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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 811-21823
Pioneer High Income Trust
(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: March 31
Date of reporting period: December 31, 2013
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 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.
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
ASSET BACKED SECURITIES - 1.5% of Net Assets
|
|||||
|
BANKS - 0.2%
|
|||||
|
Thrifts & Mortgage Finance - 0.2%
|
|||||
|
102,910(a)
|
CCC/Caa3
|
Amortizing Residential Collateral Trust, Series 2002-BC1, Class M1, 1.44%, 1/25/32
|
$ 67,783
|
||
|
125,000
|
BB/NR
|
CarNow Auto Receivables Trust, Series 2012-1A, Class D, 6.9%, 11/15/16 (144A)
|
127,493
|
||
|
412,000(b)
|
CCC/C
|
Citicorp Residential Mortgage Trust, Series 2006-2, Class M1, 5.918%, 9/25/36
|
374,045
|
||
|
250,000(c)
|
B-/B3
|
Security National Mortgage Loan Trust, Series 2007-1A, Class 1A3, 6.55%, 4/25/37 (144A)
|
245,124
|
||
|
Total Banks
|
$ 814,445
|
||||
|
CONSUMER SERVICES - 0.6%
|
|||||
|
Hotels, Resorts, Cruise Lines - 0.6%
|
|||||
|
286,036
|
BB/NR
|
Westgate Resorts LLC, Series 2012-2A, Class C, 9.0%, 1/20/25 (144A)
|
$ 295,333
|
||
|
1,785,614
|
NR/NR
|
Westgate Resorts LLC, Series 2012-BA, Class A, 9.5%, 2/20/25 (144A)
|
1,828,469
|
||
|
197,988
|
NR/NR
|
Westgate Resorts LLC, Series 2013-1A, Class B, 3.75%, 8/20/25 (144A)
|
195,444
|
||
|
Total Consumer Services
|
$ 2,319,246
|
||||
|
FINANCIALS - 0.1%
|
|||||
|
Thrifts & Mortgage Finance - 0.1%
|
|||||
|
660,000(c)
|
NR/NR
|
GMAT Trust, Series 2013-1A, Class M, 5.0%, 11/25/43 (144A)
|
$ 638,034
|
||
|
Total Financials
|
$ 638,034
|
||||
|
MATERIALS - 0.1%
|
|||||
|
Steel - 0.1%
|
|||||
|
318,145(b)
|
B+/B3
|
Accredited Mortgage Loan Trust, Series 2003-3, Class A1, 5.21%, 1/25/34
|
$ 303,851
|
||
|
Total Materials
|
$ 303,851
|
||||
|
TRANSPORTATION - 0.5%
|
|||||
|
Airlines - 0.5%
|
|||||
|
1,314,302(a)
|
CCC/Caa3
|
Aircraft Finance Trust, Series 1999-1A, Class A1, 0.647%, 5/15/24 (144A)
|
$ 538,864
|
||
|
627,550(a)
|
CCC+/Caa2
|
Aviation Capital Group Trust, Series 2000-1A, Class A1, 0.648%, 11/15/25 (144A)
|
320,050
|
||
|
1,390,804(a)
|
CCC/Caa2
|
Lease Investment Flight Trust, Series 1, Class A1, 0.557%, 7/15/31
|
1,001,379
|
||
|
Total Transportation
|
$ 1,860,293
|
||||
|
TOTAL ASSET BACKED SECURITIES
|
|||||
|
(Cost $5,922,078)
|
$ 5,935,869
|
||||
|
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.9% of Net Assets
|
|||||
|
BANKS - 0.7%
|
|||||
|
Thrifts & Mortgage Finance - 0.7%
|
|||||
|
1,435,184(a)
|
CCC/Caa2
|
Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A2, 0.365%, 2/25/37
|
$ 1,285,109
|
||
|
300,000
|
NR/NR
|
Extended Stay America Trust, Series 2013-ESHM, Class M, 7.625%, 12/5/19 (144A)
|
298,289
|
||
|
300,000(c)
|
BB+/Ba2
|
GS Mortgage Securities Corp. II Commercial Mortgage Pass Through Certificates, Series 2004-GG2, Class E, 5.737%, 8/10/38
|
298,170
|
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Thrifts & Mortgage Finance (continued)
|
|||||
|
300,750
|
NR/NR
|
Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.0%, 5/26/53 (144A)
|
$ 293,622
|
||
|
250,000(c)
|
BB/NR
|
Springleaf Mortgage Loan Trust, Series 2013-1A, Class B1, 5.58%, 6/25/58 (144A)
|
248,713
|
||
|
498,000(c)
|
BB-/Ba3
|
Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class AJ, 5.658%, 3/15/45
|
494,270
|
||
|
Total Banks
|
$ 2,918,173
|
||||
|
FINANCIALS - 0.2%
|
|||||
|
Thrifts & Mortgage Finance - 0.2%
|
|||||
|
650,000(c)
|
B-/NR
|
JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Series 2007-LD12, Class AJ, 5.999%, 2/15/51
|
$ 624,408
|
||
|
Total Financials
|
$ 624,408
|
||||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
|
|||||
|
(Cost $3,501,157)
|
$ 3,542,581
|
||||
|
SENIOR SECURED FLOATING RATE LOAN INTERESTS - 6.2% of Net Assets *(a)
|
|||||
|
COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
|
|||||
|
Research & Consulting Services - 0.3%
|
|||||
|
1,000,000
|
CCC+/Caa1
|
Sourcehov LLC, Second Lien Term Loan, 8.75%, 4/30/19
|
$ 1,015,000
|
||
|
Total Commercial & Professional Services
|
$ 1,015,000
|
||||
|
CONSUMER DISCRETIONARY - 1.1%
|
|||||
|
Automobiles & Components - 0.4%
|
|||||
|
1,650,000
|
B+/NR
|
CWGS Group LLC, Term Loan, 5.75%, 2/20/20
|
$ 1,662,375
|
||
|
Education Services - 0.7%
|
|||||
|
2,900,000
|
NR/B2
|
McGraw-Hill School Education Holdings LLC, Term B Loan, 6.25%, 12/18/19
|
$ 2,896,375
|
||
|
Total Consumer Discretionary
|
$ 4,558,750
|
||||
|
ENERGY - 0.8%
|
|||||
|
Coal & Consumable Fuels - 0.2%
|
|||||
|
625,000
|
NR/NR
|
PT Bumi Resources Tbk, Term Loan, 18.169%, 11/7/14
|
$ 625,000
|
||
|
Oil & Gas Exploration & Production - 0.6%
|
|||||
|
2,500,000
|
BB-/Ba2
|
Fieldwood Energy LLC, Closing Date Second Lien Term Loan, 8.375%, 9/30/20
|
$ 2,558,035
|
||
|
Total Energy
|
$ 3,183,035
|
||||
|
FOOD, BEVERAGE & TOBACCO - 0.8%
|
|||||
|
Agricultural Products - 0.2%
|
|||||
|
1,046,525
|
CCC+/Caa1
|
Arysta LifeScience SPC LLC, Initial Second Lien Term Loan, 8.25%, 11/30/20
|
$ 1,065,807
|
||
|
Packaged Foods & Meats - 0.6%
|
|||||
|
2,180,000
|
B-/NR
|
New HB Acquisition LLC, Term B Loan, 6.75%, 4/9/20
|
$ 2,261,750
|
||
|
Total Food, Beverage & Tobacco
|
$ 3,327,557
|
||||
|
HEALTH CARE EQUIPMENT & SERVICES - 0.7%
|
|||||
|
Health Care Services - 0.4%
|
|||||
|
1,500,000
|
B/B2
|
Gentiva Health Services, Inc., Initial Term Loan B, 6.5%, 10/18/19
|
$ 1,498,125
|
||
|
Health Care Technology - 0.3%
|
|||||
|
1,206,701
|
CCC/Caa3
|
Medical Card System, Inc., Term Loan, 12.0%, 9/17/15
|
$ 1,152,399
|
||
|
Total Health Care Equipment & Services
|
$ 2,650,524
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
INDUSTRIALS - 0.3%
|
|||||
|
Industrial Conglomerates - 0.3%
|
|||||
|
1,240,000
|
NR/NR
|
Filtration Group Co., Initial Second Lien Term Loan, 8.25%, 11/22/21
|
$ 1,267,900
|
||
|
Total Industrials
|
$ 1,267,900
|
||||
|
INSURANCE - 0.4%
|
|||||
|
Property & Casualty Insurance - 0.4%
|
|||||
|
1,385,452
|
B-/B2
|
Confie Seguros Holding II Co., Second Lien Term Loan, 10.25%, 5/8/19
|
$ 1,399,307
|
||
|
Total Insurance
|
$ 1,399,307
|
||||
|
MATERIALS - 0.2%
|
|||||
|
Diversified Metals & Mining - 0.0%†
|
|||||
|
126,444(d)
|
NR/NR
|
Long Haul Holdings, Ltd., Facility Term Loan A, 0.0%, 1/12/13
|
$ 49,313
|
||
|
100,918(d)
|
NR/NR
|
PT Bakrie & Brothers Tbk, Facility Term Loan B, 0.0%, 1/20/13
|
39,358
|
||
|
$ 88,671
|
|||||
|
Steel - 0.2%
|
|||||
|
790,000
|
B/B1
|
Essar Steel Algoma, Inc., Term Loan, 9.25%, 9/19/14
|
$ 797,900
|
||
|
Total Materials
|
$ 886,571
|
||||
|
RETAILING - 0.3%
|
|||||
|
Computer & Electronics Retail - 0.3%
|
|||||
|
1,398,354
|
B/B2
|
Targus Group International, Inc., Term Loan, 12.0%, 5/24/16
|
$ 1,258,519
|
||
|
Total Retailing
|
$ 1,258,519
|
||||
|
SOFTWARE & SERVICES - 1.1%
|
|||||
|
Application Software - 1.1%
|
|||||
|
1,700,000
|
NR/NR
|
Applied Systems, Inc., Second Lien Term Loan, 8.25%, 6/8/17
|
$ 1,717,532
|
||
|
2,500,000
|
CCC+/Caa1
|
Vertafore, Inc., Second Lien Term Loan, 9.75%, 10/29/17
|
2,549,375
|
||
|
Total Software & Services
|
$ 4,266,907
|
||||
|
UTILITIES - 0.2%
|
|||||
|
Electric Utilities - 0.2%
|
|||||
|
1,316,443
|
CCC-/Caa3
|
Texas Competitive Electric Holdings Co., LLC, 2017 Term Loan, 4.739%, 10/10/17
|
$ 909,333
|
||
|
Total Utilities
|
$ 909,333
|
||||
|
TOTAL SENIOR SECURED FLOATING RATE LOAN INTERESTS
|
|||||
|
(Cost $24,824,146)
|
$ 24,723,403
|
||||
|
CORPORATE BONDS & NOTES - 106.3% of Net Assets
|
|||||
|
AUTOMOBILES & COMPONENTS - 2.7%
|
|||||
|
Auto Parts & Equipment - 0.9%
|
|||||
|
2,000,000(e)
|
B/Caa1
|
Cooper-Standard Holding, Inc., 7.375%, 4/1/18 (144A)
|
$ 2,010,000
|
||
|
1,140,000
|
B/Caa1
|
International Automotive Components Group SA, 9.125%, 6/1/18 (144A)
|
1,188,450
|
||
|
229,000
|
BB-/B1
|
Tomkins LLC/Tomkins, Inc., 9.0%, 10/1/18
|
250,755
|
||
|
$ 3,449,205
|
|||||
|
Automobile Manufacturers - 1.8%
|
|||||
|
6,000,000
|
B/B1
|
Chrysler Group LLC/CG Co-Issuer, Inc., 8.0%, 6/15/19
|
$ 6,630,000
|
||
|
500,000
|
B/B1
|
Chrysler Group LLC/CG Co-Issuer, Inc., 8.25%, 6/15/21
|
568,750
|
||
|
$ 7,198,750
|
|||||
|
Total Automobiles & Components
|
$ 10,647,955
|
||||
|
BANKS - 1.0%
|
|||||
|
Regional Banks - 0.3%
|
|||||
|
1,225,000(c)(f)
|
BBB/Baa3
|
PNC Financial Services Group, Inc., 4.459%, 5/29/49
|
$ 1,221,938
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Thrifts & Mortgage Finance - 0.7%
|
|||||
|
2,925,000
|
B+/Ba3
|
Provident Funding Associates LP / PFG Finance Corp., 6.75%, 6/15/21 (144A)
|
$ 2,910,375
|
||
|
Total Banks
|
$ 4,132,313
|
||||
|
CAPITAL GOODS - 10.2%
|
|||||
|
Aerospace & Defense - 1.8%
|
|||||
|
3,300,000
|
B-/Caa1
|
ADS Tactical, Inc., 11.0%, 4/1/18 (144A)
|
$ 3,069,000
|
||
|
3,889,000
|
B-/B2
|
DynCorp International, Inc., 10.375%, 7/1/17
|
3,976,502
|
||
|
$ 7,045,502
|
|||||
|
Construction & Engineering - 0.4%
|
|||||
|
1,500,000
|
B/B2
|
Abengoa Finance SAU, 8.875%, 11/1/17 (144A)
|
$ 1,612,500
|
||
|
Construction & Farm Machinery & Heavy Trucks - 2.3%
|
|||||
|
774,000
|
B+/B2
|
Manitowoc Co., Inc., 9.5%, 2/15/18
|
$ 815,603
|
||
|
2,000,000
|
CCC-/B3
|
Navistar International Corp., 8.25%, 11/1/21
|
2,070,000
|
||
|
4,760,000
|
CCC-/Caa2
|
Stanadyne Holdings, Inc., 10.0%, 8/15/14
|
4,617,200
|
||
|
2,500,000(b)
|
CC/Ca
|
Stanadyne Holdings, Inc., 12.0%, 2/15/15
|
1,562,500
|
||
|
$ 9,065,303
|
|||||
|
Electrical Components & Equipment - 0.5%
|
|||||
|
2,000,000
|
B-/B3
|
WireCo WorldGroup, Inc., 9.5%, 5/15/17
|
$ 2,072,500
|
||
|
Industrial Conglomerates - 0.7%
|
|||||
|
1,710,000
|
B/B3
|
Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A)
|
$ 1,278,225
|
||
|
770,000
|
BB-/B1
|
Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)
|
800,800
|
||
|
605,000
|
B+/B2
|
JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)
|
645,837
|
||
|
$ 2,724,862
|
|||||
|
Industrial Machinery - 3.4%
|
|||||
|
1,040,000
|
B/B2
|
Cleaver-Brooks, Inc., 8.75%, 12/15/19 (144A)
|
$ 1,128,400
|
||
|
3,180,000(d)
|
NR/WR
|
Indalex Holding Corp., 11.5%, 2/1/14
|
23,850
|
||
|
1,080,000
|
B-/Caa2
|
Liberty Tire Recycling, 11.0%, 10/1/16 (144A)
|
1,082,700
|
||
|
5,170,000
|
B/Caa1
|
Mueller Water Products, Inc., 7.375%, 6/1/17
|
5,299,250
|
||
|
1,840,000
|
CCC+/NR
|
WPE International Cooperatief UA, 10.375%, 9/30/20 (144A)
|
1,191,400
|
||
|
4,500,000
|
B/B3
|
Xerium Technologies, Inc., 8.875%, 6/15/18
|
4,725,000
|
||
|
$ 13,450,600
|
|||||
|
Trading Companies & Distributors - 1.1%
|
|||||
|
1,570,000
|
CCC/Caa1
|
INTCOMEX, Inc., 13.25%, 12/15/14
|
$ 1,524,863
|
||
|
2,510,000
|
B-/B3
|
TRAC Intermodal LLC / TRAC Intermodal Corp., 11.0%, 8/15/19
|
2,867,675
|
||
|
$ 4,392,538
|
|||||
|
Total Capital Goods
|
$ 40,363,805
|
||||
|
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
|
|||||
|
Commercial Printing - 0.2%
|
|||||
|
700,000
|
B-/Caa1
|
Mustang Merger Corp., 8.5%, 8/15/21 (144A)
|
$ 756,000
|
||
|
Diversified Support Services - 0.9%
|
|||||
|
3,400,000
|
B+/B3
|
NANA Development Corp., 9.5%, 3/15/19 (144A)
|
$ 3,527,500
|
||
|
Environmental & Facilities Services - 0.0%†
|
|||||
|
2,180,000(d)
|
NR/WR
|
Old AII, Inc., 10.0%, 12/15/16
|
$ 218
|
||
|
Total Commercial & Professional Services
|
$ 4,283,718
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
CONSUMER DISCRETIONARY - 0.6%
|
|||||
|
Auto Parts & Equipment - 0.4%
|
|||||
|
645,000
|
B/B3
|
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A)
|
$ 678,862
|
||
|
675,000
|
B+/B2
|
Stackpole International Intermediate / Stackpole International Powder, 7.75%, 10/15/21 (144A)
|
702,000
|
||
|
$ 1,380,862
|
|||||
|
Department Stores - 0.2%
|
|||||
|
900,000
|
CCC+/Caa2
|
Neiman Marcus Group, Ltd, Inc., 8.0%, 10/15/21 (144A)
|
$ 940,500
|
||
|
Total Consumer Discretionary
|
$ 2,321,362
|
||||
|
CONSUMER DURABLES & APPAREL - 4.3%
|
|||||
|
Home Furnishings - 0.2%
|
|||||
|
850,000
|
B/B2
|
SIWF Merger Sub, Inc., 6.25%, 6/1/21 (144A)
|
$ 857,438
|
||
|
Homebuilding - 1.1%
|
|||||
|
3,115,000
|
CCC/Caa2
|
Beazer Homes USA, Inc., 9.125%, 6/15/18
|
$ 3,333,050
|
||
|
750,000
|
CCC/Caa2
|
Beazer Homes USA, Inc., 9.125%, 5/15/19
|
802,500
|
||
|
400,000(d)
|
NR/Ca
|
Urbi Desarrollos Urbanos SAB de CV, 9.75%, 2/3/22 (144A)
|
58,000
|
||
|
$ 4,193,550
|
|||||
|
Housewares & Specialties - 1.6%
|
|||||
|
1,435,000
|
BB-/B1
|
Jarden Corp., 7.5%, 5/1/17
|
$ 1,661,012
|
||
|
3,000,000
|
CCC+/Caa2
|
Reynolds Group Issuer, Inc., 9.0%, 4/15/19
|
3,217,500
|
||
|
1,430,000
|
CCC+/Caa2
|
Reynolds Group Issuer, Inc., 9.875%, 8/15/19
|
1,590,875
|
||
|
$ 6,469,387
|
|||||
|
Leisure Products - 1.4%
|
|||||
|
EUR
|
800,000
|
CCC+/Caa2
|
Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)
|
$ 1,108,250
|
|
|
4,000,000
|
CCC+/Caa1
|
Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)
|
3,540,000
|
||
|
880,000(e)
|
CCC+/Caa2
|
PC Nextco Holdings LLC / PC Nextco Finance, Inc., 8.75%, 8/15/19 (144A)
|
903,100
|
||
|
$ 5,551,350
|
|||||
|
Total Consumer Durables & Apparel
|
$ 17,071,725
|
||||
|
CONSUMER SERVICES - 4.1%
|
|||||
|
Business Services - 0.7%
|
|||||
|
1,750,000
|
B/B2
|
Sitel LLC / Sitel Finance Corp., 11.0%, 8/1/17 (144A)
|
$ 1,868,125
|
||
|
1,000,000
|
B-/Caa2
|
Sitel LLC / Sitel Finance Corp., 11.5%, 4/1/18
|
880,000
|
||
|
$ 2,748,125
|
|||||
|
Casinos & Gaming - 0.4%
|
|||||
|
1,475,000
|
NR/NR
|
Little Traverse Bay Bands of Odawa Indians, 9.0%, 8/31/20 (144A)
|
$ 1,371,750
|
||
|
606,780
|
NR/NR
|
Mashantucket Western Pequot Tribe, 6.5%, 7/1/36
|
83,432
|
||
|
$ 1,455,182
|
|||||
|
Education Services - 0.1%
|
|||||
|
555,000
|
CCC/Caa1
|
Cambium Learning Group, Inc., 9.75%, 2/15/17
|
$ 527,250
|
||
|
Hotels, Resorts, Cruise Lines - 0.8%
|
|||||
|
1,680,000(e)
|
B-/B3
|
MISA Investments, Ltd., 8.625%, 8/15/18 (144A)
|
$ 1,738,800
|
||
|
1,500,000
|
CCC+/B2
|
Seven Seas Cruises S de RL LLC, 9.125%, 5/15/19
|
1,651,875
|
||
|
$ 3,390,675
|
|||||
|
Restaurants - 1.9%
|
|||||
|
4,055,000(b)
|
B-/Caa1
|
Burger King Capital Holdings LLC, 0.0%, 4/15/19 (144A)
|
$ 3,649,500
|
||
|
1,400,000
|
B/B3
|
Burger King Corp., 9.875%, 10/15/18
|
1,554,000
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Restaurants (continued)
|
|||||
|
2,000,000
|
CCC/Caa1
|
Wok Acquisition Corp., 10.25%, 6/30/20 (144A)
|
$ 2,172,500
|
||
|
$ 7,376,000
|
|||||
|
Specialized Consumer Services - 0.2%
|
|||||
|
740,000
|
B-/B3
|
StoneMor Partners LP / Cornerstone Family Services of WV, 7.875%, 6/1/21 (144A)
|
$ 769,600
|
||
|
Total Consumer Services
|
$ 16,266,832
|
||||
|
DIVERSIFIED FINANCIALS - 2.3%
|
|||||
|
Asset Management & Custody Banks - 0.3%
|
|||||
|
975,000
|
BBB-/Baa3
|
Janus Capital Group, Inc., 6.7%, 6/15/17
|
$ 1,085,737
|
||
|
Consumer Finance - 0.5%
|
|||||
|
1,030,000
|
B+/B1
|
Jefferies Finance LLC / JFIN Co-Issuer Corp., 7.375%, 4/1/20 (144A)
|
$ 1,071,200
|
||
|
1,035,000
|
B+/B3
|
TMX Finance LLC / TitleMax Finance Corp., 8.5%, 9/15/18 (144A)
|
1,102,275
|
||
|
$ 2,173,475
|
|||||
|
Investment Banking & Brokerage - 0.4%
|
|||||
|
2,325,000(a)(f)
|
BB+/Ba2
|
Goldman Sachs Capital II, 4.0%, 12/1/49
|
$ 1,634,475
|
||
|
Multi-Sector Holdings - 0.5%
|
|||||
|
2,200,000
|
B/B3
|
Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)
|
$ 1,903,000
|
||
|
Other Diversified Financial Services - 0.4%
|
|||||
|
3,000,000(b)(g)(h)
|
BBB/NR
|
Fixed Income Trust Series 2013-A, 0.0%, 10/15/97 (144A)
|
$ 1,652,730
|
||
|
Specialized Finance - 0.2%
|
|||||
|
695,000
|
B/B2
|
National Money Mart Co., 10.375%, 12/15/16
|
$ 705,425
|
||
|
Total Diversified Financials
|
$ 9,154,842
|
||||
|
ENERGY - 21.3%
|
|||||
|
Coal & Consumable Fuels - 1.3%
|
|||||
|
1,350,000
|
CC/Ca
|
Bumi Capital Pte, Ltd., 12.0%, 11/10/16 (144A)
|
$ 911,250
|
||
|
2,125,000
|
CCC/Caa2
|
James River Coal Co., 7.875%, 4/1/19
|
573,750
|
||
|
800,000
|
B-/Caa1
|
Murray Energy Corp., 8.625%, 6/15/21 (144A)
|
828,000
|
||
|
2,485,000
|
B-/Caa1
|
Penn Virginia Corp., 8.5%, 5/1/20
|
2,671,375
|
||
|
$ 4,984,375
|
|||||
|
Integrated Oil & Gas - 0.2%
|
|||||
|
750,000
|
NR/B3
|
YPF SA, 8.875%, 12/19/18 (144A)
|
$ 778,125
|
||
|
Oil & Gas Drilling - 2.1%
|
|||||
|
1,500,000
|
B/B3
|
Hercules Offshore, Inc., 8.75%, 7/15/21 (144A)
|
$ 1,672,500
|
||
|
1,700,000
|
CCC+/Caa3
|
Ocean Rig UDW, Inc., 9.5%, 4/27/16 (144A)
|
1,804,125
|
||
|
1,025,000
|
B-/B3
|
Offshore Group Investments, Ltd., 7.125%, 4/1/23
|
1,045,500
|
||
|
1,900,000
|
B+/B2
|
Pioneer Energy Services Corp., 9.875%, 3/15/18
|
2,014,000
|
||
|
1,800,000
|
B+/B1
|
Shelf Drill Holdings, Ltd., 8.625%, 11/1/18 (144A)
|
1,944,000
|
||
|
$ 8,480,125
|
|||||
|
Oil & Gas Equipment & Services - 1.8%
|
|||||
|
408,000(i)
|
NR/NR
|
DP Producer AS, 0.0%, 12/31/49 (144A)
|
$ 8,160
|
||
|
1,847,000
|
B/B1
|
Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)
|
1,925,497
|
||
|
3,100,000
|
B/Caa1
|
Forbes Energy Services, Ltd., 9.0%, 6/15/19
|
3,038,000
|
||
|
666,000(d)(j)
|
NR/WR
|
Green Field Energy Services, Inc., 13.0%, 11/15/16 (144A)
|
113,220
|
||
|
2,000,000
|
B/B3
|
Seitel, Inc., 9.5%, 4/15/19
|
2,020,000
|
||
|
$ 7,104,877
|
|||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Oil & Gas Exploration & Production - 14.0%
|
|||||
|
1,200,000
|
CCC+/Caa1
|
Athlon Holdings LP / Athlon Finance Corp., 7.375%, 4/15/21 (144A)
|
$ 1,260,000
|
||
|
775,000
|
BB-/B1
|
Berry Petroleum Co., 10.25%, 6/1/14
|
801,156
|
||
|
500,000
|
B-/B3
|
Comstock Resources, Inc., 7.75%, 4/1/19
|
531,250
|
||
|
1,830,000
|
B-/B3
|
Comstock Resources, Inc., 9.5%, 6/15/20
|
2,049,600
|
||
|
3,450,000
|
B/B2
|
EP Energy LLC / EP Energy Finance, Inc., 9.375%, 5/1/20
|
3,980,437
|
||
|
1,470,384(e)
|
B/B3
|
EPE Holdings LLC / EP Energy Bond Co., Inc., 8.875%, 12/15/17 (144A)
|
1,510,820
|
||
|
1,295,000
|
B-/Caa1
|
EPL Oil & Gas, Inc., 8.25%, 2/15/18
|
1,392,125
|
||
|
3,000,000
|
CCC/Caa1
|
Goodrich Petroleum Corp., 8.875%, 3/15/19
|
3,120,000
|
||
|
785,000
|
CCC+/Caa1
|
Halcon Resources Corp., 8.875%, 5/15/21
|
792,850
|
||
|
1,205,000
|
CCC+/Caa1
|
Halcon Resources Corp., 9.25%, 2/15/22 (144A)
|
1,226,088
|
||
|
2,035,000
|
CCC+/Caa1
|
Halcon Resources Corp., 9.75%, 7/15/20
|
2,121,487
|
||
|
1,325,000
|
CCC+/Caa1
|
Halcon Resources Corp., 9.75%, 7/15/20 (144A)
|
1,379,656
|
||
|
900,000
|
B-/Caa1
|
Legacy Reserves LP / Legacy Reserves Finance Corp., 6.625%, 12/1/21 (144A)
|
870,750
|
||
|
2,235,000
|
B-/Caa1
|
Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)
|
2,257,350
|
||
|
530,000
|
B-/Caa1
|
Memorial Production Partners LP / Memorial Production Finance Corp., 7.625%, 5/1/21 (144A)
|
544,575
|
||
|
950,000
|
B-/Caa1
|
Memorial Production Partners LP / Memorial Production Finance Corp., 7.625%, 5/1/21
|
976,125
|
||
|
2,000,000
|
B-/Caa1
|
Midstates Petroleum Co., Inc., 9.25%, 6/1/21
|
2,090,000
|
||
|
1,050,000
|
B-/Caa1
|
Midstates Petroleum Co., Inc., 10.75%, 10/1/20
|
1,141,875
|
||
|
2,400,000
|
B+/NR
|
MIE Holdings Corp., 9.75%, 5/12/16 (144A)
|
2,544,000
|
||
|
2,750,000
|
B/Caa1
|
PetroQuest Energy, Inc., 10.0%, 9/1/17
|
2,853,125
|
||
|
1,110,000
|
B-/Caa1
|
QR Energy LP / QRE Finance Corp., 9.25%, 8/1/20
|
1,148,850
|
||
|
3,380,000
|
CCC-/Caa3
|
Quicksilver Resources, Inc., 7.125%, 4/1/16
|
3,303,950
|
||
|
2,200,000
|
B-/B3
|
Resolute Energy Corp., 8.5%, 5/1/20
|
2,321,000
|
||
|
2,035,000
|
B-/B3
|
RKI Exploration & Production LLC / RKI Finance Corp., 8.5%, 8/1/21 (144A)
|
2,141,838
|
||
|
1,497,000
|
BB-/B2
|
Rosetta Resources, Inc., 9.5%, 4/15/18
|
1,601,790
|
||
|
5,500,000
|
CCC+/B3
|
Samson Investment Co., 10.5%, 2/15/20 (144A)
|
5,995,000
|
||
|
2,735,000
|
CCC+/Caa1
|
Sanchez Energy Corp., 7.75%, 6/15/21 (144A)
|
2,796,538
|
||
|
2,770,000
|
CCC+/Caa1
|
Talos Production LLC / Talos Production Finance, Inc., 9.75%, 2/15/18 (144A)
|
2,832,325
|
||
|
$ 55,584,560
|
|||||
|
Oil & Gas Refining & Marketing - 1.4%
|
|||||
|
3,000,000
|
CCC/Caa1
|
Seven Generations Energy, Ltd., 8.25%, 5/15/20 (144A)
|
$ 3,240,000
|
||
|
2,215,000
|
BB+/Ba2
|
Tesoro Corp., 9.75%, 6/1/19
|
2,397,738
|
||
|
$ 5,637,738
|
|||||
|
Oil & Gas Storage & Transportation - 0.5%
|
|||||
|
1,524,000(a)
|
NR/Ba1e
|
Energy Transfer Partners LP, 3.259%, 11/1/66
|
$ 1,386,840
|
||
|
350,000(c)
|
BBB-/Baa2
|
Enterprise Products Operating LLC, 8.375%, 8/1/66
|
387,800
|
||
|
$ 1,774,640
|
|||||
|
Total Energy
|
$ 84,344,440
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
FINANCIALS - 0.6%
|
|||||
|
Diversified Capital Markets - 0.2%
|
|||||
|
700,000(c)(f)
|
NR/NR
|
Credit Suisse Group AG, 7.5%, 12/11/49 (144A)
|
$ 739,375
|
||
|
Real Estate - 0.2%
|
|||||
|
1,000,000
|
B/B2
|
Rialto Holdings LLC / Rialto Corp., 7.0%, 12/1/18 (144A)
|
$ 1,010,000
|
||
|
Reinsurance - 0.1%
|
|||||
|
250,000(a)
|
NR/NR
|
Loma Reinsurance, Ltd., 17.061%, 1/8/18 (144A)
|
$ 250,050
|
||
|
Specialized Finance - 0.1%
|
|||||
|
500,000(a)
|
NR/NR
|
Galileo Re, Ltd., 7.4%, 1/9/17 (144A)
|
$ 512,950
|
||
|
Total Financials
|
$ 2,512,375
|
||||
|
FOOD, BEVERAGE & TOBACCO - 6.2%
|
|||||
|
Agricultural Products - 1.1%
|
|||||
|
2,100,000
|
CCC+/Caa1
|
Pinnacle Operating Corp., 9.0%, 11/15/20 (144A)
|
$ 2,228,625
|
||
|
1,215,000
|
B/B2
|
Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)
|
1,175,513
|
||
|
1,100,000
|
B/NR
|
Tonon Bioenergia SA, 9.25%, 1/24/20 (144A)
|
924,000
|
||
|
$ 4,328,138
|
|||||
|
Packaged Foods & Meats - 4.2%
|
|||||
|
775,000
|
BB/Ba3
|
Bertin SA / Bertin Finance, Ltd., 10.25%, 10/5/16 (144A)
|
$ 864,125
|
||
|
1,250,000
|
B+/B1
|
CFG Investment SAC, 9.75%, 7/30/19 (144A)
|
1,200,000
|
||
|
688,000
|
B/B1
|
Chiquita Brands International, Inc. / Chiquita Brands LLC, 7.875%, 2/1/21 (144A)
|
744,760
|
||
|
3,500,000
|
B/B3
|
FAGE Dairy Industry SA/FAGE USA Dairy Industry, Inc., 9.875%, 2/1/20 (144A)
|
3,657,500
|
||
|
1,000,000
|
B/B2
|
Marfrig Holding Europe BV, 8.375%, 5/9/18 (144A)
|
930,000
|
||
|
1,200,000
|
B/B2
|
Marfrig Holding Europe BV, 11.25%, 9/20/21 (144A)
|
1,146,000
|
||
|
3,400,000
|
BB-/B1
|
Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)
|
3,374,500
|
||
|
400,000
|
BB-/B1
|
Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)
|
460,000
|
||
|
4,000,000
|
BB-/B3
|
Pilgrim's Pride Corp., 7.875%, 12/15/18
|
4,360,000
|
||
|
$ 16,736,885
|
|||||
|
Tobacco - 0.9%
|
|||||
|
3,835,000
|
NR/Caa1
|
Alliance One International, Inc., 9.875%, 7/15/21
|
$ 3,595,312
|
||
|
Total Food, Beverage & Tobacco
|
$ 24,660,335
|
||||
|
HEALTH CARE EQUIPMENT & SERVICES - 5.7%
|
|||||
|
Health Care Equipment & Services - 2.1%
|
|||||
|
4,000,000
|
CCC+/Caa2
|
Accellent, Inc., 10.0%, 11/1/17
|
$ 4,130,000
|
||
|
3,799,000
|
B+/B2
|
Physio-Control International, Inc., 9.875%, 1/15/19 (144A)
|
4,254,880
|
||
|
$ 8,384,880
|
|||||
|
Health Care Facilities - 1.1%
|
|||||
|
3,475,000
|
B-/B3
|
Kindred Healthcare, Inc., 8.25%, 6/1/19
|
$ 3,700,875
|
||
|
600,000
|
CCC+/Caa1
|
United Surgical Partners, 9.0%, 4/1/20
|
672,000
|
||
|
$ 4,372,875
|
|||||
|
Health Care Services - 0.7%
|
|||||
|
2,527,000
|
CCC+/Caa2
|
Gentiva Health Services, Inc., 11.5%, 9/1/18
|
$ 2,609,127
|
||
|
Health Care Supplies - 0.8%
|
|||||
|
3,000,000
|
B-/Caa2
|
Immucor, Inc., 11.125%, 8/15/19
|
$ 3,375,000
|
||
|
Health Care Technology - 0.3%
|
|||||
|
900,000
|
CCC+/Caa1
|
Emdeon, Inc., 11.0%, 12/31/19
|
$ 1,039,500
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
IT Consulting & Other Services - 0.7%
|
|||||
|
2,380,000
|
CCC+/Caa1
|
Truven Health Analytics, Inc., 10.625%, 6/1/20
|
$ 2,692,375
|
||
|
Total Health Care Equipment & Services
|
$ 22,473,757
|
||||
|
HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
|
|||||
|
Personal Products - 1.1%
|
|||||
|
1,745,000
|
B+/B2
|
Albea Beauty Holdings SA, 8.375%, 11/1/19 (144A)
|
$ 1,814,800
|
||
|
2,315,000
|
CCC+/Caa1
|
Monitronics International, Inc., 9.125%, 4/1/20
|
2,453,900
|
||
|
Total Household & Personal Products
|
$ 4,268,700
|
||||
|
INDUSTRIALS - 0.2%
|
|||||
|
Aerospace & Defense - 0.2%
|
|||||
|
600,000(k)
|
NR/NR
|
Silverton RE, Ltd., 0.0%, 9/16/16 (144A)
|
$ 600,960
|
||
|
Total Industrials
|
$ 600,960
|
||||
|
INSURANCE - 8.7%
|
|||||
|
Insurance Brokers - 1.0%
|
|||||
|
1,000,000
|
CCC+/Caa2
|
Onex USI Acquisition Corp., 7.75%, 1/15/21 (144A)
|
$ 1,022,500
|
||
|
GBP
|
1,625,000
|
NR/Caa2
|
Towergate Finance Plc, 10.5%, 2/15/19 (144A)
|
2,830,783
|
|
|
$ 3,853,283
|
|||||
|
Multi-Line Insurance - 1.5%
|
|||||
|
3,075,000(c)
|
BB/Baa3
|
Liberty Mutual Group, Inc., 10.75%, 6/15/58 (144A)
|
$ 4,597,125
|
||
|
1,100,000
|
BBB/Baa2
|
MetLife, Inc., 10.75%, 8/1/39
|
1,622,500
|
||
|
$ 6,219,625
|
|||||
|
Property & Casualty Insurance - 1.6%
|
|||||
|
5,300,000
|
BBB-/Baa3
|
Hanover Insurance Corp., 7.625%, 10/15/25
|
$ 6,223,276
|
||
|
265,000(c)(f)
|
BB+/Ba2
|
White Mountains Insurance Group, Ltd., 7.506%, 5/29/49 (144A)
|
273,074
|
||
|
$ 6,496,350
|
|||||
|
Reinsurance - 4.6%
|
|||||
|
250,000(a)
|
BB-/NR
|
Atlas Reinsurance VII, Ltd., 8.117%, 1/7/16 (144A)
|
$ 258,550
|
||
|
500,000(a)
|
BB+/NR
|
Blue Danube II, Ltd., 4.297%, 5/23/16 (144A)
|
505,050
|
||
|
400,000(a)
|
NR/NR
|
Caelus Re 2013, Ltd., 6.911%, 4/7/17 (144A)
|
413,400
|
||
|
500,000(a)
|
BB-/NR
|
Caelus Re, Ltd., 5.311%, 3/7/16 (144A)
|
506,900
|
||
|
250,000(a)
|
NR/Ba2
|
Combine Re, Ltd., 10.061%, 1/7/15 (144A)
|
267,475
|
||
|
1,000,000(a)
|
NR/NR
|
Combine Re, Ltd., 17.811%, 1/7/15 (144A)
|
1,098,700
|
||
|
250,000(a)
|
BB-/NR
|
Compass Re, Ltd., 10.311%, 1/8/15 (144A)
|
262,775
|
||
|
250,000(a)
|
B+/NR
|
Compass Re, Ltd., 11.311%, 1/8/15 (144A)
|
262,900
|
||
|
250,000(a)
|
BB/NR
|
East Lane Re V, Ltd., 9.061%, 3/16/16 (144A)
|
271,600
|
||
|
400,000(a)
|
BB/NR
|
East Lane Re, Ltd., 6.711%, 3/13/15 (144A)
|
415,200
|
||
|
350,000(c)
|
BB-/NR
|
Embarcadero Re, Ltd., 6.695%, 8/4/14 (144A)
|
355,495
|
||
|
250,000(c)
|
BB-/NR
|
Embarcadero Re, Ltd., 7.409%, 2/13/15 (144A)
|
258,125
|
||
|
350,000(a)
|
BB+/NR
|
Foundation Re III, Ltd., 5.061%, 2/25/15
|
358,785
|
||
|
250,000(a)
|
BB-/NR
|
Ibis Re II, Ltd., 8.411%, 2/5/15 (144A)
|
259,250
|
||
|
400,000(a)
|
B-/NR
|
Ibis Re II, Ltd., 13.561%, 2/5/15 (144A)
|
421,440
|
||
|
800,000(a)
|
BB/NR
|
Lodestone Re, Ltd., 7.311%, 1/8/14 (144A)
|
800,160
|
||
|
400,000(a)
|
BB/NR
|
Longpoint Re, Ltd. III, 4.061%, 5/18/16 (144A)
|
404,560
|
||
|
750,000(a)
|
B/NR
|
Mystic Re, Ltd., 12.061%, 3/12/15 (144A)
|
799,800
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Reinsurance (continued)
|
|||||
|
250,000(a)
|
B+/NR
|
Mythen Re, Ltd. Series 2012-2 Class A, 8.549%, 1/5/17 (144A)
|
260,800
|
||
|
250,000(a)
|
NR/NR
|
Mythen Re, Ltd. Series 2013-1 Class B, 8.061%, 7/9/15 (144A)
|
260,525
|
||
|
600,000(a)
|
NR/B2
|
Mythen, Ltd., 11.032%, 5/7/15 (144A)
|
647,460
|
||
|
500,000(a)
|
BB-/NR
|
Queen Street II Capital, Ltd., 7.561%, 4/9/14 (144A)
|
504,850
|
||
|
250,000(a)
|
BB-/NR
|
Queen Street V Re, Ltd., 8.561%, 4/9/15 (144A)
|
259,050
|
||
|
250,000(a)
|
B/NR
|
Queen Street VI Re, Ltd., 10.411%, 4/9/15 (144A)
|
263,025
|
||
|
250,000(a)
|
B/NR
|
Queen Street VII Re, Ltd., 8.661%, 4/8/16 (144A)
|
258,850
|
||
|
725,000(a)
|
B+/NR
|
Residential Reinsurance 2011, Ltd., 8.811%, 6/6/15 (144A)
|
772,777
|
||
|
250,000(a)
|
NR/NR
|
Residential Reinsurance 2011, Ltd., 8.961%, 12/6/15 (144A)
|
265,300
|
||
|
250,000(a)
|
BB-/NR
|
Residential Reinsurance 2011, Ltd., 9.061%, 6/6/15 (144A)
|
267,200
|
||
|
450,000(a)
|
B-/NR
|
Residential Reinsurance 2011, Ltd., 12.061%, 6/6/15 (144A)
|
481,365
|
||
|
250,000(a)
|
NR/NR
|
Residential Reinsurance 2011, Ltd., 13.311%, 12/6/15 (144A)
|
267,350
|
||
|
250,000(a)
|
BB/NR
|
Residential Reinsurance 2012, Ltd., 5.811%, 12/6/16 (144A)
|
260,600
|
||
|
250,000(a)
|
BB/NR
|
Residential Reinsurance 2012, Ltd., 8.061%, 6/6/16 (144A)
|
276,650
|
||
|
250,000(a)
|
BB-/NR
|
Residential Reinsurance 2012, Ltd., 10.061%, 6/6/16 (144A)
|
281,050
|
||
|
400,000(a)
|
NR/NR
|
Residential Reinsurance 2012, Ltd., 12.811%, 12/6/16 (144A)
|
436,360
|
||
|
250,000(a)
|
NR/NR
|
Residential Reinsurance 2012, Ltd., 19.061%, 12/6/16 (144A)
|
281,200
|
||
|
400,000(a)
|
NR/NR
|
Residential Reinsurance 2012, Ltd., 22.061%, 6/6/16 (144A)
|
469,680
|
||
|
250,000(a)
|
B-/NR
|
Residential Reinsurance 2013, Ltd., 9.311%, 6/6/17 (144A)
|
258,475
|
||
|
500,000(a)
|
BB/NR
|
Sanders Re, Ltd., 4.061%, 5/5/17 (144A)
|
496,300
|
||
|
603,600(k)
|
NR/NR
|
Sector Re V, Ltd., 0.0%, 12/1/17 (144A)
|
602,820
|
||
|
850,000(k)
|
NR/NR
|
Sector Re V, Ltd., 0.0%, 3/1/18 (144A)
|
998,240
|
||
|
500,000(a)
|
NR/NR
|
Successor X, Ltd., 13.061%, 2/25/14 (144A)
|
506,900
|
||
|
250,000(a)
|
NR/NR
|
Successor X, Ltd., 16.311%, 11/10/15 (144A)
|
260,975
|
||
|
250,000(a)
|
NR/NR
|
Successor X, Ltd., 16.561%, 1/27/15 (144A)
|
264,775
|
||
|
300,000(a)
|
B+/NR
|
Tar Heel Re, Ltd., 8.561%, 5/9/16 (144A)
|
319,170
|
||
|
$ 18,141,912
|
|||||
|
Total Insurance
|
$ 34,711,170
|
||||
|
MATERIALS - 17.9%
|
|||||
|
Commodity Chemicals - 1.3%
|
|||||
|
3,250,000
|
BBB-/WR
|
Basell Finance Co. BV, 8.1%, 3/15/27 (144A)
|
$ 4,103,739
|
||
|
1,100,000
|
BB-/B2
|
Rain CII Carbon LLC / CII Carbon Corp., 8.25%, 1/15/21 (144A)
|
1,122,000
|
||
|
$ 5,225,739
|
|||||
|
Construction Materials - 0.8%
|
|||||
|
3,000,000
|
B-/Caa2
|
Texas Industries, Inc., 9.25%, 8/15/20
|
$ 3,341,250
|
||
|
Diversified Chemicals - 0.8%
|
|||||
|
EUR
|
370,511
|
B-/Caa1
|
INEOS Group Holdings SA, 7.875%, 2/15/16 (144A)
|
$ 513,274
|
|
|
1,597,000
|
B/B2
|
Kinove German Bondco GmbH, 9.625%, 6/15/18 (144A)
|
1,764,685
|
||
|
EUR
|
950,000
|
NR/Caa2
|
Momentive Performance Materials, Inc., 9.5%, 1/15/21
|
1,086,800
|
|
|
$ 3,364,759
|
|||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Diversified Metals & Mining - 2.1%
|
|||||
|
2,000,000
|
B/B3
|
Global Brass & Copper, Inc., 9.5%, 6/1/19
|
$ 2,280,000
|
||
|
3,000,000
|
CCC/Caa2
|
Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)
|
2,490,000
|
||
|
600,000(e)
|
NR/NR
|
Mirabela Nickel, Ltd., 3.5%, 3/28/14 (144A)
|
600,000
|
||
|
2,775,000(d)
|
D/WR
|
Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A)
|
693,750
|
||
|
1,200,000
|
CCC+/B3
|
Molycorp, Inc., 10.0%, 6/1/20
|
1,191,000
|
||
|
650,000
|
B-/Caa2
|
Mongolian Mining Corp., 8.875%, 3/29/17 (144A)
|
513,500
|
||
|
410,000
|
B/Caa1
|
Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)
|
456,125
|
||
|
$ 8,224,375
|
|||||
|
Forest Products - 1.0%
|
|||||
|
4,000,000
|
B-/B3
|
Millar Western Forest Products, Ltd., 8.5%, 4/1/21
|
$ 4,110,000
|
||
|
Gold - 0.7%
|
|||||
|
3,055,000
|
BB-/B1
|
IAMGOLD Corp., 6.75%, 10/1/20 (144A)
|
$ 2,627,300
|
||
|
Metal & Glass Containers - 1.9%
|
|||||
|
1,973,733(e)
|
CCC+/Caa2
|
Ardagh Finance SA, 11.125%, 6/1/18 (144A)
|
$ 2,111,894
|
||
|
EUR
|
2,250,000
|
CCC+/Caa1
|
Ardagh Glass Finance Plc, 8.75%, 2/1/20 (144A)
|
3,279,375
|
|
|
500,000
|
CCC+/Caa2
|
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is, 6.0%, 6/15/17 (144A)
|
506,250
|
||
|
1,450,000
|
CCC+/Caa1
|
BWAY Holdings Co., 10.0%, 6/15/18
|
1,573,250
|
||
|
$ 7,470,769
|
|||||
|
Paper Packaging - 2.6%
|
|||||
|
2,000,000
|
CCC+/Caa1
|
Berry Plastics Corp., 9.5%, 5/15/18
|
$ 2,145,000
|
||
|
2,150,057(b)
|
NR/NR
|
Bio Pappel SAB de CV, 10.0%, 8/27/16
|
2,155,432
|
||
|
2,220,000
|
B-/Caa2e
|
Exopack Holding Corp., 10.0%, 6/1/18 (144A)
|
2,408,700
|
||
|
445,000
|
B-/Caa2
|
Exopack Holdings SA, 7.875%, 11/1/19 (144A)
|
453,900
|
||
|
2,500,000
|
B-/Caa1
|
Pretium Packaging LLC / Pretium Finance, Inc., 11.5%, 4/1/16
|
2,668,750
|
||
|
500,000
|
BB/B1
|
Sealed Air Corp., 8.125%, 9/15/19 (144A)
|
561,250
|
||
|
$ 10,393,032
|
|||||
|
Paper Products - 0.8%
|
|||||
|
1,590,000
|
CCC+/B2
|
Appvion, Inc., 9.0%, 6/1/20 (144A)
|
$ 1,605,900
|
||
|
776,000
|
B/B3
|
Mercer International, Inc., 9.5%, 12/1/17
|
845,840
|
||
|
595,000
|
B-/Caa1
|
Unifrax I LLC / Unifrax Holding Co., 7.5%, 2/15/19 (144A)
|
615,825
|
||
|
$ 3,067,565
|
|||||
|
Specialty Chemicals - 0.7%
|
|||||
|
2,600,000
|
CCC+/NR
|
Hexion US Finance Corp., 9.0%, 11/15/20
|
$ 2,593,500
|
||
|
Steel - 5.2%
|
|||||
|
2,450,000
|
B-/Caa1
|
AM Castle & Co., 12.75%, 12/15/16
|
$ 2,744,000
|
||
|
1,200,000
|
B+/B3
|
APERAM, 7.375%, 4/1/16 (144A)
|
1,233,000
|
||
|
1,764,000
|
B/Caa1
|
Atkore International, Inc., 9.875%, 1/1/18
|
1,896,300
|
||
|
3,550,000
|
CCC/Caa2
|
Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)
|
2,165,500
|
||
|
700,000
|
B-/Caa1
|
Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)
|
679,000
|
||
|
1,900,000
|
NR/Caa1
|
Metinvest BV, 8.75%, 2/14/18 (144A)
|
1,786,000
|
||
|
2,915,000
|
B/B2
|
Optima Specialty Steel, Inc., 12.5%, 12/15/16 (144A)
|
3,199,213
|
||
|
1,804,000
|
B-/B3
|
Permian Holdings, Inc., 10.5%, 1/15/18 (144A)
|
1,776,940
|
||
|
3,750,000
|
CCC+/NR
|
Ryerson, Inc., 9.0%, 10/15/17
|
3,975,000
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Steel (continued)
|
|||||
|
1,250,000
|
B/B3
|
Severstal Columbus LLC, 10.25%, 2/15/18
|
1,325,000
|
||
|
$ 20,779,953
|
|||||
|
Total Materials
|
$ 71,198,242
|
||||
|
MEDIA - 4.5%
|
|||||
|
Broadcasting - 1.3%
|
|||||
|
1,000,000
|
B-/Caa2
|
Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A)
|
$ 1,072,500
|
||
|
3,805,000
|
B/B3
|
Townsquare Radio LLC / Townsquare Radio, Inc., 9.0%, 4/1/19 (144A)
|
4,118,912
|
||
|
$ 5,191,412
|
|||||
|
Cable - 1.0%
|
|||||
|
EUR
|
1,200,000
|
B+/B1
|
Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)
|
$ 1,788,732
|
|
|
1,500,000
|
B-/Caa1
|
Ono Finance II Plc, 10.875%, 7/15/19 (144A)
|
1,642,500
|
||
|
EUR
|
350,000
|
B-/Caa1
|
Ono Finance II Plc, 11.125%, 7/15/19 (144A)
|
530,578
|
|
|
$ 3,961,810
|
|||||
|
Movies & Entertainment - 1.5%
|
|||||
|
2,765,000
|
CCC+/Caa1
|
AMC Entertainment, Inc., 9.75%, 12/1/20
|
$ 3,162,469
|
||
|
1,400,000
|
B/B2
|
Gibson Brands, Inc., 8.875%, 8/1/18 (144A)
|
1,477,000
|
||
|
1,900,000
|
CCC+/Caa1
|
Production Resource Group, Inc., 8.875%, 5/1/19
|
1,372,750
|
||
|
$ 6,012,219
|
|||||
|
Publishing - 0.7%
|
|||||
|
400,000
|
B/B3
|
Interactive Data Corp., 10.25%, 8/1/18
|
$ 438,500
|
||
|
2,200,000(g)
|
B-/B3
|
MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)
|
2,299,000
|
||
|
$ 2,737,500
|
|||||
|
Total Media
|
$ 17,902,941
|
||||
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.3%
|
|||||
|
Biotechnology - 1.3%
|
|||||
|
1,400,000
|
B/B3
|
ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)
|
$ 1,573,250
|
||
|
4,104,000
|
B-/Caa2
|
Lantheus Medical Imaging, Inc., 9.75%, 5/15/17
|
3,652,560
|
||
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$ 5,225,810
|
||||
|
REAL ESTATE - 0.4%
|
|||||
|
Diversified REIT's - 0.4%
|
|||||
|
1,500,000
|
B/Ba3
|
CNL Lifestyle Properties, Inc., 7.25%, 4/15/19
|
$ 1,545,000
|
||
|
Total Real Estate
|
$ 1,545,000
|
||||
|
RETAILING - 0.2%
|
|||||
|
Speciality Stores - 0.2%
|
|||||
|
685,000
|
B/B3
|
Radio Systems Corp., 8.375%, 11/1/19 (144A)
|
$ 751,788
|
||
|
Total Retailing
|
$ 751,788
|
||||
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.8%
|
|||||
|
Semiconductors - 0.8%
|
|||||
|
3,250,000
|
B/B2
|
Advanced Micro Devices, Inc., 7.5%, 8/15/22
|
$ 3,152,500
|
||
|
CNH
|
1,000,000(d)
|
NR/NR
|
LDK Solar Co., Ltd., 10.0%, 2/28/14
|
37,153
|
|
|
Total Semiconductors & Semiconductor Equipment
|
$ 3,189,653
|
||||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
SOFTWARE & SERVICES - 3.2%
|
|||||
|
Application Software - 0.3%
|
|||||
|
955,000
|
B-/B3
|
Interface Security Systems Holdings, Inc. / Interface Security Systems LLC, 9.25%, 1/15/18 (144A)
|
$ 988,425
|
||
|
Data Processing & Outsourced Services - 1.6%
|
|||||
|
1,783,000
|
B-/Caa1
|
First Data Corp., 8.25%, 1/15/21 (144A)
|
$ 1,896,666
|
||
|
650,000
|
B-/Caa1
|
First Data Corp., 10.625%, 6/15/21 (144A)
|
704,438
|
||
|
1,783,000
|
B-/Caa1
|
First Data Corp., 12.625%, 1/15/21
|
2,092,796
|
||
|
1,650,000(e)
|
B-/Caa1
|
Igloo Holdings Corp., 8.25%, 12/15/17 (144A)
|
1,680,938
|
||
|
$ 6,374,838
|
|||||
|
Systems Software - 1.3%
|
|||||
|
5,509,397(e)(g)
|
NR/NR
|
Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A)
|
$ 5,123,739
|
||
|
Total Software & Services
|
$ 12,487,002
|
||||
|
TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
|
|||||
|
Communications Equipment - 0.7%
|
|||||
|
1,350,000(e)
|
B/B3
|
CommScope Holding Co., Inc., 6.625%, 6/1/20 (144A)
|
$ 1,404,000
|
||
|
1,500,000
|
CCC+/B3
|
CPI International, Inc., 8.0%, 2/15/18
|
1,567,500
|
||
|
$ 2,971,500
|
|||||
|
Electronic Equipment & Instruments - 0.1%
|
|||||
|
350,000
|
BB-/B1
|
Viasystems, Inc., 7.875%, 5/1/19 (144A)
|
$ 378,437
|
||
|
Total Technology Hardware & Equipment
|
$ 3,349,937
|
||||
|
TELECOMMUNICATION SERVICES - 1.8%
|
|||||
|
Alternative Carriers - 0.1%
|
|||||
|
600,000
|
NR/WR
|
PAETEC Holding Corp., 9.875%, 12/1/18
|
$ 670,500
|
||
|
Integrated Telecommunication Services - 1.3%
|
|||||
|
3,539,000
|
CCC+/Caa1
|
Cincinnati Bell, Inc., 8.75%, 3/15/18
|
$ 3,715,950
|
||
|
1,400,000
|
BB-/Ba2
|
Frontier Communications Corp., 7.625%, 4/15/24
|
1,396,500
|
||
|
$ 5,112,450
|
|||||
|
Wireless Telecommunication Services - 0.4%
|
|||||
|
300,000
|
B-/(P)B3
|
Altice Finco S.A., 8.125%, 1/15/24 (144A)
|
$ 311,250
|
||
|
400,000
|
NR/NR
|
Unison Ground Lease Funding LLC, 5.78%, 3/15/20 (144A)
|
379,091
|
||
|
725,000
|
BB/Ba3
|
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 9.125%, 4/30/18 (144A)
|
850,063
|
||
|
$ 1,540,404
|
|||||
|
Total Telecommunication Services
|
$ 7,323,354
|
||||
|
TRANSPORTATION - 3.7%
|
|||||
|
Air Freight & Logistics - 0.2%
|
|||||
|
720,000
|
CCC-/Caa2
|
CEVA Group Plc, 11.625%, 10/1/16 (144A)
|
$ 752,400
|
||
|
Airlines - 1.1%
|
|||||
|
500,000
|
B-/NR
|
Gol Finance, 9.25%, 7/20/20 (144A)
|
$ 440,000
|
||
|
600,000
|
B/B2
|
United Continental Holdings, Inc., 6.375%, 6/1/18
|
627,000
|
||
|
3,500,000
|
B/B2
|
United Continental Holdings, Inc., 8.0%, 7/15/24
|
3,510,500
|
||
|
$ 4,577,500
|
|||||
|
Airport Services - 0.1%
|
|||||
|
575,000
|
BB-/Ba3
|
Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 (144A)
|
$ 566,375
|
||
|
Marine - 0.1%
|
|||||
|
295,000
|
B+/B3
|
Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 9.25%, 4/15/19
|
$ 318,231
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Railroads - 0.3%
|
|||||
|
1,116,919(e)
|
CCC/Caa3
|
Florida East Coast Holdings Corp., 10.5%, 8/1/17
|
$ 1,150,427
|
||
|
Trucking - 1.9%
|
|||||
|
3,500,000
|
B-/B2
|
Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A)
|
3,771,250
|
||
|
1,375,000
|
B+/B3
|
Swift Services Holdings, Inc., 10.0%, 11/15/18
|
1,529,687
|
||
|
2,000,000
|
CCC+/Caa1
|
Syncreon Group BV / Syncreon Global Finance US, Inc., 8.625%, 11/1/21 (144A)
|
2,070,000
|
||
|
$ 7,370,937
|
|||||
|
Total Transportation
|
$ 14,735,870
|
||||
|
UTILITIES - 1.6%
|
|||||
|
Electric Utilities - 0.9%
|
|||||
|
310,000
|
NR/Caa3
|
Empresa Distrbuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)
|
$ 210,025
|
||
|
1,010,000(c)
|
BB+/Ba1
|
Enel SpA, 8.75%, 9/24/73 (144A)
|
1,098,241
|
||
|
885,000
|
CCC+/B3
|
Energy Future Intermediate Holding Co., LLC / EFIH Finance, Inc., 10.0%, 12/1/20 (144A)
|
938,100
|
||
|
1,000,000
|
BBB-/Ba1
|
PNM Resources, Inc., 9.25%, 5/15/15
|
1,112,500
|
||
|
350,000
|
CCC-/Caa3
|
Texas Competitive Electric Holdings Co., LLC / TCEH Finance, Inc., 11.5%, 10/1/20 (144A)
|
257,250
|
||
|
$ 3,616,116
|
|||||
|
Multi-Utilities - 0.7%
|
|||||
|
2,704,905
|
NR/NR
|
Ormat Funding Corp., 8.25%, 12/30/20
|
$ 2,596,709
|
||
|
Total Utilities
|
$ 6,212,825
|
||||
|
TOTAL CORPORATE BONDS & NOTES
|
|||||
|
(Cost $404,402,933)
|
$ 421,736,711
|
||||
|
CONVERTIBLE BONDS & NOTES - 5.3% of Net Assets
|
|||||
|
CAPITAL GOODS - 0.9%
|
|||||
|
Construction & Farm Machinery & Heavy Trucks - 0.9%
|
|||||
|
2,625,000
|
B-/NR
|
Meritor, Inc., 7.875%, 3/1/26 (144A)
|
$ 3,768,516
|
||
|
Total Capital Goods
|
$ 3,768,516
|
||||
|
DIVERSIFIED FINANCIALS - 0.1%
|
|||||
|
Asset Management & Custody Banks - 0.1%
|
|||||
|
400,000
|
BBB/NR
|
Apollo Investment Corp., 5.75%, 1/15/16
|
$ 425,500
|
||
|
Total Diversified Financials
|
$ 425,500
|
||||
|
ENERGY - 1.4%
|
|||||
|
Coal & Consumable Fuels - 0.5%
|
|||||
|
1,905,000
|
CCC+/NR
|
Massey Energy Co., 3.25%, 8/1/15
|
$ 1,897,856
|
||
|
Oil & Gas Drilling - 0.6%
|
|||||
|
2,265,000(b)
|
NR/NR
|
Hercules Offshore, Inc., 0.0%, 6/1/38
|
$ 2,242,350
|
||
|
Oil & Gas Exploration & Production - 0.3%
|
|||||
|
1,340,000
|
BB-/Ba3
|
Chesapeake Energy Corp., 2.5%, 5/15/37
|
$ 1,360,100
|
||
|
Total Energy
|
$ 5,500,306
|
||||
|
HEALTH CARE - 0.2%
|
|||||
|
Biotechnology - 0.2%
|
|||||
|
1,400,000
|
NR/NR
|
Corsicanto, Ltd., 3.5%, 1/15/32
|
$ 987,875
|
||
|
Total Health Care
|
$ 987,875
|
||||
|
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
|
|||||
|
Health Care Equipment & Services - 0.8%
|
|||||
|
2,837,000(b)
|
B+/NR
|
Hologic, Inc., 2.0%, 12/15/37
|
$ 3,306,878
|
||
|
Health Care Facilities - 0.2%
|
|||||
|
780,000
|
B/NR
|
LifePoint Hospitals, Inc., 3.5%, 5/15/14
|
$ 847,762
|
||
|
Principal
Amount
USD ($)
|
S&P/Moody's
Ratings
|
Value
|
|||
|
Health Care Services - 0.1%
|
|||||
|
361,000
|
B+/B2
|
Omnicare, Inc., 3.25%, 12/15/35
|
$ 385,819
|
||
|
Total Health Care Equipment & Services
|
$ 4,540,459
|
||||
|
MATERIALS - 0.9%
|
|||||
|
Diversified Chemicals - 0.9%
|
|||||
|
4,000,000(j)
|
B+/NR
|
Hercules, Inc., 6.5%, 6/30/29
|
$ 3,480,000
|
||
|
Total Materials
|
$ 3,480,000
|
||||
|
MEDIA - 0.5%
|
|||||
|
Movies & Entertainment - 0.5%
|
|||||
|
1,832,000
|
B/NR
|
Live Nation Entertainment, Inc., 2.875%, 7/15/27
|
$ 1,859,480
|
||
|
Total Media
|
$ 1,859,480
|
||||
|
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.2%
|
|||||
|
Semiconductors - 0.2%
|
|||||
|
750,000
|
NR/NR
|
ReneSola, Ltd., 4.125%, 3/15/18 (144A)
|
$ 592,500
|
||
|
42,000(d)
|
NR/NR
|
Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13
|
4,200
|
||
|
Total Semiconductors & Semiconductor Equipment
|
$ 596,700
|
||||
|
TOTAL CONVERTIBLE BONDS & NOTES
|
|||||
|
(Cost $16,858,386)
|
$ 21,158,836
|
||||
|
SOVEREIGN DEBT OBLIGATIONS - 0.8% of Net Assets
|
|||||
|
Argentina - 0.3%
|
|||||
|
1,200,000
|
CCC+/Caa1
|
City of Buenos Aires, 12.5%, 4/6/15 (144A)
|
$ 1,254,000
|
||
|
Russia - 0.5%
|
|||||
|
1,658,800(b)
|
BBB/Baa1
|
Russian Government International Bond, 7.5%, 3/31/30
|
$ 1,932,834
|
||
|
TOTAL SOVEREIGN DEBT OBLIGATIONS
|
|||||
|
(Cost $2,383,384)
|
$ 3,186,834
|
||||
|
TAX EXEMPT OBLIGATIONS - 4.3% of Net Assets
|
|||||
|
Indiana - 0.4%
|
|||||
|
1,650,000
|
NR/Baa3
|
East Chicago Indiana Exempt Facilities Revenue, 7.0%, 1/1/14
|
$ 1,650,000
|
||
|
New Jersey - 1.1%
|
|||||
|
4,525,000(c)
|
B/B2
|
New Jersey Economic Development Authority Revenue, 7.0%, 11/15/30
|
$ 4,520,475
|
||
|
New York - 0.9%
|
|||||
|
3,475,000
|
BB/B2
|
New York City Industrial Development Agency Revenue, 7.625%, 12/1/32
|
$ 3,491,124
|
||
|
North Carolina - 1.9%
|
|||||
|
1,670,000
|
NR/NR
|
Charlotte North Carolina Special Facilities Revenue, 7.75%, 2/1/28
|
$ 1,671,236
|
||
|
6,300,000
|
NR/NR
|
Charlotte Special Facilities Revenue, 5.6%, 7/1/27
|
5,930,253
|
||
|
$ 7,601,489
|
|||||
|
TOTAL TAX EXEMPT OBLIGATIONS
|
|||||
|
(Cost $13,098,222)
|
$ 17,263,088
|
||||
|
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.2% of Net Assets
|
|||||
|
3,300,000(c)(g)
|
NR/NR
|
Non-Profit Preferred Funding Trust I, 0.0%, 9/15/37 (144A)
|
$ 657,855
|
||
|
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
|
|||||
|
(Cost $3,293,609)
|
$ 657,855
|
||||
|
Shares
|
Value
|
||||
|
COMMON STOCKS - 2.5% of Net Assets
|
|||||
|
CAPITAL GOODS - 0.2%
|
|||||
|
Building Products - 0.2%
|
|||||
|
894(g)(h)(l)
|
Panolam Holdings Co.
|
$ 715,200
|
|||
|
Total Capital Goods
|
$ 715,200
|
||||
|
MATERIALS - 0.5%
|
|||||
|
Diversified Metals & Mining - 0.5%
|
|||||
|
3,402
|
Freeport-McMoRan Copper & Gold, Inc. Class B
|
$ 128,392
|
|||
|
22,908
|
Lyondell Basell Industries NV, Class A
|
1,839,054
|
|||
|
$ 1,967,446
|
|||||
|
Total Materials
|
$ 1,967,446
|
||||
|
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
|
|||||
|
Pharmaceuticals - 0.2%
|
|||||
|
17,818
|
Teva Pharmaceutical Industries, Ltd. (A.D.R.)
|
$ 714,145
|
|||
|
Total Pharmaceuticals, Biotechnology & Life Sciences
|
$ 714,145
|
||||
|
SOFTWARE & SERVICES - 0.0%†
|
|||||
|
Systems Software - 0.0%†
|
|||||
|
10,942(g)(l)
|
Perseus Holding Corp.
|
$ 27,355
|
|||
|
Total Software & Services
|
$ 27,355
|
||||
|
TRANSPORTATION - 1.6%
|
|||||
|
Air Freight & Logistics - 0.8%
|
|||||
|
3,266(l)
|
CEVA Holdings LLC
|
$ 3,102,453
|
|||
|
Airlines - 0.6%
|
|||||
|
95,830
|
Delta Air Lines, Inc.
|
$ 2,632,450
|
|||
|
Marine - 0.2%
|
|||||
|
877,784(g)(l)
|
Horizon Lines, Inc., Class A
|
$ 737,339
|
|||
|
Total Transportation
|
$ 6,472,242
|
||||
|
TOTAL COMMON STOCKS
|
|||||
|
(Cost $8,977,408)
|
$ 9,896,388
|
||||
|
CONVERTIBLE PREFERRED STOCK - 0.5% of Net Assets
|
|||||
|
DIVERSIFIED FINANCIALS - 0.5%
|
|||||
|
Other Diversified Financial Services - 0.5%
|
|||||
|
1,880(f)
|
Bank of America Corp., 7.25%
|
$ 1,994,680
|
|||
|
Total Diversified Financials
|
$ 1,994,680
|
||||
|
TOTAL CONVERTIBLE PREFERRED STOCK
|
|||||
|
(Cost $1,383,242)
|
$ 1,994,680
|
||||
|
PREFERRED STOCKS - 3.0% of Net Assets
|
|||||
|
BANKS - 0.8%
|
|||||
|
Diversified Banks - 0.8%
|
|||||
|
3,000(c)(f)
|
AgStar Financial Services ACA, 6.75% (144A)
|
$ 2,958,562
|
|||
|
Total Banks
|
$ 2,958,562
|
||||
|
DIVERSIFIED FINANCIALS - 0.9%
|
|||||
|
Other Diversified Financial Services - 0.9%
|
|||||
|
132,750(c)
|
GMAC Capital Trust I, 8.125%
|
$ 3,549,735
|
|||
|
Total Diversified Financials
|
$ 3,549,735
|
||||
|
ENERGY - 0.2%
|
|||||
|
Oil & Gas Storage & Transportation - 0.2%
|
|||||
|
33,350(c)
|
NuStar Logistics LP, 7.625%
|
$ 849,424
|
|||
|
Total Energy
|
$ 849,424
|
||||
|
Shares
|
Value
|
||||
|
INSURANCE - 1.0%
|
|||||
|
Reinsurance - 1.0%
|
|||||
|
1,200,000(l)
|
Altair Re
|
$ 1,320,240
|
|||
|
840,000(l)
|
Altair Re II Ltd.
|
840,000
|
|||
|
8,500(l)
|
Lorenz Re, Ltd.
|
947,920
|
|||
|
950,000(l)
|
Pangaea Re
|
1,020,994
|
|||
|
$ 4,129,154
|
|||||
|
Total Insurance
|
$ 4,129,154
|
||||
|
SOFTWARE & SERVICES - 0.1%
|
|||||
|
Systems Software - 0.1%
|
|||||
|
5,745(g)(l)
|
Perseus Holding Corp., 14.0% (144A)
|
$ 471,090
|
|||
|
Total Software & Services
|
$ 471,090
|
||||
|
TOTAL PREFERRED STOCKS
|
|||||
|
(Cost $10,993,234)
|
$ 11,957,965
|
||||
|
RIGHTS/WARRANTS - 0.0%† of Net Assets
|
|||||
|
AUTOMOBILES & COMPONENTS - 0.0%†
|
|||||
|
Auto Parts & Equipment - 0.0%†
|
|||||
|
344(l)
|
Lear Corp., Expires 11/9/14
|
$ 56,089
|
|||
|
Total Automobiles & Components
|
$ 56,089
|
||||
|
ENERGY - 0.0%†
|
|||||
|
Oil & Gas Equipment & Services - 0.0%†
|
|||||
|
650(d)(g)(l)
|
Green Field Energy Services, Inc., Expires 11/15/21 (144A)
|
$ 657
|
|||