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 4/01/15  Pioneer Series Trust VII          N-Q/A       1/31/15    3:2.3M                                   Pioneer Fund/MA
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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 811-10395

                         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, 2015

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.


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 Emerging Markets Local Currency Debt Fund
				Schedule of Investments 1/31/15 (unaudited)
	Principal Amount ($)
				CORPORATE BONDS - 35.9%
				Transportation - 1.1%
				Railroads - 1.1%
RUB	12,000,000			Russian Railways via RZD Capital Plc, 8.3%, 4/2/19	$	124,902
				Total Transportation	$	124,902
				Banks - 18.2%
				Diversified Banks - 16.9%
TRY	1,150,000			Akbank TAS, 7.5%, 2/5/18	$	450,012
BRL	700,000			Banco ABC Brasil SA, 8.5%, 3/28/16		251,305
CLP	50,000,000			Banco Santander Chile, 6.5%, 9/22/20		78,798
RUB	16,000,000			Export-Import Bank of Korea, 7.55%, 8/27/15		218,626
TRY	270,000			Export-Import Bank of Korea, 8.2%, 5/31/16		109,785
IDR	1,000,000,000			Export-Import Bank of Korea, 8.4%, 7/6/16		78,524
IDR	700,000,000			Inter-American Development Bank, 7.25%, 7/17/17		55,011
NGN	50,000,000			International Bank for Reconstruction & Development, 10.0%, 10/28/15		223,418
COP	130,000,000			International Bank for Reconstruction & Development, 4.5%, 8/3/17		53,992
BRL	400,000			Itau Unibanco Holding SA, 10.5%, 11/23/15		145,765
RON	650,000			Raiffeisen Bank SA, 5.35%, 5/15/19		179,114
TRY	300,000			Turkiye Is Bankasi, 0.0%, 11/16/15 (b)		115,199
					$	1,959,549
				Regional Banks - 1.3%
IDR	2,000,000,000			JPMorgan Chase Bank NA, 7.7%, 6/1/16	$	155,753
				Total Banks	$	2,115,302
				Diversified Financials - 7.9%
				Other Diversified Financial Services - 7.9%
BRL	700,000			Banco Safra SA, 10.25%, 8/8/16	$	245,955
ZAR	6,600,000			Development Bank of Southern Africa, Ltd., 0.0%, 12/31/27 (b)		171,784
INR	8,000,000			European Bank for Reconstruction & Development, 5.625%, 3/15/17		130,253
IDR	800,000,000			European Bank for Reconstruction & Development, 7.25%, 8/22/17		63,211
PLN	870,000			European Investment Bank, 4.25%, 10/25/22		279,976
RUB	2,000,000			Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19		20,860
					$	912,039
				Total Diversified Financials	$	912,039
				Telecommunication Services - 4.0%
				Wireless Telecommunication Services - 4.0%
MXN	2,000,000			America Movil SAB de CV, 6.0%, 6/9/19	$	136,315
MXN	5,000,000			America Movil SAB de CV, 6.45%, 12/5/22		333,592
					$	469,907
				Total Telecommunication Services	$	469,907
				Utilities - 4.7%
				Electric Utilities - 2.6%
COP	400,000,000			Empresas Publicas de Medellin ESP, 8.375%, 2/1/21	$	173,934
ZAR	2,000,000			Eskom Holdings SOC, Ltd., 0.0%, 12/31/18 (b)		121,542
					$	295,476
				Independent Power Producers & Energy Traders - 2.1%
COP	560,000,000			Emgesa SA ESP, 8.75%, 1/25/21	$	246,285
				Total Utilities	$	541,761
				TOTAL CORPORATE BONDS
				(Cost $4,555,466)	$	4,163,911
				FOREIGN GOVERNMENT BONDS - 56.0%
BRL	360,000			Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/17	$	128,873
BRL	180,000			Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/18		64,280
BRL	450,000			Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/19		157,355
BRL	530,000			Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/21		181,636
BRL	350,000			Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/23		118,147
COP	200,000,000			Colombian TES, 10.0%, 7/24/24		101,558
COP	120,000,000			Colombian TES, 6.0%, 4/28/28		44,809
COP	300,000,000			Colombian TES, 7.0%, 5/4/22		127,576
ZAR	3,000,000			Eskom Holdings SOC, Ltd., 10.0%, 1/25/23		295,116
HUF	14,000,000			Hungary Government Bond, 6.0%, 11/24/23		63,771
HUF	20,000,000			Hungary Government Bond, 6.5%, 6/24/19		85,342
HUF	50,000,000			Hungary Government Bond, 6.75%, 11/24/17		205,984
HUF	40,000,000			Hungary Government Bond, 7.5%, 11/12/20		183,612
IDR	2,200,000,000			Indonesia Treasury Bond, 10.0%, 9/15/24		207,278
IDR	2,520,000,000			Indonesia Treasury Bond, 10.5%, 8/15/30		256,625
IDR	2,720,000,000			Indonesia Treasury Bond, 11.0%, 9/15/25		275,919
IDR	1,380,000,000			Indonesia Treasury Bond, 8.25%, 6/15/32		117,492
IDR	1,500,000,000			Indonesia Treasury Bond, 9.5%, 7/15/31		142,096
MYR	891,000			Malaysia Government Bond, 3.58%, 9/28/18		244,628
MYR	800,000			Malaysia Government Bond, 4.16%, 7/15/21		224,821
MYR	800,000			Malaysia Government Bond, 4.378%, 11/29/19		226,727
MYR	440,000			Malaysia Government Bond, 4.498%, 4/15/30		126,285
MXN	2,250,000			Mexican Bonos, 10.0%, 11/20/36		227,248
MXN	2,000,000			Mexican Bonos, 10.0%, 12/5/24		182,327
MXN	1,000,000			Mexican Bonos, 6.0%, 6/18/15		67,656
MXN	3,340,000			Mexican Bonos, 6.5%, 6/10/21		242,340
MXN	1,820,000			Mexican Bonos, 8.5%, 12/13/18		139,341
NGN	0			Nigeria Government International Bond, 16.39%, 1/27/22		0
PEN	100,000			Peru Government Bond, 6.95%, 8/12/31		37,066
PEN	100,000			Peru Government Bond, 7.84%, 8/12/20		37,771
PEN	200,000			Peru Government Bond, 8.2%, 8/12/26		80,477
PLN	100,000			Poland Government Bond, 3.25%, 7/25/25		30,229
PLN	300,000			Poland Government Bond, 4.0%, 10/25/23		94,526
PLN	100,000			Poland Government Bond, 4.75%, 10/25/16		28,476
PLN	600,000			Poland Government Bond, 4.75%, 4/25/17		173,287
PLN	381,000			Poland Government Bond, 5.0%, 4/25/16		107,071
PLN	300,000			Poland Government Bond, 5.25%, 10/25/17		88,961
RON	90,000			Romania Government Bond, 5.85%, 4/26/23		28,205
RUB	5,000,000			Russian Federal Bond - OFZ, 7.4%, 4/19/17		62,343
ZAR	1,909,425			South Africa Government Bond - CPI Linked, 2.75%, 1/31/22		174,166
ZAR	1,200,000			South Africa Government Bond, 6.25%, 3/31/36		87,681
ZAR	2,000,000			South Africa Government Bond, 6.75%, 3/31/21		172,288
ZAR	1,200,000			South Africa Government Bond, 7.0%, 2/28/31		97,908
ZAR	600,000			South Africa Government Bond, 8.0%, 12/21/18		54,412
ZAR	1,000,000			South Africa Government Bond, 8.25%, 9/15/17		90,021
THB	1,375,000			Thailand Government Bond, 3.625%, 6/16/23		45,410
THB	3,700,000			Thailand Government Bond, 5.125%, 3/13/18		122,695
THB	3,637,000			Thailand Government Bond, 5.625%, 1/12/19		125,033
TRY	43,191			Turkey Government Bond, 4.5%, 2/11/15		17,593
TRY	100,000			Turkey Government Bond, 5.0%, 5/13/15		40,660
TRY	70,000			Turkey Government Bond, 8.5%, 7/10/19		30,384
TRY	150,000			Turkey Government Bond, 8.5%, 9/14/22		66,336
TRY	105,000			Turkey Government Bond, 8.8%, 9/27/23		47,618
TRY	260,000			Turkey Government Bond, 9.0%, 1/27/16		108,382
TRY	30,000			Turkey Government Bond, 9.5%, 1/12/22		13,942
					$	6,501,783
				TOTAL FOREIGN GOVERNMENT BONDS
				(Cost $8,490,029)	$	6,501,783
	Shares
				PURCHASED OPTION - 0.0%+
	100,000			Call EUR/Put MXN @ 19, 7/20/15	$	1,221
				TOTAL PURCHASED OPTION
				(Premiums paid $1,289)	$	1,221
				TOTAL INVESTMENT IN SECURITIES - 91.9%
				(Cost $13,046,784) (a)	$	10,666,915
				WRITTEN OPTIONS - (0.0)%+
	(50,000)			Call EUR/Put HUF @ 330, 8/20/15	$	(745)
	(200,000)			Call EUR/Put PLN @ 4.4, 10/22/15		(3,334)
	(100,000)			Call EUR/Put MXN @ 19, 7/20/15		(1,221)
					$	(5,300)
				TOTAL WRITTEN OPTIONS
				(Premiums received $(8,016))	$	(5,300)
				OTHER ASSETS & LIABILITIES - 8.1%	$	935,860
				TOTAL NET ASSETS - 100.0%	$	11,597,475
	+			Amount rounds to less than 0.1% or (0.1)%.
	(a)			At January 31, 2015, the net unrealized depreciation on investments based on
				cost for federal income tax purposes of $13,046,784 was as follows:
				Aggregate gross unrealized appreciation for all investments in which
				there is an excess of value over tax cost	$	223,122
				Aggregate gross unrealized depreciation for all investments in which
				there is an excess of tax cost over value		(2,602,991)
				Net unrealized depreciation	$	(2,379,869)
	(b)			Security issued with a zero coupon. Income is recognized through accretion of discount.
	NOTE:			Principal amounts are denominated in U.S. Dollars unless otherwise noted:
	BRL			Brazilian Real
	CLP			Chilean Peso
	COP			Colombian Peso
	EUR			Euro
	HUF			Hungarian Forint
	IDR			Indonesian Rupiah
	INR			Indian Rupee
	MXN			Mexican Peso
	MYR			Malaysian Ringgit
	NGN			Nigerian Naira
	PEN			Peruvian Nuevo Sol
	PLN			Polish Zloty
	RON			Romanian Leu
	RUB			Russian Ruble
	THB			Thai Baht
	TRY			Turkish Lira
	ZAR			South African Rand
CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION

Notional Principal ($) (1)	Counterparty			Obligation Entity/Index	Coupon	Credit Rating (2)	Expiration Date	Premiums (Received) Paid	Net Unrealized Appreciation (Depreciation)
100,000	Barclays Bank Plc			Russian Federation	1.00%	BB+	12/20/15	$     (1,796)	$             (2,534)
(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.
INTEREST RATE SWAP AGREEMENTS
	Notional Principal ($) (1)			Counterparty	Pay/ Receive	Floating Rate	Annual Fixed Rate	Expiration Date	Net Unrealized Appreciation (Depreciation)
BRL	(52,457)			Goldman Sachs	Pay	BRL-CDI	10.795%	1/4/21	$489
BRL	(212,403)			Goldman Sachs	Pay	BRL-CDI	11.025%	1/2/18	(1,650)
COP	255,000,000			Morgan Stanley & Co.	Pay	COP-IBR OIS- Compound	5.92%	5/7/24	522
									($639)
BRL-CDI	Brazil CETIP Interbank Deposit
COP-IBR- OIS- Compound	Colombian Peso Inter-bank Rate Overnight Indexed Swap

Principal amounts are denominated in U.S. Dollars unless otherwise noted:
BRL	Brazilian Real
COP	Colombian Peso
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  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.
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.
The following is a summary of the inputs used as of January 31, 2015, in valuing the Fund's investments:

		Level 1				Level 2				Level 3				Total
Corporate Bonds		$	-			$	4,163,911			$	-			$	4,163,911
Foreign Government Bonds			-				6,501,783				-				6,501,783
Purchased Call Option			-				1,221				-				1,221
Total		$	-			$	10,666,915			$	-			$	10,666,915
Other Financial Instruments
Net unrealized depreciation on futures contracts		$	-			$	-			$	-			$	-
Net unrealized depreciation on forward foreign currency contracts			-				6,910				-				6,910
Net unrealized depreciation on swap contracts			-				(2,534	)			-				(2,534	)
Net unrealized appreciation on interest rate swaps			-				(639	)			-				(639	)
Net unrealized appreciation on written call options			-				2,648				-				2,648
Total		$	-			$	6,385			$	-			$	6,385
During the period ended January 31, 2015, there were no transfers between Levels 1, 2 and 3.

				Pioneer Global High Yield Fund
				Schedule of Investments 1/31/2015 (unaudited)
	Principal Amount ($)	Floating Rate (b) (unaudited)				Value
				CONVERTIBLE CORPORATE BONDS - 4.1%
				Energy - 0.6%
				Integrated Oil & Gas - 0.1%
	2,770,000			American Energy - Utica LLC, 3.5% (3.50% Cash, 0.00% PIK), 3/1/21 (144A) (PIK)	$	1,800,500
				Oil & Gas Exploration & Production - 0.4%
	5,335,000			Cobalt International Energy, Inc., 2.625%, 12/1/19	$	3,567,781
	4,430,000			Energy XXI, Ltd., 3.0%, 12/15/18		1,339,898
					$	4,907,679
				Oil & Gas Storage & Transportation - 0.1%
	800,000			Golar LNG, Ltd., 3.75%, 3/7/17	$	764,160
				Total Energy	$	7,472,339
				Materials - 1.0%
				Construction Materials - 0.8%
	8,300,000			Cemex SAB de CV, 3.75%, 3/15/18	$	9,296,000
				Diversified Metals & Mining - 0.2%
	3,545,787			Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (0.0% cash, 9.5% PIK) (PIK)	$	2,694,798
				Steel - 0.0%†
EURO	237,096			New World Resources NV, 4.0%, 10/7/20 (144A) (4.0% cash, 8.0% PIK) (PIK)	$	107,096
				Total Materials	$	12,097,894
				Capital Goods - 0.1%
				Electrical Components & Equipment - 0.1%
	1,250,000			General Cable Corp., 4.5%, 11/15/29 (Step)	$	789,844
				Total Capital Goods	$	789,844
				Consumer Durables & Apparel - 0.4%
				Homebuilding - 0.4%
	4,640,000			KB Home, 1.375%, 2/1/19	$	4,315,200
				Total Consumer Durables & Apparel	$	4,315,200
				Pharmaceuticals, Biotechnology & Life Sciences - 0.1%
				Biotechnology - 0.1%
	1,675,000			ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A)	$	1,653,016
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	1,653,016
				Software & Services - 1.1%
				Internet Software & Services - 0.6%
	3,750,000			WebMD Health Corp., 1.5%, 12/1/20	$	3,743,370
	3,485,000			WebMD Health Corp., 2.5%, 1/31/18		3,447,972
					$	7,191,342
				Application Software - 0.5%
	1,945,000			Citrix Systems, Inc., 0.5%, 4/15/19 (144A)	$	2,010,644
	1,025,000			Mentor Graphics Corp., 4.0%, 4/1/31		1,240,891
	3,140,000			Nuance Communications, Inc., 2.75%, 11/1/31		3,098,788
					$	6,350,323
				Total Software & Services	$	13,541,665
				Technology Hardware & Equipment - 0.1%
				Electronic Components - 0.1%
	1,605,000			Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)	$	1,365,253
				Total Technology Hardware & Equipment	$	1,365,253
				Semiconductors & Semiconductor Equipment - 0.5%
				Semiconductors - 0.5%
	10,750,000			ReneSola, Ltd., 4.125%, 3/15/18 (144A)	$	5,912,500
	535,000			Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13 (d)		5,350
					$	5,917,850
				Total Semiconductors & Semiconductor Equipment	$	5,917,850
				Utilities - 0.2%
				Independent Power Producers & Energy Traders - 0.2%
	2,290,000			SunPower Corp., 0.875%, 6/1/21 (144A)	$	2,000,888
				Total Utilities	$	2,000,888
				TOTAL CONVERTIBLE CORPORATE BONDS
				(Cost $60,069,940)	$	49,153,949
				PREFERRED STOCKS - 2.6%
				Energy - 0.2%
				Oil & Gas Storage & Transportation - 0.2%
	112,487	7.62		NuStar Logistics LP, Floating Rate Note, 1/15/43	$	2,930,286
				Total Energy	$	2,930,286
				Transportation - 0.2%
				Air Freight & Logistics - 0.2%
	3,428			CEVA Group Plc, 12/31/14 * (c)	$	2,485,423
				Total Transportation	$	2,485,423
				Consumer Services - 0.0%†
				Hotels, Resorts & Cruise Lines - 0.0%†
	17,350			Perseus Holding Corp., 14.0%, 3/31/15	$	-
				Total Consumer Services	$	-
				Banks - 0.4%
				Diversified Banks - 0.4%
	160,000	7.12		Citigroup, Inc., Floating Rate Note (Perpetual)	$	4,336,000
				Total Banks	$	4,336,000
				Diversified Financials - 1.0%
				Consumer Finance - 1.0%
	3,100			Ally Financial, Inc., 7.0% (Perpetual) (144A)	$	3,115,597
	355,600	8.12		GMAC Capital Trust I, Floating Rate Note, 2/15/40		9,352,280
					$	12,467,877
				Total Diversified Financials	$	12,467,877
				Insurance - 0.4%
				Reinsurance - 0.4%
	4,070,000			Pangaea Re., 7/1/18 (Cat Bond) (c)	$	4,367,110
				Total Insurance	$	4,367,110
				Utilities - 0.4%
				Electric Utilities - 0.4%
	212,000			PPL Capital Funding, Inc., 5.9%, 4/30/73	$	5,406,000
				Total Utilities	$	5,406,000
				TOTAL PREFERRED STOCKS
				(Cost $31,301,128)	$	31,992,696
				CONVERTIBLE PREFERRED STOCKS - 0.1%
				Energy - 0.1%
				Oil & Gas Exploration & Production - 0.1%
	16,300			Penn Virginia Corp., 6.0% (Perpetual) (144A)	$	959,662
				Total Energy	$	959,662
				TOTAL CONVERTIBLE PREFERRED STOCKS
				(Cost $1,630,000)	$	959,662
	Shares
				COMMON STOCKS - 0.9%
				Materials - 0.1%
				Diversified Metals & Mining - 0.1%
	45,168			Freeport-McMoRan, Inc.	$	759,274
	27,099,676			Mirabela Nickel, Ltd. *		611,462
					$	1,370,736
				Total Materials	$	1,370,736
				Capital Goods - 0.1%
				Construction & Engineering - 0.1%
	161,215			Newhall Land Development LLC *	$	574,328
				Total Capital Goods	$	574,328
				Commercial Services & Supplies - 0.0%†
				Diversified Support Services - 0.0%†
	63			IAP Worldwide Services, Inc.	$	48,138
				Total Commercial Services & Supplies	$	48,138
				Transportation - 0.2%
				Air Freight & Logistics - 0.1%
	1,584			CEVA Group Plc *	$	1,148,146
				Marine - 0.1%
	2,370,345			Horizon Lines, Inc. *	$	1,493,317
				Total Transportation	$	2,641,463
				Automobiles & Components - 0.4%
				Automobile Manufacturers - 0.4%
	335,730			Ford Motor Co.	$	4,938,588
				Total Automobiles & Components	$	4,938,588
				Consumer Services - 0.0%†
				Hotels, Resorts & Cruise Lines - 0.0%†
	33,046			Perseus Holding Corp. *	$	-
				Education Services - 0.0%†
	11,492			Cengage Learning Holdings II LP	$	259,145
				Total Consumer Services	$	259,145
				Banks - 0.0%†
				Diversified Banks - 0.0%†
	24,638			BTA Bank JSC (G.D.R.) (144A) *	$	14,019
				Total Banks	$	14,019
				Diversified Financials - 0.1%
				Specialized Finance - 0.1%
	894			Panolam Holdings Co. *	$	657,984
				Total Diversified Financials	$	657,984
				Semiconductors & Semiconductor Equipment - 0.0%†
				Semiconductors - 0.0%†
	158,800			LDK Solar Co, Ltd. (A.D.R.) *	$	13,959
				Total Semiconductors & Semiconductor Equipment	$	13,959
				TOTAL COMMON STOCKS
				(Cost $14,779,254)	$	10,518,360
	Principal Amount ($)
				ASSET BACKED SECURITIES - 1.3%
				Transportation - 0.1%
				Airlines - 0.1%
	1,213,302			Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17	$	1,271,662
				Total Transportation	$	1,271,662
				Consumer Services - 0.0%†
				Hotels, Resorts & Cruise Lines - 0.0%†
	360,440			Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A)	$	362,970
				Total Consumer Services	$	362,970
				Banks - 0.5%
				Thrifts & Mortgage Finance - 0.5%
	1,523,000			Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step)	$	1,364,689
	1,439,030	1.14		Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34		1,249,645
	1,430,246	6.55		Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A)		1,448,729
	1,000,000			United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A)		1,012,817
	663,018			Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A)		664,675
					$	5,740,555
				Total Banks	$	5,740,555
				Diversified Financials - 0.7%
				Other Diversified Financial Services - 0.2%
	6,806,200	0.65		Aircraft Finance Trust, Floating Rate Note, 5/15/24	$	2,382,170
				Specialized Finance - 0.5%
	737,115	0.60		Lease Investment Flight Trust, Floating Rate Note, 7/15/31	$	442,269
	8,462,770	0.56		Lease Investment Flight Trust, Floating Rate Note, 7/15/31		5,077,662
					$	5,519,931
				Total Diversified Financials	$	7,902,101
				TOTAL ASSET BACKED SECURITIES
				(Cost $16,304,272)	$	15,277,288
				COLLATERALIZED MORTGAGE OBLIGATIONS - 1.7%
				Materials - 0.4%
				Forest Products - 0.4%
	4,315,000			TimberStar Trust 1, 7.5296%, 10/15/36 (144A)	$	4,509,891
				Total Materials	$	4,509,891
				Banks - 1.3%
				Thrifts & Mortgage Finance - 1.3%
	1,480,000	5.96		COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46	$	1,404,220
	455,000	5.96		COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		394,443
	1,502,000	5.14		Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A)		1,553,062
	9,000,000	7.08		Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A)		4,931,910
	1,175,000	3.62		EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A)		1,177,818
	840,000	4.92		EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/8/31 (144A)		824,643
	900,829			Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)		884,254
	2,100,000	6.01		JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51		2,145,686
	2,176,711	2.53		JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35		2,109,409
	775,000	5.95		Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46		806,485
					$	16,231,930
				Total Banks	$	16,231,930
				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
				(Cost $23,851,619)	$	20,741,821
				CORPORATE BONDS - 77.0%
				Energy - 11.4%
				Oil & Gas Drilling - 0.3%
	3,765,000			Unit Corp., 6.625%, 5/15/21	$	3,539,100
				Oil & Gas Equipment & Services - 0.2%
	1,860,000			Calfrac Holdings LP, 7.5%, 12/1/20 (144A)	$	1,590,300
				Integrated Oil & Gas - 0.1%
	1,155,000			American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A)	$	854,700
MXN	8,650,000			Petroleos Mexicanos, 7.19%, 9/12/24 (144A)		596,336
					$	1,451,036
				Oil & Gas Exploration & Production - 8.1%
	2,165,000			Bonanza Creek Energy, Inc., 5.75%, 2/1/23	$	1,818,600
	1,270,000			Bonanza Creek Energy, Inc., 6.75%, 4/15/21		1,136,650
	2,830,000			BreitBurn Energy Partners LP, 7.875%, 4/15/22		1,811,200
	2,000,000			Carrizo Oil & Gas, Inc., 7.5%, 9/15/20		1,950,000
	2,596,000			Chaparral Energy, Inc., 7.625%, 11/15/22		1,505,680
	4,240,000			Comstock Resources, Inc., 7.75%, 4/1/19		2,162,400
	2,000,000			Comstock Resources, Inc., 9.5%, 6/15/20		1,020,000
	3,695,000			Denbury Resources, Inc., 5.5%, 5/1/22		3,251,600
	13,700,000			EP Energy LLC, 9.375%, 5/1/20		13,802,750
	4,980,000			EPL Oil & Gas, Inc., 8.25%, 2/15/18		3,274,350
	3,260,000			GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A)		2,359,034
	4,990,000			Gulfport Energy Corp., 7.75%, 11/1/20		4,952,575
	7,825,000			Halcon Resources Corp., 8.875%, 5/15/21		5,203,625
	3,790,000			Hilcorp Energy I LP, 5.0%, 12/1/24 (144A)		3,411,000
	3,135,000			Jupiter Resources, Inc., 8.5%, 10/1/22 (144A)		2,351,250
	1,000,000			KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A)		875,060
	5,215,000			Kodiak Oil & Gas Corp., 8.125%, 12/1/19		5,306,262
	595,000			Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)		337,662
	3,225,000			Memorial Production Partners LP, 6.875%, 8/1/22 (144A)		2,741,250
	3,000,000			Memorial Production Partners LP, 7.625%, 5/1/21		2,692,500
	1,525,000			Memorial Resource Development Corp., 5.875%, 7/1/22 (144A)		1,387,750
	2,800,000			Midstates Petroleum Co., Inc., 9.25%, 6/1/21		1,449,000
	2,840,000			Oasis Petroleum, Inc., 6.5%, 11/1/21		2,591,500
	7,570,000			Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A)		4,977,275
	6,995,000			Rosetta Resources, Inc., 5.875%, 6/1/22		6,575,300
	1,935,000			Rosetta Resources, Inc., 5.875%, 6/1/24		1,765,688
	3,765,000			Sanchez Energy Corp., 6.125%, 1/15/23 (144A)		3,332,025
	1,500,000			Sanchez Energy Corp., 7.75%, 6/15/21		1,455,000
	1,650,000			SM Energy Co., 6.5%, 1/1/23		1,617,000
	3,800,000			Stone Energy Corp., 7.5%, 11/15/22		3,306,000
	2,410,000			Swift Energy Co., 8.875%, 1/15/20		843,500
	3,020,000			Talos Production LLC, 9.75%, 2/15/18 (144A)		2,597,200
CAD	1,775,000			Trilogy Energy Corp., 7.25%, 12/13/19 (144A)		1,287,550
	1,850,000			Ultra Petroleum Corp., 5.75%, 12/15/18 (144A)		1,692,750
	1,245,000			Vanguard Natural Resources LLC, 7.875%, 4/1/20		1,083,150
					$	97,924,136
				Oil & Gas Refining & Marketing - 0.3%
	4,025,000			Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A)	$	3,481,625
				Oil & Gas Storage & Transportation - 1.6%
	2,790,000			Energy Transfer Equity LP, 5.875%, 1/15/24	$	2,895,183
	950,000	3.25		Energy Transfer Partners LP, Floating Rate Note, 11/1/66		836,000
	1,230,000			Gibson Energy, Inc., 6.75%, 7/15/21 (144A)		1,240,762
NOK	12,000,000	6.84		Golar LNG Partners LP, Floating Rate Note, 10/12/17		1,568,404
	4,000,000			Sabine Pass Liquefaction LLC, 5.625%, 2/1/21		4,005,000
	4,350,000			Targa Resources Partners LP, 4.25%, 11/15/23		4,067,250
	5,188,202			Transportadora de Gas del Sur SA, 9.625%, 5/14/20 (144A)		5,084,437
					$	19,697,036
				Coal & Consumable Fuels - 0.8%
	315,000			Alpha Natural Resources, Inc., 6.0%, 6/1/19	$	85,050
	11,063,000			Berau Capital Resources Pte, Ltd., 12.5%, 7/8/15 (144A) (d)		6,361,225
	3,750,000			Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A) (d)		1,818,750
	1,900,000			Indo Energy Finance II BV, 6.375%, 1/24/23 (144A)		1,244,500
	4,435,000			James River Coal Co., 7.875%, 4/1/19 (d)		5,544
					$	9,515,069
				Total Energy	$	137,198,302
				Materials - 7.2%
				Commodity Chemicals - 1.0%
EURO	2,500,000			KP Germany Erste GmbH, 11.625%, 7/15/17 (144A)	$	3,066,139
	9,820,000			Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)		9,672,700
					$	12,738,839
				Specialty Chemicals - 0.4%
EURO	4,325,000			INEOS Group Holdings SA, 5.75%, 2/15/19 (144A)	$	4,774,116
				Construction Materials - 0.1%
	600,000			Cemex Finance LLC, 6.0%, 4/1/24 (144A)	$	564,900
	820,000			Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A)		811,800
					$	1,376,700
				Metal & Glass Containers - 2.0%
	3,355,000			AEP Industries, Inc., 8.25%, 4/15/19	$	3,388,550
EURO	417,028			Ardagh Finance Holdings SA, 8.375%, 6/15/19 (0.00% cash, 8.375% PIK) (144A) (PIK)		461,510
	3,089,777			Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK)		3,078,190
	423,529			Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)		416,647
EURO	2,100,000			Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A)		2,525,568
	2,400,000			Reynolds Group Issuer, Inc., 8.25%, 2/15/21		2,439,000
	7,490,000			Reynolds Group Issuer, Inc., 8.5%, 5/15/18		7,639,800
	3,785,000			Reynolds Group Issuer, Inc., 9.875%, 8/15/19		4,021,562
					$	23,970,827
				Diversified Metals & Mining - 1.5%
	6,210,000			Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A)		4,905,900
	10,175,000			Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A)		1,475,375
	4,000,000			MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A)		3,490,800
	1,560,000			Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A)		1,591,200
	8,263,000			Vedanta Resources Plc, 8.25%, 6/7/21 (144A)		7,478,015
					$	18,941,290
				Precious Metals & Minerals - 0.2%
	1,825,000			Fresnillo Plc, 5.5%, 11/13/23 (144A)	$	1,895,719
				Steel - 1.5%
	2,300,000			EVRAZ plc, 7.50%, 11/15/19	$	1,972,250
	5,296,000			Ferrexpo Finance Plc, 7.875%, 4/7/16 (144A)		3,972,000
	4,340,000			JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)		3,591,350
	2,525,000			Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A)		1,911,728
	2,660,000			Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A)		2,513,700
	8,350,000			Metinvest BV, 8.75%, 2/14/18 (144A)		3,757,500
EURO	101,612	0.00		New World Resources NV, Floating Rate Note, 10/7/20		18,359
EURO	135,483	0.00		New World Resources NV, Floating Rate Note, 10/7/20		59,668
					$	17,796,555
				Paper Products - 0.5%
	2,025,000			Mercer International, Inc., 7.0%, 12/1/19 (144A)	$	2,065,500
	3,735,000			Resolute Forest Products, Inc., 5.875%, 5/15/23		3,566,925
					$	5,632,425
				Total Materials	$	87,126,471
				Capital Goods - 4.7%
				Aerospace & Defense - 0.3%
	243,000			Bombardier, Inc., 6.0%, 10/15/22	$	229,028
	1,335,000			DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)		1,282,000
	2,433,000			DynCorp International, Inc., 10.375%, 7/1/17		2,189,700
					$	3,700,728
				Building Products - 0.5%
	6,750,000			Griffon Corp., 5.25%, 3/1/22	$	6,480,000
				Construction & Engineering - 1.7%
EURO	640,000			Abengoa Finance SAU, 6.0%, 3/31/21 (144A)	$	657,675
	4,400,000			Amsted Industries, Inc., 5.0%, 3/15/22 (144A)		4,345,000
	6,900,000			Abengoa Finance SAU, 8.875%, 11/1/17 (144A)		7,020,750
	2,230,000			Dycom Investments, Inc., 7.125%, 1/15/21		2,319,200
	6,450,000			Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A)		4,637,550
	8,764,000			OAS Investments GmbH, 8.25%, 10/19/19 (144A) (d)		1,095,500
					$	20,075,675
				Electrical Components & Equipment - 0.3%
	3,250,000			General Cable Corp., 5.75%, 10/1/22	$	2,632,500
	1,100,000			WireCo WorldGroup, Inc., 9.5%, 5/15/17		1,089,000
					$	3,721,500
				Industrial Conglomerates - 0.8%
	5,075,000			Constellation Enterprises LLC, 10.625%, 2/1/16 (144A)	$	3,996,562
	2,980,000			JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)		3,203,500
	2,800,000			Magnesita Finance, Ltd., 8.625% (Perpetual) (144A)		2,464,000
					$	9,664,062
				Construction & Farm Machinery & Heavy Trucks - 0.7%
	8,405,000			Navistar International Corp., 8.25%, 11/1/21	$	8,205,381
				Trading Companies & Distributors - 0.4%
	4,365,000			WESCO Distribution, Inc., 5.375%, 12/15/21	$	4,397,738
				Total Capital Goods	$	56,245,084
				Commercial Services & Supplies - 0.4%
				Environmental & Facilities Services - 0.3%
	5,080,000			Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A)	$	4,064,000
	6,510,000			Old AII, Inc., 12/15/16 ©		65
					$	4,064,065
				Diversified Support Services - 0.1%
	1,475,000			NANA Development Corp., 9.5%, 3/15/19 (144A)	$	1,298,000
				Total Commercial Services & Supplies	$	5,362,065
				Transportation - 3.0%
				Airlines - 1.0%
	3,525,000			Gol LuxCo SA, 8.875%, 1/24/22 (144A)	$	3,157,519
	2,050,000			Guanay Finance, Ltd., 6.0%, 12/15/20 (144A)		2,126,875
	3,250,000			TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)		3,375,125
	3,500,000			United Continental Holdings, Inc., 6.0%, 7/15/26		3,399,375
					$	12,058,894
				Marine - 0.3%
	3,650,000			Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A)	$	3,485,750
				Railroads - 0.4%
	3,500,000			Far East Capital, Ltd. SA, 8.0%, 5/2/18 (144A)	$	1,225,000
	3,370,000			Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)		3,327,875
					$	4,552,875
				Trucking - 0.4%
	5,992,701			Inversiones Alsacia SA, 8.0%, 12/31/18 (144A)	$	4,326,808
				Airport Services - 0.7%
	3,171,000			Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)	$	3,333,514
	5,200,000			Aguila 3 SA, 7.875%, 1/31/18 (144A)		5,122,000
					$	8,455,514
				Highways & Railtracks - 0.2%
MXN	47,000,000			Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A)	$	3,052,880
				Total Transportation	$	35,932,721
				Automobiles & Components - 0.7%
				Auto Parts & Equipment - 0.4%
	3,150,000			Meritor, Inc., 6.75%, 6/15/21	$	3,268,125
	1,462,000			Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A)		1,462,000
					$	4,730,125
				Tires & Rubber - 0.1%
	1,000,000			The Goodyear Tire & Rubber Co., 7.0%, 5/15/22	$	1,082,500
				Automobile Manufacturers - 0.2%
	2,700,000			Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A)	$	2,730,375
				Total Automobiles & Components	$	8,543,000
				Consumer Durables & Apparel - 2.0%
				Homebuilding - 1.3%
	2,100,000			Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)	$	2,152,500
	9,802,000			Desarrolladora Homex SAB de CV, 12/11/19 (144A) (c) (d)		686,140
	4,450,000			Lennar Corp., 4.75%, 11/15/22		4,423,300
	2,200,000			Rialto Holdings LLC, 7.0%, 12/1/18 (144A)		2,233,000
	5,810,000			Standard Pacific Corp., 6.25%, 12/15/21		5,926,200
					$	15,421,140
				Leisure Products - 0.7%
EURO	4,700,000			Heckler & Koch GmbH, 9.5%, 5/15/18 (144A)	$	3,900,994
	5,000,000			Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)		4,900,000
					$	8,800,994
				Total Consumer Durables & Apparel	$	24,222,134
				Consumer Services - 3.1%
				Casinos & Gaming - 2.0%
EURO	6,950,000			Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A)	$	8,073,925
	75,878			Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d)		379
	17,000,000			Scientific Games International, Inc., 10.0%, 12/1/22 (144A)		15,597,503
	625,000			Scientific Games International, Inc., 6.25%, 9/1/20		437,500
					$	24,109,307
				Hotels, Resorts & Cruise Lines - 0.3%
	2,860,000			Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)	$	3,131,700
				Restaurants - 0.2%
BRL	4,250,000			Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A)	$	1,479,039
	887,000			Arcos Dorados Holdings, Inc., 6.625%, 9/27/23 (144A)		821,584
					$	2,300,623
				Education Services - 0.3%
	4,225,000			Cambium Learning Group, Inc., 9.75%, 2/15/17	$	4,161,625
				Specialized Consumer Servies - 0.3%
EURO	3,285,000			Boing Group Financing Plc, 6.625%, 7/15/19 (144A)	$	3,405,252
				Total Consumer Services	$	37,108,507
				Media - 1.6%
				Cable & Satellite - 1.4%
	3,000,000			CCOH Safari LLC, 5.5%, 12/1/22	$	3,041,250
	4,300,000			Intelsat Jackson Holdings SA, 6.625%, 12/15/22		4,407,500
	4,000,000			Intelsat Luxembourg SA, 7.75%, 6/1/21		3,965,000
	1,250,000			Numericable-SFR, 6.0%, 5/15/22 (144A)		1,278,625
	3,250,000			Videotron, Ltd., 5.375%, 6/15/24 (144A)		3,331,250
	1,075,000			Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A)		1,096,500
					$	17,120,125
				Movies & Entertainment - 0.1%
	1,000,000			WMG Acquisition Corp., 6.75%, 4/15/22 (144A)	$	901,250
				Publishing - 0.1%
	1,675,000			MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)	$	1,783,875
				Total Media	$	19,805,250
				Retailing - 0.8%
				Distributors - 0.1%
	1,250,000			LKQ Corp., 4.75%, 5/15/23	$	1,215,625
				Department Stores - 0.3%
	3,850,000			Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A)	$	3,580,500
				Computer & Electronics Retail - 0.2%
	2,710,000			Rent-A-Center, Inc., 4.75%, 5/1/21	$	2,317,050
				Specialty Stores - 0.2%
	3,205,000			Outerwall, Inc., 5.875%, 6/15/21 (144A)	$	2,980,650
				Total Retailing	$	10,093,825
				Food & Staples Retailing - 0.2%
				Food Retail - 0.2%
	2,535,000			C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)	$	2,515,988
				Total Food & Staples Retailing	$	2,515,988
				Food, Beverage & Tobacco - 8.8%
				Distillers & Vintners - 0.5%
	2,387,885			CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (10.0% cash, 0.0% PIK) (PIK)	$	1,790,914
	4,829,992			CEDC Finance Corp International, Inc., 9.0%, 4/30/18 (Step)		4,063,231
					$	5,854,145
				Soft Drinks - 0.2%
	3,200,000			Cott Beverages, Inc., 5.375%, 7/1/22 (144A)	$	2,872,000
				Agricultural Products - 0.3%
	4,400,000			Tonon Bioenergia SA, 9.25%, 1/24/20 (144A)	$	2,310,000
	1,625,000			Tonon Luxembourg SA, 10.5%, 5/14/24 (144A)		1,186,250
					$	3,496,250
				Packaged Foods & Meats - 7.3%
	1,960,000			Agrokor dd, 8.875%, 2/1/20 (144A)	$	2,121,112
EURO	3,200,000			Agrokor dd, 9.875%, 5/1/19 (144A)		3,911,722
	4,450,000			CFG Investment SAC, 9.75%, 7/30/19 (144A)		3,715,750
	1,246,000			Chiquita Brands International, Inc., 7.875%, 2/1/21		1,351,910
	9,720,000			Corp Pesquera Inca SAC, 9.0%, 2/10/17 (144A)		9,622,800
	6,800,000			FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A)		7,072,000
	4,690,000			JBS Finance II, Ltd., 8.25%, 1/29/18 (144A)		4,855,838
	3,720,000			JBS Investments GmbH, 7.75%, 10/28/20 (144A)		3,830,484
	3,615,000			Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A)		3,136,012
	12,248,000			Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)		11,436,570
	6,300,000			MHP SA, 8.25%, 4/2/20 (144A)		3,875,300
	3,755,000			Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)		4,164,295
	15,300,000			Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)		14,726,250
	6,500,000			Pesquera Exalmar S.A.A., 7.375%, 1/31/20 (144A)		5,013,125
	5,340,000			Post Holdings, Inc., 6.0%, 12/15/22 (144A)		5,099,700
	1,375,000			Post Holdings, Inc., 6.75%, 12/1/21 (144A)		1,344,062
	1,675,000			Post Holdings, Inc., 7.375%, 2/15/22		1,704,312
	1,144,000			Wells Enterprises, Inc., 6.75%, 2/1/20 (144A)		1,166,880
					$	88,148,122
				Tobacco - 0.5%
	7,165,000			Alliance One International, Inc., 9.875%, 7/15/21	$	5,982,775
				Total Food, Beverage & Tobacco	$	106,353,292
				Health Care Equipment & Services - 2.7%
				Health Care Supplies - 0.8%
	5,750,000			ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)	$	6,066,825
	3,200,000			Immucor, Inc., 11.125%, 8/15/19		3,440,000
					$	9,506,825
				Health Care Services - 0.2%
	833,000			Gentiva Health Services, Inc., 11.5%, 9/1/18	$	882,980
	1,320,000			Kindred Escrow Corp II, 8.0%, 1/15/20 (144A)		1,400,784
					$	2,283,764
				Health Care Facilities - 1.3%
	2,555,000			Amsurg Corp., 5.625%, 7/15/22 (144A)	$	2,641,231
	5,675,000			CHS, 6.875%, 2/1/22		6,027,559
	2,400,000			Kindred Healthcare Inc., 6.375%, 4/15/22		2,310,000
	4,300,000			LifePoint Hospitals, Inc., 5.5%, 12/1/21		4,520,375
					$	15,499,165
				Managed Health Care - 0.4%
	4,620,000			WellCare Health Plans, Inc., 5.75%, 11/15/20	$	4,793,250
				Total Health Care Equipment & Services	$	32,083,004
				Pharmaceuticals, Biotechnology & Life Sciences - 1.9%
				Biotechnology - 0.7%
	9,652,000			Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	$	9,169,400
				Pharmaceuticals - 1.2%
	6,165,000			Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A)	$	6,072,525
	1,740,000			Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22 (144A)		1,766,100
	4,755,000			JLL, 7.5%, 2/1/22 (144A)		4,814,438
	1,320,000			Salix Pharmaceuticals, Ltd., 6.0%, 1/15/21 (144A)		1,405,800
					$	14,058,863
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	23,228,263
				Banks - 4.3%
				Diversified Banks - 2.8%
	3,485,000	9.25		Access Bank Plc, Floating Rate Note, 6/24/21 (144A)	$	2,875,822
TRY	4,500,000			Akbank TAS, 7.5%, 2/5/18 (144A)		1,760,906
	5,050,000			Banco de Galicia y Buenos Aires SA, 8.75%, 5/4/18 (144A)		5,100,500
	820,000	9.75		Banco Macro SA, Floating Rate Note, 12/18/36		756,450
	2,000,000			Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A)		2,000,400
	2,400,000	6.38		Banco Santander SA, Floating Rate Note (Perpetual)		2,352,000
	2,050,000	6.50		Bank of America Corp., Floating Rate Note, 10/23/49		2,146,733
	3,900,000	6.25		Bank of America Corp., Floating Rate Note, 9/29/49		3,988,179
	1,250,000			BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A)		1,412,975
	4,750,000			CorpGroup Banking SA, 6.75%, 3/15/23 (144A)		4,691,736
INR	42,350,000			Inter-American Development Bank, 6.0%, 9/5/17		698,131
IDR	5,140,000,000			Inter-American Development Bank, 7.25%, 7/17/17		403,937
	1,475,000			Russian Agricultural Bank OJSC Via RSHB Capital SA, 8.5%, 10/16/23 (144A)		987,917
	1,075,000			VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A)		704,125
	3,175,000	5.88		Wells Fargo & Company, Floating Rate Note (Perpetual)		3,317,875
					$	33,197,686
				Regional Banks - 1.2%
	13,430,000	6.75		The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)	$	14,842,970
				Thrifts & Mortgage Finance - 0.3%
	4,000,000			Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A)	$	3,389,560
				Total Banks	$	51,430,216
				Diversified Financials - 3.8%
				Diversified Banks - 0.2%
	2,150,000	5.90		Citigroup, Inc., Floating Rate Note (Perpetual)	$	2,147,312
				Other Diversified Financial Services - 0.3%
INR	227,100,000			European Bank for Reconstruction & Development, 6.0%, 3/3/16	$	3,677,420
INR	43,400,000			European Bank for Reconstruction & Development, 7.65%, 2/18/15		699,947
					$	4,377,367
				Specialized Finance - 1.5%
	3,045,000			Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)	$	3,354,676
EURO	3,695,000			EC Finance Plc, 5.125%, 7/15/21 (144A)		4,317,526
	4,870,000			Nationstar Mortgage LLC, 6.5%, 6/1/22		4,188,200
	3,000,000			Nationstar Mortgage LLC, 6.5%, 7/1/21		2,595,000
	4,000,000			Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A)		3,480,000
					$	17,935,402
				Consumer Finance - 0.8%
INR	240,670,000			International Finance Corp., 8.25%, 6/10/21	$	4,467,564
	5,596,947			Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)		5,569,277
					$	10,036,841
				Asset Management & Custody Banks - 0.4%
	4,800,000			JBS Investment Management, Ltd., 7.25%, 4/3/24	$	4,766,400
				Investment Banking & Brokerage - 0.6%
	5,650,000			UBS AG, 7.625%, 8/17/22	$	6,744,043
				Total Diversified Financials	$	46,007,365
				Insurance - 6.2%
				Insurance Brokers - 0.2%
GBP	4,840,000			Towergate Finance Plc, 10.5%, 2/15/19 (144A)	$	874,511
GBP	405,000			Towergate Finance Plc, 8.5%, 2/15/18 (144A)		536,631
GBP	1,200,000	6.05		Towergate Finance Plc, Floating Rate Note, 2/15/18 (144A)		1,590,019
					$	3,001,161
				Reinsurance - 6.0%
	3,314,020			Altair Re, Variable Rate Notes, 6/30/16 (Cat Bond)	$	2,359,583
	1,440,000			Altair Re, Variable Rate Notes, 6/30/17 (Cat Bond)		1,446,912
	1,900,000	6.38		Aquarius + Investments Plc for Swiss Reinsurance Co., Ltd., Floating Rate Note, 9/1/24		2,008,473
	1,450,000			Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/1/15		1,584,850
	1,000,000			Berwick Segregated Account (KANE SAC Ltd.), Variable Rate Note, 1/22/16		1,007,600
	475,000	4.28		Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A)		478,420
	250,000	6.00		Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)		250,800
	3,120,000			Carnoustie Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/19/16		3,168,048
	814,976			Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/14/15		795,009
	750,000	6.67		East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A)		753,600
	500,000	7.26		Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A)		500,000
	2,375,100			Exeter Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16		2,377,475
	1,300,000			Fairfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 2/2/16		1,197,040
	2,400,000			Gloucester Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/12/15		2,300,160
	5,400,000			Gullane Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/17		5,497,200
	1,093,300			Hereford Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/7/16		1,094,065
	1,806,000			Kane SAC Ltd., Series B, 7/18/19 (c)		2,035,362
	1,000,000	3.78		Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A)		998,700
	33,500			Lorenz Re, Ltd., (Cat Bond) (Perpetual) * (c)		3,839,100
	1,067,200			Muirfield Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/12/16		1,067,734
	2,150,000	12.02		Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)		2,170,640
	3,900,000			Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19		3,953,820
	903,800			PI-1, Series E - 2014 (Kane SAC Ltd.), Variable Rate Notes, 6/12/15		938,054
	1,006,000			PI-2, Series D - 2014 (Kane SAC Ltd.), Variable Rate Notes, 7/30/16		1,098,653
	1,300,000			Prestwick Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 7/1/16		1,300,000
	2,000,000	7.51		Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		2,010,200
	900,000	8.51		Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		906,120
	300,000	10.39		Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		302,370
	750,000	9.02		Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)		765,750
	1,600,000	22.02		Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		1,834,880
	13,467			Sector Re V, Ltd., 12/1/18 (Cat Bond) (144A) (c)		568,457
	950,000			Sector Re V, Ltd., 12/1/19 (Cat Bond) (144A) (c)		961,875
	3,533			Sector Re V, Ltd., 3/1/18 (Cat Bond) (144A) (c)		89,999
	1,000,000			Sector Re V, Ltd., 3/30/19 (Cat Bond) (144A) (c)		1,181,300
	2,000,000			Silverton Re, Ltd., 9/16/16 (Cat Bond) (144A) (c)		275,400
	1,800,000			Silverton RE, Ltd., 9/18/17 (Cat Bond) (144A) (c)		1,830,960
	8,535,000	7.51		Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A)		8,908,406
	2,600,000			St. Andrews Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/22/16		2,613,780
	1,101,200			Troon Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/12/16		1,101,530
	506,000			Turnberry Segregated Account (KANE SAC Ltd.), Variable Rate Notes, 1/15/16		506,759
	3,800,000			Versutus Ltd., Series 2015-A, Variable Rate Notes, 12/31/2017		3,829,640
					$	71,908,724
				Total Insurance	$	74,909,885
				Real Estate - 1.5%
				Diversified REIT - 0.2%
	2,565,000			Trust F, 5.25%, 12/15/24 (144A)	$	2,702,228
				Specialized REIT - 0.2%
	2,528,093			AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)	$	2,426,969
				Diversified Real Estate Activities - 0.1%
	995,000			Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A)	$	1,014,900
				Real Estate Operating Companies - 1.0%
	5,750,000			Alto Palermo SA, 7.875%, 5/11/17 (144A)	$	5,462,500
	6,405,000			IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)		6,276,900
					$	11,739,400
				Total Real Estate	$	17,883,497
				Software & Services - 1.6%
				Internet Software & Services - 0.8%
	1,600,000			Equinix, Inc., 5.375%, 1/1/22	$	1,656,000
	2,910,000			Equinix, Inc., 5.375%, 4/1/23		3,019,125
	700,000			IAC, 4.875%, 11/30/18		719,250
	4,430,000			VeriSign, Inc., 4.625%, 5/1/23		4,402,312
					$	9,796,687
				Data Processing & Outsourced Services - 0.5%
	2,100,000			Audatex North America, Inc., 6.0%, 6/15/21 (144A)	$	2,184,000
	2,440,000			Cardtronics, Inc., 5.125%, 8/1/22 (144A)		2,379,000
	1,700,000			NeuStar, Inc., 4.5%, 1/15/23		1,487,500
					$	6,050,500
				Home Entertainment Software - 0.3%
	3,225,000			Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)	$	3,515,250
				Total Software & Services	$	19,362,437
				Technology Hardware & Equipment - 1.4%
				Communications Equipment - 0.1%
	1,475,000			CommScope, Inc., 5.0%, 6/15/21 (144A)	$	1,419,688
				Technology Hardware, Storage & Peripherals - 0.6%
	6,925,000			Seagate HDD Cayman, 4.75%, 6/1/23	$	7,388,096
				Electronic Equipment Manufacturers - 0.4%
	4,750,000			Viasystems, Inc., 7.875%, 5/1/19 (144A)	$	5,017,188
				Electronic Components - 0.3%
	1,000,000			Belden, Inc., 5.25%, 7/15/24 (144A)	$	965,000
EURO	1,800,000			Belden, Inc., 5.5%, 4/15/23 (144A)		2,126,660
					$	3,091,660
				Total Technology Hardware & Equipment	$	16,916,632
				Semiconductors & Semiconductor Equipment - 0.7%
				Semiconductor Equipment - 0.2%
	2,500,000			Entegris, Inc., 6.0%, 4/1/22 (144A)	$	2,525,000
				Semiconductors - 0.5%
	5,070,000			Advanced Micro Devices, Inc., 6.75%, 3/1/19	$	4,816,500
	1,355,000			Advanced Micro Devices, Inc., 7.0%, 7/1/24		1,182,238
	2,266,700			LDK Solar Co, Ltd., 5.535%, 12/31/18, (5.535% cash, 5.535% PIK) (PIK)		0
					$	5,998,738
				Total Semiconductors & Semiconductor Equipment	$	8,523,738
				Telecommunication Services - 6.5%
				Integrated Telecommunication Services - 4.1%
	4,790,000			Cincinnati Bell, Inc., 8.375%, 10/15/20	$	5,038,481
COP	1,626,000,000			Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A)		641,404
	5,200,000			Frontier Communications Corp., 7.125%, 1/15/23		5,395,000
	2,940,000			Frontier Communications Corp., 8.5%, 4/15/20		3,307,500
	10,345,000			Frontier Communications Corp., 8.75%, 4/15/22		11,741,575
	500,000			GCI, Inc., 6.75%, 6/1/21		498,750
EURO	1,600,000			Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A)		1,951,579
	6,285,000			Windstream Corp., 7.5%, 6/1/22		6,269,288
	2,300,000			Windstream Corp., 7.75%, 10/1/21		2,334,500
	6,765,000			Windstream Corp., 7.75%, 10/15/20		7,018,688
	5,700,000			Windstream Corp., 8.125%, 9/1/18		5,942,250
					$	50,139,015
				Wireless Telecommunication Services - 2.4%
	2,800,000			Altice Financing SA, 6.5%, 1/15/22 (144A)	$	2,856,000
	1,320,000			Altice Financing SA, 6.625%, 2/15/23 (144A)		1,320,000
	600,000			Altice Finco SA, 8.125%, 1/15/24 (144A)		622,500
	2,025,000			Altice SA, 7.75%, 5/15/22 (144A)		2,095,875
	1,800,000			Sprint Corp., 7.25%, 9/15/21		1,797,300
	2,880,000			T-Mobile USA, Inc., 6.542%, 4/28/20		2,983,507
	1,940,000			T-Mobile USA, Inc., 6.633%, 4/28/21		2,014,205
	1,300,000			T-Mobile USA, Inc., 6.731%, 4/28/22		1,347,125
	2,750,000			Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A)		2,729,710
	7,800,000			Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A)		6,630,000
	4,875,000			VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A)		4,051,515
RUB	38,400,000			VimpelCom Holdings BV, 9.0%, 2/13/18 (144A)		431,885
					$	28,879,622
				Total Telecommunication Services	$	79,018,637
				Utilities - 2.5%
				Electric Utilities - 1.2%
	1,981,000			Cia de Transporte de Energia Electrica en Alta Tension Transener SA, 9.75%, 8/15/21 (144A)	$	1,510,512
	6,225,000	5.25		Electricite de France SA, Floating Rate Note (Perpetual) (144A)		6,536,250
	811,000			Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)		545,878
	1,830,000			Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A)		1,842,444
	2,995,000	8.13		Enel S.p.A., Floating Rate Note, 9/24/73 (144A)		3,548,326
	80,792			FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)		80,792
	225,163			FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A)		225,726
					$	14,289,928
				Multi-Utilities - 0.4%
	925,000			DTEK Finance Plc, 7.875%, 4/4/18 (144A)	$	370,705
	5,027,062			Ormat Funding Corp., 8.25%, 12/30/20		5,077,332
					$	5,448,037
				Independent Power Producers & Energy Traders - 0.9%
	1,350,000			AES Corp. Virginia, 5.5%, 3/15/24	$	1,353,375
	940,000			Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A)		982,986
	1,500,000			InterGen NV, 7.0%, 6/30/23 (144A)		1,402,500
	7,100,000			NRG Energy, Inc., 6.25%, 5/1/24		7,082,250
					$	10,821,111
				Total Utilities	$	30,559,076
				TOTAL CORPORATE BONDS
				(Cost $1,036,426,668)	$	930,429,389
				FOREIGN GOVERNMENT BONDS - 5.2%
	2,655,000			Banque Cent de Tunisie, 5.75%, 1/30/25 (144A)	$	2,694,825
	5,200,000			City of Buenos Aires Argentina, 12.5%, 4/6/15 (144A)		5,239,000
	2,510,000			Ecuador Government International Bond, 7.95%, 6/20/24 (144A)		2,221,350
IDR	53,000,000,000			Indonesia Treasury Bond, 7.0%, 5/15/22		4,204,855
IDR	40,352,000,000			Indonesia Treasury Bond, 8.25%, 6/15/32		3,435,534
IDR	11,650,000,000			Inter-American Development Bank, 4.5%, 2/4/16		893,092
INR	241,840,000			International Finance Corp., 7.75%, 12/3/16		4,061,171
	2,175,000			Kenya Government International Bond, 5.875%, 6/24/19 (144A)		2,175,000
	2,886,000			Kenya Government International Bond, 6.875%, 6/24/24 (144A)		3,001,440
MXN	1,800,000			Mexican Bonos, 7.5%, 6/3/27		142,308
MXN	232,552,760			Mexican Udibonos, 2.0%, 6/9/22		15,375,980
MXN	10,834,845			Mexican Udibonos, 3.5%, 12/14/17		774,252
	3,070,800			Province of Salta Argentina, 9.5%, 3/16/22 (144A)		2,917,260
	1,025,000			Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A)		982,975
	1,125,000			Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A)		1,113,750
	2,335,000			Republic of Ghana, 7.875%, 8/7/23 (144A)		2,043,125
RON	24,770,000			Romania Government Bond, 5.85%, 4/26/23		7,762,759
RON	1,220,000			Romania Government Bond, 5.95%, 6/11/21		374,756
	2,000,000			Rwanda International Government Bond, 6.625%, 5/2/23 (144A)		2,000,000
	575,000			Ukraine Government International Bond, 6.75%, 11/14/17 (144A)		298,425
	1,650,000			Ukraine Government International Bond, 7.8%, 11/28/22 (144A)		825,198
				TOTAL FOREIGN GOVERNMENT BONDS
				(Cost $71,755,755)	$	62,537,055
				MUNICIPAL BONDS - 0.1%
				Municipal General - 0.1%
	8,875,000	0.00		Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)	$	1,196,705
				TOTAL MUNICIPAL BONDS
				(Cost $8,859,138)	$	1,196,705
				SENIOR FLOATING RATE LOAN INTERESTS - 4.4%**
				Energy - 0.2%
				Coal & Consumable Fuels - 0.2%
	4,700,000	18.15		Bumi Resources Tbk PT, Term Loan, 8/15/13	$	1,598,000
	792,928	6.04		Long Haul Holdings, Ltd., Facility B Loan, 11/17/13		269,596
					$	1,867,596
				Total Energy	$	1,867,596
				Materials - 0.0%†
				Metal & Glass Containers - 0.0%†
	539,770	5.50		Pro Mach Group, Inc., Dollar Term Loan, 10/22/21	$	541,119
				Total Materials	$	541,119
				Capital Goods - 0.4%
				Aerospace & Defense - 0.4%
	3,705,066	5.00		DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18	$	3,706,215
	1,679,609	5.00		Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18		1,678,210
					$	5,384,425
				Total Capital Goods	$	5,384,425
				Commercial Services & Supplies - 0.2%
				Diversified Support Services - 0.0%†
	500,885	6.73		IAP Worldwide Services, Inc., Term Loan, 7/18/19	$	445,788
				Security & Alarm Services - 0.2%
	2,251,630	4.25		Monitronics International, Inc., Term B Loan, 3/23/18	$	2,245,062
				Total Commercial Services & Supplies	$	2,690,850
				Transportation - 0.1%
				Air Freight & Logistics - 0.1%
	994,850	6.75		Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19	$	996,094
				Total Transportation	$	996,094
				Automobiles & Components - 0.3%
				Auto Parts & Equipment - 0.3%
	3,182	3.75		Allison Transmission, Inc., Term B-3 Loan, 8/23/19	$	3,171
	3,096,239	4.25		TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21		3,087,046
					$	3,090,217
				Total Automobiles & Components	$	3,090,217
				Media - 0.3%
				Advertising - 0.2%
	2,176,542	6.75		Affinion Group, Inc., Tranche B Term Loan, 4/30/18	$	2,040,509
				Cable & Satellite - 0.1%
	1,343,073	4.75		WideOpenWest Finance LLC, Term B Loan, 4/1/19	$	1,336,693
				Total Media	$	3,377,202
				Retailing - 0.5%
				Automotive Retail - 0.5%
	5,947,500	5.75		CWGS Group LLC, Term Loan, 2/20/20	$	5,925,197
				Total Retailing	$	5,925,197
				Food & Staples Retailing - 0.1%
				Food Distributors - 0.1%
	1,029,744	5.75		AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17	$	1,024,274
				Total Food & Staples Retailing	$	1,024,274
				Health Care Equipment & Services - 1.4%
				Health Care Services - 0.8%
	1,034,255	4.25		Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19	$	1,023,912
	1,284,559	6.75		Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18		1,287,369
	417,670	6.50		BioScrip, Inc., Term Loan, 7/31/20		417,322
	696,116	6.50		BioScrip, Inc., Initial Term B Loan, 7/31/20		695,536
	1,024,365	6.50		Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19		1,025,485
	2,530,875	4.75		National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21		2,499,239
	1,481,306	5.25		National Surgical Hospitals, Inc., Tranche B-2 Term Loan, 7/11/19		1,473,900
	1,068,372	7.25		Virtual Radiologic Corp., Term Loan A, 12/22/16		854,697
					$	9,277,460
				Health Care Facilities - 0.5%
	5,960,000	7.00		Kindred HealthCare Inc., Bridge Loan, 6.375%, 4/15/22 (144A)	$	5,960,000
				Managed Health Care - 0.1%
	804,800	9.75		MMM Holdings, Inc., Term Loan, 10/9/17	$	780,656
	585,099	9.75		MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17		579,248
					$	1,359,904
				Total Health Care Equipment & Services	$	16,597,364
				Pharmaceuticals, Biotechnology & Life Sciences - 0.0%†
				Pharmaceuticals - 0.0%†
	485,162	5.00		Generic Drug Holdings, Inc., Closing Date Term Loan, 8/16/20	$	483,646
				Total Pharmaceuticals, Biotechnology & Life Sciences	$	483,646
				Insurance - 0.1%
				Multi-line Insurance - 0.1%
	1,847,452	4.25		Alliant Holdings I, Inc., Initial Term Loan, 12/20/19	$	1,821,473
				Total Insurance	$	1,821,473
				Software & Services - 0.6%
				Application Software - 0.6%
	4,373,318	8.50		Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18	$	4,358,742
	3,500,000	9.75		Vertafore, Inc., Term Loan (Second Lien), 10/29/17		3,520,416
					$	7,879,158
				Total Software & Services	$	7,879,158
				Technology Hardware & Equipment - 0.2%
				Electronic Components - 0.2%
	2,177,194	5.00		Scitor Corp., Term Loan, 2/15/17	$	2,160,865
				Total Technology Hardware & Equipment	$	2,160,865
				TOTAL SENIOR FLOATING RATE LOAN INTERESTS
				(Cost $57,384,441)	$	53,839,480
	Shares
				RIGHTS / WARRANTS - 0.0%†
				Food, Beverage & Tobacco - 0.0%†
				Distillers & Vintners - 0.0%†
	5,578,091			Belvedere SA, 12/23/16	$	251,962
				Total Food, Beverage & Tobacco	$	251,962
				TOTAL RIGHTS / WARRANTS
				(Cost $303,270)	$	251,962
	Principal Amount ($)
				TEMPORARY CASH INVESTMENTS - 1.2%
				Commercial Paper - 1.2%
	3,060,000			Barclays Bank, Discount Note, 2/2/15	$	3,059,967
	2,205,000			Duke Energy,  Discount Note, 2/2/15		2,204,965
	2,905,000			Mondelez International, Discount Note, 2/2/15		2,904,944
	3,060,000			Prudential Funding, LLC, Discount Note, 2/2/15		3,059,975
	3,060,000			SABMiller plc, Discount Note, 2/2/15		3,059,941
					$	14,289,792
				TOTAL TEMPORARY CASH INVESTMENTS
				(Cost $14,289,924)	$	14,289,792
				TOTAL INVESTMENT IN SECURITIES - 98.6%
				(Cost $1,336,955,409) (a)	$	1,191,188,159
				OTHER ASSETS & LIABILITIES - 1.4%	$	16,928,644
				TOTAL NET ASSETS - 100.0%	$	1,208,116,803
	*			Non-income producing security.
	†			Amount rounds to less than 0.1%.
	(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 30, 2015, the value of these securities amounted to $581,411,307 or 48.1% of total net assets.
	(A.D.R.)			American Depositary Receipts.
	(G.D.R.)			Global Depositary Receipts.
	(Cat Bond)			Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.
	(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.
	**			Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end.
	(a)			At January 31, 2015, the net unrealized appreciation on investments based on
				cost for federal income tax purposes of $1,340,880,864 was as follows:
				Aggregate gross unrealized appreciation for all investments in which
				there is an excess of value over tax cost	$	28,744,103
				Aggregate gross unrealized depreciation for all investments in which
				there is an excess of tax cost over value		(178,436,808)
				Net unrealized depreciation	$	(149,692,705)
	(b)			Debt obligation with a variable interest rate.  Rate shown is rate at end of period.
	(c)			Security issued with a zero coupon. Income is recognized through accretion of discount.
	(d)			Security is in default and is non-income producing.
	(e)			Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:
				Argentina		3.7
				Bermuda		4
				Canada		2.2
				Cayman Islands		3.3
				Ireland		2.3
				Luxembourg		6.3
				Mexico		3.8
				Netherlands		1.7
				Peru		1.6
				Supranational		1.3
				United Kingdom		2.4
				United States		55.1
				Other (individually less than 1%)		12.3
						100%
	NOTE:			Principal amounts are denominated in U.S. Dollars unless otherwise noted:
		BRL		Brazilian Real
		CAD		Canadian Dollar
		COP		Columbian Peso
		EURO		Euro
		GBP		British Pound Sterling
		IDR		Indonesian Rupiah
		INR		Indian Rupee
		MXN		Mexican Peso
		NOK		Norwegian Krone
		RON		Romanian Leu
		RUB		Russian Ruble
		TRY		Turkish Lira
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued
using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.
The following is a summary of the inputs used as of January 31, 2015, in valuing the Fund's investments: