
14.68
B-/NR
Successor X, Ltd. Class III-S3, Floating Rate Note, 1/7/14 (Cat Bond) (144A)
 
1,125,112
 
4,000,000
13.00
NR/NR
Successor X, Ltd. Class IV-AL3, Floating Rate Note, 2/25/14 (Cat Bond) (144A)
 
4,044,400
 
875,000
16.50
NR/NR
Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A)
 
885,062
 
2,600,000
16.18
NR/NR
Successor X, Ltd., Floating Rate Note, 1/7/14 (Cat Bond) (144A)
 
2,565,420
 
375,000
11.25
B-/NR
Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)
 
374,362
 
2,100,000
9.75
B-/NR
Successor X, Ltd., Floating Rate Note, 4/4/13 (Cat Bond) (144A)
 
2,110,290
 
250,000
11.75
NR/NR
Successor X, Ltd., Floating Rate Note, 4/4/13 (Cat Bond) (144A)
 
251,200
         
$
71,134,773
       
Total Insurance
$
116,185,609
       
Real Estate - 1.3%
   
       
Diversified Real Estate Activities - 0.7%
   
 
8,000,000
 
BB/Ba1
BR Malls International Finance, Ltd., 8.5%, 1/29/49 (Perpetual) (144A)
$
8,800,000
 
5,590,000
 
BB/NR
BR Malls International Finance, Ltd., 9.75%, 11/29/49 (Perpetual) (144A)
 
5,562,050
         
$
14,362,050
       
Real Estate Operating Companies - 0.6%
   
 
6,750,000
 
B-/NR
Alto Palermo SA, 7.875%, 5/11/17 (144A)
$
6,007,500
 
8,405,000
 
B-/NR
IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)
 
7,648,550
         
$
13,656,050
       
Total Real Estate
$
28,018,100
       
Software & Services - 1.2%
   
       
Data Processing & Outsourced Services - 0.3%
   
 
3,597,000
 
B-/Caa1
First Data Corp., 12.625%, 1/15/21
$
3,830,805
 
2,395,000
 
BB-/Ba3
NeuStar, Inc., 4.5%, 1/15/23 (144A)
 
2,395,000
         
$
6,225,805
       
Application Software - 0.3%
   
 
8,684,000
 
CCC-/Caa2
Allen Systems Group, Inc., 10.5%, 11/15/16 (144A)
$
5,905,120
       
Systems Software - 0.6%
   
 
14,669,480
 
NR/NR
Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A) (PIK)
$
13,202,532
       
Total Software & Services
$
25,333,457
       
Technology Hardware & Equipment - 0.3%
   
       
Electronic Equipment Manufacturers - 0.3%
   
 
5,500,000
 
BB-/B1
Viasystems, Inc., 7.875%, 5/1/19 (144A)
$
5,486,250
       
Total Technology Hardware & Equipment
$
5,486,250
       
Semiconductors & Semiconductor Equipment - 0.2%
   
       
Semiconductor Equipment - 0.1%
   
 
3,200,000
 
B+/Caa1
MEMC Electronic Materials, Inc., 7.75%, 4/1/19
$
2,848,000
       
Semiconductors - 0.1%
   
CNY
14,000,000
 
BB-/NR
LDK Solar Co, Ltd., 10.0%, 2/28/14
$
1,541,757
       
Total Semiconductors & Semiconductor Equipment
$
4,389,757
       
Telecommunication Services - 4.7%
   
       
Integrated Telecommunication Services - 3.5%
   
 
6,477,000
 
B/B1
Cincinnati Bell, Inc., 8.25%, 10/15/17
$
6,954,679
 
5,790,000
 
B/B1
Cincinnati Bell, Inc., 8.375%, 10/15/20
 
6,296,625
 
8,478,000
 
CCC+/B3
Cincinnati Bell, Inc., 8.75%, 3/15/18
 
8,954,888
 
5,200,000
 
BB-/Ba2
Frontier Communications Corp., 7.125%, 1/15/23
 
5,525,000
 
2,940,000
 
BB-/Ba2
Frontier Communications Corp., 8.5%, 4/15/20
 
3,395,700
 
10,345,000
 
BB-/Ba2
Frontier Communications Corp., 8.75%, 4/15/22
 
11,974,338
EURO
1,600,000
 
B+/Ba3
Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A)
 
2,296,805
 
5,260,000
 
B/Ba3
Windstream Corp., 6.375%, 8/1/23 (144A)
 
5,273,150
 
6,285,000
 
B/Ba3
Windstream Corp., 7.5%, 6/1/22
 
6,803,512
 
2,300,000
 
B/Ba3
Windstream Corp., 7.75%, 10/1/21
 
2,512,750
 
6,765,000
 
B/Ba3
Windstream Corp., 7.75%, 10/15/20
 
7,356,938
 
7,345,000
 
B/Ba3
Windstream Corp., 8.125%, 9/1/18
 
8,061,138
         
$
75,405,523
       
Wireless Telecommunication Services - 1.2%
   
 
1,000,000
 
NR/Caa1
Digicel Group, Ltd., 10.5%, 4/15/18 (144A)
$
1,115,000
 
6,400,000
 
NR/Caa1
Digicel Group, Ltd., 8.25%, 9/30/20 (144A)
 
7,136,000
 
2,300,000
 
NR/NR
Richland Towers Funding LLC, 7.87%, 3/15/16 (144A)
 
2,354,685
 
7,800,000
 
BB/Ba3
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A)
 
8,931,000
 
5,375,000
 
BB/Ba3
VimpelCom Holdings BV, 7.504%, 3/1/22 (144A)
 
6,127,500
         
$
25,664,185
       
Total Telecommunication Services
$
101,069,708
       
Utilities - 2.0%
   
       
Electric Utilities - 0.8%
   
 
12,081,000
 
CCC/NR
Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A)
$
4,349,160
 
7,150,000
5.25
BBB+/NR
Electricite de France SA, Floating Rate Note, 12/29/49 (Perpetual) (144A)
 
6,979,894
 
5,256,000
 
B-/Caa1
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)
 
2,417,760
 
722,501
 
B/Ba2
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)
 
605,642
 
598,995
 
B/Ba2
FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A)
 
515,136
 
2,695,000
 
CCC/Caa1
Texas Competitive Electric Holdings Co. LLC, 11.5%, 10/1/20 (144A)
 
2,129,050
 
4,000,000
 
D/Caa3
Texas Competitive Electric Holdings Co. LLC, 15.0%, 4/1/21
 
1,360,000
         
$
18,356,642
       
Gas Utilities - 0.4%
   
 
2,437,000
 
B-/B2
Star Gas Partners LP, 8.875%, 12/1/17
$
2,473,555
 
7,966,000
 
B-/B3
Transportadora de Gas del Sur SA, 7.875%, 5/14/17 (144A)
 
6,930,420
         
$
9,403,975
       
Multi-Utilities - 0.3%
   
 
6,474,795
 
NR/NR
Ormat Funding Corp., 8.25%, 12/30/20
$
6,021,559
       
Independent Power Producers & Energy Traders - 0.5%
   
 
940,000
 
NR/Baa3
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A)
$
1,085,700
 
244,150
 
NR/NR
Juniper Generation LLC, 6.79%, 12/31/14 (144A)
 
229,446
 
3,025,000
 
BB-/B1
NRG Energy, Inc., 7.625%, 1/15/18
 
3,395,562
 
2,840,000
 
BB-/B1
NRG Energy, Inc., 7.625%, 5/15/19
 
3,038,800
 
2,200,000
 
BB-/B1
NRG Energy, Inc., 8.5%, 6/15/19
 
2,436,500
 
357,000
 
BB+/Ba1
NSG Holdings LLC, 7.75%, 12/15/25 (144A)
 
371,280
         
$
10,557,288
       
Total Utilities
$
44,339,464
       
Government - 0.1%
   
TRY
4,200,000
 
AAA/NR
European Bank for Reconstruction & Development, 0.5%, 2/26/15
$
2,167,266
       
Total Government
$
2,167,266
       
TOTAL CORPORATE BONDS
   
       
(Cost $1,577,878,897)
$
1,564,008,643
             
       
FOREIGN GOVERNMENT BONDS - 4.5%
   
BRL
2,950,000
 
BBB/Baa2
Brazilian Government International Bond, 10.25%, 1/10/28
$
1,859,633
 
13,000,000
 
B-/Caa1
City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A)
 
12,545,000
COP
6,986,000,000
 
BBB-/Baa3
Colombia Government International Bond, 12.0%, 10/22/15
 
4,727,348
COP
1,626,000,000
 
NR/Ba1
Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A)
 
952,479
IDR
53,000,000,000
 
NR/Baa3
Indonesia Treasury Bond, 7.0%, 5/15/22
 
6,139,190
IDR
101,459,000,000
 
NR/Baa3
Indonesia Treasury Bond, 8.25%, 6/15/32
 
12,458,192
MXN
4,800,000
 
A-/Baa1
Mexican Bonos, 7.5%, 6/3/27
 
449,385
MXN
144,510,000
 
A-/Baa1
Mexican Bonos, 7.75%, 11/13/42
 
13,810,314
MXN
10,026,530
 
A-/Baa1
Mexican Udibonos, 3.5%, 12/14/17
 
869,182
PHP
442,965,000
 
NR/Ba1
Philippine Government Bond, 5.875%, 3/1/32
 
12,030,999
PHP
8,000,000
 
NR/Ba1
Philippine Government Bond, 6.125%, 10/24/37
 
221,746
 
4,600,000
 
B-/NR
Province of Salta Argentina, 9.5%, 3/16/22 (144A)
 
3,907,700
 
7,425,000
 
B-/Caa1
Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A)
 
5,346,000
 
2,125,000
 
B-/Caa1
Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A)
 
1,753,125
 
2,600,000
 
B-/NR
Provincia de Neuquen Argentina, 7.875%, 4/26/21 (144A)
 
2,223,000
RON
11,200,000
 
NR/NR
Romania Government Bond, 5.85%, 4/26/23
 
3,460,947
RON
8,880,000
 
NR/NR
Romania Government Bond, 5.9%, 7/26/17
 
2,769,038
TRY
2,500,000
 
BBB-/NR
Turkey Government Bond, 10.5%, 1/15/20
 
1,727,862
 
575,000
 
B/B3
Ukraine Government International Bond, 6.75%, 11/14/17 (144A)
 
579,312
 
9,000,000
 
B/B3
Ukraine Government International Bond, 9.25%, 7/24/17 (144A)
 
9,787,500
         
$
97,617,952
       
TOTAL FOREIGN GOVERNMENT BONDS
   
       
(Cost $95,647,481)
$
97,617,952
             
       
MUNICIPAL BONDS - 0.3%
   
       
Municipal Development - 0.0%
   
 
15,000
7.00
B/B3
New Jersey Economic Development Authority, Floating Rate Note, 11/15/30
$
15,056
       
Municipal General - 0.3%
   
 
8,875,000
0.00
NR/NR
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)
$
5,650,002
       
TOTAL MUNICIPAL BONDS
   
       
(Cost $8,873,574)
$
5,665,058
             
       
SENIOR FLOATING RATE LOAN INTERESTS - 7.0%**
   
       
Energy - 0.8%
   
       
Oil & Gas Equipment & Services - 0.3%
   
 
6,868,897
8.50
CCC+/B3
FTS International Services LLC, Term Loan, 5/6/16
$
6,019,826
       
Oil & Gas Exploration & Production - 0.2%
   
 
5,100,000
0.00
NR/NR
Talos Energy LLC, Term Loan, 1/24/14
$
5,100,000
       
Coal & Consumable Fuels - 0.3%
   
 
6,000,000
0.00
NR/NR
Bumi Resources Tbk PT, Term Loan, 8/15/13
$
5,880,000
       
Total Energy
$
16,999,826
       
Materials - 0.7%
   
       
Commodity Chemicals - 0.1%
   
 
1,720,688
5.75
B/B1
CPG International I, Inc., Term Loan, 9/21/19
$
1,736,819
       
Diversified Chemicals - 0.5%
   
EURO
8,000,000
0.00
NR/NR
DuPont Performance Coatings, Inc., Term Loan, 10/24/13
$
10,859,600
       
Metal & Glass Containers - 0.0%
   
 
290,000
4.50
B/B1
BWAY Holding Co., Initial Term Loan, 8/31/17
$
293,988
       
Paper Packaging - 0.1%
   
 
2,357,581
6.50
B/B2
Exopack Holding Corp., Term Loan B, 5/6/17
$
2,374,280
       
Total Materials
$
15,264,687
       
Capital Goods - 0.5%
   
       
Aerospace & Defense - 0.5%
   
 
3,846,887
6.25
B-/B2
DAE Aviation Holdings, Inc., Tranche B-1 Loan, 10/18/18
$
3,928,633
 
1,743,926
6.25
B/B2
DAE Aviation Holdings, Inc., Tranche B-2 Loan, 10/18/18
 
1,780,985
 
3,133,617
6.51
BB/B1
Hunter Defense Technologies, Inc., Series 1 New Term Loan, 8/22/14
 
2,976,936
 
1,628,992
3.51
BB-/B1
Hunter Defense Technologies, Inc., Term Loan, 8/22/14
 
1,531,253
         
$
10,217,807
       
Industrial Conglomerates - 0.0%
   
 
1,467,116
5.00
B+/B2
Pro Mach, Inc., Term Loan, 7/6/17
$
1,482,403
       
Total Capital Goods
$
11,700,210
       
Commercial Services & Supplies - 0.2%
   
       
Environmental & Facilities Services - 0.1%
   
 
2,128,275
8.75
NR/WR
Aquilex Holdings LLC, Term Loan, 4/1/16
$
2,133,595
       
Diversified Support Services - 0.1%
   
 
3,341,885
10.00
NR/NR
IAP Worldwide Services, Inc., Term Loan (First Lien), 12/31/15
$
2,640,089
       
Total Commercial Services & Supplies
$
4,773,684
       
Transportation - 0.1%
   
       
Air Freight & Logistics - 0.1%
   
 
508,620
5.31
NR/NR
CEVA Group Plc, Dollar Tranche B Pre Funded Term Loan, 8/31/16
$
487,163
 
794,899
5.30
NR/NR
CEVA Group Plc, EGL Tranche B Term Loan, 8/31/16
 
760,782
 
779,050
5.30
B-/B1
CEVA Group Plc, US Tranche B Term Loan, 8/31/16
 
746,184
         
$
1,994,129
       
Total Transportation
$
1,994,129
       
Automobiles & Components - 0.5%
   
       
Auto Parts & Equipment - 0.1%
   
 
5,154
2.71
BB-/Ba3
Allison Transmission, Inc., Term B-1 Loan, 8/7/14
$
5,177
 
3,151,188
6.75
NR/NR
TI Group Automotive Systems LLC, Term Loan, 3/1/19
 
3,190,577
         
$
3,195,754
       
Automobile Manufacturers - 0.4%
   
 
8,028,320
6.00
BB/Ba2
Chrysler Group LLC, Tranche B Term Loan, 4/28/17
$
8,215,966
       
Total Automobiles & Components
$
11,411,720
       
Consumer Durables & Apparel - 0.2%
   
       
Home Furnishings - 0.2%
   
 
3,440,000
0.00
NR/NR
Tempur-Pedic International, Inc., Bridge Loan, 11/17/13
$
3,440,000
       
Total Consumer Durables & Apparel
$
3,440,000
       
Consumer Services - 0.1%
   
       
Specialized Consumer Services - 0.1%
   
 
2,297,619
5.50
B/Ba3
Ascent Capital Group, Inc., Term Loan, 3/6/18
$
2,326,339
       
Total Consumer Services
$
2,326,339
       
Media - 0.2%
   
       
Advertising - 0.1%
   
 
2,221,495
6.50
B/Ba3
Affinion Group, Inc., Tranche B Term Loan, 10/9/16
$
2,130,320
       
Cable & Satellite - 0.1%
   
 
1,694,485
6.25
B/B1
WideOpenWest LLC, Term Loan, 4/18/18
$
1,717,462
       
Publishing - 0.0%
   
 
767,718
2.71
CCC+/Caa2
Cengage Learning Acquisitions, Inc., Original Term Loan, 7/4/14
$
612,895
       
Total Media
$
4,460,677
       
Retailing - 0.3%
   
       
Automotive Retail - 0.3%
   
 
5,725,000
0.00
BB/Ba1
Avis Budget Car Rental LLC, Bridge Loan, 1/2/14
$
5,725,000
       
Total Retailing
$
5,725,000
       
Food & Staples Retailing - 0.1%
   
       
Food Distributors - 0.1%
   
 
1,390,000
5.75
B/B1
AdvancePierre Foods, Term Loan (First Lien), 6/17/17
$
1,415,629
       
Total Food & Staples Retailing
$
1,415,629
       
Health Care Equipment & Services - 1.1%
   
       
Health Care Services - 0.9%
   
 
1,169,078
7.25
BB-/Ba3
Alliance HealthCare Services, Inc., Initial Term Loan, 6/1/16
$
1,161,772
 
1,410,000
6.75
B+/B1
Ardent Medical Services, Inc., Term Loan (First Lien), 5/2/18
 
1,438,200
 
1,115,878
7.50
B/Ba3
inVentiv Health, Inc., Consolidated Term Loan, 8/4/16
 
1,107,509
 
5,010,750
6.50
NR/NR
National Mentor Holdings, Inc., Tranche B-1 Term Loan, 2/9/17
 
5,085,911
 
4,075,088
8.25
B/B2
National Surgical Hospitals, Inc., Initial Term Loan, 1/4/17
 
4,075,088
 
4,500,513
6.50
B/B2
Surgery Center Holdings, Inc., Term Loan, 9/20/16
 
4,511,764
 
1,445,500
7.75
B+/B1
Virtual Radiologic Corp., Term Loan A, 11/3/16
 
1,261,199
         
$
18,641,443
       
Managed Health Care - 0.1%
   
 
2,200,000
9.75
B+/B2
MMM Holdings, Inc., Term Loan, 10/9/17
$
2,216,500
       
Health Care Technology - 0.1%
   
 
354,592
7.75
B/NR
Physician Oncology Services LP, Delayed Draw Term Loan, 1/31/17
$
354,592
 
2,918,726
7.75
B/B2
Physician Oncology Services LP, Effective Date Term Loan, 2/10/17
 
2,918,726
         
$
3,273,318
       
Total Health Care Equipment & Services
$
24,131,261
       
Pharmaceuticals, Biotechnology & Life Sciences - 0.2%
   
       
Biotechnology - 0.1%
   
 
3,081,428
5.50
BB/B2
Axcan Intermediate Holdings, Inc., Term B-1 Loan, 1/25/17
$
3,117,379
       
Pharmaceuticals - 0.1%
   
 
1,048,676
6.00
NR/B1
Generic Drug Holdings, Inc., Closing Date Term Loan, 10/4/19
$
1,065,717
       
Total Pharmaceuticals, Biotechnology & Life Sciences
$
4,183,096
       
Diversified Financials - 0.4%
   
       
Other Diversified Financial Services - 0.4%
   
 
993,485
0.00
NR/NR
Long Haul Holdings, Ltd., Facility A Loan, 1/12/14
$
596,091
 
792,928
0.00
NR/NR
Long Haul Holdings, Ltd., Facility B Loan, 1/12/14
 
475,757
 
7,865,550
7.50
B+/B2
Preferred Sands Holding Co. LLC, Term B Loan, 12/15/16
 
7,157,650
         
$
8,229,498
       
Total Diversified Financials
$
8,229,498
       
Insurance - 0.5%
   
       
Insurance Brokers - 0.4%
   
 
5,467,544
6.75
B+/B1
HUB International Holdings, Inc., 2017 Additional Term Loan (Extended), 12/13/17
$
5,535,888
 
3,988,700
4.70
B+/B1
HUB International Holdings, Inc., 2017 Initial Term Loan (Extended), 6/13/17
 
4,051,023
         
$
9,586,911
       
Multi-line Insurance - 0.1%
   
 
1,905,000
5.00
B-/B1
Alliant Insurance Services, Inc., Initial Term Loan, 12/7/19
$
1,926,431
       
Total Insurance
$
11,513,342
       
Real Estate - 0.0%
   
       
Real Estate Development - 0.0%
   
 
1,007,500
8.25
B-/Ba3
Ozburn-Hessey Logistics LLC, Term Loan (First Lien), 4/7/16
$
1,012,538
       
Total Real Estate
$
1,012,538
       
Software & Services - 0.8%
   
       
Application Software - 0.8%
   
 
13,478,270
8.00
B/Ba3
Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18
$
13,624,280
 
3,500,000
9.75
CCC+/Caa1
Vertafore, Inc., Term Loan (Second Lien), 10/18/17
 
3,559,790
         
$
17,184,070
       
Total Software & Services
$
17,184,070
       
Technology Hardware & Equipment - 0.2%
   
       
Electronic Components - 0.2%
   
 
3,897,409
5.00
B/B2
Scitor Corp., Term Loan, 1/21/17
$
3,887,666
       
Total Technology Hardware & Equipment
$
3,887,666
       
Utilities - 0.1%
   
       
Electric Utilities - 0.1%
   
 
4,398,230
4.74
CCC/Caa1
Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan (Extending), 10/10/17
$
2,904,894
       
Total Utilities
$
2,904,894
       
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
   
       
(Cost $153,790,921)
$
152,558,266
 
Shares
         
       
RIGHTS / WARRANTS - 0.0%
   
       
Energy - 0.0%
   
       
Oil & Gas Equipment & Services - 0.0%
   
 
2,275
   
Green Field Energy Services, Inc. (144A)
$
68,250
       
Oil & Gas Exploration & Production - 0.0%
   
 
592,529
   
Norse Energy Corp ASA, 6/16/15
$
4,337
       
Total Energy
$
72,587
       
TOTAL RIGHTS / WARRANTS
   
       
(Cost $90,991)
$
72,587
 
Principal
Amount ($)
     
       
TEMPORARY CASH INVESTMENTS - 2.6%
   
       
Repurchase Agreements - 2.6%
   
 
18,685,000
   
Bank of Nova Scotia, Inc., 0.16%, dated 1/31/13, repurchase price of $18,685,000
   
       
plus accrued interest on 2/1/13 collateralized by $19,058,785 Federal National ,
   
       
Mortgage Association, 4.0%, 3/1/42
$
18,685,000
             
 
18,685,000
   
Deutsche Bank AG, 0.15%, dated 1/31/13, repurchase price of $10,785,000
   
       
plus accrued interest on 2/1/13 collateralized by the following:
   
       
$645,213 U.S. Treasury Bond, 0-8.875%, 2/14/13-2/15/41
   
       
$1,236,624 U.S. Treasury Bill, 0.0%, 2/14/13-10/17/13
   
       
$2,717,356 U.S. Treasury Notes, 0.25-4.75%, 2/15/13-8/15/22
   
       
$6,401,782 U.S. Treasury Strip, 0.0-4.375%, 2/15/13-8/15/42
 
18,685,000
             
 
18,685,000
   
RBC Capital Markets, Corp., 0.15%, dated 1/31/13, repurchase price of $18,685,000
   
       
plus accrued interest on 2/1/13 collateralized by $19,058,700 Freddie Mac Giant,
   
       
4.0%, 9/1/41
 
18,685,000
             
 
18,685,000
   
TD Securities, Inc., 0.11%, dated 1/31/13, repurchase price of $18,685,000
   
       
plus accrued interest on 2/1/13 collateralized by $19,058,700 U.S. Treasury,
   
       
Note, 2.625%, 12/31/14
 
18,685,000
         
$
74,740,000
       
TOTAL TEMPORARY CASH INVESTMENTS
   
       
(Cost $56,055,000)
$
74,740,000
             
       
TOTAL INVESTMENT IN SECURITIES - 98.8%
   
       
(Cost $2,174,022,692) (a)
$
2,139,145,792
             
       
OTHER ASSETS & LIABILITIES - 1.2%
$
25,371,974
             
       
TOTAL NET ASSETS - 100.0%
$
2,164,517,766
             
 
Notional
       
Unrealized
 
Principal
       
Loss
       
Swap Counterparty/Referenced Obligation
   
 
         (4,100,000)
   
JPMorgan Chase & Co., Index : Markit CDX.NA.HY.17, 5.0%, 9/20/17
$
             (5,806)
       
TOTAL CREDIT DEFAULT SWAP AGREEMENT
   
       
(Cost $(4,100,000))
$
             (5,806)
             
 
(A.D.R.)
   
American Depositary Receipt.
   
             
 
(G.D.R.)
   
Global Depositary Receipt.
   
             
 
*
   
Non-income producing security.
   
             
 
WR
   
Security rating withdrawn by either S&P or Moody's.
   
             
 
NR
   
Not rated by either S&P or Moody's.
   
             
 
(Perpetual)
   
Security with no stated maturity date.
   
             
 
(Step)
   
Bond issued with an initial coupon rate which converts to a higher rate at a later date.
   
             
 
REIT's
   
Real Estate Investment Trust.
   
             
 
PIK
   
Represents a pay in kind security.
   
             
 
(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, 2013, the value of these securities amounted to $1,165,210,914 or 53.8% 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 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, 2013, the net unrealized loss on investments based on cost for federal income tax purposes of $2,174,022,692 was as follows:
             
       
Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost
   127,956,056
             
       
Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value
  (162,832,956)
             
       
Net unrealized loss
 
 $ (34,876,900)
             
             
 
(b)
   
Debt obligation with a variable interest rate.  Rate shown is rate at end of period.
   
             
 
(c)
   
Security is in default and is non-income producing.
   
             
 
(d)
   
Security is fair valued (see Note A).
   
             
 
(e)
   
Zero coupon bond: security earns income through accretion of discount.
   
             
 
(f)
   
Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
             
       
United States
 
52.3
       
Luxembourg
 
6.0
       
Cayman Islands
 
4.4
       
Mexico
 
4.4
       
Netherlands
 
3.9
       
Argentina
 
3.6
       
Ireland
 
3.4
       
United Kingdom
 
2.2
       
Brazil
 
1.8
       
China
 
1.8
       
Canada
 
1.6
       
Australia
 
1.1
       
Peru
 
1.1
       
Singapore
 
1.1
       
Other (individually less than 1%)
 
11.3
           
100.0%
 
NOTE:
   
Principal amounts are denominated in U.S. Dollars unless otherwise denoted:
   
             
 
NOK
   
Norwegian Krone
   
 
EURO
   
Euro
   
 
BRL
   
Brazilian Real
   
 
CAD
   
Canadian Dollar
   
 
TRY
   
Turkish Lira
   
 
CNY
   
New Chinese Yuan
   
 
GBP
   
British Pound Sterling
   
 
IDR
   
Indonesian Rupiah
   
 
PHP
   
Philippine Peso
   
 
RON
   
Romanian Leu
   
 
MXN
   
Mexican Peso
   
 
COP
   
Columbian Peso
   
             
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
             
Level 1 – quoted prices in active markets for identical securities
   
Level 2 – other significant observable inputs (Including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (Including the Fund's own assumptions in determining fair value of investments)
   
             
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
   
using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3.
   
See Notes to Financial Statements - Note 1A.
   
             
The following is a summary of the inputs used as of January 31, 2013, in valuing the Fund’s assets:
   
             



   
Level 1
   
Level 2
   
Level 3
   
Total
 
Asset Backed Securities
  $ -     $ 40,957,951     $ -     $ 40,957,951  
Collateralized Mortgage Obligations
    -       28,146,697       -       28,146,697  
Corporate Bonds
    -       1,564,008,643       -       1,564,008,643  
Convertible Corporate Bonds
    -       140,710,409       -       140,710,409  
Municipal Bonds
    -       5,665,058       -       5,665,058  
Foreign Government Bonds
    -       97,617,952       -       97,617,952  
Senior Floating Rate Loan Interests
    -       152,558,266       -       152,558,266  
Common Stocks
    15,270,538       322,085       1,249,853       16,842,476  
Preferred Stocks
    12,880,981       4,370,322       -       17,251,303  
Convertible Preferred Stocks
    574,450       -       -       574,450  
Warrants
    4,337       68,250       -       72,587  
Repurchase Agreements
    -       74,740,000       -       74,740,000  
Total
  $ 28,730,306     $ 2,109,165,633     $ 1,249,853     $ 2,139,145,792  
                                 
Other Financial Instruments*
  $ -     $ (1,689,848 )     -     $ (1,689,848 )
                                 
*Other financial instruments include the unrealized gain (loss) on foreign exchange contracts
                               



The following is a reconciliation of assets valued using significant observable inputs (Level 3):
     
       
Common
Stocks
           
   
Balance as of 10/31/12
  $ 3,499,284  
   
Realized gain (loss)
    -  
   
Change in unrealized appreciation (depreciation)1
    (2,249,431 )
   
Net purchases (sales)
    -  
   
Transfers in and out of Level 3
    -  
   
Balance as of 1/31/13
  $ 1,249,853  
             
  1  
Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.
               
  2  
Unrealized appreciation (depreciation) on these securities is included in the change in unrealized gain (loss) on investments in the Statement of Operations.
               
  *  
Transfers are calculated on the beginning of period values.
       
               
     
Net change in unrealized appreciation (depreciation) of investments
       
     
still held as of 1/31/13
  $ (2,249,431 )
 
 ITEM 2. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.

There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.



ITEM 3. EXHIBITS.

(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).

Filed herewith.



<PAGE>


                                   SIGNATURES

                          [See General Instruction F]


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Pioneer Series Trust VII

By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President

Date April 1, 2013


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President

Date April 1, 2013



By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer

Date April 1, 2013

* Print the name and title of each signing officer under his or her signature.
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