Form N-Q PIONEER SERIES TRUST For: Jan 31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-10395 Pioneer 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, 2017 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. <PAGE> ITEM 1. Schedule of Investments. File the schedules as of the close of the reporting period as set forth in ss. 210.12-12 12-14 of Regulation S-X [17 CFR 210.12-12 12-14]. The schedules need not be audited.
Pioneer Global Multisector Income Fund
|
||||||||||
Schedule of Investments 1/31/17 (unaudited)
|
||||||||||
Principal Amount ($)
|
Floating
Rate (b)
|
Value
|
||||||||
CONVERTIBLE CORPORATE BONDS - 0.3%
|
||||||||||
Capital Goods - 0.1%
|
||||||||||
Electrical Components & Equipment - 0.1%
|
||||||||||
56,000
|
General Cable Corp., 4.5%, 11/15/29 (Step)
|
$
|
46,550
|
|||||||
Total Capital Goods
|
$
|
46,550
|
||||||||
Software & Services - 0.2%
|
||||||||||
Internet Software & Services - 0.2%
|
||||||||||
125,000
|
WebMD Health Corp., 2.625%, 6/15/23 (144A)
|
$
|
117,812
|
|||||||
Total Software & Services
|
$
|
117,812
|
||||||||
TOTAL CONVERTIBLE CORPORATE BONDS
|
||||||||||
(Cost $174,085)
|
$
|
164,362
|
||||||||
PREFERRED STOCKS - 0.0% †
|
||||||||||
Diversified Financials - 0.0% †
|
||||||||||
Consumer Finance - 0.0% †
|
||||||||||
231
|
6.41
|
GMAC Capital Trust I, Floating Rate Note, 2/15/40
|
$
|
5,937
|
||||||
Total Diversified Financials
|
$
|
5,937
|
||||||||
TOTAL PREFERRED STOCKS
|
||||||||||
(Cost $4,505)
|
$
|
5,937
|
||||||||
CONVERTIBLE PREFERRED STOCKS - 0.3%
|
||||||||||
Banks - 0.3%
|
||||||||||
Diversified Banks - 0.3%
|
||||||||||
44
|
Bank of America Corp., 7.25%, (Perpetual)
|
$
|
52,459
|
|||||||
80
|
Wells Fargo & Co., 7.5% (Perpetual)
|
96,084
|
||||||||
$
|
148,543
|
|||||||||
Total Banks
|
$
|
148,543
|
||||||||
TOTAL CONVERTIBLE PREFERRED STOCKS
|
||||||||||
(Cost $135,552)
|
$
|
148,543
|
||||||||
ASSET BACKED SECURITIES - 0.4%
|
||||||||||
47,783
|
Bear Stearns Asset Backed Securities Trust, 8.35438%, 10/25/29 (Step)
|
$
|
47,924
|
|||||||
46,711
|
CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)
|
46,381
|
||||||||
57,794
|
Domino's Pizza Master Issuer LLC, 5.216%, 1/27/42 (144A)
|
58,637
|
||||||||
28,639
|
5.50
|
Mastr Specialized Loan Trust, Floating Rate Note, 10/25/34
|
28,961
|
|||||||
9,559
|
1.46
|
New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35
|
9,515
|
|||||||
551
|
Structured Asset Securities Corp., 5.27%, 10/25/34 (Step)
|
567
|
||||||||
32,750
|
Terwin Mortgage Trust Series TMTS 2005-16HE, 4.27732%, 9/25/36 (Step)
|
33,231
|
||||||||
TOTAL ASSET BACKED SECURITIES
|
||||||||||
(Cost $223,152)
|
$
|
225,216
|
||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 2.4%
|
||||||||||
58,027
|
3.50
|
Agate Bay Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A)
|
$
|
58,244
|
||||||
46,905
|
3.50
|
Agate Bay Mortgage Trust 2015-5, Floating Rate Note, 7/25/45 (144A)
|
47,081
|
|||||||
2,555
|
1.22
|
Alternative Loan Trust 2003-14T1, Floating Rate Note, 8/25/18
|
2,298
|
|||||||
5,381
|
Banc of America Alternative Loan Trust 2004-6, 5.0%, 7/25/19
|
5,419
|
||||||||
6,304
|
Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34
|
6,455
|
||||||||
80,134
|
Bayview Commercial Asset Trust 2007-2, 7/27/37 (Step) (144A) (d)
|
-
|
||||||||
4,872
|
3.46
|
CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33
|
4,919
|
|||||||
100,000
|
COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44
|
105,874
|
||||||||
50,000
|
COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46
|
50,572
|
||||||||
25,000
|
4.55
|
COMM 2015-CCRE25 Mortgage Trust, Floating Rate Note, 8/12/48
|
26,532
|
|||||||
51,655
|
1.08
|
Crusade Global Trust No 1 of 2007, Floating Rate Note, 4/19/38
|
51,315
|
|||||||
50,000
|
4.54
|
CSAIL 2016-C5 Commercial Mortgage Trust REMICS, Floating Rate Note, 11/15/48
|
50,704
|
|||||||
39,591
|
3.50
|
CSMC Trust 2014-WIN2, Floating Rate Note, 10/25/44 (144A)
|
39,300
|
|||||||
7,971
|
Federal National Mortgage Association REMICS, 4.5%, 6/25/29
|
8,475
|
||||||||
45,000
|
5.20
|
FREMF Mortgage Trust 2010-K9 REMICS, Floating Rate Note, 9/25/45 (144A)
|
48,431
|
|||||||
50,000
|
4.77
|
FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A)
|
51,374
|
|||||||
50,000
|
4.88
|
FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A)
|
51,666
|
|||||||
28,615
|
Government National Mortgage Association, 4.5%, 9/20/39
|
30,612
|
||||||||
18,186
|
Government National Mortgage Association, 5.25%, 8/16/35
|
19,742
|
||||||||
50,000
|
GS Mortgage Securities Corp. II, 3.377%, 5/10/45
|
51,971
|
||||||||
25,000
|
GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)
|
25,596
|
||||||||
29,528
|
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5, 4.1712%, 8/15/46
|
31,553
|
||||||||
75,000
|
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9, 2.84%, 12/15/47
|
75,610
|
||||||||
100,000
|
1.69
|
JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29 (144A)
|
100,000
|
|||||||
6,247
|
JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34
|
6,396
|
||||||||
50,000
|
JPMBB Commercial Mortgage Securities Trust 2014-C22 REMICS, 3.8012%, 9/15/47
|
52,109
|
||||||||
80,448
|
Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44
|
81,720
|
||||||||
38,929
|
3.25
|
NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A)
|
38,719
|
|||||||
GBP
|
48,262
|
0.80
|
Paragon Secured Finance No 1 Plc, Floating Rate Note, 11/15/35
|
58,259
|
||||||
25,234
|
RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32
|
25,342
|
||||||||
1,536
|
1.32
|
RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17
|
1,528
|
|||||||
25,711
|
2.50
|
Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/27/43
|
24,717
|
|||||||
32,347
|
3.50
|
Sequoia Mortgage Trust, Floating Rate Note, 9/25/42
|
32,586
|
|||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
||||||||||
(Cost $1,284,677)
|
$
|
1,265,119
|
||||||||
CORPORATE BONDS - 29.2%
|
||||||||||
Energy - 5.0%
|
||||||||||
Oil & Gas Drilling - 0.2%
|
||||||||||
100,000
|
Rowan Companies, Inc., 4.75%, 1/15/24
|
$
|
91,750
|
|||||||
Integrated Oil & Gas - 1.6%
|
||||||||||
EUR
|
175,000
|
BP Capital Markets Plc, 1.373%, 3/3/22
|
$
|
196,447
|
||||||
240,000
|
Petrobras Global Finance BV, 5.375%, 1/27/21
|
241,572
|
||||||||
155,000
|
Petroleos Mexicanos, 3.5%, 1/30/23
|
142,791
|
||||||||
EUR
|
200,000
|
4.50
|
Repsol International Finance BV, Floating Rate Note, 3/25/75
|
208,133
|
||||||
55,000
|
YPF SA, 8.5%, 3/23/21 (144A)
|
59,606
|
||||||||
$
|
848,549
|
|||||||||
Oil & Gas Exploration & Production - 1.0%
|
||||||||||
75,000
|
Antero Resources Corp., 5.625%, 6/1/23
|
$
|
76,500
|
|||||||
35,000
|
Canadian Natural Resources, Ltd., 6.25%, 3/15/38
|
40,652
|
||||||||
65,000
|
Carrizo Oil & Gas, Inc., 7.5%, 9/15/20
|
67,438
|
||||||||
100,000
|
Hilcorp Energy I LP, 5.75%, 10/1/25 (144A)
|
100,875
|
||||||||
25,000
|
Newfield Exploration Co., 5.375%, 1/1/26
|
25,875
|
||||||||
100,000
|
Range Resources Corp., 5.0%, 3/15/23 (144A)
|
99,250
|
||||||||
100,000
|
WPX Energy, Inc., 7.5%, 8/1/20
|
108,500
|
||||||||
$
|
519,090
|
|||||||||
Oil & Gas Refining & Marketing - 0.2%
|
||||||||||
53,000
|
EnLink Midstream Partners LP, 4.4%, 4/1/24
|
$
|
53,174
|
|||||||
21,000
|
Valero Energy Corp., 9.375%, 3/15/19
|
24,117
|
||||||||
$
|
77,291
|
|||||||||
Oil & Gas Storage & Transportation - 2.0%
|
||||||||||
95,000
|
Boardwalk Pipelines LP, 4.95%, 12/15/24
|
$
|
99,162
|
|||||||
50,000
|
Crestwood Midstream Partners LP, 6.25%, 4/1/23
|
51,625
|
||||||||
25,000
|
DCP Midstream Operating LP, 9.75%, 3/15/19 (144A)
|
28,250
|
||||||||
120,000
|
5.85
|
DCP Midstream Operating LP, Floating Rate Note, 5/21/43 (144A)
|
107,700
|
|||||||
55,000
|
Enbridge Energy Partners LP, 7.375%, 10/15/45
|
67,912
|
||||||||
100,000
|
Energy Transfer Equity LP, 5.875%, 1/15/24
|
106,750
|
||||||||
125,000
|
Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45
|
131,755
|
||||||||
40,000
|
MPLX LP, 4.875%, 12/1/24
|
41,937
|
||||||||
75,000
|
Plains All American Pipeline LP, 4.65%, 10/15/25
|
76,650
|
||||||||
45,000
|
Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 (144A)
|
47,194
|
||||||||
25,000
|
Spectra Energy Capital LLC, 6.2%, 4/15/18
|
26,171
|
||||||||
10,000
|
Spectra Energy Capital LLC, 6.75%, 7/15/18
|
10,575
|
||||||||
60,000
|
Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42
|
63,824
|
||||||||
75,000
|
The Williams Companies, Inc., 5.75%, 6/24/44
|
75,938
|
||||||||
13,000
|
The Williams Companies, Inc., 7.75%, 6/15/31
|
15,372
|
||||||||
100,000
|
TransCanada PipeLines, Ltd., 1.875%, 1/12/18
|
100,251
|
||||||||
15,000
|
Williams Partners LP, 5.1%, 9/15/45
|
14,983
|
||||||||
$
|
1,066,049
|
|||||||||
Total Energy
|
$
|
2,602,729
|
||||||||
Materials - 1.0%
|
||||||||||
Diversified Chemicals - 0.2%
|
||||||||||
85,000
|
CF Industries, Inc., 3.45%, 6/1/23
|
$
|
79,688
|
|||||||
Fertilizers & Agricultural Chemicals - 0.2%
|
||||||||||
105,000
|
Agrium, Inc., 5.25%, 1/15/45
|
$
|
111,792
|
|||||||
Construction Materials - 0.3%
|
||||||||||
EUR
|
125,000
|
CRH Finance DAC, 3.125%, 4/3/23
|
$
|
152,680
|
||||||
Paper Packaging - 0.2%
|
||||||||||
5,000
|
International Paper Co., 6.0%, 11/15/41
|
$
|
5,784
|
|||||||
EUR
|
100,000
|
SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A)
|
115,938
|
|||||||
$
|
121,722
|
|||||||||
Copper - 0.1%
|
||||||||||
35,000
|
Freeport-McMoRan, Inc., 6.75%, 2/1/22 (144A)
|
$
|
36,488
|
|||||||
Total Materials
|
$
|
502,370
|
||||||||
Capital Goods - 0.7%
|
||||||||||
Aerospace & Defense - 0.3%
|
||||||||||
50,000
|
Embraer Netherlands Finance BV, 5.4%, 2/1/27
|
$
|
50,294
|
|||||||
EUR
|
100,000
|
TA MFG., Ltd., 3.625%, 4/15/23
|
110,340
|
|||||||
$
|
160,634
|
|||||||||
Building Products - 0.3%
|
||||||||||
55,000
|
Masco Corp., 4.375%, 4/1/26
|
$
|
56,464
|
|||||||
25,000
|
Masco Corp., 5.95%, 3/15/22
|
27,922
|
||||||||
35,000
|
Owens Corning, 3.4%, 8/15/26
|
33,493
|
||||||||
35,000
|
Owens Corning, 4.2%, 12/1/24
|
35,793
|
||||||||
30,000
|
Standard Industries, Inc., 5.375%, 11/15/24 (144A)
|
30,938
|
||||||||
$
|
184,610
|
|||||||||
Trading Companies & Distributors - 0.1%
|
||||||||||
40,000
|
GATX Corp., 6.0%, 2/15/18
|
$
|
41,514
|
|||||||
Total Capital Goods
|
$
|
386,758
|
||||||||
Transportation - 0.4%
|
||||||||||
Airlines - 0.0% †
|
||||||||||
6,702
|
Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19
|
$
|
7,003
|
|||||||
Marine - 0.4%
|
||||||||||
200,000
|
Pelabuhan Indonesia II PT, 4.25%, 5/5/25 (144A)
|
$
|
194,424
|
|||||||
Railroads - 0.0% †
|
||||||||||
25,000
|
Burlington Northern Santa Fe LLC, 5.75%, 3/15/18
|
$
|
26,185
|
|||||||
Total Transportation
|
$
|
227,612
|
||||||||
Automobiles & Components - 0.2%
|
||||||||||
Automobile Manufacturers - 0.2%
|
||||||||||
35,000
|
Ford Motor Co., 4.346%, 12/8/26
|
$
|
35,100
|
|||||||
35,000
|
General Motors Co., 6.6%, 4/1/36
|
40,313
|
||||||||
$
|
75,413
|
|||||||||
Total Automobiles & Components
|
$
|
75,413
|
||||||||
Consumer Services - 0.3%
|
||||||||||
Casinos & Gaming - 0.2%
|
||||||||||
25,000
|
International Game Technology, 7.5%, 6/15/19
|
$
|
27,641
|
|||||||
50,000
|
Scientific Games International, Inc., 10.0%, 12/1/22
|
51,231
|
||||||||
$
|
78,872
|
|||||||||
Education Services - 0.1%
|
||||||||||
75,000
|
Tufts University, 5.017%, 4/15/12
|
$
|
78,290
|
|||||||
Total Consumer Services
|
$
|
157,162
|
||||||||
Media - 0.8%
|
||||||||||
Cable & Satellite - 0.6%
|
||||||||||
100,000
|
Charter Communications Operating LLC, 6.384%, 10/23/35
|
$
|
112,755
|
|||||||
EUR
|
150,000
|
Sky Plc, 1.5%, 9/15/21
|
167,136
|
|||||||
25,000
|
Sky Plc, 6.1%, 2/15/18 (144A)
|
26,094
|
||||||||
$
|
305,985
|
|||||||||
Movies & Entertainment - 0.2%
|
||||||||||
EUR
|
100,000
|
WMG Acquisition Corp., 4.125%, 11/1/24 (144A)
|
$
|
112,564
|
||||||
Total Media
|
$
|
418,549
|
||||||||
Retailing - 0.1%
|
||||||||||
Internet Retail - 0.1%
|
||||||||||
50,000
|
Expedia, Inc., 5.95%, 8/15/20
|
$
|
54,978
|
|||||||
Total Retailing
|
$
|
54,978
|
||||||||
Food & Staples Retailing - 0.0% †
|
||||||||||
Drug Retail - 0.0% †
|
||||||||||
12,552
|
CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)
|
$
|
14,075
|
|||||||
Total Food & Staples Retailing
|
$
|
14,075
|
||||||||
Food, Beverage & Tobacco - 1.0%
|
||||||||||
Brewers - 0.0% †
|
||||||||||
20,000
|
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19
|
$
|
22,243
|
|||||||
Packaged Foods & Meats - 1.0%
|
||||||||||
GBP
|
100,000
|
Boparan Finance Plc, 5.5%, 7/15/21 (144A)
|
$
|
122,970
|
||||||
70,000
|
Kraft Heinz Foods Co., 3.5%, 6/6/22
|
71,229
|
||||||||
200,000
|
Marfrig Holdings EURpe BV, 8.0%, 6/8/23 (144A)
|
210,750
|
||||||||
90,000
|
Post Holdings, Inc., 5.0%, 8/15/26 (144A)
|
87,018
|
||||||||
15,000
|
Post Holdings, Inc., 8.0%, 7/15/25 (144A)
|
16,875
|
||||||||
$
|
508,842
|
|||||||||
Total Food, Beverage & Tobacco
|
$
|
531,085
|
||||||||
Health Care Equipment & Services - 0.3%
|
||||||||||
Health Care Facilities - 0.2%
|
||||||||||
70,000
|
CHS, 6.875%, 2/1/22
|
$
|
50,925
|
|||||||
50,000
|
Kindred Healthcare Inc., 6.375%, 4/15/22
|
43,438
|
||||||||
$
|
94,363
|
|||||||||
Managed Health Care - 0.1%
|
||||||||||
30,000
|
Centene Corp., 5.625%, 2/15/21
|
$
|
31,494
|
|||||||
25,000
|
Centene Corp., 6.125%, 2/15/24
|
26,562
|
||||||||
$
|
58,056
|
|||||||||
Total Health Care Equipment & Services
|
$
|
152,419
|
||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 0.3%
|
||||||||||
Biotechnology - 0.1%
|
||||||||||
80,000
|
AbbVie, Inc., 3.2%, 5/14/26
|
$
|
75,815
|
|||||||
Pharmaceuticals - 0.2%
|
||||||||||
EUR
|
100,000
|
Valeant Pharmaceuticals International, Inc., 4.5%, 5/15/23
|
$
|
79,902
|
||||||
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
155,717
|
||||||||
Banks - 6.5%
|
||||||||||
Diversified Banks - 5.1%
|
||||||||||
200,000
|
Access Bank Plc, 10.5%, 10/19/21 (144A)
|
$
|
201,460
|
|||||||
INR
|
2,100,000
|
Asian Development Bank, 6.2%, 10/6/26
|
31,343
|
|||||||
INR
|
1,740,000
|
Asian Development Bank, 6.45%, 8/8/21
|
26,207
|
|||||||
EUR
|
200,000
|
2.62
|
Barclays Plc, Floating Rate Note, 11/11/25
|
215,029
|
||||||
EUR
|
150,000
|
BNP Paribas SA, 2.375%, 2/17/25
|
161,486
|
|||||||
EUR
|
200,000
|
BPCE SA, 2.875%, 4/22/26
|
217,936
|
|||||||
156,000
|
6.25
|
Citigroup, Inc., Floating Rate Note, (Perpetual)
|
164,775
|
|||||||
75,000
|
5.90
|
Citigroup, Inc., Floating Rate Note, (Perpetual)
|
77,588
|
|||||||
75,000
|
Cooperatieve Rabobank UA, 3.875%, 2/8/22
|
78,703
|
||||||||
200,000
|
8.12
|
Credit Agricole SA, Floating Rate Note, (Perpetual) (144A)
|
212,620
|
|||||||
EUR
|
200,000
|
8.88
|
Erste Group Bank AG, Floating Rate Note, (Perpetual)
|
236,735
|
||||||
EUR
|
200,000
|
3.00
|
ING Bank NV, Floating Rate Note, 4/11/28
|
225,558
|
||||||
EUR
|
200,000
|
6.38
|
Lloyds Banking Group Plc, Floating Rate Note, (Perpetual)
|
225,630
|
||||||
100,000
|
Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A)
|
112,452
|
||||||||
200,000
|
8.00
|
Royal Bank of Scotland Group Plc, Floating Rate Note, (Perpetual)
|
194,026
|
|||||||
50,000
|
4.50
|
Scotiabank Peru SAA, Floating Rate Note, 12/13/27 (144A)
|
50,510
|
|||||||
EUR
|
200,000
|
UBS Group Funding Jersey, Ltd., 1.75%, 11/16/22
|
224,128
|
|||||||
$
|
2,656,186
|
|||||||||
Supranational - 1.1%
|
||||||||||
INR
|
700,000
|
Inter-American Development Bank, 6.0%, 9/5/17
|
10,361
|
|||||||
NZD
|
505,000
|
International Bank for Reconstruction & Development, 3.5%, 1/22/21
|
372,125
|
|||||||
NZD
|
45,000
|
International Bank for Reconstruction & Development, 4.625%, 10/6/21
|
34,526
|
|||||||
AUD
|
185,000
|
International Bank for Reconstruction & Development, 5.75%, 10/21/19
|
153,066
|
|||||||
INR
|
1,350,000
|
International Bank for Reconstruction & Development, 5.75%, 10/28/19
|
19,998
|
|||||||
$
|
590,076
|
|||||||||
Thrifts & Mortgage Finance - 0.3%
|
||||||||||
GBP
|
125,000
|
Nationwide Building Society, 3.0%, 5/6/26
|
$
|
162,650
|
||||||
$
|
162,650
|
|||||||||
Total Banks
|
$
|
3,408,912
|
||||||||
Diversified Financials - 4.6%
|
||||||||||
Other Diversified Financial Services - 0.4%
|
||||||||||
25,000
|
Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)
|
$
|
24,168
|
|||||||
NZD
|
100,000
|
JPMorgan Chase & Co., 4.25%, 11/2/18
|
74,300
|
|||||||
115,000
|
6.75
|
JPMorgan Chase & Co., Floating Rate Note, (Perpetual)
|
125,857
|
|||||||
$
|
224,325
|
|||||||||
Supranational - 2.8%
|
||||||||||
IDR
|
3,760,000,000
|
European Bank for Reconstruction & Development, 7.375%, 4/15/19
|
$
|
281,035
|
||||||
IDR
|
3,020,000,000
|
European Investment Bank, 7.2%, 7/9/19 (144A)
|
224,102
|
|||||||
INR
|
42,420,000
|
International Finance Corp., 6.3%, 11/25/24
|
630,455
|
|||||||
INR
|
20,750,000
|
International Finance Corp., 8.25%, 6/10/21
|
331,444
|
|||||||
$
|
1,467,036
|
|||||||||
Specialized Finance - 0.3%
|
||||||||||
56,000
|
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)
|
$
|
61,397
|
|||||||
EUR
|
100,000
|
Holcim Finance Luxembourg SA, 2.25%, 5/26/28
|
111,289
|
|||||||
$
|
172,686
|
|||||||||
Consumer Finance - 0.2%
|
||||||||||
64,000
|
Ally Financial, Inc., 5.75%, 11/20/25
|
$
|
64,960
|
|||||||
$
|
64,960
|
|||||||||
Asset Management & Custody Banks - 0.2%
|
||||||||||
100,000
|
KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)
|
$
|
101,911
|
|||||||
Investment Banking & Brokerage - 0.3%
|
||||||||||
75,000
|
Morgan Stanley, 4.1%, 5/22/23
|
$
|
77,055
|
|||||||
50,000
|
Morgan Stanley, 4.875%, 11/1/22
|
53,617
|
||||||||
$
|
130,672
|
|||||||||
Diversified Capital Markets - 0.4%
|
||||||||||
EUR
|
200,000
|
7.75
|
Intesa Sanpaolo S.p.A., Floating Rate Note, (Perpetual)
|
$
|
214,062
|
|||||
10,000
|
Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)
|
10,852
|
||||||||
$
|
224,914
|
|||||||||
Total Diversified Financials
|
$
|
2,386,504
|
||||||||
Insurance - 1.7%
|
||||||||||
Insurance Brokers - 0.1%
|
||||||||||
75,000
|
Brown & Brown, Inc., 4.2%, 9/15/24
|
$
|
75,379
|
|||||||
Life & Health Insurance - 0.7%
|
||||||||||
EUR
|
200,000
|
4.75
|
Credit Agricole Assurances SA, Floating Rate Note, 9/27/48
|
$
|
219,708
|
|||||
45,000
|
Protective Life Corp., 7.375%, 10/15/19
|
50,888
|
||||||||
100,000
|
5.88
|
Prudential Financial, Inc., Floating Rate Note, 9/15/42
|
106,750
|
|||||||
$
|
377,346
|
|||||||||
Multi-line Insurance - 0.2%
|
||||||||||
60,000
|
AXA SA, 8.6%, 12/15/30
|
$
|
83,100
|
|||||||
Property & Casualty Insurance - 0.4%
|
||||||||||
35,000
|
Delphi Financial Group, Inc., 7.875%, 1/31/20
|
$
|
39,643
|
|||||||
110,000
|
6.50
|
The Allstate Corp., Floating Rate Note, 5/15/57
|
125,675
|
|||||||
30,000
|
The Hanover Insurance Group, Inc., 4.5%, 4/15/26
|
30,551
|
||||||||
$
|
195,869
|
|||||||||
Reinsurance - 0.3%
|
||||||||||
30,000
|
Gullane Segregated Account (Artex SAC Ltd.), Variable Rate Note 11/30/20 (e) (f)
|
$
|
2,850
|
|||||||
30,000
|
Gullane Segregated Account (Artex SAC Ltd.), Variable Rate Note 11/30/21 (e) (f)
|
30,132
|
||||||||
30,000
|
Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (e) (f)
|
174
|
||||||||
30,000
|
Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (e) (f)
|
31,689
|
||||||||
30,000
|
Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 (e) (f)
|
2,760
|
||||||||
50,000
|
Pangaea Re., Variable Rate Notes, 11/30/21 (e) (f)
|
50,490
|
||||||||
30,000
|
Pangaea Re., Variable Rate Notes, 2/1/20 (e) (f)
|
3,873
|
||||||||
JPY
|
2,513,320
|
Tralee Segregated Account (Artex), Variable Rate Note 7/15/17 (e) (f)
|
22,187
|
|||||||
$
|
144,155
|
|||||||||
Total Insurance
|
$
|
875,849
|
||||||||
Software & Services - 0.1%
|
||||||||||
Home Entertainment Software - 0.1%
|
||||||||||
50,000
|
Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)
|
$
|
54,375
|
|||||||
Total Software & Services
|
$
|
54,375
|
||||||||
Technology Hardware & Equipment - 0.4%
|
||||||||||
Technology Hardware, Storage & Peripherals - 0.2%
|
||||||||||
75,000
|
NCR Corp., 6.375%, 12/15/23
|
$
|
79,688
|
|||||||
Electronic Manufacturing Services - 0.2%
|
||||||||||
100,000
|
Flex, Ltd., 4.625%, 2/15/20
|
$
|
104,862
|
|||||||
Total Technology Hardware & Equipment
|
$
|
184,550
|
||||||||
Semiconductors & Semiconductor Equipment - 0.2%
|
||||||||||
Semiconductor Equipment - 0.1%
|
||||||||||
25,000
|
Entegris, Inc., 6.0%, 4/1/22 (144A)
|
$
|
26,125
|
|||||||
Semiconductors - 0.1%
|
||||||||||
15,000
|
Broadcom Corp., 3.625%, 1/15/24 (144A)
|
$
|
15,019
|
|||||||
55,000
|
Micron Technology, Inc., 5.25%, 8/1/23 (144A)
|
55,138
|
||||||||
$
|
70,157
|
|||||||||
Total Semiconductors & Semiconductor Equipment
|
$
|
96,282
|
||||||||
Telecommunication Services - 2.4%
|
||||||||||
Integrated Telecommunication Services - 1.4%
|
||||||||||
40,000
|
AT&T, Inc., 3.95%, 1/15/25
|
$
|
39,552
|
|||||||
50,000
|
AT&T, Inc., 4.75%, 5/15/46
|
45,671
|
||||||||
75,000
|
AT&T, Inc., 5.25%, 3/1/37
|
74,647
|
||||||||
75,000
|
CenturyLink, Inc., 5.8%, 3/15/22
|
77,133
|
||||||||
40,000
|
Frontier Communications Corp., 7.125%, 1/15/23
|
35,800
|
||||||||
19,000
|
Frontier Communications Corp., 8.5%, 4/15/20
|
20,246
|
||||||||
50,000
|
GCI, Inc., 6.75%, 6/1/21
|
51,500
|
||||||||
GBP
|
100,000
|
Koninklijke KPN NV, 5.0%, 11/18/26
|
146,757
|
|||||||
EUR
|
125,000
|
5.00
|
Orange SA, Floating Rate Note, (Perpetual)
|
142,823
|
||||||
25,000
|
Unison Ground Lease Funding LLC, 2.981%, 3/16/43 (144A)
|
24,467
|
||||||||
65,000
|
Verizon Communications, Inc., 6.55%, 9/15/43
|
80,170
|
||||||||
$
|
738,766
|
|||||||||
Wireless Telecommunication Services - 1.0%
|
||||||||||
30,000
|
Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)
|
$
|
31,961
|
|||||||
200,000
|
Digicel, Ltd., 6.0%, 4/15/21 (144A)
|
186,460
|
||||||||
200,000
|
MTN Mauritius Investment, Ltd., 6.5%, 10/13/26 (144A)
|
202,010
|
||||||||
50,000
|
SBA Tower Trust, 2.877%, 7/15/21 (144A)
|
49,498
|
||||||||
50,000
|
Sprint Corp., 7.25%, 9/15/21
|
53,575
|
||||||||
$
|
523,504
|
|||||||||
Total Telecommunication Services
|
$
|
1,262,270
|
||||||||
Utilities - 2.5%
|
||||||||||
Electric Utilities - 1.8%
|
||||||||||
EUR
|
100,000
|
EDP Finance BV, 1.875%, 9/29/23
|
$
|
107,568
|
||||||
100,000
|
Electricite de France SA, 6.0%, 1/22/14 (144A)
|
99,640
|
||||||||
EUR
|
100,000
|
4.25
|
Electricite de France SA, Floating Rate Note, (Perpetual)
|
109,881
|
||||||
200,000
|
8.13
|
Enel S.p.A., Floating Rate Note, 9/24/73 (144A)
|
228,000
|
|||||||
GBP
|
75,000
|
innogy Finance BV, 5.625%, 12/6/23
|
114,017
|
|||||||
70,000
|
Public Service Co. of New Mexico, 7.95%, 5/15/18
|
75,333
|
||||||||
50,000
|
6.25
|
Southern California Edison Co., Floating Rate Note (Perpetual)
|
55,075
|
|||||||
165,000
|
Talen Energy Supply LLC, 6.5%, 6/1/25
|
133,238
|
||||||||
10,000
|
West Penn Power Co., 5.95%, 12/15/17 (144A)
|
10,365
|
||||||||
$
|
933,117
|
|||||||||
Gas Utilities - 0.5%
|
||||||||||
84,856
|
Nakilat, Inc., 6.267%, 12/31/33 (144A)
|
$
|
97,160
|
|||||||
GBP
|
125,000
|
National Grid Gas Finance Plc, 2.125%, 9/22/28
|
150,451
|
|||||||
$
|
247,611
|
|||||||||
Independent Power Producers & Energy Traders - 0.2%
|
||||||||||
125,000
|
NRG Energy, Inc., 7.25%, 5/15/26 (144A)
|
$
|
130,781
|
|||||||
Total Utilities
|
$
|
1,311,509
|
||||||||
Real Estate - 0.7%
|
||||||||||
Diversified REIT - 0.2%
|
||||||||||
EUR
|
100,000
|
3.75
|
ATF Netherlands BV, Floating Rate Note, (Perpetual)
|
$
|
103,386
|
|||||
Office REIT - 0.2%
|
||||||||||
25,000
|
Alexandria Real Estate Equities, Inc., 3.9%, 6/15/23
|
$
|
25,446
|
|||||||
40,000
|
Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22
|
42,336
|
||||||||
35,000
|
Highwoods Realty LP, 3.625%, 1/15/23
|
34,726
|
||||||||
$
|
102,508
|
|||||||||
Residential REIT - 0.1%
|
||||||||||
50,000
|
UDR, Inc., 4.0%, 10/1/25
|
$
|
51,072
|
|||||||
Specialized REIT - 0.2%
|
||||||||||
100,000
|
Communications Sales & Leasing, Inc., 6.0%, 4/15/23 (144A)
|
$
|
105,000
|
|||||||
Total Real Estate
|
$
|
361,966
|
||||||||
TOTAL CORPORATE BONDS
|
||||||||||
(Cost $15,023,641)
|
$
|
15,221,084
|
||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 31.0%
|
||||||||||
49,246
|
Fannie Mae, 3.0%, 10/1/46
|
$
|
48,783
|
|||||||
69,407
|
Fannie Mae, 3.0%, 11/1/46
|
68,755
|
||||||||
28,247
|
Fannie Mae, 3.0%, 5/1/31
|
29,049
|
||||||||
37,402
|
Fannie Mae, 3.0%, 5/1/43
|
37,213
|
||||||||
24,508
|
Fannie Mae, 3.0%, 9/1/46
|
24,277
|
||||||||
26,318
|
Fannie Mae, 3.5%, 1/1/46
|
26,914
|
||||||||
40,000
|
Fannie Mae, 3.5%, 1/1/47
|
40,963
|
||||||||
25,000
|
Fannie Mae, 3.5%, 1/1/47
|
25,565
|
||||||||
115,280
|
Fannie Mae, 3.5%, 10/1/45
|
118,024
|
||||||||
74,134
|
Fannie Mae, 3.5%, 12/1/46
|
75,810
|
||||||||
37,880
|
Fannie Mae, 3.5%, 2/1/29
|
39,459
|
||||||||
535,000
|
Fannie Mae, 3.5%, 2/13/17
|
546,703
|
||||||||
75,725
|
Fannie Mae, 3.5%, 4/1/45
|
77,438
|
||||||||
180,805
|
Fannie Mae, 3.5%, 5/1/44
|
185,569
|
||||||||
25,432
|
Fannie Mae, 3.5%, 6/1/45
|
26,040
|
||||||||
51,401
|
Fannie Mae, 3.5%, 8/1/45
|
52,564
|
||||||||
34,285
|
Fannie Mae, 3.5%, 8/1/46
|
35,061
|
||||||||
157,358
|
Fannie Mae, 3.5%, 9/1/42
|
161,631
|
||||||||
39,176
|
Fannie Mae, 3.5%, 9/1/46
|
40,062
|
||||||||
45,544
|
Fannie Mae, 4.0%, 10/1/40
|
48,293
|
||||||||
119,309
|
Fannie Mae, 4.0%, 11/1/44
|
125,199
|
||||||||
20,214
|
Fannie Mae, 4.0%, 2/1/42
|
21,281
|
||||||||
22,476
|
Fannie Mae, 4.0%, 5/1/46
|
23,589
|
||||||||
50,617
|
Fannie Mae, 4.0%, 6/1/46
|
53,124
|
||||||||
24,299
|
Fannie Mae, 4.0%, 8/1/46
|
25,502
|
||||||||
135,000
|
Fannie Mae, 4.5%, 2/13/17
|
145,141
|
||||||||
18,300
|
Fannie Mae, 4.5%, 4/1/41
|
19,710
|
||||||||
11,828
|
Fannie Mae, 4.5%, 5/1/41
|
12,805
|
||||||||
19,655
|
Fannie Mae, 5.0%, 6/1/40
|
21,452
|
||||||||
215,000
|
Federal Home Loan Mortgage Corp., 3.0%, 2/13/17
|
212,632
|
||||||||
19,653
|
Federal Home Loan Mortgage Corp., 3.0%, 5/1/43
|
19,545
|
||||||||
24,685
|
Federal Home Loan Mortgage Corp., 3.0%, 9/1/46
|
24,432
|
||||||||
127,936
|
Federal Home Loan Mortgage Corp., 3.5%, 11/1/45
|
130,916
|
||||||||
131,077
|
Federal Home Loan Mortgage Corp., 3.5%, 12/1/44
|
133,976
|
||||||||
50,000
|
Federal Home Loan Mortgage Corp., 3.5%, 2/13/17 (TBA)
|
51,067
|
||||||||
21,939
|
Federal Home Loan Mortgage Corp., 3.5%, 3/1/46
|
22,424
|
||||||||
38,741
|
Federal Home Loan Mortgage Corp., 3.5%, 8/1/46
|
39,730
|
||||||||
134,145
|
Federal Home Loan Mortgage Corp., 4.0%, 1/1/44
|
140,803
|
||||||||
15,345
|
Federal Home Loan Mortgage Corp., 4.0%, 12/1/44
|
16,107
|
||||||||
26,779
|
Federal Home Loan Mortgage Corp., 4.0%, 3/1/46
|
28,108
|
||||||||
233,246
|
Federal Home Loan Mortgage Corp., 4.0%, 5/1/44
|
244,823
|
||||||||
24,240
|
Federal Home Loan Mortgage Corp., 4.0%, 6/1/46
|
25,443
|
||||||||
50,331
|
Federal Home Loan Mortgage Corp., 4.5%, 6/1/41
|
54,292
|
||||||||
34,051
|
Federal Home Loan Mortgage Corp., 5.0%, 10/1/38
|
37,039
|
||||||||
29,153
|
Federal Home Loan Mortgage Corp., 5.0%, 9/1/38
|
31,701
|
||||||||
21,453
|
Federal Home Loan Mortgage Corp., 6.0%, 8/1/37
|
24,417
|
||||||||
18,645
|
Federal Home Loan Mortgage Corp., 6.5%, 1/1/38
|
21,466
|
||||||||
43,162
|
Federal Home Loan Mortgage Corp., 6.5%, 4/1/38
|
48,653
|
||||||||
28,268
|
Federal National Mortgage Association, 3.5%, 7/1/46
|
28,907
|
||||||||
127,849
|
Government National Mortgage Association I, 3.5%, 1/15/45
|
132,518
|
||||||||
79,433
|
Government National Mortgage Association I, 4.0%, 6/15/45
|
83,994
|
||||||||
34,780
|
Government National Mortgage Association I, 4.5%, 1/15/40
|
37,890
|
||||||||
26,853
|
Government National Mortgage Association I, 4.5%, 7/15/41
|
29,009
|
||||||||
29,313
|
Government National Mortgage Association I, 4.5%, 9/15/40
|
31,812
|
||||||||
39,299
|
Government National Mortgage Association II, 3.0%, 9/20/46
|
39,680
|
||||||||
41,710
|
Government National Mortgage Association II, 4.5%, 9/20/41
|
45,146
|
||||||||
275,000
|
U.S. Treasury Bills, 2/2/17 (c)
|
274,996
|
||||||||
420,221
|
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45
|
400,762
|
||||||||
229,187
|
U.S. Treasury Inflation Indexed Bonds, 1.0%, 2/15/46
|
233,379
|
||||||||
1,875,000
|
0.67
|
U.S. Treasury Note, Floating Rate Note, 10/31/17
|
1,877,124
|
|||||||
1,650,000
|
0.58
|
U.S. Treasury Note, Floating Rate Note, 7/31/17
|
1,650,467
|
|||||||
75,000
|
U.S. Treasury Notes, 1.125%, 7/31/21
|
72,639
|
||||||||
900,000
|
U.S. Treasury Notes, 1.5%, 8/15/26
|
827,438
|
||||||||
700,000
|
U.S. Treasury Notes, 1.625%, 5/15/26
|
652,340
|
||||||||
1,050,000
|
U.S. Treasury Notes, 2.0%, 11/15/26
|
1,009,026
|
||||||||
2,625,000
|
0.78
|
United States Treasury Floating Rate Note, Floating Rate Note, 1/31/18
|
2,631,308
|
|||||||
2,625,000
|
0.70
|
United States Treasury Floating Rate Note, Floating Rate Note, 4/30/18
|
2,629,266
|
|||||||
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
|
||||||||||
(Cost $16,104,049)
|
$
|
16,151,251
|
||||||||
FOREIGN GOVERNMENT BONDS - 33.4%
|
||||||||||
408,000
|
Africa Finance Corp., 4.375%, 4/29/20 (144A)
|
$
|
418,122
|
|||||||
100,000
|
Argentine Republic Government International Bond, 6.875%, 1/26/27 (144A)
|
99,000
|
||||||||
300,000
|
Argentine Republic Government International Bond, 7.5%, 4/22/26 (144A)
|
313,200
|
||||||||
EUR
|
50,000
|
Austria Government Bond, 4.15%, 3/15/37 (144A) (144A)
|
81,782
|
|||||||
428,000
|
Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A)
|
420,510
|
||||||||
BRL
|
514,000
|
Brazilian Government International Bond, 10.25%, 1/10/28
|
162,054
|
|||||||
CAD
|
1,500,000
|
Canadian Government Bond, 1.75%, 9/1/19
|
1,178,590
|
|||||||
CAD
|
1,500,000
|
Canadian Government Bond, 2.25%, 6/1/25
|
1,204,319
|
|||||||
250,000
|
City of Buenos Aires Argentina, 7.5%, 6/1/27 (144A)
|
254,375
|
||||||||
200,000
|
Ecuador Government International Bond, 10.5%, 3/24/20 (144A)
|
218,500
|
||||||||
144,737
|
6.63
|
EP PetroEcuador via Noble Sovereign Funding I, Ltd., Floating Rate Note, 9/24/19
|
147,588
|
|||||||
400,000
|
Gabon Government International Bond, 6.375%, 12/12/24 (144A)
|
367,204
|
||||||||
GHS
|
798,000
|
Ghana Government Bond, 24.5%, 4/22/19
|
194,401
|
|||||||
GHS
|
314,000
|
Ghana Government Bond, 24.75%, 7/19/21
|
84,368
|
|||||||
315,000
|
Honduras Government International Bond, 6.25%, 1/19/27 (144A)
|
312,795
|
||||||||
EUR
|
1,000,000
|
Italy Buoni Poliennali Del Tesoro, 4.75%, 9/1/28
|
1,320,079
|
|||||||
422,000
|
Ivory Coast Government International Bond, 5.375%, 7/23/24 (144A)
|
399,275
|
||||||||
415,000
|
Ivory Coast Government International Bond, 6.375%, 3/3/28 (144A)
|
403,762
|
||||||||
JPY
|
120,000,000
|
Japan Government Ten Year Bond, 0.1%, 9/20/26
|
1,065,549
|
|||||||
JPY
|
50,000,000
|
Japan Government Ten Year Bond, 1.0%, 12/20/21
|
466,735
|
|||||||
JPY
|
50,000,000
|
Japan Government Twenty Year Bond, 1.5%, 3/20/19
|
459,093
|
|||||||
MXN
|
3,830,000
|
Mexican Bonos, 4.75%, 6/14/18
|
179,270
|
|||||||
MXN
|
2,400,000
|
Mexican Bonos, 6.5%, 6/9/22
|
111,629
|
|||||||
MXN
|
300,000
|
Mexican Bonos, 7.5%, 6/3/27
|
14,314
|
|||||||
MXN
|
3,812,359
|
Mexican Udibonos, 2.0%, 6/9/22
|
175,543
|
|||||||
MXN
|
5,059,161
|
Mexican Udibonos, 3.5%, 12/14/17
|
247,634
|
|||||||
EUR
|
100,000
|
Mexico Government International Bond, 4.0%, 3/15/15
|
86,941
|
|||||||
419,000
|
Namibia International Bonds, 5.25%, 10/29/25 (144A)
|
415,682
|
||||||||
NZD
|
905,000
|
New Zealand Government Bond, 4.5%, 4/15/27
|
727,916
|
|||||||
NZD
|
1,250,000
|
New Zealand Government Bond, 5.5%, 4/15/23
|
1,045,677
|
|||||||
NOK
|
4,000,000
|
Norway Government Bond, 2.0%, 5/24/23
|
503,394
|
|||||||
NOK
|
5,500,000
|
Norway Government Bond, 4.5%, 5/22/19
|
725,161
|
|||||||
300,000
|
Provincia de Buenos Aires Argentina, 9.125%, 3/16/24 (144A)
|
327,000
|
||||||||
300,000
|
Provincia de Buenos Aires Argentina, 9.95%, 6/9/21 (144A)
|
336,750
|
||||||||
AUD
|
90,000
|
Queensland Treasury Corp., 5.5%, 6/21/21
|
77,031
|
|||||||
AUD
|
100,000
|
Queensland Treasury Corp., 5.75%, 7/22/24
|
90,517
|
|||||||
RON
|
750,000
|
Romania Government Bond, 5.85%, 4/26/23
|
203,707
|
|||||||
RON
|
1,140,000
|
Romania Government Bond, 5.95%, 6/11/21
|
308,213
|
|||||||
SEK
|
2,300,000
|
Sweden Government Bond, 2.5%, 5/12/25
|
305,013
|
|||||||
200,000
|
Turkey Government International Bond, 6.0%, 3/25/27
|
201,641
|
||||||||
GBP
|
435,000
|
United Kingdom Gilt, 1.75%, 7/22/19
|
567,225
|
|||||||
GBP
|
450,000
|
United Kingdom Gilt, 3.5%, 1/22/45
|
740,220
|
|||||||
GBP
|
150,000
|
United Kingdom Gilt, 4.25%, 9/7/39
|
265,013
|
|||||||
GBP
|
150,000
|
United Kingdom Gilt, 8.75%, 8/25/17
|
197,967
|
|||||||
TOTAL FOREIGN GOVERNMENT BONDS
|
||||||||||
(Cost $18,291,631)
|
$
|
17,424,759
|
||||||||
MUNICIPAL BONDS - 1.3% (g)
|
||||||||||
Municipal General - 0.3%
|
||||||||||
70,000
|
JobsOhio Beverage System, 3.985%, 1/1/29
|
$
|
74,128
|
|||||||
20,000
|
JobsOhio Beverage System, 4.532%, 1/1/35
|
21,654
|
||||||||
30,000
|
Virginia Commonwealth Transportation Board, 4.0%, 5/15/31
|
31,809
|
||||||||
30,000
|
Virginia Commonwealth Transportation Board, 4.0%, 5/15/32
|
31,668
|
||||||||
$
|
159,259
|
|||||||||
Higher Municipal Education - 0.4%
|
||||||||||
25,000
|
Baylor University, 4.313%, 3/1/42
|
$
|
25,406
|
|||||||
25,000
|
California Educational Facilities Authority, 5.0%, 6/1/46
|
32,332
|
||||||||
15,000
|
Massachusetts Development Finance Agency, Harvard University-Series A, 5.0%, 7/15/40
|
19,084
|
||||||||
15,000
|
0.45
|
Massachusetts Health & Educational Facilities Authority, Floating Rate Note, 11/1/49
|
15,000
|
|||||||
25,000
|
Massachusetts Institute of Technology, 5.6%, 7/1/11
|
30,220
|
||||||||
50,000
|
University of Virginia, Green Bond Series A, 5.0%, 4/1/45
|
56,960
|
||||||||
$
|
179,002
|
|||||||||
Municipal Medical - 0.3%
|
||||||||||
155,000
|
0.62
|
Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41
|
$
|
155,000
|
||||||
Municipal School District - 0.1%
|
||||||||||
25,000
|
Frisco Independent School District, 4.0%, 8/15/40
|
$
|
25,710
|
|||||||
25,000
|
Frisco Independent School District, 4.0%, 8/15/45
|
25,622
|
||||||||
$
|
51,332
|
|||||||||
Municipal Obligation - 0.2%
|
||||||||||
50,000
|
State of Texas, 4.0%, 10/1/44 (h)
|
$
|
51,666
|
|||||||
50,000
|
State of Washington, 5.0%, 7/1/30 (h)
|
57,684
|
||||||||
$
|
109,350
|
|||||||||
TOTAL MUNICIPAL BONDS
|
||||||||||
(Cost $644,733)
|
$
|
653,943
|
||||||||
SENIOR FLOATING RATE LOAN INTERESTS - 0.8% **
|
||||||||||
Automobiles & Components - 0.2%
|
||||||||||
Auto Parts & Equipment - 0.2%
|
||||||||||
50,000
|
5.75
|
Electrical Components International, Inc., Loan, 4/17/21
|
$
|
50,344
|
||||||
49,475
|
3.75
|
MPG Holdco I, Inc., Tranche B-1 Term Loan (2015), 10/20/21
|
49,671
|
|||||||
$
|
100,015
|
|||||||||
Total Automobiles & Components
|
$
|
100,015
|
||||||||
Consumer Durables & Apparel - 0.1%
|
||||||||||
Footwear - 0.1%
|
||||||||||
50,000
|
3.27
|
Regal Cinemas Corp., Refinancing Term Loan, 4/1/22
|
$
|
50,487
|
||||||
Total Consumer Durables & Apparel
|
$
|
50,487
|
||||||||
Health Care Equipment & Services - 0.1%
|
||||||||||
Health Care Facilities - 0.1%
|
||||||||||
49,493
|
4.31
|
Kindred Healthcare, Inc., Tranche B Loan (First Lien), 4/10/21
|
$
|
49,699
|
||||||
Total Health Care Equipment & Services
|
$
|
49,699
|
||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 0.2%
|
||||||||||
Pharmaceuticals - 0.2%
|
||||||||||
100,000
|
3.81
|
Endo Luxembourg Finance I Co Sarl, 2015 Incremental Term B Loan, 6/24/22
|
$
|
99,972
|
||||||
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
99,972
|
||||||||
Real Estate - 0.2%
|
||||||||||
Retail REIT - 0.2%
|
||||||||||
99,747
|
4.28
|
DTZ US Borrower LLC, 2015-1 Additional Term Loan (First Lien), 11/4/21
|
$
|
100,391
|
||||||
Total Real Estate
|
$
|
100,391
|
||||||||
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
|
||||||||||
(Cost $395,244)
|
$
|
400,564
|
||||||||
Shares
|
||||||||||
CLOSED-END FUNDS - 1.0%
|
||||||||||
Insurance - 1.0%
|
||||||||||
Property & Casualty Insurance - 1.0%
|
||||||||||
50,528
|
Pioneer ILS Interval Fund (i)
|
$
|
519,937
|
|||||||
Total Insurance
|
$
|
519,937
|
||||||||
TOTAL MUTUAL FUNDS
|
||||||||||
(Cost $533,922)
|
$
|
519,937
|
||||||||
TOTAL INVESTMENT IN SECURITIES - 100.1%
|
||||||||||
(Cost $52,815,191) (a)
|
$
|
52,180,715
|
||||||||
OTHER ASSETS & LIABILITIES - (0.1)%
|
$
|
(59,866)
|
||||||||
TOTAL NET ASSETS - 100.0%
|
$
|
52,120,849
|
||||||||
†
|
Amount rounds to less than 0.1%.
|
|||||||||
(TBA)
|
To be announced securities
|
|||||||||
(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
|
Real Estate Investment Trust.
|
|||||||||
REMICS
|
Real Estate Mortgage Investment Conduits.
|
|||||||||
(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, 2017, the value of these securities amounted to
$8,777,678 or 16.8% 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 U.S. 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, 2017, the net unrealized depreciation on investments based on
|
|||||||||
cost for federal income tax purposes of $52,829,155 was as follows:
|
||||||||||
Aggregate gross unrealized appreciation for all investments in which
|
||||||||||
there is an excess of value over tax cost
|
$
|
659,870
|
||||||||
Aggregate gross unrealized depreciation for all investments in which
|
||||||||||
there is an excess of tax cost over value
|
(1,308,310)
|
|||||||||
Net unrealized depreciation
|
$
|
(648,440)
|
||||||||
(b)
|
Debt obligation with a variable interest rate. Rate shown is rate at period end.
|
|||||||||
(c)
|
Security issued with a zero coupon. Income is earned through accretion of discount.
|
|||||||||
(d)
|
Security represents the interest-only portion payments on a pool of underlying mortgages or mortgage-backed securities.
|
|||||||||
(e)
|
Structured reinsurance investment. At January 31, 2017, the value of these securities
amounted to $144,155 or 0.3% of total net assets.
|
|||||||||
(f)
|
Rate to be determined.
|
|||||||||
(g)
|
Consists of Revenue Bonds unless otherwise indicated.
|
|||||||||
(h)
|
Represents a General Obligation Bond
|
|||||||||
(i)
|
Affiliated funds managed by Pioneer Investment Management, Inc.
|
|||||||||
(j)
|
Distributions of investments by country of domicile (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
|
|||||||||
United States
|
48.1%
|
|||||||||
New Zealand
|
3.4%
|
|||||||||
Canada
|
5.2%
|
|||||||||
United Kingdom
|
6.5%
|
|||||||||
Argentina
|
2.7%
|
|||||||||
Mexico
|
1.8%
|
|||||||||
Italy
|
3.4%
|
|||||||||
Supranational
|
4.9%
|
|||||||||
Japan
|
3.8%
|
|||||||||
Netherlands
|
2.8%
|
|||||||||
France
|
2.4%
|
|||||||||
Ivory Coast
|
1.5%
|
|||||||||
Brazil
|
1.1%
|
|||||||||
Romania
|
1.0%
|
|||||||||
Norway
|
2.4%
|
|||||||||
Other (individually less than 1%)
|
9.0%
|
|||||||||
100%
|
||||||||||
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
|
||||||||||
AUD
|
Austrialian Dollar
|
|||||||||
BRL
|
Brazilian Real
|
|||||||||
CAD
|
Canadian Dollar
|
|||||||||
EURO
|
Euro
|
|||||||||
GBP
|
British Pound Sterling
|
|||||||||
GHS
|
Ghanian Cedis
|
|||||||||
INR
|
Indian Rupee
|
|||||||||
IDR
|
Indonesian Rupiah
|
|||||||||
JPY
|
Japanese Yen
|
|||||||||
MXN
|
Mexican Peso
|
|||||||||
NOK
|
Norwegian Krone
|
|||||||||
NZD
|
New Zealand Dollar
|
|||||||||
RON
|
Romanian New Leu
|
|||||||||
SEK
|
Swedish Krona
|
|||||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION
|
||||||||||
Notional Principal ($) (1)
|
Exchange
|
Obligation Entity/Index
|
Coupon
|
Credit Rating (2)
|
Expiration Date
|
Premiums Paid
|
Unrealized Appreciation
|
|||
343,332
|
Chicago Mercantile Exchange
|
Markit CDX North America High Yield Index
|
5.00%
|
BBB+
|
12/20/19
|
$ 18,632
|
$ 7,391
|
|||
CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION
|
||||||||||
Notional Principal ($) (1)
|
Counterparty
|
Obligation Entity/Index
|
Coupon
|
Credit Rating (2)
|
Expiration Date
|
Premiums (Received)
|
Unrealized (Depreciation)
|
|||
50,000
|
Morgan Stanley Capital Services LLC
|
Diamond Offshore Drill Inc.
|
1.00%
|
BB-
|
12/20/19
|
$ (1,873)
|
$ (42)
|
|||
(1)
|
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
|
|||||||||
(2)
|
Based on Standard & Poor's rating of the issuer or the weighted average of all the underlying securities in the index.
|
|||||||||
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.) See Notes to Financial Statements — Note 1A.
|
||||||||||
Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements — Note 1A.
|
||||||||||
The following is a summary of the inputs used as of January 31, 2017, in valuing the Fund’s assets:
|
||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||
Convertible Corporate Bonds
|
$ | - | $ | 164,362 | $ | - | $ | 164,362 | ||||||||||||
Preferred Stocks
|
5,937 | - | - | 5,937 | ||||||||||||||||
Convertible Preferred Stock
|
148,543 | - | - | 148,543 | ||||||||||||||||
Asset Backed Securities
|
- | 225,216 | - | 225,216 | ||||||||||||||||
Collateralized Mortgage Obligations
|
- | 1,265,119 | - | 1,265,119 | ||||||||||||||||
Corporate Bonds
|
||||||||||||||||||||
Insurance
|
||||||||||||||||||||
Reinsurance
|
- | - | 144,155 | 144,155 | ||||||||||||||||
All Other Corporate Bonds
|
- | 15,076,929 | - | 15,076,929 | ||||||||||||||||
U.S. Government and Agency Obligations
|
- | 16,151,251 | - | 16,151,251 | ||||||||||||||||
Foreign Government Bonds
|
- | 17,424,759 | - | 17,424,759 | ||||||||||||||||
Municipal Bonds
|
- | 653,943 | - | 653,943 | ||||||||||||||||
Senior Floating Rate Loan Interests
|
- | 400,564 | - | 400,564 | ||||||||||||||||
Closed-End Fund
|
- | 519,937 | - | 519,937 | ||||||||||||||||
Total
|
$ | 154,480 | $ | 51,882,080 | $ | 144,155 | $ | 52,180,715 | ||||||||||||
Other Financial Instruments
|
||||||||||||||||||||
Unrealized appreciation on futures contracts
|
$ | 4,164 | $ | - | $ | - | $ | 4,164 | ||||||||||||
Unrealized depreciation on futures contracts
|
(50,583 | ) | - | - | (50,583 | ) | ||||||||||||||
Unrealized appreciation on forward foreign currency contracts
|
- | 150,717 | - | 150,717 | ||||||||||||||||
Unrealized depreciation on forward foreign currency contracts
|
- | (223,581 | ) | - | (223,581 | ) | ||||||||||||||
Unrealized appreciation on centrally cleared swap contract
|
- | 7,391 | - | 7,391 | ||||||||||||||||
Unrealized depreciation on swap contract
|
- | (42 | ) | - | (42 | ) | ||||||||||||||
Total Other Financial Instruments
|
$ | (46,419 | ) | $ | (65,515 | ) | $ | - | $ | (111,934 | ) | |||||||||
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
|
||||||||||||||||||||
Corporate
Bonds
|
||||||||||||||||||||
Balance as of 10/31/16
|
$ | 126,790 | ||||||||||||||||||
Realized gain (loss)1
|
- | |||||||||||||||||||
Change in unrealized appreciation (depreciation)2
|
(2,556 | ) | ||||||||||||||||||
Purchases
|
80,000 | |||||||||||||||||||
Sales
|
(60,079 | ) | ||||||||||||||||||
Transfers in to Level 3*
|
- | |||||||||||||||||||
Transfers out of Level 3*
|
- | |||||||||||||||||||
Balance as of 1/31/17
|
$ | 144,155 | ||||||||||||||||||
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 appreciation (depreciation) on investments in the Statement of Operations.
|
|||||||||||||||||||
* |
Transfers are calculated on the beginning of period values. During the period ended
|
|||||||||||||||||||
January 31, 2017, there were no transfers between Levels 1, 2 and 3.
|
||||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments
|
||||||||||||||||||||
still held as of 1/31/17
|
$ | (2,095 | ) |
Pioneer Global High Yield Fund
|
||||||||||
Schedule of Investments 1/31/17 (unaudited)
|
||||||||||
Principal Amount ($)
|
Floating
Rate (b)
|
Value
|
||||||||
CONVERTIBLE CORPORATE BONDS - 3.0%
|
||||||||||
Energy - 0.9%
|
||||||||||
Oil & Gas Exploration & Production - 0.5%
|
||||||||||
820,000
|
Chesapeake Energy Corp., 5.5%, 9/15/26 (144A)
|
$
|
873,812
|
|||||||
2,585,000
|
Whiting Petroleum Corp., 1.25%, 4/1/20
|
2,295,803
|
||||||||
$
|
3,169,615
|
|||||||||
Oil & Gas Storage & Transportation - 0.4%
|
||||||||||
2,800,000
|
Golar LNG, Ltd., 3.75%, 3/7/17
|
$
|
2,796,640
|
|||||||
Total Energy
|
$
|
5,966,255
|
||||||||
Materials - 0.8%
|
||||||||||
Construction Materials - 0.8%
|
||||||||||
4,275,000
|
Cemex SAB de CV, 3.72%, 3/15/20
|
$
|
4,892,203
|
|||||||
Steel - 0.0%+
|
||||||||||
EUR
|
276,548
|
New World Resources NV, 4.0%, 10/7/20 (144A) (4.0% cash, 8.0% PIK) (PIK)
|
$
|
149
|
||||||
Total Materials
|
$
|
4,892,352
|
||||||||
Capital Goods - 0.1%
|
||||||||||
Electrical Components & Equipment - 0.1%
|
||||||||||
1,250,000
|
General Cable Corp., 4.5%, 11/15/29 (Step)
|
$
|
1,039,062
|
|||||||
Total Capital Goods
|
$
|
1,039,062
|
||||||||
Media - 0.3%
|
||||||||||
Cable & Satellite - 0.3%
|
||||||||||
1,750,000
|
DISH Network Corp., 3.375%, 8/15/26 (144A)
|
$
|
2,044,219
|
|||||||
Total Media
|
$
|
2,044,219
|
||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 0.1%
|
||||||||||
Pharmaceuticals - 0.1%
|
||||||||||
400,000
|
Jazz Investments I, Ltd., 1.875%, 8/15/21
|
$
|
401,750
|
|||||||
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
401,750
|
||||||||
Software & Services - 0.7%
|
||||||||||
Internet Software & Services - 0.4%
|
||||||||||
1,765,000
|
WebMD Health Corp., 1.5%, 12/1/20
|
$
|
1,994,450
|
|||||||
790,000
|
WebMD Health Corp., 2.625%, 6/15/23 (144A)
|
744,575
|
||||||||
$
|
2,739,025
|
|||||||||
Application Software - 0.3%
|
||||||||||
1,515,000
|
Citrix Systems, Inc., 0.5%, 4/15/19
|
$
|
1,751,719
|
|||||||
Total Software & Services
|
$
|
4,490,744
|
||||||||
Technology Hardware & Equipment - 0.1%
|
||||||||||
Electronic Components - 0.1%
|
||||||||||
511,000
|
Vishay Intertechnology, Inc., 2.25%, 5/15/41
|
$
|
500,461
|
|||||||
Total Technology Hardware & Equipment
|
$
|
500,461
|
||||||||
Semiconductors & Semiconductor Equipment - 0.0%+
|
||||||||||
Semiconductors - 0.0%+
|
||||||||||
2,393,896
|
LDK Solar Co, Ltd., 5.535%, 12/31/18, (5.535% cash, 5.535% PIK) (PIK) (d)
|
$
|
95,756
|
|||||||
535,000
|
Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13 (d)
|
2,675
|
||||||||
$
|
98,431
|
|||||||||
Total Semiconductors & Semiconductor Equipment
|
$
|
98,431
|
||||||||
TOTAL CONVERTIBLE CORPORATE BONDS
|
||||||||||
(Cost $20,624,626)
|
$
|
19,433,274
|
||||||||
Shares
|
PREFERRED STOCKS - 0.5%
|
|||||||||
Transportation - 0.1%
|
||||||||||
Air Freight & Logistics - 0.1%
|
||||||||||
3,428
|
CEVA Group Plc, 12/31/14 (c)*
|
$
|
685,634
|
|||||||
Total Transportation
|
$
|
685,634
|
||||||||
Diversified Financials - 0.4%
|
||||||||||
Consumer Finance - 0.4%
|
||||||||||
96,924
|
6.41
|
GMAC Capital Trust I, Floating Rate Note, 2/15/40
|
$
|
2,490,947
|
||||||
Total Diversified Financials
|
$
|
2,490,947
|
||||||||
TOTAL PREFERRED STOCKS
|
||||||||||
(Cost $5,735,375)
|
$
|
3,176,581
|
||||||||
CONVERTIBLE PREFERRED STOCK - 0.5%
|
||||||||||
Banks - 0.5%
|
||||||||||
Diversified Banks - 0.5%
|
||||||||||
2,632
|
Bank of America Corp., 7.25%, 12/31/49 (Perpetual)
|
$
|
3,138,002
|
|||||||
TOTAL CONVERTIBLE PREFERRED STOCK
|
||||||||||
(Cost $3,183,747)
|
$
|
3,138,002
|
||||||||
COMMON STOCKS - 0.8%
|
||||||||||
Energy - 0.4%
|
||||||||||
Oil & Gas Exploration & Production - 0.4%
|
||||||||||
5,735,146
|
Ascent CNR Corp. Class A
|
$
|
745,569
|
|||||||
1,046
|
Midstates Petroleum Co, Inc.
|
21,098
|
||||||||
39,631
|
Pacific Exploration and Production Corp.
|
1,585,874
|
||||||||
$
|
2,352,541
|
|||||||||
Total Energy
|
$
|
2,352,541
|
||||||||
Capital Goods - 0.0%+
|
||||||||||
Industrial Machinery - 0.0%+
|
||||||||||
156,027
|
Liberty Tire Recycling LLC (e)
|
$
|
1,560
|
|||||||
Total Capital Goods
|
$
|
1,560
|
||||||||
Commercial Services & Supplies - 0.0%+
|
||||||||||
Diversified Support Services - 0.0%+
|
||||||||||
63
|
IAP Worldwide Services, Inc.
|
$
|
84,949
|
|||||||
Total Commercial Services & Supplies
|
$
|
84,949
|
||||||||
Transportation - 0.1%
|
||||||||||
Air Freight & Logistics - 0.1%
|
||||||||||
1,584
|
CEVA Group Plc *
|
$
|
197,956
|
|||||||
Total Transportation
|
$
|
197,956
|
||||||||
Automobiles & Components - 0.1%
|
||||||||||
Automobile Manufacturers - 0.1%
|
||||||||||
63,820
|
Ford Motor Co.
|
$
|
788,815
|
|||||||
Total Automobiles & Components
|
$
|
788,815
|
||||||||
Consumer Durables & Apparel - 0.0%+
|
||||||||||
Homebuilding - 0.0%+
|
||||||||||
1,443,476
|
Desarrolladora Homex SAB de CV *
|
$
|
76,207
|
|||||||
Total Consumer Durables & Apparel
|
$
|
76,207
|
||||||||
Consumer Services - 0.0%+
|
||||||||||
Education Services - 0.0%+
|
||||||||||
11,492
|
Cengage Learning Holdings II, Inc.
|
$
|
143,650
|
|||||||
Total Consumer Services
|
$
|
143,650
|
||||||||
Food, Beverage & Tobacco - 0.2%
|
||||||||||
Distillers & Vintners - 0.2%
|
||||||||||
67,811
|
Marie Brizard Wine & Spirits SA *
|
$
|
1,224,220
|
|||||||
Total Food, Beverage & Tobacco
|
$
|
1,224,220
|
||||||||
TOTAL COMMON STOCKS
|
||||||||||
(Cost $12,392,181)
|
$
|
4,869,898
|
||||||||
Principal Amount ($)
|
Floating
Rate (b)
|
|||||||||
ASSET BACKED SECURITIES - 0.3%
|
||||||||||
Transportation - 0.2%
|
||||||||||
Airlines - 0.2%
|
||||||||||
1,197,936
|
Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17
|
$
|
1,203,207
|
|||||||
Total Transportation
|
$
|
1,203,207
|
||||||||
Banks - 0.1%
|
||||||||||
Thrifts & Mortgage Finance - 0.1%
|
||||||||||
450,000
|
InSite Issuer LLC Class C Series 16-1A, 7.5%, 11/15/46
|
$
|
448,917
|
|||||||
Total Banks
|
$
|
448,917
|
||||||||
TOTAL ASSET BACKED SECURITIES
|
||||||||||
(Cost $1,647,550)
|
$
|
1,652,124
|
||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.6%
|
||||||||||
Banks - 1.6%
|
||||||||||
Thrifts & Mortgage Finance - 1.6%
|
||||||||||
1,500,000
|
5.82
|
Banc of America Commercial Mortgage Trust 2007-4, Floating Rate Note, 2/10/51 (144A)
|
$
|
1,466,949
|
||||||
1,500,000
|
3.21
|
Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A)
|
967,556
|
|||||||
1,480,000
|
5.76
|
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46
|
1,431,707
|
|||||||
455,000
|
5.76
|
COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46
|
398,694
|
|||||||
600,000
|
5.79
|
COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A)
|
572,225
|
|||||||
750,000
|
4.77
|
COMM 2014-FL5 Mortgage Trust REMICS, Floating Rate Note, 10/15/31 (144A)
|
691,830
|
|||||||
917,448
|
5.52
|
EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A)
|
881,057
|
|||||||
472,783
|
Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)
|
469,237
|
||||||||
2,100,000
|
6.04
|
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51
|
1,948,918
|
|||||||
1,356,202
|
3.27
|
JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35
|
1,274,120
|
|||||||
500,000
|
3.95
|
JPMBB Commercial Mortgage Securities Trust 2014-C25 REMICS, Floating Rate Note, 11/18/47 (144A)
|
396,334
|
|||||||
$
|
10,498,627
|
|||||||||
Total Banks
|
$
|
10,498,627
|
||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
||||||||||
(Cost $10,480,179)
|
$
|
10,498,627
|
||||||||
CORPORATE BONDS - 79.8%
|
||||||||||
Energy - 14.1%
|
||||||||||
Oil & Gas Drilling - 0.4%
|
||||||||||
2,306,000
|
Rowan Companies, Inc., 5.4%, 12/1/42
|
$
|
1,867,860
|
|||||||
417,000
|
Rowan Companies, Inc., 5.85%, 1/15/44
|
344,025
|
||||||||
$
|
2,211,885
|
|||||||||
Oil & Gas Equipment & Services - 0.3%
|
||||||||||
1,000,000
|
Archrock Partners LP, 6.0%, 10/1/22
|
$
|
980,000
|
|||||||
1,117,000
|
Archrock Partners LP, 6.0%, 4/1/21
|
1,105,830
|
||||||||
$
|
2,085,830
|
|||||||||
Integrated Oil & Gas - 1.9%
|
||||||||||
5,165,000
|
Petrobras Global Finance BV, 5.375%, 1/27/21
|
$
|
5,198,831
|
|||||||
1,256,000
|
Petrobras Global Finance BV, 6.25%, 3/17/24
|
1,261,024
|
||||||||
2,400,000
|
Petrobras Global Finance BV, 7.375%, 1/17/27
|
2,491,680
|
||||||||
600,000
|
Petroleos Mexicanos, 5.375%, 3/13/22 (144A)
|
611,670
|
||||||||
MXN
|
8,650,000
|
Petroleos Mexicanos, 7.19%, 9/12/24 (144A)
|
353,969
|
|||||||
700,000
|
4.61
|
Petroleos Mexicanos, Floating Rate Note, 3/11/22 (144A)
|
727,125
|
|||||||
1,435,000
|
YPF SA, 8.5%, 3/23/21 (144A)
|
1,555,181
|
||||||||
$
|
12,199,480
|
|||||||||
Oil & Gas Exploration & Production - 7.0%
|
||||||||||
2,260,000
|
Antero Resources Corp., 5.0%, 3/1/25 (144A)
|
$
|
2,209,150
|
|||||||
725,000
|
California Resources Corp., 8.0%, 12/15/22 (144A)
|
645,250
|
||||||||
1,245,000
|
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23
|
1,277,681
|
||||||||
650,000
|
Chesapeake Energy Corp., 8.0%, 1/15/25 (144A)
|
665,844
|
||||||||
600,000
|
Chesapeake Energy Corp., 8.0%, 12/15/22 (144A)
|
640,500
|
||||||||
2,226,000
|
Cobalt International Energy, Inc., 10.75%, 12/1/21 (144A)
|
2,103,570
|
||||||||
818,000
|
Cobalt International Energy, Inc., 7.75%, 12/1/23 (144A)
|
433,540
|
||||||||
2,385,000
|
Continental Resources, Inc., 3.8%, 6/1/24
|
2,226,994
|
||||||||
2,480,000
|
Denbury Resources, Inc., 5.5%, 5/1/22
|
2,126,600
|
||||||||
2,095,000
|
GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A)
|
2,053,100
|
||||||||
1,380,000
|
Great Western Petroleum LLC, 9.0%, 9/30/21 (144A)
|
1,462,800
|
||||||||
1,950,000
|
Gulfport Energy Corp., 6.0%, 10/15/24
|
1,986,562
|
||||||||
2,000,000
|
Gulfport Energy Corp., 6.375%, 5/15/25 (144A)
|
2,050,000
|
||||||||
1,634,000
|
Halcon Resources Corp., 12.0%, 2/15/22 (144A)
|
1,846,420
|
||||||||
3,790,000
|
Hilcorp Energy I LP, 5.0%, 12/1/24 (144A)
|
3,733,150
|
||||||||
1,000,000
|
KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A)
|
997,994
|
||||||||
575,000
|
MEG Energy Corp., 6.5%, 1/15/25 (144A)
|
580,750
|
||||||||
1,100,000
|
MEG Energy Corp., 7.0%, 3/31/24 (144A)
|
1,034,000
|
||||||||
880,000
|
Newfield Exploration Co., 5.375%, 1/1/26
|
910,800
|
||||||||
425,000
|
Newfield Exploration Co., 5.625%, 7/1/24
|
447,312
|
||||||||
1,455,000
|
Novatek OAO via Novatek Finance DAC, 4.422%, 12/13/22 (144A)
|
1,452,847
|
||||||||
3,240,000
|
Oasis Petroleum, Inc., 6.875%, 3/15/22
|
3,321,000
|
||||||||
1,460,000
|
Parsley Energy LLC, 5.375%, 1/15/25 (144A)
|
1,496,500
|
||||||||
250,000
|
Parsley Energy LLC, 6.25%, 6/1/24 (144A)
|
268,750
|
||||||||
1,520,000
|
PDC Energy, Inc., 7.75%, 10/15/22
|
1,613,100
|
||||||||
340,000
|
QEP Resources, Inc., 5.25%, 5/1/23
|
338,300
|
||||||||
1,560,000
|
Rice Energy Inc., 6.25%, 5/1/22
|
1,618,500
|
||||||||
975,000
|
Rice Energy, Inc., 7.25%, 5/1/23
|
1,045,688
|
||||||||
2,000,000
|
Sanchez Energy Corp., 6.125%, 1/15/23
|
1,920,000
|
||||||||
200,000
|
SM Energy Company, 6.125%, 11/15/22
|
206,500
|
||||||||
575,000
|
Whiting Petroleum Corp., 5.0%, 3/15/19
|
585,062
|
||||||||
1,500,000
|
WPX Energy, Inc., 6.0%, 1/15/22
|
1,560,000
|
||||||||
$
|
44,858,264
|
|||||||||
Oil & Gas Refining & Marketing - 0.6%
|
||||||||||
1,790,000
|
Calumet Specialty Products Partners LP, 6.5%, 4/15/21
|
$
|
1,548,350
|
|||||||
448,000
|
EnLink Midstream Partners LP, 5.05%, 4/1/45
|
411,931
|
||||||||
1,299,000
|
EnLink Midstream Partners LP, 5.6%, 4/1/44
|
1,277,118
|
||||||||
415,000
|
PBF Holding Co LLC, 7.0%, 11/15/23
|
422,262
|
||||||||
$
|
3,659,661
|
|||||||||
Oil & Gas Storage & Transportation - 3.9%
|
||||||||||
1,085,000
|
Energy Transfer Equity LP, 5.875%, 1/15/24
|
$
|
1,158,238
|
|||||||
1,090,000
|
Genesis Energy LP, 5.75%, 2/15/21
|
1,118,612
|
||||||||
725,000
|
Genesis Energy LP, 6.75%, 8/1/22
|
766,688
|
||||||||
2,645,000
|
Global Partners LP, 7.0%, 6/15/23
|
2,598,712
|
||||||||
NOK
|
13,000,000
|
6.30
|
Golar LNG Partners LP, Floating Rate Note, 10/12/17
|
1,601,014
|
||||||
985,000
|
Holly Energy Partners LP, 6.0%, 8/1/24 (144A)
|
1,031,788
|
||||||||
1,480,000
|
MPLX LP, 4.875%, 6/1/25
|
1,551,679
|
||||||||
2,625,000
|
ONEOK, Inc., 7.5%, 9/1/23
|
3,051,562
|
||||||||
500,000
|
Sabine Pass Liquefaction LLC, 5.0%, 3/15/27 (144A)
|
524,375
|
||||||||
4,000,000
|
Sabine Pass Liquefaction LLC, 5.625%, 2/1/21
|
4,320,000
|
||||||||
710,000
|
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 (144A)
|
787,212
|
||||||||
2,150,000
|
Targa Resources Partners LP, 4.25%, 11/15/23
|
2,117,750
|
||||||||
545,000
|
Targa Resources Partners LP, 5.375%, 2/1/27 (144A)
|
564,756
|
||||||||
1,375,000
|
The Williams Companies, Inc., 4.55%, 6/24/24
|
1,392,188
|
||||||||
2,635,000
|
The Williams Companies, Inc., 5.75%, 6/24/44
|
2,667,938
|
||||||||
$
|
25,252,512
|
|||||||||
Coal & Consumable Fuels - 0.0%+
|
||||||||||
315,000
|
Alpha Natural Resources, Inc., 6.0%, 6/1/19 (d)
|
$
|
4,095
|
|||||||
Total Energy
|
$
|
90,271,727
|
||||||||
Materials - 6.5%
|
||||||||||
Commodity Chemicals - 0.4%
|
||||||||||
1,975,000
|
Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)
|
$
|
1,970,062
|
|||||||
755,000
|
Tronox Finance LLC, 7.5%, 3/15/22 (144A)
|
736,125
|
||||||||
$
|
2,706,187
|
|||||||||
Diversified Chemicals - 1.0%
|
||||||||||
EUR
|
2,015,000
|
Axalta Coating Systems LLC, 4.25%, 8/15/24 (144A)
|
$
|
2,306,662
|
||||||
460,000
|
Blue Cube Spinco, Inc., 9.75%, 10/15/23
|
546,250
|
||||||||
725,000
|
CVR Partners LP, 9.25%, 6/15/23 (144A)
|
772,125
|
||||||||
EUR
|
1,138,000
|
Ineos Finance Plc, 4.0%, 5/1/23 (144A)
|
1,277,906
|
|||||||
EUR
|
1,380,000
|
Inovyn Finance Plc, 6.25%, 5/15/21 (144A)
|
1,582,438
|
|||||||
$
|
6,485,381
|
|||||||||
Construction Materials - 0.2%
|
||||||||||
EUR
|
1,200,000
|
Cemex SAB de CV, 4.75%, 1/11/22 (144A)
|
$
|
1,347,139
|
||||||
Metal & Glass Containers - 0.9%
|
||||||||||
EUR
|
700,000
|
ARD Finance SA, 6.625%, 9/15/23 (144A) (PIK)
|
$
|
763,459
|
||||||
700,000
|
ARD Finance SA, 7.125%, 9/15/23 (144A) (PIK)
|
711,375
|
||||||||
475,000
|
Ardagh Group, 3.876%, 5/15/21
|
487,469
|
||||||||
590,000
|
Ardagh Packaging Finance Plc, 4.625%, 5/15/23 (144A)
|
595,531
|
||||||||
EUR
|
410,000
|
Ardagh Packaging Finance Plc, 6.75%, 5/15/24 (144A)
|
481,987
|
|||||||
630,000
|
Ardagh Packaging Finance Plc, 7.25%, 5/15/24 (144A)
|
674,888
|
||||||||
EUR
|
725,000
|
Horizon Holdings I SAS, 7.25%, 8/1/23 (144A)
|
830,766
|
|||||||
EUR
|
950,000
|
Verallia Packaging SASU, 5.125%, 8/1/22 (144A)
|
1,088,590
|
|||||||
$
|
5,634,065
|
|||||||||
Paper Packaging - 0.1%
|
||||||||||
815,000
|
AEP Industries, Inc., 8.25%, 4/15/19
|
$
|
833,745
|
|||||||
Aluminum - 0.6%
|
||||||||||
680,000
|
Constellium NV, 7.875%, 4/1/21 (144A)
|
$
|
730,150
|
|||||||
3,025,000
|
Rusal Capital DAC, 5.125%, 2/2/22 (144A)
|
3,002,312
|
||||||||
$
|
3,732,462
|
|||||||||
Diversified Metals & Mining - 1.9%
|
||||||||||
810,000
|
Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A)
|
$
|
816,075
|
|||||||
757,000
|
FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A)
|
878,120
|
||||||||
1,150,000
|
Freeport-McMoRan, Inc., 3.55%, 3/1/22
|
1,075,250
|
||||||||
1,100,000
|
MMC Norilsk Nickel OJSC via MMC Finance DAC, 5.55%, 10/28/20 (144A)
|
1,170,675
|
||||||||
860,000
|
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)
|
855,700
|
||||||||
255,000
|
Teck Resources, Ltd., 8.0%, 6/1/21 (144A)
|
281,138
|
||||||||
255,000
|
Teck Resources, Ltd., 8.5%, 6/1/24 (144A)
|
296,756
|
||||||||
560,000
|
Vale Overseas, Ltd., 6.25%, 8/10/26
|
602,000
|
||||||||
1,150,000
|
Vedanta Resources Plc, 6.375%, 7/30/22 (144A)
|
1,151,725
|
||||||||
1,000,000
|
Vedanta Resources Plc, 7.125%, 5/31/23
|
1,021,250
|
||||||||
3,645,000
|
Vedanta Resources Plc, 8.25%, 6/7/21 (144A)
|
3,960,292
|
||||||||
$
|
12,108,981
|
|||||||||
Steel - 0.8%
|
||||||||||
715,000
|
ArcelorMittal, 6.125%, 6/1/25
|
$
|
786,057
|
|||||||
2,066,000
|
BlueScope Steel Finance, Ltd., 6.5%, 5/15/21 (144A)
|
2,187,378
|
||||||||
EUR
|
101,612
|
0.00
|
New World Resources NV, Floating Rate Note, 10/7/20 (e)
|
-
|
||||||
EUR
|
135,483
|
0.00
|
New World Resources NV, Floating Rate Note, 10/7/20 (e)
|
-
|
||||||
1,960,000
|
Samarco Mineracao SA, 4.125%, 11/1/22 (144A) (d)
|
1,295,560
|
||||||||
910,000
|
Samarco Mineracao SA, 5.75%, 10/24/23 (144A) (d)
|
605,150
|
||||||||
$
|
4,874,145
|
|||||||||
Forest Products - 0.4%
|
||||||||||
2,655,000
|
Eldorado Intl. Finance GmbH, 8.625%, 6/16/21 (144A)
|
$
|
2,362,950
|
|||||||
Paper Products - 0.2%
|
||||||||||
1,305,000
|
Resolute Forest Products, Inc., 5.875%, 5/15/23
|
$
|
1,138,612
|
|||||||
Total Materials
|
$
|
41,223,667
|
||||||||
Capital Goods - 2.9%
|
||||||||||
Aerospace & Defense - 0.9%
|
||||||||||
2,202,278
|
DynCorp International, Inc., 11.875%, 11/30/20 (PIK)
|
$
|
2,064,636
|
|||||||
EUR
|
3,615,000
|
TA MFG., Ltd., 3.625%, 4/15/23
|
3,988,782
|
|||||||
$
|
6,053,418
|
|||||||||
Building Products - 0.3%
|
||||||||||
1,650,000
|
Elementia SAB de CV, 5.5%, 1/15/25 (144A)
|
$
|
1,592,250
|
|||||||
Construction & Engineering - 0.0%+
|
||||||||||
6,900,000
|
Abengoa Finance SA, 8.875%, 11/1/17 (144A) (d)
|
$
|
310,500
|
|||||||
Electrical Components & Equipment - 0.3%
|
||||||||||
2,000,000
|
General Cable Corp., 5.75%, 10/1/22
|
$
|
1,985,000
|
|||||||
Industrial Conglomerates - 0.5%
|
||||||||||
2,980,000
|
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
|
$
|
3,136,450
|
|||||||
Industrial Machinery - 0.6%
|
||||||||||
3,880,000
|
Apex Tool Group LLC, 7.0%, 2/1/21 (144A)
|
$
|
3,589,000
|
|||||||
Trading Companies & Distributors - 0.3%
|
||||||||||
1,690,000
|
WESCO Distribution, Inc., 5.375%, 12/15/21
|
$
|
1,753,375
|
|||||||
Total Capital Goods
|
$
|
18,419,993
|
||||||||
Commercial Services & Supplies - 0.4%
|
||||||||||
Environmental & Facilities Services - 0.1%
|
||||||||||
745,000
|
Clean Harbors, Inc., 5.125%, 6/1/21
|
$
|
763,774
|
|||||||
Diversified Support Services - 0.3%
|
||||||||||
400,000
|
Broadspectrum, Ltd., 8.375%, 5/15/20 (144A)
|
$
|
420,000
|
|||||||
1,300,000
|
NANA Development Corp., 9.5%, 3/15/19 (144A)
|
1,267,500
|
||||||||
$
|
1,687,500
|
|||||||||
Total Commercial Services & Supplies
|
$
|
2,451,274
|
||||||||
Transportation - 2.4%
|
||||||||||
Airlines - 0.4%
|
||||||||||
1,275,782
|
Guanay Finance, Ltd., 6.0%, 12/15/20 (144A)
|
$
|
1,291,729
|
|||||||
1,100,000
|
TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)
|
1,135,750
|
||||||||
$
|
2,427,479
|
|||||||||
Marine - 0.6%
|
||||||||||
2,100,000
|
Far East Capital, Ltd. SA, 8.0%, 5/2/18 (d)
|
$
|
1,207,500
|
|||||||
3,150,000
|
Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A)
|
2,909,812
|
||||||||
$
|
4,117,312
|
|||||||||
Railroads - 0.8%
|
||||||||||
3,370,000
|
Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)
|
$
|
3,462,675
|
|||||||
EUR
|
1,325,000
|
Russian Railways via RZD Capital Plc, 3.3744%, 5/20/21
|
1,509,355
|
|||||||
$
|
4,972,030
|
|||||||||
Trucking - 0.0%+
|
||||||||||
2,875,521
|
Inversiones Alsacia SA, 8.0%, 12/31/18 (144A) (d)
|
$
|
158,154
|
|||||||
Airport Services - 0.1%
|
||||||||||
370,000
|
Aeropuertos Argentina 2000 SA, 6.875%, 2/1/27 (144A)
|
$
|
374,070
|
|||||||
525,000
|
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 3/30/29 (144A)
|
536,156
|
||||||||
$
|
910,226
|
|||||||||
Highways & Railtracks - 0.5%
|
||||||||||
EUR
|
1,315,000
|
Hertz Holdings Netherlands BV, 4.125%, 10/15/21 (144A)
|
$
|
1,355,977
|
||||||
MXN
|
37,000,000
|
Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A)
|
1,630,676
|
|||||||
$
|
2,986,653
|
|||||||||
Total Transportation
|
$
|
15,571,854
|
||||||||
Automobiles & Components - 1.1%
|
||||||||||
Auto Parts & Equipment - 0.5%
|
||||||||||
EUR
|
1,350,000
|
IHO Verwaltungs GmbH, 3.75%, 9/15/26 (144A) (PIK)
|
$
|
1,461,015
|
||||||
1,462,000
|
Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A)
|
1,520,480
|
||||||||
$
|
2,981,495
|
|||||||||
Automobile Manufacturers - 0.6%
|
||||||||||
2,035,000
|
Dana Financing Luxembourg Sarl, 6.5%, 6/1/26 (144A)
|
$
|
2,152,379
|
|||||||
1,877,000
|
TI Group Automotive Systems LLC, 8.75%, 7/15/23 (144A)
|
2,017,775
|
||||||||
$
|
4,170,154
|
|||||||||
Total Automobiles & Components
|
$
|
7,151,649
|
||||||||
Consumer Durables & Apparel - 1.3%
|
||||||||||
Homebuilding - 1.3%
|
||||||||||
460,000
|
Beazer Homes USA, Inc., 8.75%, 3/15/22 (144A)
|
$
|
500,250
|
|||||||
1,345,000
|
KB Home, 7.0%, 12/15/21
|
1,449,238
|
||||||||
2,079,000
|
Lennar Corp., 4.75%, 11/15/22
|
2,132,285
|
||||||||
2,200,000
|
Rialto Holdings LLC, 7.0%, 12/1/18 (144A)
|
2,244,000
|
||||||||
1,625,000
|
Taylor Morrison Communities, Inc., 5.875%, 4/15/23 (144A)
|
1,690,000
|
||||||||
$
|
8,015,773
|
|||||||||
Total Consumer Durables & Apparel
|
$
|
8,015,773
|
||||||||
Consumer Services - 3.6%
|
||||||||||
Casinos & Gaming - 1.9%
|
||||||||||
EUR
|
1,870,000
|
Codere Finance 2 Luxembourg SA, 6.75%, 11/1/21 (144A)
|
$
|
1,978,023
|
||||||
605,000
|
Codere Finance 2 Luxembourg SA, 7.625%, 11/1/21 (144A)
|
575,809
|
||||||||
EUR
|
2,225,000
|
Intralot Capital Luxembourg SA, 6.75%, 9/15/21 (144A)
|
2,456,883
|
|||||||
85,767
|
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d)
|
437
|
||||||||
6,376,000
|
Scientific Games International, Inc., 10.0%, 12/1/22
|
6,532,977
|
||||||||
625,000
|
Scientific Games International, Inc., 6.25%, 9/1/20
|
581,250
|
||||||||
$
|
12,125,379
|
|||||||||
Hotels, Resorts & Cruise Lines - 0.7%
|
||||||||||
1,504,000
|
Sabre GLBL, Inc., 5.375%, 4/15/23 (144A)
|
$
|
1,529,851
|
|||||||
2,860,000
|
Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)
|
3,006,575
|
||||||||
$
|
4,536,426
|
|||||||||
Restaurants - 0.2%
|
||||||||||
1,460,000
|
KFC Holding Co., 5.0%, 6/1/24 (144A)
|
$
|
1,487,375
|
|||||||
Specialized Consumer Services - 0.8%
|
||||||||||
EUR
|
3,585,000
|
Boing Group Financing Plc, 6.625%, 7/15/19 (144A)
|
$
|
3,851,549
|
||||||
1,140,000
|
Constellis Holdings LLC, 9.75%, 5/15/20 (144A)
|
1,214,100
|
||||||||
$
|
5,065,649
|
|||||||||
Total Consumer Services
|
$
|
23,214,829
|
||||||||
Media - 2.5%
|
||||||||||
Advertising - 0.2%
|
||||||||||
1,125,000
|
MDC Partners, Inc., 6.5%, 5/1/24 (144A)
|
$
|
978,750
|
|||||||
Broadcasting - 1.2%
|
||||||||||
1,615,000
|
CCO Holdings LLC, 5.75%, 2/15/26 (144A)
|
$
|
1,711,396
|
|||||||
1,075,000
|
CSC Holdings LLC, 5.5%, 4/15/27 (144A)
|
1,091,125
|
||||||||
1,650,000
|
Gray Television, Inc., 5.125%, 10/15/24 (144A)
|
1,621,125
|
||||||||
1,970,000
|
Gray Television, Inc., 5.875%, 7/15/26 (144A)
|
1,957,688
|
||||||||
EUR
|
1,240,000
|
United Group BV, 7.875%, 11/15/20 (144A)
|
1,401,885
|
|||||||
$
|
7,783,219
|
|||||||||
Cable & Satellite - 0.9%
|
||||||||||
2,140,000
|
DISH DBS Corp., 5.875%, 7/15/22
|
$
|
2,224,530
|
|||||||
283,000
|
Intelsat Connect Finance SA, 12.5%, 4/1/22 (144A)
|
178,998
|
||||||||
210,000
|
Intelsat Luxembourg SA, 7.75%, 6/1/21
|
72,975
|
||||||||
765,000
|
Sirius XM Radio, Inc., 5.375%, 7/15/26 (144A)
|
777,431
|
||||||||
EUR
|
2,300,000
|
Ziggo Secured Finance BV, 4.25%, 1/15/27 (144A)
|
2,522,089
|
|||||||
$
|
5,776,023
|
|||||||||
Movies & Entertainment - 0.2%
|
||||||||||
EUR
|
1,125,000
|
WMG Acquisition Corp., 4.125%, 11/1/24 (144A)
|
$
|
1,266,344
|
||||||
Total Media
|
$
|
15,804,336
|
||||||||
Retailing - 1.3%
|
||||||||||
Distributors - 0.2%
|
||||||||||
1,250,000
|
LKQ Corp., 4.75%, 5/15/23
|
$
|
1,251,875
|
|||||||
Internet Retail - 0.5%
|
||||||||||
3,525,000
|
Netflix Inc., 4.375% 11/15/26
|
$
|
3,458,906
|
|||||||
Department Stores - 0.4%
|
||||||||||
2,285,000
|
PetSmart, Inc., 7.125%, 3/15/23 (144A)
|
$
|
2,245,012
|
|||||||
Automotive Retail - 0.2%
|
||||||||||
1,485,000
|
Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (144A)
|
$
|
1,493,346
|
|||||||
Total Retailing
|
$
|
8,449,139
|
||||||||
Food & Staples Retailing - 0.2%
|
||||||||||
Food Retail - 0.2%
|
||||||||||
1,535,000
|
C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)
|
$
|
1,504,300
|
|||||||
Total Food & Staples Retailing
|
$
|
1,504,300
|
||||||||
Food, Beverage & Tobacco - 7.7%
|
||||||||||
Agricultural Products - 0.1%
|
||||||||||
1,625,000
|
Tonon Luxembourg SA, 10.5%, 5/14/24 (144A) (d)
|
$
|
666,250
|
|||||||
Packaged Foods & Meats - 7.1%
|
||||||||||
EUR
|
2,825,000
|
Agrokor dd, 9.875%, 5/1/19 (144A)
|
$
|
2,638,504
|
||||||
GBP
|
1,170,000
|
Boparan Finance Plc, 5.5%, 7/15/21 (144A)
|
1,438,753
|
|||||||
4,450,000
|
CFG Investment SAC, 9.75%, 7/30/19 (144A) (d)
|
3,515,500
|
||||||||
EUR
|
2,878,000
|
Darling Global Finance BV, 4.75%, 5/30/22 (144A)
|
3,301,740
|
|||||||
775,000
|
FAGE International SA, 5.625%, 8/15/26 (144A)
|
785,168
|
||||||||
3,135,000
|
JBS USA LUX SA, 5.75%, 6/15/25 (144A)
|
3,218,078
|
||||||||
525,000
|
Lamb Weston Holdings, Inc., 4.625%, 11/1/24 (144A)
|
526,312
|
||||||||
525,000
|
Lamb Weston Holdings, Inc., 4.875%, 11/1/26 (144A)
|
525,656
|
||||||||
3,015,000
|
Marfrig Holdings Europe BV, 6.875%, 6/24/19 (144A)
|
3,149,168
|
||||||||
3,923,000
|
Marfrig Holdings Europe BV, 8.0%, 6/8/23 (144A)
|
4,133,861
|
||||||||
1,425,000
|
MHP SA, 8.25%, 4/2/20 (144A)
|
1,403,625
|
||||||||
2,555,000
|
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)
|
2,721,075
|
||||||||
2,210,000
|
Minerva Luxembourg SA, 6.5%, 9/20/26 (144A)
|
2,196,188
|
||||||||
6,530,000
|
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)
|
6,938,125
|
||||||||
6,500,000
|
Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A)
|
4,940,000
|
||||||||
2,630,000
|
Post Holdings, Inc., 6.0%, 12/15/22 (144A)
|
2,761,500
|
||||||||
1,375,000
|
Post Holdings, Inc., 6.75%, 12/1/21 (144A)
|
1,457,500
|
||||||||
$
|
45,650,753
|
|||||||||
Tobacco - 0.5%
|
||||||||||
535,000
|
Alliance One International Inc., 8.5%, 4/15/21
|
$
|
549,044
|
|||||||
3,050,000
|
Alliance One International, Inc., 9.875%, 7/15/21
|
2,603,938
|
||||||||
$
|
3,152,982
|
|||||||||
Total Food, Beverage & Tobacco
|
$
|
49,469,985
|
||||||||
Health Care Equipment & Services - 2.6%
|
||||||||||
Health Care Services - 0.4%
|
||||||||||
1,175,000
|
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/23 (144A)
|
$
|
1,213,188
|
|||||||
1,430,000
|
Team Health Holdings, Inc., 6.375%, 2/1/25 (144A)
|
1,404,975
|
||||||||
$
|
2,618,163
|
|||||||||
Health Care Facilities - 1.1%
|
||||||||||
3,915,000
|
CHS, 6.875%, 2/1/22
|
$
|
2,848,162
|
|||||||
2,400,000
|
Kindred Healthcare Inc., 6.375%, 4/15/22
|
2,085,000
|
||||||||
1,320,000
|
Kindred Healthcare, Inc., 8.0%, 1/15/20
|
1,300,200
|
||||||||
820,000
|
Universal Hospital Services, Inc., 7.625%, 8/15/20
|
813,850
|
||||||||
$
|
7,047,212
|
|||||||||
Managed Health Care - 1.1%
|
||||||||||
245,000
|
Centene Corp., 4.75%, 1/15/25
|
$
|
241,783
|
|||||||
1,840,000
|
Centene Corp., 4.75%, 5/15/22
|
1,867,600
|
||||||||
1,550,000
|
Centene Corp., 5.625%, 2/15/21
|
1,627,190
|
||||||||
3,130,000
|
WellCare Health Plans, Inc., 5.75%, 11/15/20
|
3,227,812
|
||||||||
$
|
6,964,385
|
|||||||||
Total Health Care Equipment & Services
|
$
|
16,629,760
|
||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 2.0%
|
||||||||||
Pharmaceuticals - 2.0%
|
||||||||||
1,165,000
|
DPx Holdings BV, 7.5%, 2/1/22 (144A)
|
$
|
1,234,900
|
|||||||
5,256,000
|
Endo Finance LLC, 5.375%, 1/15/23 (144A)
|
4,401,900
|
||||||||
225,000
|
Horizon Pharma Inc., 8.75% 11/1/24
|
231,188
|
||||||||
750,000
|
Horizon Pharma, Inc., 6.625%, 5/1/23
|
721,875
|
||||||||
EUR
|
3,475,000
|
Valeant Pharmaceuticals International, Inc., 4.5%, 5/15/23
|
2,776,577
|
|||||||
4,180,000
|
Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A)
|
3,182,025
|
||||||||
$
|
12,548,465
|
|||||||||
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
12,548,465
|
||||||||
Banks - 7.9%
|
||||||||||
Diversified Banks - 6.8%
|
||||||||||
800,000
|
Access Bank Plc, 10.5%, 10/19/21 (144A)
|
$
|
805,840
|
|||||||
1,885,000
|
9.25
|
Access Bank Plc, Floating Rate Note, 6/24/21 (144A)
|
1,705,925
|
|||||||
INR
|
134,290,000
|
Asian Development Bank, 6.2%, 10/6/26
|
2,004,319
|
|||||||
INR
|
108,160,000
|
Asian Development Bank, 6.45%, 8/8/21
|
1,629,058
|
|||||||
1,050,000
|
8.25
|
Banco de Galicia y Buenos Aires SA, Floating Rate Note, 7/19/26 (144A)
|
1,113,000
|
|||||||
925,000
|
9.00
|
Banco do Brasil SA, Floating Rate Note, 12/31/49 (Perpetual)
|
934,250
|
|||||||
295,000
|
3.80
|
Banco Nacional de Comercio Exterior SNC Cayman Islands, Floating Rate Note, 8/11/26 (144A)
|
280,988
|
|||||||
2,000,000
|
Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A)
|
2,040,000
|
||||||||
375,000
|
6.25
|
Bank of America Corp., Floating Rate Note, 9/29/49
|
391,500
|
|||||||
2,680,000
|
Banque Ouest Africaine de Developpement, 5.5%, 5/6/21 (144A)
|
2,775,944
|
||||||||
1,400,000
|
BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A)
|
1,522,500
|
||||||||
3,625,000
|
7.62
|
BNP Paribas SA, Floating Rate Note, 12/31/49 (Perpetual) (144A)
|
3,806,250
|
|||||||
854,000
|
6.25
|
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual)
|
902,038
|
|||||||
1,900,000
|
5.90
|
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual)
|
1,965,550
|
|||||||
346,000
|
5.88
|
Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual)
|
356,812
|
|||||||
2,525,000
|
8.12
|
Credit Agricole SA, Floating Rate Note, 12/31/49 (Perpetual) (144A)
|
2,684,328
|
|||||||
660,000
|
7.88
|
Credit Agricole SA, Floating Rate Note, 12/31/49 (Perpetual) (144A)
|
672,152
|
|||||||
1,685,000
|
6.50
|
ING Groep NV, Floating Rate Note, 12/29/49
|
1,632,344
|
|||||||
INR
|
42,350,000
|
Inter-American Development Bank, 6.0%, 9/5/17
|
626,854
|
|||||||
INR
|
31,450,000
|
International Bank for Reconstruction & Development, 5.75%, 10/28/19
|
465,877
|
|||||||
4,000,000
|
7.70
|
Intesa Sanpaolo S.p.A., Floating Rate Note, 12/29/49 (Perpetual) (144A)
|
3,650,000
|
|||||||
EUR
|
970,000
|
6.38
|
Lloyds Banking Group Plc, Floating Rate Note, 12/31/49 (Perpetual)
|
1,094,304
|
||||||
1,450,000
|
8.62
|
Royal Bank of Scotland Group Plc, Floating Rate Note, 12/31/49 (Perpetual)
|
1,497,125
|
|||||||
120,000
|
7.50
|
Royal Bank of Scotland Group Plc, Floating Rate Note, 12/31/49 (Perpetual)
|
116,400
|
|||||||
1,773,000
|
8.00
|
Royal Bank of Scotland Group Plc, Floating Rate Note, 12/31/49 (Perpetual)
|
1,720,040
|
|||||||
750,000
|
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A)
|
759,375
|
||||||||
700,000
|
5.50
|
Sberbank of Russia Via SB Capital SA, Floating Rate Note, 2/26/24
|
714,000
|
|||||||
790,000
|
7.38
|
Societe Generale SA, Floating Rate Note, 12/31/49 (Perpetual) (144A)
|
791,462
|
|||||||
2,490,000
|
Turkiye Is Bankasi, 5.375%, 10/6/21 (144A)
|
2,395,006
|
||||||||
1,500,000
|
Turkiye Is Bankasi, 5.5%, 4/21/22 (144A)
|
1,436,250
|
||||||||
775,000
|
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A)
|
838,938
|
||||||||
$
|
43,328,429
|
|||||||||
Thrifts & Mortgage Finance - 1.1%
|
||||||||||
2,700,000
|
Alfa Bank AO Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A)
|
$
|
2,936,250
|
|||||||
1,850,000
|
Argentine Republic Government International Bond, 7.5%, 4/22/26 (144A)
|
1,931,400
|
||||||||
2,225,000
|
Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A)
|
2,419,688
|
||||||||
$
|
7,287,338
|
|||||||||
Total Banks
|
$
|
50,615,767
|
||||||||
Diversified Financials - 4.7%
|
||||||||||
Other Diversified Financial Services - 0.4%
|
||||||||||
IDR
|
35,810,000,000
|
European Investment Bank, 7.2%, 7/9/19 (144A)
|
$
|
2,657,321
|
||||||
Specialized Finance - 1.5%
|
||||||||||
3,000,000
|
Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)
|
$
|
3,289,104
|
|||||||
4,870,000
|
Nationstar Mortgage LLC, 6.5%, 6/1/22
|
4,863,912
|
||||||||
1,185,000
|
Nationstar Mortgage LLC, 6.5%, 7/1/21
|
1,207,219
|
||||||||
$
|
9,360,235
|
|||||||||
Consumer Finance - 1.8%
|
||||||||||
150,000
|
Ally Financial, Inc., 4.625%, 5/19/22
|
$
|
152,250
|
|||||||
5,003,000
|
Ally Financial, Inc., 5.75%, 11/20/25
|
5,078,045
|
||||||||
2,350,000
|
Credito Real SAB de CV SOFOM ER, 7.25%, 7/20/23 (144A)
|
2,350,000
|
||||||||
INR
|
240,670,000
|
International Finance Corp., 8.25%, 6/10/21
|
3,844,275
|
|||||||
$
|
11,424,570
|
|||||||||
Asset Management & Custody Banks - 0.6%
|
||||||||||
3,800,000
|
JBS Investment Management, Ltd., 7.25%, 4/3/24
|
$
|
3,985,250
|
|||||||
Investment Banking & Brokerage - 0.3%
|
||||||||||
2,028,000
|
UBS AG, 7.625%, 8/17/22
|
$
|
2,305,836
|
|||||||
Total Diversified Financials
|
$
|
29,733,212
|
||||||||
Insurance - 2.8%
|
||||||||||
Life & Health Insurance - 0.2%
|
||||||||||
GBP
|
954,047
|
TIG FINCO Plc, 8.75%, 4/2/20
|
$
|
1,151,909
|
||||||
GBP
|
168,361
|
8.50
|
TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A)
|
217,465
|
||||||
$
|
1,369,374
|
|||||||||
Reinsurance - 2.5%
|
||||||||||
450,000
|
6.11
|
Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A)
|
$
|
467,325
|
||||||
1,300,000
|
Arlington Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 8/31/16 (f)(g)
|
63,180
|
||||||||
800,000
|
Berwick 2016-1 Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 2/1/18 (f)(g)
|
105,040
|
||||||||
1,000,000
|
Berwick Segregated Account (Artex SAC Ltd.), Variable Rate Note, 1/22/16 (f)(g)
|
30,000
|
||||||||
2,600,000
|
Carnosutie 2016-N,Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 11/30/20 (f)(g)
|
311,220
|
||||||||
800,000
|
Carnoustie Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 11/30/21 (f)(g)
|
800,800
|
||||||||
3,900,000
|
Carnoustie Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 2/19/16 (f)(g)
|
79,560
|
||||||||
600,000
|
Cypress Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 7/10/17 (f)(g)
|
525,480
|
||||||||
EUR
|
1,300,000
|
Dundonald Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 1/17/17 (f)(g)
|
1,403,675
|
|||||||
600,000
|
Eden Re II, Ltd., Variable Rate Notes, 3/22/21 (f)(g)
|
604,620
|
||||||||
8,000
|
Eden Re II, Ltd., Variable Rate Notes, 4/23/19 (144A) (f)(g)
|
88,805
|
||||||||
250,000
|
N/A
|
Galilei Re, Ltd., Floating Rate Note, 1/8/20 (Cat Bond) (144A)
|
250,375
|
|||||||
300,000
|
N/A
|
Galilei Re, Ltd., Floating Rate Note, 1/8/20 (Cat Bond) (144A)
|
300,720
|
|||||||
300,000
|
N/A
|
Galilei Re, Ltd., Floating Rate Note, 1/8/20 (Cat Bond) (144A)
|
300,630
|
|||||||
300,000
|
N/A
|
Galilei Re, Ltd., Floating Rate Note, 1/8/21 (Cat Bond) (144A)
|
300,540
|
|||||||
1,600,000
|
Gleneagles Segregated Account (Artex SAC Ltd), Variable Rate Notes, 11/30/20 (f)(g)
|
269,120
|
||||||||
3,500,000
|
Gullane Segregated Account (Artex SAC Ltd.), Variable Rate Note 11/30/20 (f)(g)
|
332,500
|
||||||||
800,000
|
Gullane Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 11/30/21 (f)(g)
|
803,520
|
||||||||
EUR
|
250,000
|
12.00
|
Horse Capital I DAC, Floating Rate Note, 6/15/20 (Cat Bond) (144A)
|
270,477
|
||||||
350,000
|
Kingsbarns Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 5/15/17 (f)(g)
|
343,175
|
||||||||
250,000
|
Limestone Re, Ltd., 8/31/21 (Cat Bond) (c)
|
249,500
|
||||||||
250,000
|
Limestone Re, Ltd., 8/31/21 (Cat Bond) (c)
|
249,500
|
||||||||
2,400,000
|
Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f)(g)
|
13,920
|
||||||||
1,100,000
|
Lorenz Re, Ltd., Variable Rate Notes, 3/31/19 (f)(g)
|
1,161,930
|
||||||||
490,000
|
Madison Re, Variable Rate Notes, 3/31/19 (f)(g)
|
516,068
|
||||||||
3,900,000
|
Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (f)(g)
|
152,880
|
||||||||
1,000,000
|
Pangaea Re, Series 2016-2, Principal at Risk Notes, 11/30/20 (f)(g)
|
1,121,700
|
||||||||
3,500,000
|
Pangaea Re., Variable Rate Notes, 2/1/20 (f)(g)
|
451,850
|
||||||||
300,000
|
Pinehurst Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 1/16/18 (f)(g)
|
284,310
|
||||||||
1,300,000
|
Prestwick Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 7/1/16 (f)(g)
|
37,960
|
||||||||
250,000
|
Residential Reinsurance 2016, Ltd., Floating Rate Note, 12/6/20 (Cat Bond) (144A)
|
231,750
|
||||||||
500,000
|
0.00
|
Residential Reinsurance 2016, Ltd., Floating Rate Note, 12/6/23 (Cat Bond) (144A)
|
494,950
|
|||||||
400,000
|
4.50
|
Resilience Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond)
|
400,000
|
|||||||
AUD
|
300,000
|
RW0009, 7/10/17 (f)(g)
|
201,410
|
|||||||
5,450
|
Sector Re V, Ltd., Variable Rate Notes, 12/1/20 (144A) (f)(g)
|
199,084
|
||||||||
500,000
|
St Andrews Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 2/1/19 (f)(g)
|
503,300
|
||||||||
2,600,000
|
St. Andrews Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 1/22/16 (f)(g)
|
51,220
|
||||||||
1,750,000
|
St. Andrews Segregated Account (Artex SAC Ltd.), Variance Rate Notes, 2/1/18 (f)(g)
|
289,800
|
||||||||
500,000
|
Sunningdale Segregated Account (Artex SAC Ltd.), Variable Rate Notes, 1/16/18 (f)(g)
|
449,400
|
||||||||
JPY
|
98,019,477
|
Tralee Segregated Account (Artex), Variable Rate Note 7/15/17 (f)(g)
|
865,279
|
|||||||
600,000
|
Versutus 2016, Class A, Variable Rate Notes, 11/30/21 (f)(g)
|
603,420
|
||||||||
3,000,000
|
Versutus 2016, Class A-1, Variable Rate Notes, 11/30/20 (f)(g)
|
122,400
|
||||||||
$
|
16,302,393
|
|||||||||
Total Insurance
|
$
|
17,671,767
|
||||||||
Real Estate - 1.0%
|
||||||||||
Specialized REIT - 0.4%
|
||||||||||
2,314,110
|
AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)
|
$
|
2,395,104
|
|||||||
Specialized REIT - 0.6%
|
||||||||||
2,870,000
|
Communications Sales & Leasing, Inc., 6.0%, 4/15/23 (144A)
|
$
|
3,013,500
|
|||||||
919,000
|
Equinix, Inc., 5.375%, 4/1/23
|
961,577
|
||||||||
$
|
3,975,077
|
|||||||||
Total Real Estate
|
$
|
6,370,181
|
||||||||
Software & Services - 2.0%
|
||||||||||
Internet Software & Services - 0.4%
|
||||||||||
1,780,000
|
Cimpress NV, 7.0%, 4/1/22 (144A)
|
$
|
1,833,400
|
|||||||
558,000
|
IAC, 4.875%, 11/30/18
|
566,370
|
||||||||
$
|
2,399,770
|
|||||||||
IT Consulting & Other Services - 0.4%
|
||||||||||
735,000
|
Diamond 1 Finance Corp., 5.875%, 6/15/21 (144A)
|
$
|
775,324
|
|||||||
1,455,000
|
Rackspace, 8.625%, 11/15/24
|
1,509,562
|
||||||||
$
|
2,284,886
|
|||||||||
Data Processing & Outsourced Services - 1.0%
|
||||||||||
1,765,000
|
Alliance Data Systems Company, 5.875, 11/1/21
|
$
|
1,822,362
|
|||||||
3,100,000
|
Cardtronics, Inc., 5.125%, 8/1/22
|
3,146,500
|
||||||||
1,260,000
|
First Data Corp., 7.0%, 12/1/23 (144A)
|
1,336,230
|
||||||||
$
|
6,305,092
|
|||||||||
Application Software - 0.2%
|
||||||||||
1,430,000
|
Open Text Corp., 5.875%, 6/1/26 (144A)
|
$
|
1,497,925
|
|||||||
Total Software & Services
|
$
|
12,487,673
|
||||||||
Technology Hardware & Equipment - 0.8%
|
||||||||||
Communications Equipment - 0.3%
|
||||||||||
512,000
|
CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A)
|
$
|
545,603
|
|||||||
1,475,000
|
CommScope, Inc., 5.0%, 6/15/21 (144A)
|
1,513,719
|
||||||||
$
|
2,059,322
|
|||||||||
Computer Hardware - 0.2%
|
||||||||||
910,000
|
Diebold Nixdorf, Inc., 8.5%, 4/15/24
|
$
|
994,175
|
|||||||
Electronic Components - 0.3%
|
||||||||||
1,000,000
|
Belden, Inc., 5.25%, 7/15/24 (144A)
|
$
|
1,005,000
|
|||||||
EURO
|
1,095,000
|
Belden, Inc., 5.5%, 4/15/23
|
1,257,636
|
|||||||
$
|
2,262,636
|
|||||||||
Total Technology Hardware & Equipment
|
$
|
5,316,133
|
||||||||
Semiconductors & Semiconductor Equipment - 0.7%
|
||||||||||
Semiconductors - 0.7%
|
||||||||||
670,000
|
Micron Technology, Inc., 5.25%, 8/1/23 (144A)
|
$
|
671,675
|
|||||||
3,225,000
|
Micron Technology, Inc., 5.5%, 2/1/25
|
3,241,125
|
||||||||
520,000
|
Micron Technology, Inc., 5.625%, 1/15/26 (144A)
|
520,780
|
||||||||
$
|
4,433,580
|
|||||||||
Total Semiconductors & Semiconductor Equipment
|
$
|
4,433,580
|
||||||||
Telecommunication Services - 6.8%
|
||||||||||
Integrated Telecommunication Services - 2.4%
|
||||||||||
2,260,000
|
CenturyLink, Inc., 5.625%, 4/1/25
|
$
|
2,147,000
|
|||||||
7,175,000
|
Frontier Communications Corp., 8.75%, 4/15/22
|
7,257,297
|
||||||||
500,000
|
GCI, Inc., 6.75%, 6/1/21
|
515,000
|
||||||||
1,665,000
|
GCI, Inc., 6.875%, 4/15/25
|
1,731,600
|
||||||||
3,690,000
|
Windstream Services LLC, 7.75%, 10/15/20
|
3,768,412
|
||||||||
$
|
15,419,309
|
|||||||||
Wireless Telecommunication Services - 4.4%
|
||||||||||
2,800,000
|
Altice Financing SA, 6.5%, 1/15/22 (144A)
|
$
|
2,919,000
|
|||||||
320,000
|
Altice Financing SA, 6.625%, 2/15/23 (144A)
|
335,200
|
||||||||
600,000
|
Altice Finco SA, 8.125%, 1/15/24 (144A)
|
637,500
|
||||||||
3,320,000
|
Digicel, Ltd., 6.0%, 4/15/21 (144A)
|
3,095,236
|
||||||||
1,050,000
|
Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A)
|
1,080,513
|
||||||||
4,825,000
|
MTN Mauritius Investment, Ltd., 5.373%, 2/13/22 (144A)
|
4,877,173
|
||||||||
5,965,000
|
Sprint Corp., 7.25%, 9/15/21
|
6,391,498
|
||||||||
1,155,000
|
T-Mobile USA, Inc., 6.0%, 4/15/24
|
1,227,188
|
||||||||
2,750,000
|
Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A)
|
2,721,510
|
||||||||
2,470,000
|
VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A)
|
2,756,545
|
||||||||
RUB
|
124,400,000
|
VimpelCom Holdings BV, 9.0%, 2/13/18 (144A)
|
2,051,750
|
|||||||
$
|
28,093,113
|
|||||||||
Total Telecommunication Services
|
$
|
43,512,422
|
||||||||
Utilities - 4.6%
|
||||||||||
Electric Utilities - 2.3%
|
||||||||||
1,325,000
|
Centrais Eletricas Brasileiras SA, 5.75%, 10/27/21
|
$
|
1,334,540
|
|||||||
EURO
|
1,475,000
|
ContourGlobal Power Holdings SA, 5.125%, 6/15/21 (144A)
|
1,679,430
|
|||||||
1,325,000
|
5.25
|
Electricite de France SA, Floating Rate Note (Perpetual) (144A)
|
1,263,719
|
|||||||
2,395,000
|
8.13
|
Enel S.p.A., Floating Rate Note, 9/24/73 (144A)
|
2,730,300
|
|||||||
47,408
|
FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)
|
47,408
|
||||||||
1,425,000
|
Talen Energy Supply LLC, 4.625%, 7/15/19 (144A)
|
1,378,688
|
||||||||
4,660,000
|
Talen Energy Supply LLC, 6.5%, 6/1/25
|
3,762,950
|
||||||||
2,715,000
|
TerraForm Power, 9.75%, 8/15/22 (144A)
|
2,993,288
|
||||||||
$
|
15,190,323
|
|||||||||
Gas Utilities - 0.6%
|
||||||||||
2,133,000
|
DCP Midstream Operating LP, 5.6%, 4/1/44
|
$
|
1,938,364
|
|||||||
1,850,000
|
Ferrellgas LP, 6.75%, 6/15/23
|
1,845,375
|
||||||||
$
|
3,783,739
|
|||||||||
Multi-Utilities - 0.5%
|
||||||||||
3,150,246
|
Ormat Funding Corp., 8.25%, 12/30/20
|
$
|
3,150,246
|
|||||||
Independent Power Producers & Energy Traders - 1.2%
|
||||||||||
1,195,000
|
Calpine Corp., 5.25%, 6/1/26 (144A)
|
$
|
1,203,962
|
|||||||
725,000
|
Calpine Corp., 5.75%, 1/15/25
|
708,688
|
||||||||
940,000
|
Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A)
|
985,693
|
||||||||
800,000
|
NRG Energy, Inc., 6.25%, 5/1/24
|
814,000
|
||||||||
1,705,000
|
NRG Energy, Inc., 6.625%, 1/15/27 (144A)
|
1,692,212
|
||||||||
1,370,000
|
NRG Energy, Inc., 7.25%, 5/15/26 (144A)
|
1,433,362
|
||||||||
500,000
|
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A)
|
514,500
|
||||||||
205,000
|
TerraForm Power Operating LLC, 5.875%, 2/1/23 (Step) (144A)
|
210,638
|
||||||||
$
|
7,563,055
|
|||||||||
Total Utilities
|
$
|
29,687,363
|
||||||||
TOTAL CORPORATE BONDS
|
||||||||||
(Cost $513,322,666)
|
$
|
510,554,849
|
||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATION - 0.9%
|
||||||||||
5,715,000
|
U.S. Treasury Bills, 2/23/17 (c)
|
$
|
5,713,366
|
|||||||
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION
|
||||||||||
(Cost $5,713,376)
|
$
|
5,713,366
|
||||||||
FOREIGN GOVERNMENT BONDS - 6.0%
|
||||||||||
1,845,000
|
Africa Finance Corp., 4.375%, 4/29/20 (144A)
|
$
|
1,890,774
|
|||||||
1,125,000
|
Argentine Republic Government International Bond, 6.875%, 1/26/27 (144A)
|
1,113,750
|
||||||||
BRL
|
5,975,000
|
Brazilian Government International Bond, 10.25%, 1/10/28
|
1,883,795
|
|||||||
2,650,000
|
City of Buenos Aires Argentina, 7.5%, 6/1/27 (144A)
|
2,696,375
|
||||||||
1,210,000
|
Ecuador Government International Bond, 10.5%, 3/24/20 (144A)
|
1,321,925
|
||||||||
1,453,158
|
6.63
|
EP PetroEcuador via Noble Sovereign Funding I, Ltd., Floating Rate Note, 9/24/19
|
1,481,785
|
|||||||
690,000
|
Gabon Government International Bond, 6.375%, 12/12/24 (144A)
|
633,427
|
||||||||
GHS
|
9,405,000
|
Ghana Government Bond, 24.5%, 4/22/19
|
2,291,155
|
|||||||
GHS
|
4,085,000
|
Ghana Government Bond, 24.75%, 7/19/21
|
1,097,596
|
|||||||
925,000
|
Honduras Government International Bond, 6.25%, 1/19/27 (144A)
|
918,525
|
||||||||
900,000
|
Jordan Government International Bond, 5.75%, 1/31/27 (144A)
|
857,826
|
||||||||
2,175,000
|
Kenya Government International Bond, 5.875%, 6/24/19 (144A)
|
2,248,841
|
||||||||
MXN
|
75,538,895
|
Mexican Udibonos, 2.0%, 6/9/22
|
3,478,253
|
|||||||
MXN
|
9,668,619
|
Mexican Udibonos, 3.5%, 12/14/17
|
473,256
|
|||||||
EURO
|
1,915,000
|
Mexico Government International Bond, 4.0%, 3/15/15
|
1,664,929
|
|||||||
1,415,000
|
Namibia International Bonds, 5.25%, 10/29/25 (144A)
|
1,403,793
|
||||||||
1,402,406
|
Province of Salta Argentina, 9.5%, 3/16/22 (144A)
|
1,458,502
|
||||||||
1,380,000
|
Provincia de Buenos Aires Argentina, 9.125%, 3/16/24 (144A)
|
1,504,200
|
||||||||
4,015,000
|
Provincia del Chubut Argentina, 7.75%, 7/26/26 (144A)
|
3,938,153
|
||||||||
1,300,000
|
Republic of Argentina Government Bond, 6.625%, 7/6/28
|
1,249,300
|
||||||||
RON
|
8,220,000
|
Romania Government Bond, 5.85%, 4/26/23
|
2,232,624
|
|||||||
2,575,000
|
Turkey Government International Bond, 6.0%, 3/25/27
|
2,596,125
|
||||||||
$
|
38,434,909
|
|||||||||
TOTAL FOREIGN GOVERNMENT BONDS
|
||||||||||
(Cost $41,071,522)
|
$
|
38,434,909
|
||||||||
MUNICIPAL BONDS - 1.3%
|
||||||||||
Municipal Development - 0.2%
|
||||||||||
955,000
|
0.60
|
Mississippi Business Finance Corp., Floating Rate Note, 12/1/30
|
$
|
955,000
|
||||||
Municipal General - 0.1%
|
||||||||||
8,875,000
|
0.00
|
Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)
|
$
|
564,539
|
||||||
Higher Municipal Education - 0.0%+
|
||||||||||
160,000
|
0.45
|
Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36
|
$
|
160,000
|
||||||
Municipal Medical - 0.3%
|
||||||||||
555,000
|
0.62
|
Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41
|
$
|
555,000
|
||||||
1,660,000
|
0.62
|
Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41
|
1,660,000
|
|||||||
$
|
2,215,000
|
|||||||||
Municipal Tobacco - 0.7%
|
||||||||||
195,000
|
Buckeye Tobacco Settlement Financing Authority, 5.75%, 6/1/34
|
$
|
176,914
|
|||||||
1,960,000
|
Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47
|
1,790,950
|
||||||||
375,000
|
Buckeye Tobacco Settlement Financing Authority, 6.0%, 6/1/42
|
344,565
|
||||||||
1,155,000
|
Golden State Tobacco Securitization Corp., 5.125%, 6/1/47
|
1,074,173
|
||||||||
80,000
|
Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48
|
73,404
|
||||||||
1,400,000
|
Tobacco Settlement Financing Corp. New Jersey, 5.0%, 6/1/41
|
1,251,642
|
||||||||
55,000
|
Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47
|
48,204
|
||||||||
$
|
4,759,852
|
|||||||||
TOTAL MUNICIPAL BONDS
|
||||||||||
(Cost $16,670,133)
|
$
|
8,654,391
|
||||||||
SENIOR FLOATING RATE LOAN INTERESTS - 3.7%**
|
||||||||||
Energy - 0.4%
|
||||||||||
Oil & Gas Exploration & Production - 0.4%
|
||||||||||
2,013,697
|
9.75
|
EP Energy LLC, Loan, 6/30/21
|
$
|
2,091,728
|
||||||
Coal & Consumable Fuels - 0.0%+
|
||||||||||
1,034,769
|
8.15
|
Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 (d)
|
$
|
165,563
|
||||||
Total Energy
|
$
|
2,257,291
|
||||||||
Materials - 0.3%
|
||||||||||
Diversified Metals & Mining - 0.0%+
|
||||||||||
131,363
|
3.75
|
Fortescue Metals Group Ltd., Bank Loan, 6/30/19
|
$
|
132,293
|
||||||
Steel - 0.3%
|
||||||||||
1,990,000
|
6.00
|
Zekelman Industries, Inc., Term Loan, 6/8/21
|
$
|
2,014,254
|
||||||
Total Materials
|
$
|
2,146,547
|
||||||||
Capital Goods - 0.3%
|
||||||||||
Aerospace & Defense - 0.3%
|
||||||||||
2,100,000
|
7.75
|
DynCorp International, Inc., Term Loan B2, 7/7/20
|
$
|
2,112,249
|
||||||
Total Capital Goods
|
$
|
2,112,249
|
||||||||
Commercial Services & Supplies - 0.1%
|
||||||||||
Diversified Support Services - 0.1%
|
||||||||||
490,817
|
4.96
|
IAP Worldwide Services, Inc., Term Loan, 7/18/19
|
$
|
466,276
|
||||||
Total Commercial Services & Supplies
|
$
|
466,276
|
||||||||
Automobiles & Components - 0.0%+
|
||||||||||
Auto Parts & Equipment - 0.0%+
|
||||||||||
1,777
|
3.28
|
Allison Transmission, Inc., Term B-3 Loan, 8/23/19
|
$
|
1,797
|
||||||
Total Automobiles & Components
|
$
|
1,797
|
||||||||
Media - 0.3%
|
||||||||||
Advertising - 0.3%
|
||||||||||
2,132,683
|
6.75
|
Affinion Group, Inc., Tranche B Term Loan, 4/30/18
|
$
|
2,129,731
|
||||||
Total Media
|
$
|
2,129,731
|
||||||||
Retailing - 0.2%
|
||||||||||
Automotive Retail - 0.2%
|
||||||||||
1,402,335
|
4.52
|
CWGS Group LLC, Term Loan, 11/3/23
|
$
|
1,414,606
|
||||||
Total Retailing
|
$
|
1,414,606
|
||||||||
Household & Personal Products - 0.4%
|
||||||||||
Household Products - 0.3%
|
||||||||||
1,697,344
|
8.57
|
Redbox Automated Retail LLC, Term Loan (First Lien), 9/28/21
|
$
|
1,671,884
|
||||||
Personal Products - 0.1%
|
||||||||||
798,000
|
4.31
|
Revlon Consumer Products Corp., Initial Term B Loan, 7/22/23
|
$
|
806,025
|
||||||
Total Household & Personal Products
|
$
|
2,477,909
|
||||||||
Health Care Equipment & Services - 1.2%
|
||||||||||
Health Care Services - 1.0%
|
||||||||||
1,001,746
|
4.25
|
Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19
|
$
|
992,981
|
||||||
663,089
|
6.50
|
BioScrip, Inc., Initial Term B Loan, 7/31/20
|
643,196
|
|||||||
397,853
|
6.50
|
BioScrip, Inc., Term Loan, 7/31/20
|
385,918
|
|||||||
1,313,333
|
4.50
|
National Surgical Hospitals, Inc., Term Loan (First Lien), 5/15/22
|
1,317,437
|
|||||||
3,030,000
|
0.00
|
TeamHealth, Inc., 1st Lien Bridge Loan, 10/31/17
|
3,030,000
|
|||||||
$
|
6,369,532
|
|||||||||
Health Care Facilities - 0.1%
|
||||||||||
601,874
|
10.25
|
MMM Holdings, Inc., Term Loan, 10/9/17 (d)
|
$
|
592,846
|
||||||
Managed Health Care - 0.1%
|
||||||||||
437,559
|
10.25
|
MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17 (d)
|
$
|
430,996
|
||||||
Total Health Care Equipment & Services
|
$
|
7,393,374
|
||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 0.4%
|
||||||||||
Biotechnology - 0.4%
|
||||||||||
2,587,429
|
7.00
|
Lantheus Medical Imaging, Inc., Initial Term Loan, 6/25/22
|
$
|
2,590,016
|
||||||
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$
|
2,590,016
|
||||||||
Utilities - 0.1%
|
||||||||||
Electric Utilities - 0.1%
|
||||||||||
162,500
|
5.00
|
Vistra Operations Co LLC, Initial Term C Loan, 8/4/23
|
$
|
163,333
|
||||||
712,500
|
5.00
|
Vistra Operations Co LLC, Initial Term Loan, 8/4/23
|
716,152
|
|||||||
$
|
879,485
|
|||||||||
Total Utilities
|
$
|
879,485
|
||||||||
TOTAL SENIOR FLOATING RATE LOAN INTERESTS
|
||||||||||
(Cost $24,151,433)
|
$
|
23,869,281
|
||||||||
TEMPORARY CASH INVESTMENTS - 1.1%
|
||||||||||
Repurchase Agreement - 0.8%
|
||||||||||
5,000,000
|
$5,000,000 TD Securities USA LLC, 0.52%, dated 1/31/17 plus accrued interest on 2/1/17
|
|||||||||
collateralized by $5,100,001 Federal National Mortgagte Association, 3.0%, 12/1/46
|
$
|
5,000,000
|
||||||||
Certificate of Deposit - 0.3%
|
||||||||||
1,695,000
|
1.26
|
Sumitomo Mitsui, Floating Rate Note, 11/1/16
|
$
|
1,696,147
|
||||||
TOTAL TEMPORARY CASH INVESTMENTS
|
||||||||||
(Cost $6,695,000)
|
$
|
6,696,147
|
||||||||
RIGHTS/WARRANTS - 0.0%+
|
||||||||||
7,415
|
Midstates Petroleum Co., Inc.
|
$
|
-
|
|||||||
TOTAL RIGHTS/WARRANTS
|
||||||||||
(Cost $0)
|
$
|
-
|
||||||||
Number of Contracts
|
Description
|
Counterparty
|
Strike
Price
|
Expiration
Date
|
||||||
CALL OPTIONS PURCHASED - 0.0%+
|
||||||||||
MXN
|
297,012 (i)
|
Desarrolladora Homex SAB de CV
|
Bank of New York
Mellon Corp
|
$- (k)
|
10/23/22
|
$
|
-
|
|||
MXN
|
297,012 (j)
|
Desarrolladora Homex SAB de CV
|
Bank of New York
Mellon Corp
|
- (k)
|
10/23/22
|
-
|
||||
$
|
-
|
|||||||||
TOTAL CALL OPTIONS PURCHASED
|
||||||||||
(Premiums paid $0)
|
$
|
-
|
||||||||
TOTAL INVESTMENT IN SECURITIES - 99.5%
|
$
|
636,691,449
|
||||||||
(Cost $661,687,788) (a)
|
||||||||||
OTHER ASSETS & LIABILITIES - 0.5%
|
$
|
3,412,034
|
||||||||
TOTAL NET ASSETS - 100.0%
|
$
|
640,103,483
|
||||||||
*
|
Non-income producing security.
|
|||||||||
+
|
Amount rounds to less than 0.1%.
|
|||||||||
REIT
|
Real Estate Investment Trust.
|
|||||||||
(Perpetual)
|
Security with no stated maturity date.
|
|||||||||
(PIK)
|
Represents a pay-in-kind security.
|
|||||||||
(Cat Bond)
|
Catastrophe or event linked bond. At January 31, 2017 the value of these securities amounted to $3,515,767 or 0.6% of total
|
|||||||||
net assets.
|
||||||||||
REMICS
|
Real Estate Mortgage Investment Conduits.
|
|||||||||
(Step)
|
Bond issued with an initial coupon rate which converts to a higher rate at a later date.
|
|||||||||
**
|
Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end.
|
|||||||||
(144A)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At January 31, 2017, the value of these securities amounted to $335,755,948 or 52.5% of total net assets.
|
|||||||||
(a)
|
At January 31, 2017, the net unrealized depreciation on investments based on
|
|||||||||
cost for federal income tax purposes of $661,687,788 was as follows:
|
||||||||||
Aggregate gross unrealized appreciation for all investments in which
|
||||||||||
there is an excess of value over tax cost
|
$
|
31,485,903
|
||||||||
Aggregate gross unrealized depreciation for all investments in which
|
||||||||||
there is an excess of tax cost over value
|
(56,482,242)
|
|||||||||
Net unrealized depreciation
|
$
|
(24,996,339)
|
||||||||
(b)
|
Debt obligation with a variable interest rate. Rate shown is rate at end of period.
|
|||||||||
(c)
|
Security issued with a zero coupon. Income is recognized through accretion of discount.
|
|||||||||
(d)
|
Security is in default.
|
|||||||||
(e)
|
Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers).
|
|||||||||
(f)
|
Structured reinsurance investment. At January 31, 2017, the value of these securities amounted to $12,786,626 or 2.0% of total
|
|||||||||
net assets.
|
||||||||||
(g)
|
Rate to be determined.
|
|||||||||
(h)
|
Distributions of investments by country of domicile (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
|
|||||||||
United States
|
56.1%
|
|||||||||
Luxembourg
|
6.5%
|
|||||||||
United Kingdom
|
4.3%
|
|||||||||
Netherlands
|
4.2%
|
|||||||||
Mexico
|
3.0%
|
|||||||||
Argentina
|
2.6%
|
|||||||||
Bermuda
|
2.3%
|
|||||||||
Canada
|
1.9%
|
|||||||||
France
|
1.9%
|
|||||||||
Ireland
|
1.8%
|
|||||||||
Peru
|
1.3%
|
|||||||||
Other (individually less than 1%)
|
14.1%
|
|||||||||
100.0%
|
||||||||||
(i)
|
Option does not become effective until underlying company’s outstanding common shares
|
|||||||||
reach a market capitalization of MXN 12.5 Billion.
|
||||||||||
(j)
|
Option does not become effective until underlying company’s outstanding common shares
|
|||||||||
reach a market capitalization of MXN 15.5 Billion.
|
||||||||||
(k)
|
Strike price is 1 Mexican Peso (MXN).
|
|||||||||
NOTE:
|
Principal amounts are denominated in U.S. Dollars unless otherwise noted:
|
|||||||||
AUD
|
Australian Dollar
|
|||||||||
BRL
|
Brazilian Real
|
|||||||||
EUR
|
Euro
|
|||||||||
GBP
|
British Pound Sterling
|
|||||||||
GHS
|
Ghanian Cedis
|
|||||||||
IDR
|
Indonesian Rupiah
|
|||||||||
INR
|
Indian Rupee
|
|||||||||
JPY
|
Japanese Yen
|
|||||||||
MXN
|
Mexican Peso
|
|||||||||
NOK
|
Norwegian Krone
|
|||||||||
RON
|
Romanian Leu
|
|||||||||
RUB
|
Russian Ruble
|
|||||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS — SELL PROTECTION
|
||||||||||
Notional Principal ($) (1)
|
Exchange
|
Obligation Entity/Index
|
Coupon
|
Credit Rating (2)
|
Expiration Date
|
Premiums Received
(Paid)
|
Unrealized Appreciation
|
|||
4,370,850
|
Chicago Mercentile Exchange
|
Markit CDX North America High Yield Index
|
5.00%
|
BBB+
|
12/20/20
|
$ (33,704)
|
$ 332,125
|
|||
3,310,000
|
Chicago Mercentile Exchange
|
Markit CDX North America High Yield Index
|
5.00%
|
BBB+
|
6/20/21
|
142,463
|
88,079
|
|||
$ 108,759
|
$ 420,204
|
|||||||||
(1)
|
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
|
|||||||||
(2)
|
Based on Standard & Poor's rating of the issuer or weighted average of all the underlying securities of the index.
|
|||||||||
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.) See Notes to Financial Statements — Note 1A.
|
||||||||||
Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements — Note 1A.
|
||||||||||
The following is a summary of the inputs used as of January 31, 2017, in valuing the Fund's investments:
|
||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
Convertible Corporate Bonds
|
$ | - | $ | 19,433,274 | $ | - | $ | 19,433,274 | |||||||||||
Preferred Stocks
|
|||||||||||||||||||
Transportation
|
|||||||||||||||||||
Air Freight & Logistics
|
- | 685,634 | - | 685,634 | |||||||||||||||
Diversified Financials
|
|||||||||||||||||||
Consumer Finance
|
2,490,947 | 2,490,947 | |||||||||||||||||
Convertible Preferred Stocks
|
3,138,002 | - | - | 3,138,002 | |||||||||||||||
Common Stock
|
|||||||||||||||||||
Energy
|
|||||||||||||||||||
Oil & Gas Exploration & Production
|
1,606,972 | 745,569 | - | 2,352,541 | |||||||||||||||
Capital Goods
|
|||||||||||||||||||
Industrial Machinery
|
- | - | 1,560 | 1,560 | |||||||||||||||
Commercial Services & Supplies
|
|||||||||||||||||||
Diversified Support Services
|
- | 84,949 | - | 84,949 | |||||||||||||||
Transportation
|
|||||||||||||||||||
Air Freight & Logistics
|
- | 197,956 | - | 197,956 | |||||||||||||||
Consumer Services
|
|||||||||||||||||||
Education Services
|
- | 143,650 | - | 143,650 | |||||||||||||||
All Other Common Stock
|
2,089,242 | - | - | 2,089,242 | |||||||||||||||
Asset Backed Securities
|
- | 1,652,124 | - | 1,652,124 | |||||||||||||||
Collateralized Mortgage Obligations
|
- | 10,498,627 | - | 10,498,627 | |||||||||||||||
Corporate Bonds
|
|||||||||||||||||||
Insurance
|
|||||||||||||||||||
Reinsurance
|
- | 2,616,767 | 13,685,626 | 16,302,393 | |||||||||||||||
All Other Corporate Bonds
|
- | 494,252,456 | - | 494,252,456 | |||||||||||||||
U.S. Government and Agency Obligation
|
- | 5,713,366 | - | 5,713,366 | |||||||||||||||
Foreign Government Bonds
|
- | 38,434,909 | - | 38,434,909 | |||||||||||||||
Municipal Bonds
|
- | 8,654,391 | - | 8,654,391 | |||||||||||||||
Senior Floating Rate Loan Interests
|
- | 23,869,281 | - | 23,869,281 | |||||||||||||||
Repurchase Agreement
|
- | 5,000,000 | - | 5,000,000 | |||||||||||||||
Certificate of Deposit
|
- | 1,696,147 | - | 1,696,147 | |||||||||||||||
Rights/Warrants*
|
- | - | - | - | |||||||||||||||
Call Option Purchased*
|
- | - | - | - | |||||||||||||||
Total
|
$ | 9,325,163 | $ | 613,679,100 | $ | 13,687,186 | $ | 636,691,449 | |||||||||||
* |
Security valued at $0.
|
||||||||||||||||||
Other Financial Instruments
|
|||||||||||||||||||
Unrealized appreciation on swap contracts
|
$ | - | $ | 420,204 | $ | - | $ | 420,204 | |||||||||||
Total Other Financial Instruments
|
$ | - | $ | 420,204 | $ | - | $ | 420,204 | |||||||||||
The following is a reconciliation of assets valued using significant observable inputs (Level 3):
|
|||||||||||||||||||
Common Stocks
|
Convertible Corporate Bonds
|
Corporate Bonds
|
Total
|
||||||||||||||||
Balance as of 10/31/16
|
$ | 4,300,699 | $ | 346,412 | $ | 27,598,609 | $ | 32,245,720 | |||||||||||
Realized gain (loss)1
|
(2,417,743 | ) | (3,729,029 | ) | 5,450 | (6,141,322 | ) | ||||||||||||
Change in unrealized appreciation (depreciation)2
|
2,584,216 | 3,729,029 | 59,334 | 6,372,579 | |||||||||||||||
Purchases
|
- | - | 5,632,086 | 5,632,086 | |||||||||||||||
Sales
|
(4,465,612 | ) | (346,412 | ) | (19,609,853 | ) | (24,421,877 | ) | |||||||||||
Transfers in to Level 3*
|
- | - | - | - | |||||||||||||||
Transfers out of Level 3*
|
- | - | - | - | |||||||||||||||
Transfers in and out of Level 3 categories*
|
- | - | - | - | |||||||||||||||
Balance as of 1/31/17
|
$ | 1,560 | $ | - | $ | 13,685,626 | $ | 13,687,186 | |||||||||||
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 appreciation (depreciation) on investments in the Statement of Operations.
|
||||||||||||||||||
* |
Transfers are calculated on the beginning of period values. During the period ended January 31, 2017, there were
|
||||||||||||||||||
no transfers between Levels 1, 2 and 3.
|
|||||||||||||||||||
Net change in unrealized appreciation (depreciation) of investments
|
|||||||||||||||||||
still held as of 1/31/17
|
$ | 129,226 |
ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Series Trust VII By (Signature and Title)* /s/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date April 3, 2017 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/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date April 3, 2017 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date April 3, 2017 * Print the name and title of each signing officer under his or her signature.
10:56 AM 4/3/2017 CERTIFICATIONS -------------- I, Lisa M. Jones, certify that: 1. I have reviewed this report on Form N-Q of Pioneer Series Trust VII: 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting ( as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 3, 2017 /s/ Lisa M. Jones Lisa M.Jones President and Chief Executive Officer CERTIFICATIONS -------------- I, Mark E. Bradley, certify that: 1. I have reviewed this report on Form N-Q of Pioneer Series Trust VII: 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting ( as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 3, 2017 /s/ Mark E. Bradley Mark E. Bradley Treasurer and Chief Accounting and Financial Officer
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