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Form N-Q PIONEER SERIES TRUST For: Jan 31

April 3, 2017 11:49 AM EDT
                                                             
                                 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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